Lecture 11 : Marketing for Startups - I

Summary

In this engaging lecture by Mr. Arjun Malhotra, the intricacies of marketing for startups were explored, emphasizing that effective sales are crucial to profitability. Marketing is presented as an essential journey, starting with understanding customer pains and evolving into creating compelling value propositions. The role of emotional branding and customer loyalty were discussed, highlighted by storytelling examples from brands like AirBnB and Huggies. It was stressed that in today’s world, creating a strong brand connection and maintaining a balanced approach between product and marketing are fundamental to success. Several real-world examples were provided to illustrate these concepts.

Highlights

• Arjun Malhotra underlines sales as the lifeblood of startup success 🌟.
• Understand customer pain points to create effective products and services 🤝.
• The storytelling power of branding: from Huggies to AirBnB 📚.
• Create value propositions that align with customer emotions and needs 💡.
• Brand loyalty and emotional connections elevate customer retention 🌈.

Key Takeaways

• Sales is the ultimate proof of a viable business and should be the focus for any startup 🎯.
• Marketing begins with understanding and solving a customer pain point 🕵️.
• A strong brand is built through emotional connections and storytelling ❤️.
• Loyal customers can weather price increases and act as brand evangelists 🚀.
• Entrepreneurs should develop their marketing narrative as diligently as their product 🤔.

Overview

The lecture kicked off by emphasizing the essential role of sales in a startup's life cycle, likening it to a critical milestone of success. Mr. Arjun Malhotra explained that achieving profitable sales involves understanding customer pain points, creating a viable product, and establishing a competitive value proposition. These steps ensure that the product convinces potential customers of its superior value over competitors.

Marketing for startups is an all-encompassing process that starts at the birth of an idea. By identifying a common pain point among a group of people, startups can begin to gather information and design a product that meets their needs. The lecture covered various definitions of marketing, emphasizing that while having a great product is crucial, exceptional marketing is what truly drives success.

Real-world examples, such as AirBnB and Huggies, illustrated how emotional branding and storytelling can transform a product into a beloved brand. The session concluded by stressing the importance of a balanced strategy, highlighting that both an excellent product-market fit and effective communication of the value proposition are vital to a startup's success.

