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Cos Face Major Challenge When Budget Is Low: Experts
Experts discuss how marketing and promotion are two major concerns for every new business.
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Everyone wants to create a word about their business around the world, however, doing it at the bootstrap level is a challenge. Also, marketing plays a central role as the venture needs the market's attention specifically in the early years.
Companies face a major challenge regarding the choice of putting in finance in the right way.
At the BW Women Entrepreneur Summit & Awards 2020, experts from the niche sector discuss the critical issues of marketing for a startup.
The discussion was put up on the table over criticality of marketing stimulated entrepreneur's thought process and we had the best opinions laid down. The session chair pushed panellists to think of some uncomplicated ideas for marketing with close to zero-budget for their ventures.
Esteemed entrepreneurs who were there as panellists were Anoushka Adya, Founder & Partner, Lajja Foundation, Rakhee Mehta, Founder & Director, IdeaShop Designs, Saumya Singh Rathore, Co-Founder, WinZo, Shabnam Panjwani, EVP, Marketing & Communications, Edelweiss Financial Services, Shikha Pahwa, CEO & Founder, House This, Tanvi Malik, Co-Founder, FabAlley & Indya and session was moderated by Noor Fathima Warsia, Group Editor, BW Businessworld.
Anoushka voiced her opinion stating that “we need to define the WHY very clearly. Why do we need to invest or why do we need to market and many more WHYs.”
Anoushka was more focussed on maintaining the sound balance while investing in marketing. Thinking out of the box can help the venture in marketing tricks.
While focussing on the size of the budget which might be a shoestring budget, Rakhee said: “we must be clever enough to choose the tool of marketing to spread the message.”
Summarising her point she shared that Design, Delegate and Ego Management must be looked upon.
Shabnam convincingly shared her though which was intriguing and more like advice for entrepreneurs that stop looking at marketing as an expense, it is an investment. While making this point count she added that founders should hire experts, since marketing is the last aspect that should take up a founder’s time.
According to Shikha “marketing is critical and managing it nicely even without burning your pocket is a major point of concern.”
Tanvi strongly believes that it is crucial to get the message out there. People must get to know about your venture's existence. It is not going to sell itself.
Discussing this crucial intertwined theme, an esteemed panel comprising of the best of entrepreneurial minds across India got together to share their perspective at BW Businessworld Women Entrepreneurship Summit and Awards 2020.