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Re-branding in FMCG

rebrandFMCG business is typically characterised as high volume and low margin. Companies aim to create brand loyalty and trust towards their brand.  Brands continuously evolve themselves in order to ensure that they are able to match changing needs in the market. Rebranding is one of the strategies which they employ for this purpose. It is done so as to create a new and differentiated image of the brand in the minds of consumers and other stakeholders.

Some of the greatest FMCG brands do this to rejuvenate their brand. Coco Cola, PepsiCo, HUL and Kellogg’s are some of the biggest brands across the globe. They all have evolved there brands over a period of time. Rebranding is done in order to ensure that the brand matches the current trends and lifestyles of their customers. This is also done to ensure that they are able to grow in future period. Rebranding strategy varies from company to company. Some brands undergo a radical change. Whereas, certain brands like to maintain their heritage and history with its brand and hence rebranding here happens over a period of time.

Pepsi has been rebranding itself over a period of time in order to be relevant. . Pepsi’s target over these more than 100 years has been the youth. All its logos are designed in a way to be relevant during those times.

  1. Evolution of Pepsi’s logo over the years

FMCG companies face tough competition in every segment they operate. The sales which are made in FMCG sector reputation and perception in the minds of consumer play a vital role for it. In order to retain or gain market share, brands needs to evolve themselves so that they are able to fend of the competition in the market. Rebranding is used as a marketing strategy by firms to outdo their competitors and handling price competition arising out of it. In 2000, Dabur was facing stiff competition from other brands like Marico which were taking away the market share of the brand. As a result, Dabur repositioned itself and modified its logo to match its new strategy.

  1. The old and new logos of Dabur

Parle Agro rebranded Frooti and also came up with a new logo. Rebranding was done to give Frooti a bold look compared to its sweet and child-like image. According to research done by the company Frooti was always associated with childhood. The product was rebranded so that it could fit into the lifestyle of consumers today.

  1. The old and new design of Frooti

 

In 2013, Cadbury rebranded its Éclair and named it as Chocolair. Nestle, Parle and Perfetti were giving a tough fight to Cadbury in this segment. The reason for rebranding was that Eclairs is a special type of candy and Eclairs had become a common term. Whenever, a person asked for Eclairs at retail store it provided whichever brand it had thus, Cadbury was suffering because of this. Also, Chocolairs is brand owned by Cadbury in UK .This meant portfolio realignment was also a reason for rebranding. This shows that there are various factors at play which lead to rebranding of a product.

  1. The old and new product after rebranding

Globalisation of a product could also lead to rebranding. Sometimes it so happens is that the product which is being sold is inconsistent over different geographies. Sneakers was sold as Marathon bars in UK. As it was inconsistent with brand it changed to selling as Sneakers in UK as well.

Merger and acquisition activity of a company, portfolio consolidation, matching legal requirements are some other reasons because of which rebranding takes place.

There are numerous examples in the industry when rebranding has been done. A number of factors play a role in company’s decision of going for rebranding Not all rebranding processes have been successful. There could be a negative impact of rebranding in the minds of the consumer. The company must be careful not to let dilute its brand because of its rebranding. In 2009, Tropicana rebranded and came out with a new packaging. Within a month its sales had dropped by 20% .Whereas, the competitor sales were increasing. Tropicana reverted back to its original packaging within a month. Though exact expenditure for this switch could not be known it costed Tropicana $137 million dollars in sales between 1 Jan to 22 Feb.

  1. Tropicana’s rebranding strategy which failed

Similarly, when Kraft’s acquired Cadbury the company was renamed to Mondelez. The word Mondelez has different meaning in Russian language. Some sections of the society have opposed this change as Mondelez has a different meaning in Russian language. Though Kraft’s is not ready to back down on rebranding other companies have come out to criticize rebranding done.

Every marketing strategy cannot be successful. But that does not means companies should stop innovating or evolving. FMCG companies have a challenge of not only selling a product once but getting repeat purchases from customers. The only way to succeed in the competitive world of FMCG is to build a relationship of trust with consumer and get them more engaged with the brand. This is the reason why rebranding is an important strategy which companies are using to grow.

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Sunny times ahead for B2B e-commerce

Ecommerce B2b

Contrary to global trend, especially in countries like US and China where B2B e-commerce is valued at $1.7 trillion and is merely double the size of B2C, B2B e-commerce is still a budding sector in India. E-commerce is an upcoming trend in countries in India. Whereas, it has already grown in developed countries. E-commerce in B2B is an upcoming trend.According to data collected by HT, B2B e-commerce companies raised about $93 million in last six months, while companies selling directly to customers raised $410 million. The gap looks huge but considering that 2 years ago, B2B e-commerce companies were not funded at all, their growth looks promising.

Among the numerous companies that are eyeing the enterprise e-commerce space and have got investor backing include Tolesco by IndiaMart, IndustryBuying, OfBusiness, Industry kart and Moglix.

