Reading the market, adaptability key to growth

Published: 18th August 2016 03:37 AM  |   Last Updated: 18th August 2016 03:37 AM   |  A+A-

Reading

BENGALURU: I had a good interaction with Ronnie Screwvala, the Indian entrepreneur and philanthropist last week at T-Hub@IIIT Hyderabad. He had interesting insights on what he looks for in founders when investing or mentoring. The most critical thing is flexibility, he said. While the founder’s background and their passion for the idea is important, flexibility too has its own place. Founders need to be aggressively open to ‘listening’ and adapting.

 Listening to the markets and reading into all the field inputs is important. Not just listening, making the needed course corrections is also vital. Whether it is a marketing outreach, a sales call, or even deal-closure discussions, they all are loaded with field insights. And each insight allows for a change in course, even if minor, that increases effectiveness in the market. In business parlance, they are called pivots. Their significance cannot be underestimated.

Every customer that refuses to respond to an email or other communication methods, implies in the least that the message is not clear enough and on other end the solution itself is probably not compelling. In the first meeting, if the customer doesn’t look keen enough, it is a big problem to address. For example, the customer was initially interested when given the concept, but during the meeting, something different was shown. There is a need to critically assess this and reconcile the gap to be able to effectively convert the initial interest into a closed deal. Post initial meeting and demo, if the deal doesn’t close then there maybe either a product completeness issue / quality issue or pricing disconnect. Every customer who says yes provides insights on what is working. 

Founders need to be extremely glued in to the market and look for the minutest of signals. And make amends aggressively. Sooner the learning, adjusting, and adaptability happens, better for the startup. And growth will follow suit, eventually..

(The writer is MD and VP - Products and Progress Software and an advisor to Incubator at IIIT Hyderabad)

Stay up to date on all the latest Bengaluru news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp