Cost-effective Marketing Strategies for startups Alok Sud Vice President Marketing Services Reliance Industries Limited (Petroleum Business)

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Presentation transcript:

Cost-effective Marketing Strategies for startups Alok Sud Vice President Marketing Services Reliance Industries Limited (Petroleum Business)

In this session … Why does anyone start any business Different positioning strategies for business What is Unique Selling Proposition Benefits of a USP How to be cost effective Advantages of startups

Businesses start … For an economic reason After spotting an unfulfilled need For a target market With a high energy level With a high customer focus With a clear understanding that the opportunity is not going to last forever

Every new business aspires to be.. Either a – Least Cost Producer – Highest Quality Producer or – Specialized Producer Each of these strategies requires a move towards creating a Differentiated product or service

Differentiation Volume Market (Excavators) Specialized (Machinery Makers) Stalemated (Steel Makers) Fragmented (Restaurants) Few Many Size of The Advantage Small Large Number of Differentiation Attributes Act of designing a set of meaningful differences to distinguish your offering from competition

Unique Selling Proposition A claim of Differentiation repeatedly Communicated, Delivered and Perceived by the customers Go all out to own a word in the customer’s mind, stand for something

Unique Selling Proposition … Avoid  Under Positioning : Vague Idea in Customer’s minds (Crystal)  Over Positioning : Too narrow an Idea in Customer’s minds (Tiffany)  Confused Positioning : Too many claims (NeXT)  Doubtful Positioning : Incredible actions vis-à-vis claims (Cimarron)

Unique Selling Proposition …. Repeatedly communicated the USP gets to be seen as a Brand Promise The whole organization should be structured to deliver on the Brand Promise

Why Brand Insistence He feels an Emotional Connect He get Value for money He see it as Convenient He recalls it at once He sees it as different in a way that suits him

Some have managed it very well

Cost Effective strategies Avoid ATL till you achieve critical mass Focus on BTL with emphasis on “Bang for the Buck” Invest in the Human Resource Spend time in Research to identify a TA and create a USP Stay focused on your TA always Avoid temptation to be an Imitator Develop a Brand Manual Monitor your Brand Innovate to Reduce expenses by at least 5% YOY

Steve Jobs on Innovation “ Innovation has nothing to do with how many R&D Dollars you have. When Apple came up with the Mac, IBM was spending at least 100 times more on R&D, It’s not about money. It’s about the people you have, how you are led and how much you get it”

Advantages of startups Drive & Motivation of the leader Well-knit & Enthusiastic team Fast Learners No Hierarchy, More Commitment Quicker Decision Making Adaptable & Flexible Insistence on ‘Bang for the Buck’

So go ahead and build powerful Brands & rule the Markets Touch base at or The brand names & logos used in this presentation are the properties of the respective companies and used only for illustrative purposes. No part of this presentation may be used for any commercial gain Thank You !!!