Chapters

• 00:00 - 01:00: Introduction and Importance of Sales The chapter titled 'Introduction and Importance of Sales' provides an overview of the session focusing on marketing strategies specifically tailored for startups. It features insights from Mr. Arjun Malhotra, who is a co-founder of HCl, highlighting the crucial role sales play in the growth and sustainability of new ventures.
• 01:00 - 02:30: Marketing Management Overview The chapter titled 'Marketing Management Overview' explores a question posed to IIT students regarding the pivotal event in a start-up's life cycle. The speaker answers the question by emphasizing that the critical moment for a start-up is when a customer willingly makes a payment for goods or services, signifying customer commitment and validating the start-up's value proposition. This highlights the essence of marketing management in translating consumer interest into tangible financial transactions.
• 02:30 - 04:30: Definitions of Marketing The chapter titled 'Definitions of Marketing' emphasizes sales as a crucial component of a successful business. It discusses the importance of being able to sell products at a profitable price to establish a strong business proposition. However, it points out that reaching this point requires significant groundwork, including understanding customer pain points and developing a suitable product.
• 04:30 - 06:30: Building Strong Brands and Customer Relationships The chapter titled 'Building Strong Brands and Customer Relationships' focuses on the strategic approach needed to create a strong competitive value proposition in the marketplace. It discusses how a company can convince potential customers that its product offers superior value compared to competitors, leading to eventual purchase. The text outlines the roles of marketing management in identifying potential customers and effectively converting them into actual buyers through strong brand positioning and relationship building.
• 06:30 - 09:30: Branding and Emotional Connections Marketing begins with identifying a group's pain points, ensuring satisfaction, and encouraging repeat purchases. It's crucial for business success.
• 09:30 - 15:00: Storytelling in Marketing The chapter titled 'Storytelling in Marketing' discusses the role of marketing throughout the lifecycle of a company, from start-up to maturity. Marketing begins with gathering information about customer preferences to create a product that will sell. The chapter suggests that marketing is a continuous and integral part of any business's strategy at all stages of its development. It hints at insights from Steve Denning, potentially around the importance of storytelling within the marketing discipline.
• 15:00 - 21:00: Case Study: Huggies and Content Marketing The chapter discusses the importance of marketing in the success of a product, as highlighted by a quote from Forbes magazine: 'The best product does not always win; the best marketing does.' It emphasizes that no matter how good a product is, it may not sell without effective marketing. Furthermore, it notes that marketing is crucial at every stage of a business's lifecycle.
• 21:00 - 27:00: Case Study: Airbnb and Brand Storytelling This chapter discusses various definitions of marketing, including a social definition that describes marketing as a societal process for fulfilling needs and wants through the creation and exchange of valuable products and services. It also references Peter Drucker, who stated that the aim of marketing is to make selling unnecessary. The chapter appears to use the context of Airbnb to explore these concepts.
• 27:00 - 35:00: Public Relations and Brand Equity This chapter, titled "Public Relations and Brand Equity," delves into the concept of marketing as an enabler to create value for customers. The chapter begins by emphasizing the ultimate goal of marketing, which is to convince customers so thoroughly that they are ready to purchase without needing persuasive efforts from salespeople. It highlights the definition provided by Philip Kotler, who is renowned as the father of marketing management, underscoring marketing as a process of value creation for customers. The narrative suggests that effective marketing makes the sales process almost superfluous, with customers eager and prepared to make purchases based on the perceived value conveyed by marketing efforts. The chapter likely explores how public relations and brand equity intertwine with these concepts to enhance customer perception and business outcomes.
• 35:00 - 37:00: Startups and Marketing Strategies The chapter titled 'Startups and Marketing Strategies' emphasizes the importance of building strong customer relationships in order to stay ahead of the competition. It discusses the need for startups to continuously understand and adapt to changing customer needs and preferences. By consistently refining and redesigning their products or services, startups can ensure that they meet new market demands and provide a higher sense of value to their customers.

