Getting access to expert mentors is one of the major benefits of participating in the Grameenphone Accelerator. Every week the top 6 teams of GPAccelerator are learning about different topics and enjoying the privilege to get feedback from the mentors. The sessions effectively guide the startups for success in the long run.
Riyad Husain, CEO & Managing Director of Magnito Digital recently came in as a mentor. He took a very interactive session where he shared many of his experiences and let the teams clear all their queries and confusions.
Riyad started the session saying- unconventional is the winner in today’s world. Any startup or business must try out new things to be successful. The market is very competitive and it’s important to differentiate and become unique. Technology is now at a very high stage. Technology companies are getting a very high valuation. Snapchat now has a valuation of over $20 billion.
KFC having franchises over so many places for so many years is still valued at $17billion. Whatsapp was acquired for $19 billion. A mobile app with only 28 employees did so great. Time has changed. Previously it was obvious that big companies with over 100 employees would be successful. But now, you can actually change the world with 10-15 people sitting in a single room.
Though Bangladesh is advancing a lot in technology, Riyad believes, we are lacking behind in brand building. Product marketing is very important for any business. He talked about few steps to market the tech products.
It is important that strategies are thought of and set before. Doing random things will hardly bring success for any business. Initially, brand positioning has to be decided.
What’s your specialization and how you are going to differentiate yourself in the market needs to be decided.
Market segmentation has to be done fixing your target group. The market is huge and you need to figure out where you will focus. Each segment will have a different marketing strategy.
You also need to define success for your business. Do you want more downloads or 10 strong customers? Based on all these you need to set KPI and a marketing plan.
Create the brand
Company name, logo and domain choosing is very crucial at the very beginning of the journey. A typical domain in Bangladesh is .bd. You can obviously have this domain but also think outside the box. Find ways to make your company eye-catchy.
A brand guideline is another very important thing. It represents how your brand and product will be displayed. In this competitive market, you can attract and differentiate yourself through your design.
You should have a story. Anytime you are presenting your brand tell a story. It makes it more engaging for the customer. Make sure the story falls under the brand story or else it would be boring.
Ensure the UI design is done in the right way. If it fails to provide necessary information and features in the right place, it fails.
Social media is now the easiest and popular way to connect with the greater audience. Take advantage of Facebook, Twitter, LinkedIn, Instagram, Pinterest, Vine, Snapchat, etc. Call to action in all these should lead to your app in play store for downloading. Besides, you should always use hashtags and connect with more people around the world. Giveaways, prizes and celebrity endorsements ar a great way to connect audience. Blogging and press releases are also great ways to connect with more people.
You need to have a content strategy. Have a “cool” communication rather than keeping it polished all the times. Also, being an expert in your subject matter is important. You need to take your company out there.
Your ads should be focused on a clear call to action. Figure out where your potential users are and their behavior. You can learn and use- Google Mobile app Installs campaigns, Mobile AdNetworks, Youtube True View for Mobile app promotion, Facebook mobile app installs ads, etc. Besides you should also cross-promote by advertising in your own apps or websites.
You need to identify which channel worked best for you and what budget worked. Track performance by analyzing which ads sets the maximum downloads. Also, find out how many organic downloads you could get without spending any digital media budget. Making small changes figure out what works best for you.
PR & Event
Lastly, the more coverage you get the better visibility your brand will get. A great idea is to hold few events, or organize them or be a part of them. Press release and media stories will also increase your brand visibility. Networking with local & international blogs and other app developers is a great idea for any company. Besides, you should take part in trade fairs and shows. Lastly and most importantly, you need to monitor feedback and encourage reviews.