The panel consisted of four speakers:
1) Raghavendra Hunasgi – Chief Social Media Advisor for United Nations – A digital social media company which has
managed Presidential campaign for one of the candidates and crisis management for another candidate in the
previous US Presidential elections. Also working with Japanese 2020 Olympics and a few global brands such as Coke,
Nike and so on
Everyone had their own reason to start and as they say when there is a will or when life gives you lemon make lemonade.
Raghavendra was a brilliant student, gold medallist got a job in HP and after 6 months wrote a code and the whole hardware crashed due to a software code which led him to do an MBA followed by joining first batch of employees at Google who did social media lead to PhD and the journey of Social Media Marketing company began.
Srinivas was very sick and wanted some medicines and breakfast to be delivered at his home and there was no company doing the same back in 2011. This led to an understanding that there is a lot of requirement for hyper local delivery. He was about to get married and his family and in-laws were not supportive of entrepreneurial prospects so he got married and then left his job to begin his entrepreneurial journey.
Raj was deeply affected by 2012 Nirbhaya case in Delhi and decided to relocate from Dallas to Hyderabad after having a successful corporate career. Went to some big industry connect and then learnt what the real world is after facing series of rejection. Spoke to almost 40 people in friends and family to sell his story and was able to raise $1.4 million as there are no takers for hardware and no takers for consumer story.
Ravi had to leave studies early on and had to start helping his father in their family business as there was fallout with the partner. The work around with Sales Tax personnel, Purchase Managers over and above the stated is something which was not enjoyed. Wanted to do something in the consumer retail space and dating was something which excited. It took about 6 – 8 months to launch the first version of the App.
So what do we say when the enterprise establishes and sails through its initial journey? The Unit Economics, Product Quality, Data Protection and the focus is on Customer Service and Quality. When the credibility is established then the reputation comes at stake and there is no way to compromise on any of the principles.
In the hyper local delivery logistics is a challenge, Margins are in play and the pricing is pretty straight forward.
The challenge is differentiate between B2B and B2C pricing and not even a single order has been rejected till date.
To figure out the pricing model they reached out to top 5 digital marketing agencies in the world and requested for a quote for Social Media Marketing and depending on the quote the pricing was figured out and positioned as being not to expensive and not too low.
For the hardware product which was a Smartwatch, there was a lot of learning right from incorporating features to negotiating with Chinese manufacturers and others. There were lessons learnt by not having right kind of partners.
Positioning of the product and there was a lot of marketing needed. The shift came from being a great Tech and Product to having a niche in B2B space. The vendors were ready to sell more copies of a product if the price was reduced. But when there is a drop in price consumers are waiting for flash sales. Stick to Pricing and Quality and be consistent in positioning.
For a Dating App, scaling is not an issue from male users but there is a challenge from female users. But with the entry of app such as Tinder and other foreign players coming into market, people get intimation that dating app do work. It’s better to have some competition and advertising of the product to the target audience helps.
It’s about finding the right synergies with every stakeholder which enables the potential for exponential growth.