Lecture 11 : Marketing for Startups - I Transcription

• 00:00 - 00:30 [Music] hello and welcome topic of the session is marketing for start-up mr. Arjun Malhotra the co-founder of its HCl
• 00:30 - 01:00 computer and many other ventures as through a question to IIT students that what is the most important event in the life cycle of a start-up and he himself aptly answered it is that time when a customer is bringing out money from his wallet and making payment in excess for goods or services that is under offer so
• 01:00 - 01:30 sales is the most important part if you can sell anything at a profitable price then you have wonderful business proposition and to arrive at that point when you are capable of selling something in excess for profitable money you have to do a lot of thing I mean there are a lot of things at the background before you come to that level you try to understand the pain you develop a product then you eventually
• 01:30 - 02:00 come up with a competitive value proposition eventually customer becomes convinced that your product is offers better value from their money than the competition and then the purchase so marketing management actually is all about identify identifying potential customers and then converting them into customers meaning when they actually buy
• 02:00 - 02:30 and then such keeping them satisfied so that they come repeatedly and purchase repeatedly marketing starts from the time you think of starting a business so you identify a pain or pain point in a group of people based on the size of them of the people who have the same similar kind of pain whether bringing
• 02:30 - 03:00 out or developing a solution will make economic sense for that you need information and then you start gathering information about what kind of product that will be liked by the customer so marketing starts from there and then throughout the lifecycle when the company is growing or even when the company is matured marketing remains as one of the main course of action for any enterprise Steve Denning in an article
• 03:00 - 03:30 in force magazine Forbes magazine wrote the best product does not always win the best marketing does meaning that even if would develop a best product but there is no guarantee that it is going to sell but if you can really do a wonderful marketing perhaps you can sell anything so marketing is relevant at every stage of the lifecycle of an enterprise there
• 03:30 - 04:00 are several definitions there is a social definition marketing is is a societal process by which individuals and group groups obtain or the need and want through creating offering and freely exchanging products and services of value with others there are other definition Peter Drucker has said the aim of marketing is to make selling
• 04:00 - 04:30 superfluous meaning that you do marketing in a manner that customer is absolutely convinced and they're just ready to buy so sales people will not have to do anything they'll just come and buy so that is the objective of marketing there are other definitions one by Philip Kotler who is the kind of father of textbook on marketing management that is followed by all management schools marketing is a process by which companies create value for customers
• 04:30 - 05:00 build a strong customer relationship then understand changing needs and choices so that they always remain ahead of competition because they come up with the new product or services that that that the new demand match the new demand of the customers they refine and redesign the products or services to make them to give customers a sense of higher value continuously make efforts
• 05:00 - 05:30 to create higher value for customers the build strong brand by establishing emotional connectivity with customers create premium brand equity and gain pricing power Brown gives pricing power because through strong brand strong brand means strong emotional connection with the customer customer would ordinarily not like to change from one brand to another so once you have strong brand you have loyal customers you can
• 05:30 - 06:00 increase the price of your product with the risk of losing the customers then create value for stakeholders once you have a strong brand once you have loyal customer following then you can increase the price to some extent to increase your profit or you can increase the turnover moving forward and then eventually you create greater value for your stakeholders therefore goal of marketing is to know who the customers are and then try to understand their
• 06:00 - 06:30 aspirations their behavior needs belief belief and then what are their expectation what kind of product they would buy it helps to discover their persona and you try to have your own narrative so that there is that their persona and your narrative resonate and then they have emotional connectivity with your product brand and the company you do marketing to know which of their
• 06:30 - 07:00 unique needs and aspirations that you can fulfill so that you can add features to your product subtract features from your product so that you don't have unnecessary phrase that will add to the cost rather you add only those that customers are willing or demanding to discover how it is a how to design value proposition to attract them so same thing to attract
• 07:00 - 07:30 new customers by promising superior value to keep customers or current customers happy and help or entice them to attract more customers towards you so that there is a growing repeat customers you acquire them by delivering satisfaction this is something called sales funnel this shows how you identify
• 07:30 - 08:00 a group of people among a heterogeneous population the group of people who have similar kind of aspiration or similar kind of pain for which they're really looking for a solution and you can come up with a solution or you already have a product and you identify this group of people and then gradually gradually you try to make them aware about your product you tell them about the superior