IndiaMart, which help manufacturers, suppliers and exporters connect over its platform, has invested 100 crore in Tolesco , a direct competition of Industry buying. According to its director Dinesh Agarwal, growth is such that they can go for an IPO. He added that globally B2B e-commerce is big, but there is no single large player as each company is trying to solve one pain area. This leaves a window of oppurtunities open to budding entrepreneurs in a sector still awaiting unicorns.

As CEO and founder of Industry Buying, Swati Gupta, said “B2B e-commerce has just started in India. Globally 10% of all commercial transactions happen over the internet. In India it is just 1%.

PS: B2B stands for business to business. Any transaction that takes place between two business comes under this. For eg:- If Acer purchases microprocessor from intel that would be known as B2B dealing. This is different from B2C(business to consumer) in which dealings are done between a business and a consumer. If Acer sells that laptop to us that dealing would be B2C. However, if it sells that to business that would be known as B2B.

 

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What causes a business to flourish?

Startups

It is an established fact that 90% of startups fail in the long run. So what is it that causes the remaining 10% to fight all odds and emerge as industry leaders, turn into unicorn or maybe feature in the list of top 500?  Many attribute the success of a company to key factors like customer orientation, good work culture and presence of a strong and influential leadership. But are these factors really pivotal for a business to flourish? Let’s dig deeper.

In any business, customer is touted as the eventual boss of the company having the power to make or break the company simply by his choice. If the customer chooses a brand on company for service, it rises and if he chooses its competitor, it falls. Studies show a strong correlation between customer orientation and business progression. However, these studies which are based on sending questionnaires to senior executives of the company also reveal that when a company is flourishing, its managers tout it as “customer favorite” while the managers for the poor performing companies seek otherwise.

Same is the case observed in case of working environment or work culture. Employees find themselves happy, motivated and progressive when the company is in fast mode. While if the company is going through rough phase, the same employees feel dejected and demotivated.

Now comes the question of leadership. There is no denying the fact that company’s success and failures are attributed to its leaders be it Steve Jobs for Apple or Bill Gates for Microsoft. But, looking closely its none of a collaborative team effort requiring and efficient and capable support staff as well.

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Factors to consider while starting the venture

starting ventureThis is the next stage after you have taken a decision about the idea you want to pursue. It tells you how to take your idea further. These few pointers should be kept in mind while starting your venture

  1. People

While starting a venture you might need people who you want to start business with. Finding a suitable colleague who has the mind-set and vision to take this idea forward is really important. Apart from this you might need some people who are experts in a certain field and can help you focus on your core competency.  You also would need people to support you during this time. After all each company is about the people which can be in the form of people who are working there or buying your product or your prospects.

  1. Share

While starting a venture you would need to plan out how you are going to put the money into the idea. Will it be through funding or is it going to be your share. What is going to be the division of that share among the founders/VC’s etc.

  1. Money

How are you going to utilize the funds and where would you spend it comes under this section. How are you going to use it according to short term and long term goals would also help in defining this part.

  1. Legal

You would have to think of fulfilling all the legalformalities. Whether you want to form a company, LLP, one Person Company or partnership will all depend on type of business you want to pursue. For more details on which type you should chose has been discussed later.

  1. Accounting

Handling bank operations, recording transaction and book keeping would come under this head.

  1. Covering Risks

There are many types of risk some of them can be management, product, customer and market risk. The list is exhaustive. You need to cover and take care of all of them in order to make sure what if something does not happen to plan.

  1. Marketing

It plays a majorrole in how well you are able to take a product to a market. Suppose you want to start a website. There are numerous other websites. How and why would a customer come to your website? How can you get him on the website? All this would require marketing your product

These are the main factors you should keep in mind when starting a business. This should not deter you from going ahead as all these things can be taken of easily if you have a business plan which would help you in execution of the idea.

 

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The importance of Brand Building

3Have you ever wondered why do some people buy only a certain product? There might be friends of you who would like to visit a particular store or have a burger from a particular company.  Yes, you guessed it right it all happens because of the power of a brand. When you want to know about brands think about Adidas, Dominos, McDonalds, Facebook etc. All these names would bring a thought in your mind like McDonalds has a connect with burgers and Dominos with Pizza. This is what brands do. They leave an impression in the minds of consumer and help in gaining loyalty.

So what is brand building? Brand building is about establishing, promoting and creating a perception in the minds of consumer using various strategies. When you start new you begin by creating an awareness about your brand. By offering quality products, services at good prices and most importantly promotions you can make a place for yourself in the hearts of the consumer.

Promotion could be in many forms. The most powerful is word of mouth. When you start new, nothing can have a bigger influence than word of mouth. When one customer who is happy with you will tell ten more other customers about the brand. And this could have a great impact on your brand.

