Toughest part of Idea Execution
06th, January 2019 - Startup Event
Execution of idea will decide the fate of the startup
Few days ago, I met with a person who left his job in the US and came back to India to start up. His family continues to live in the US and he shuttles between the two countries every six months. His idea is unique and to both of our knowledge, he does not have any threatening competition as on date. The idea is good; it is self-funded and he is good with it for some time. Since his idea is a platform to bring stakeholders together and provide service, he is doing financially fine as of now.
As we spoke, I asked him what was the toughest part of bringing his idea to reality – convincing family, Money or signing up people? He smiled and said “Marketing”.
He is correct. Having an awesome idea is just not related to the functioning of the brain and connecting with people, but to market the idea to the appropriate stakeholders.
In a startup’s context, Marketing is just not about showcasing your idea to the world, but it is the art of showcasing the idea as it connects to your potential clients.
Marketing fundamentally needs an understanding of what your client is wanting, what is the value proposition of what you are offering and how the offering is positioned.
When Radio Mirchi (98.3 FM) was born way back in 2000, the biggest challenge for them was to make listeners tune into their frequency. No one was switching on the Radio at home or in the car. At this time, Radio Mirchi focused on playing English music which was considered hip and cool. During the time slots of 7 AM – 10 AM and evening between 5 PM – 8 PM, they played English music and slowly people started tuning in to follow the trend.
Over the years, Radio Mirchi has received competition from host of other FM Radio Stations but it still regains it’s prominence. The strategy you start with might not work all the time, so it is important you keep re-inventing the wheel understanding how your competition and market is responding to it.
When Audi came to India in around 2005, it did not go on bombarding with advertisements, instead it went to the Bollywood starts and other prominent people who they identified as trend setters and whom people would like to follow. This strategy worked. When the stars started using their flagship car (Audi Q7), many followed the suit and they created a premium branding for themselves. 10 Years later, now they advertise about their cars occasionally. Also, remember, they brought in their most expensive Q7 first. It is only few years later did they bring the A4 and Q3 which are half the price of a Q7. They created a cult following and made people aspire and slowly brought in their lower end or entry level cars which were affordable to quite a few making them feel rich and confident.
When an idea is conceptualized, we need to first create our offering in a way such the uniqueness is positioned appropriately and easily understood by your target clientele. This will help you position your offering and you can begin from there.
It does not end with the positioning, but you will also need to create the follow up strategy to retain the uniqueness, else the product dies out after a while.
Another example of a good product launch and failed execution is the Tata Aria. This is a 7 seater premium SUV vehicle launched by Tata. It had great features and was a very decent offering to the Scorpio at the time of the launch. However, what took a blow is their ability to differentiate its clientele. No one who is buying a Rs. 16,00,000 car would want to go the same showroom where a Rs.2,00,000 car is also being displayed. Even if they go, they wish to be treated a little special. No harm in this. All of us want to be treated very special. If you walk into a Tata Car showroom, a potential customer for Nano and Aria are treated same by the sales executive.
Building a great product is just not the end of the road, but it is just the beginning. Create the appropriate positioning for your offering, think like your potential client (be them) and keep re-inventing your positioning strategy. This is what will make your product successful.
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Mr Hari Pudipeddi
Mr Hari Pudipeddi is one of the founding member of Head Start Network Foundation and founder of ADURO Innovation.His varied interests – Reading, Music, Photography, Blogging, Driving,Entrepreneurship and Project Management.