• 08:00 - 08:30 value proposition eventually you make some sales promotion and and there they actually take actions meaning that they actually purchase your product so they become customer at the beginning their prospect eventually they become customer a story doesn't end there actually once they become customer if your product delivers more than you promised they will be excited super expire excited and
• 08:30 - 09:00 they will tell the story to others so eventually this is the segment eventually they will be evangelist for you they will talk to other people and then they will get converted into customers so you have higher sales moving forward but then for all these you need strong connectivity you may make people aware about your value proposition so they need to get
• 09:00 - 09:30 connected for a long-term relationship so that they become repeat customer not only that they become loyal tomorrow so that at times of stress when your input cost goes up you can actually pass on some of the cost to the customer and then by raising price and they will not mind because they are already respect to your brand they have trust on the company so eventually you make superior profit irrespective of the market condition so brand is very
• 09:30 - 10:00 important brand contains the message of your value proposition brands s brand is a symbol but then on that symbol people attached or people identify your company and the promises that you make that is associated with the name of the brand or the or the symbol of the brand so it actually on ways to the customer that anything that is sold under this brand
• 10:00 - 10:30 can be trusted they deliver more than the promise and customer will know will buy that rather than buying products from a competitor a brand is like a channel of communication having a strong brand indicates that you have a group of loyal customers who repeatedly buy your product stronger the brand deeper is the relationship and commitment to your products and lower is a risk of risk in your business there will be less
• 10:30 - 11:00 attrition of customer a brand may represent a low cost medium performance product as well it's not necessary that a brand means best quality product a brand can can cater to the people at the bottom of the pyramid mass loss pyramid or pyramid economic pyramid so suppose you are catering to them so there may be a brand that most of them will be associated or identify them as as
• 11:00 - 11:30 superior value proposition so rather than buying another product in the same segment they will buy your product this brand represent a promise of certain quality trust performance and reliability and branding is a process of that building that relationship the goal is to establish positive impression in the minds of consumer so as to attract and retain loyal customer branding needs to deliver values and to communicate it through radius marketing media such as advertisement promotion we'll see that
• 11:30 - 12:00 moving forward this has two components one is emotional and there is rational the rational part that is a tangible that means the features of the product the quality the price the packaging the esteem associated with that may be esteem of course is emotional or intangible mental image Trust etcetera so that is a brand contains all of that meaning it may it may promise a quality
• 12:00 - 12:30 at the same time it may promise some esteem like a superior product like superior people using them sort of at the same time maybe trust it has been proven that many customers become passionate on certain brands though they cannot make distinction in blind test you you try to test some people with Coke and Pepsi in a blind folded context you will find that many of them won't be
• 12:30 - 13:00 able to make a distinction but you ask them which brand they like they will say either this or that and they like it strongly because they have built some kind of an emotional attachment in the brand over time and as we all know that there is a feel-good factor associated with with our emotion if we feel that something is good then our brain actually secret some hormones some of them are something like dopamine if
• 13:00 - 13:30 dopamine secrets then we feel something is good and whenever we look at it we feel this is good our brain sends a signal that this is good then the more we use them we feel this is really good and then more and more dopamine secrets there are many other hormones but this is a psychological phenomena and physiological as well so if you can really connect with some customers in your segment and then send across positive message and if they get
• 13:30 - 14:00 connected then more and more and more they we'll use your products stronger and stronger they will build an emotional relation with the brand by showing association of celebrities like people our fan fans of some celebrities when those celebrities will be your endorser in advertisement people will associate your product with the celebrity and eventually because they like the
• 14:00 - 14:30 celebrity they will like your product and then you try to deliver more than you promised miracle will happen people will never ever leave your brand for example Mike associate is product with star athletes so there are fans across the world and then whosoever are fans of those stars they will prefer to buy naik over other products how to build a strong brand storytelling is another way that you can build a strong
• 14:30 - 15:00 brand of course maintaining quality maintaining trust ethical standard then making su promise and keeping delivering better than your promise are all necessary absolutely necessary to build a strong brand but then how people are going to know about all those values people will know about it if you can really make a wonderful story and if the story the narrative resonate with the persona of the customers of the type of
