For every new business entering a nascent market, it is vital to understand the basic demand and supply for their offerings/services. This helps in synthesising the actual gap between the demand and supply of these products/services, therefore, becoming instrumental in paving the way for the present as well as for the future.Understanding the consumer and knowing their likes or dislikes helps the brand to make the right choices. Any brand’s priority should be to get accepted by their audience in the region they are venturing into. As digitisation takes centre stage, there is a constant increase in awareness. Before entering a new market, an industry survey is extremely vital to understand the competition and trends in the marketplace.It is also important to know the key factors that affect sales and growth in a particular region. The same strategy might not work in all markets, so it is very important to have a customised plan and a strategy in place before entering the new market. At times, one might require multiple strategies or plans in place, so that if one plan doesn’t work, plan B is to the rescue.
– Akhil Srivastava, managing director of PARFAIT India
A company’s work environment is directly proportional to its success in the long run. It is extremely important for the employees to align their individual values with the company’s values.While it is very important for employees to understand the core values and mission of their organisation, it is also important for the company to identify their employees’ queries, communicate effectively and reinforce the values. Most of all it is essential to hire people who support the culture.Onboarding and training are essentials of this process and are great opportunities to set the tone and allow new employees to meet current employees. When we enlist colleagues lined up with our guiding principle, will help the organisation’s culture prosper.”
– Smriti Chaudhry, HR, Baazi Games
I believe that putting yourself in another person’s shoes goes a long way in ensuring a long-standing trust between two parties. This is one indispensable aspect of the relationship between an organisation and its stakeholders. Which is why we always go the extra mile to ensure that empathy is at the heart of each and every one of our outputs, be it towards our clients or our employees.Secondly, I think pursuit, more than the destination itself, plays a vital role in the life of any organisation. Most importantly, I feel that trust and transparency are two critical pillars to keep any organisation standing. We always try to be transparent in everything we do, whether it’s with our clients or employees because everybody has the right to know what we do and how we do it.
– Deepak Bansal, co-founder and CEO, Travographer