• 15:00 - 15:30 customers that you're targeting then there will be a quicker and stronger bond and then there will be some kind of viral ET into it and people will try to share try to tell the story to others and then it will go viral and then very quickly you your brand will emerge as a most sought-after brand so storytelling has enormous power it's powerful it's effective way to make emotional connection and build lasting
• 15:30 - 16:00 relationship with your customer design a compelling story advertised to create awareness advertise through any medium may be particularly social media and others internet this digital media is offering wonderful opportunity cost you can actually reach out to a lot of people so reach out with your compelling story to a lot of people and awareness will be created then use the story to engage consumers and elicit
• 16:00 - 16:30 emotion to foster loyalty forcing a meaningful relationship that goes far beyond the product and service use promotion to call to action with an offer that they cannot refuse once they're aware about the product then you come up with some kind of a discount or some story that not a story here you actually really have to offer something something like buy one get one free or save some some stimulation so that if
• 16:30 - 17:00 somebody is favorably disposed with this offer they will immediately go to market and buy or buy online so you have to call to action so that they take action and and purchase over deliver on your promise and give unexpected satisfaction so they feel excited so excited that they tell this a story in the drawing room in the office in in the buses where they travel everywhere rather than
• 17:00 - 17:30 telling other stories they will share their experience people today nowadays are more interested in experience they want to tell people that I am using something that you are not using so give them that edge so that they feel that they have something superior that other people don't so you have to tell the story and deliver and then people will take care of publicity and customer creation acquiring acquisition a
• 17:30 - 18:00 wonderful story it is about Huggies Huggies was a Canadian company and they were when this thought of coming out in the market with a baby diaper the market was dominated by by pampers and market meaning they wanted to enter into Canadian hospitals but in hospital 100 percent market share was injured by pampers at that point
• 18:00 - 18:30 so it was absolutely impossible and somebody has captured 100% market she's very difficult to dislodge them and enter into that segment but look how they made a story and how wonderful II that a story was connected to all mothers and then eventually they acquired significant market share in very quick time how did they do that you know they laid their hands on a research paper or maybe number of papers
• 18:30 - 19:00 where it was evidenced that if you hug a baby a newborn baby their vital signs become stabilized very quickly it builds immune systems it world of illness and improve brain development not only that through skin-to-skin contact you build a strong bond with the baby and that bond
• 19:00 - 19:30 actually lasts forever meaning it becomes a everlasting relationship with your baby so Huggies actually was all advertised not advertising they were making people aware that you should hurt your baby not only that it became almost like a revolution because had the company educated in the hospitals they even engaged professional huggers so that if any baby is just lying alone so that
• 19:30 - 20:00 there will be somebody to hug that baby is to stabilize their vital science and eventually mothers who came to know about this story and who are expecting to deliver babies they bought Huggies from the market before joining the hospital to deliver so Huggies did not have to market did not have to sell their there a story actually sold and eventually they captured a significant
• 20:00 - 20:30 market share in quick succession Agee said no baby no baby should go unharmed everybody should receive hog and then they build up their personality their vital signs their immunity etcetera now if you can really make this kind of ester it's not always possible but you have to find out some story that will connect just like the tog connected with mother mother sentiment if you can
• 20:30 - 21:00 connect you can tell some story that will connect with your customer sentiment selling will be superfluous the this will be acting as marketing this is something like content marketing this is called content marketing we'll discuss that later but do some content marketing of marketing of this kind and you don't have to really work hard to sell if you have a strong brand of this kind brand
• 21:00 - 21:30 is brand has a strong equity meaning the value of a company we go up if they have a strong brand why so because a strong brand will ensure that the company is going to going to continue to grow through their existing customer and acquiring new customers because that is already a huge loyal loyalty of the existing customer and it will not be difficult to acquire more customers and maintain loyal customer base so a strong
• 21:30 - 22:00 brand actually makes gives a huge premium to a company look at any any of the FMCG company they have a strong brand and their valuation in the stock market is very high compared to other other brands very high in the sense if they're earning per share is say 50 rupees their share price will be something like 5,000 rupees where whereas say a bank has 50 rupees earning per share their price will be something
• 22:00 - 22:30 like 500 rupees it's almost like that kind of a differentiation because of a strong brand Airbnb is another example but this is an example on a different context Airbnb the full form actually is our full concept is air air bed-and-breakfast so air bed-and-breakfast how the concept came three students were almost almost broke
• 22:30 - 23:00 they were at California and not they were in the lookout for a job they did not have a job but they had hired an accommodation an apartment so one day they were in the bus stop somebody asked them about the address of a chief hotel because he did not have the money to spend for a regular hotel but they these students did not know where to send him then suddenly something occurred to some of them one of them they said how about
• 23:00 - 23:30 accommodating him in our apartment so they bought a air bed meaning a rubber bed that you can blow with air and then it becomes a bed so they invited this guy that why don't we stay with us and pay us a small rent so this guy great and and this guy stayed in their room on that air bed and then in the morning they offered him a wonderful breakfast and a business was born and that is how
• 23:30 - 24:00 Airbnb started but they started well they started in 2008 and 2013 they became a wonderful company but look what they did after that in 2013 or from 2008 to 2013 they were acquiring data gathering data from customers meaning the holidaymakers who are coming for accommodation and the hosts who are offering them their home as
• 24:00 - 24:30 accommodation they were gathering data and they were sifting through the data to understand what experience these people valued the most as I said experience matters the most in today's world any company that gives customer a wonderful experience they win so they found the word belonging appeared maximum times in their comment whatever they commented on their experience
• 24:30 - 25:00 staying in particular accommodation and they realized that a sense of belongingness perhaps rings the most important chords in the sentiment of the customer so using that data they rebranded Airbnb altogether new so this is how the new logo has come called the law or belay the logo actually contains several symbols one is people
• 25:00 - 25:30 meaning their guests as well as the host then the place where they stay plays actually if you make a Google search about a location you get this symbol then love meaning people - people love the guest and the host love between guests on the host that makes the place belong belonging meaning you belong everywhere Plus Airbnb everything together became the logo Airbnb logo becomes below so
• 25:30 - 26:00 the new slogan became that you belong anywhere anywhere in the world you go and you reside in and in a property of Airbnb you will feel that this is my house this is my home so that kind of they train their host the train they the kind of instigate or educate their guests also to behave properly with the host
• 26:00 - 26:30 eventually they they make a wonderful relationship so what do we learn we learn from this experiences keep you keep people at your Center obviously people means everything you learn from your own community they learn from their customers they learn from their hosts through sifting through the words of their comment they realize that sense of belongingness and today that belong anywhere has become such a cash
• 26:30 - 27:00 catchy phrase that that becomes so valuable that it Casas the fancy of anybody who is thinking of making holiday for them it's not too late to find your story so even though they started in 2008 in 2013 they they invent their new story that connects both parties so well third is content is the key meaning they sift through the content
• 27:00 - 27:30 and not only that they're the empower or encourages encourage the guests to write a review where there are wonderful reviews because there are wonderful hosts and they use them as a content and for advertisement or for educating others about the value proposition that Airbnb Airbnb is offering has been
• 27:30 - 28:00 offering so eventually that is what branding people believe they share value with our company they will stay loyal lower to the brown we also learn this from Airbnb brand connected strongly and emotionally with large customer base are regarded as high brand equity strong brand equity gives pricing power because their loyal customer they will not go anywhere you want your customer to talk about it everywhere drawing room of his
• 28:00 - 28:30 kitchen everywhere brand is the container of all the values that you provide to attract people and retain so develop a strong brand if you are in if you are really working when I start up you have to really make a plan about the story and and the brand so that you have a sustainable business now some grammatical thing about brand brand is something like a text or a symbol or a
• 28:30 - 29:00 combination of the two and that represents your value or that is the medium of communication between you and your customer because your company name may not be known your faul co-founders name may not be known to the customers they will connect with you through the brand so that should be meaningful simple attractive should not be repulsive next is Public Relation Public Relation
• 29:00 - 29:30 is very important for creating brand for connecting customer for making the story or everything together Michael Dubin stumbles upon a warehouse full of razor blade meaning do being visited a friend's party where the friend's father-in-law was having a drink with Dubin and he expressed a problem he said to given that I have a huge problem I have two warehouses full of blades and I don't know what to what to do because these blades are not selling and I
• 29:30 - 30:00 cannot dump it anywhere because that will cause penalty if I dump it anywhere so can you suggest something Dubin said let me think over then he went home he was kind of ruminating over the idea and he got an idea and then he built a in 90 seconds video and that video was so informative so enticing and the package that he offered or so attractive that
• 30:00 - 30:30 within 48 hours of showing this video in youtube 12000 waters was received well received in 2016 dollar shaving Club was acquired by Unilever for 1 billion dollar he got he got the blades free of cost what was the package he said in that in the video that you pay me only $1 for a month and I will send you full requirement of your belief of your blade
• 30:30 - 31:00 through of the month at your doorstep you don't have to come a divine just press a button and somebody will be there at the door within certain time deliver you the blade and for your requirement of the entire month where you were spending $20 a month you have to spend only $1 so there are many people who were attracted to this idea blades were already there in the market many people it was something like a liability for somebody but look how Dubin has converted that
• 31:00 - 31:30 into a wonderful asset and how he did that through a story that is what is Public Relation you try to connect with the public through some media through some content you can see the video at youtube.com etcetera link is given right here Dropbox also meant the similar kind of a Public Relation content content marketing what did the day they actually made if they approached to investors but
• 31:30 - 32:00 investors did not agree to invest because investors have already invested in more than hundred companies and all of them failed it's a file sharing website but then Dropbox was offering something which is superior compared to anybody else but that nobody paid hit to that so a video was made for about a minute or so to demonstrate that this website is different here there is no loss of data and whatever you upload you receive the
• 32:00 - 32:30 same thing and the upload speed and download speed is really really fast so looking at that the real demonstration 10,000 plus signups are there in the first day and that the rest of that is history say it's a more than unicorn I think it's maybe ten billion dollar company today Warby Parker's they also did this is a real Public Relation story four students
• 32:30 - 33:00 joined in a management school one of them lost his eyeglass and then four of them are thinking that why eyeglasses should be so costly you lost your eyeglass that was $900 and now why another one is going to going to be so painful then they realize that this whole market is dominated by a single player Raven Asik was one of the brands so they realize that I glasses are not that costly but then because there is monopoly of one single company that is
• 33:00 - 33:30 why they're actually charging so premium so they thought that this offers a unique proposition for a business in a market when 80% of the market is dominated by a a top of the world brand and it's very difficult to actually break into that market but then Warby Parker's came up with a wonderful idea they were offering first of all
• 33:30 - 34:00 most of the people that they pissed before they said people will never buy eyeglasses online everybody wants to you know test eyeglass and then after testing maybe 10 or 20 pairs they would like to buy why should they buy online but then these people Warby Parker had a different idea they wanted to send three pairs three selected pairs at home and then they take responsibility of getting back the two pairs that people will not
• 34:00 - 34:30 like and then most important thing what happened is one of their faculty members was connected to one guy in the vogue one reporter of journalist of Vogue so he put across a word that you know one batch of our students is is developing some product and this is a wonderful product why don't you write an article in vogue and the journalist readily agreed so he came talk to the students
• 34:30 - 35:00 and realized this is a wonderful idea so he brought out an article dubbing this company as the Netflix of eyewear and that article generated so many cells that they ran out of inventory in fact the company was not prepared to serve that kind of a huge customer base they thought the company will grow very slowly etc even their website was not not optimized but then the company the
• 35:00 - 35:30 rest of the thing is stuck there's all history I think they're more than a unicorn if all these founders hadn't decided to spread the word about their companies their value proposition each in their own way they may have never become household names as they're today so you have to being an entrepreneur you have to really come up with your own
• 35:30 - 36:00 idea your own story your own method of communication with the with the people that matters and maybe there will be almost like a rocket propulsion you stick off and never look behind many startups failed even if they offer great product or groundbreaking service they fail because they fail to get the word out you have a wonderful product nobody
• 36:00 - 36:30 knows how is it going to help people need to know that you have a wonderful product so everything together should be done in a balanced manner just not focus on the product per se focus only on the market is not going to help what is going to help is doing things in a balanced manner you may think that if I have a wonderful product groundbreaking or or latest cutting-edge what not if you if you are not capable of putting
• 36:30 - 37:00 across the work to the right people it's not going to sell if it is not going to sell there is no success make the mistake product market fit is the most important element for success but the sooner potential customers get to know of the value proposition higher is the success potential so both are important one is product market fit the other is creating the awareness
• 37:00 - 37:30 will continue in the next session and we'll end it here thank you so much