Advertisement is another medium which can be used to connect to the audience. This method will cost money depending upon whether it is billboard, Print, TV or Radio ad. The advertisement should be such that you are able to convey the message and it could have that connect with the audience. Newer ways of promotion SEO and through social media could also help in promoting the brand.

Brand building is a continuous process and takes a long time. But once created they could have a huge impact on the consumers in the way they think or feel. Every care must be taken to not let your brand deteriorate because of various reasons. Remember that your current and future customers will all move to your brand for that consistency and reputation you would have created.

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What handshakes tell you about the personality?

1

Handshakes are an important part of body language. With the help of handshakes you can get know about the personality you are shaking hands with. It can help tell you whether the person is aggressive, nervous, dominating or someone else. They are particularly useful in Business and Political world where either you can convey a message or get to know the other person. So what are the different types which you should look out for?

  1. Hand Hug2

In this type the person handshakes with his right hand and uses his left hand to wrap around that. It is done to show warmth, friendship and tries to show that person considers him close. It could also try to show that person is being honest. The left hand could at certain times be at elbow, shoulder or biceps indicating a closer bond as we move up.

  1. ColdBN-FL695_handsh_G_20141110020014

Sometimes when you are shaking the hand it might feel the other person’s handshake is being cold, sweaty hands. In actual it indicates that either the person is nervous, lacks energy, is being passive or is a weak character.

  1. Dominatingthe-handshake-18-638

In this handshake the person tilts the hand while shaking and has his hand tilted above over the other as can be seen in the picture. It is used by a person to show dominance, strength and power above the other person. Or if the person shaking the hand puts his hand downwards it would indicate he is weak, under confident or apologetic about something.

  1. Crusherimages

When a person tries to crush a hand it shows the aggressive nature that person might be having. The person also might be trying to show strength and dominance. It is also used by people who are weak but they try to show that they are powerful through this.

  1. Queens fingertip(Soft Handshake)download

It happens in when male-female meet. Female sometimes extend 2-3 finger which male can hold. Women sometimes want more personal space so they stretch their hands out. Sometimes it is also done to make them feel superior to other.

  1. Handshake at a distanceimage004

Sometimes the person extends his full hand and moves or lean forward in such a way that it offers him more personal space while shaking the hand. It is aggressive in nature and usually done by people who demand more space. It can also sometimes show that person is from rural as they sometimes demand more personal space.

  1. Pulling the hand02_trumpromney.w529.h352

While shaking the hand if the other person pulls the hand towards himself the he brings the hand in his own space. It shows maybe he is in insecure or trying to show he can be powerful and wants to take control. He cannot be trusted because he is getting things done his own way.

The handshake should be straight warm at an equal distance so that it could indicate you are confident enough.

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The need of a Business Plan

businessplanA Business plan is used to evaluate and assess the business. It could be used for yourself or bank or an investor.  A b plan provides the content in written form and helps in aligning things.This article gives you an insight as to why a b-plan is needed.

  1. Strategize business

It helps in setting of objectives and goals. With the help of this we can also prioritize things and allocate resources properly.

  1. While applying for loan

Banks require a b-plan when you are applying for loan. They want to know the purpose of business, how is to going executed, where would the funds be required and how is the money going to be generated by the business to repay the loan.

  1. Looking for an investor

A b-plan is required when you want an investor in your business. The investor would like to have a look and assess on the basis of various that whether it should invest or not. Thus making b-plan an essential thing

  1. Setting vison and common goals with founder

Many a time’s business can get diverted from what they plan to do or there can arise differences as to where to go. B-plan helps to sort things and gives a direction and estimation as to where the business should go.

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Reasons to start your own Business

reasons-to-start-a-business

Are you a budding entrepreneur who is thinking to start a business but is unable to take the risks because of the fear of failure and the various societal pressures that exist? Starting a business is a journey and there might be many reasons as to take on this path. This post would help you motivate and introspect yourself as to why you should start your own business.

  1. Work on things you like the most

By starting a business you can work on things you like the most. It can be your hobby or something revolutionary which can help change the lives of the people. The most important thing would be you would be happy at the end of the day and there would be no one else to blame

  1. Student for life

It gives you an opportunity to be a student for life. You learn new things every day. Each step and decision you make whether related to sales, product, and strategy would teach you something new.

  1. You are your own Boss

You would be able to take decisions on your own and can write your story on your own. Your fate won’t depend on anyone

  1. Meeting New People

It would provide you an opportunity with interacting with a lot of people

  1. Helps in gaining recognition

It helps in creating a name for yourself

  1. Offers flexibility

Do you wake up late? Do you have location constraints? Your business can provide you the flexibility of location and time.

  1. Make Money

A successful business can help you make money which could be much more than you can get in any organisation

  1. Personal Fulfilment

Last but one of the most important things it would help achieve a sense of personal fulfilment

 

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P2P Lending: Banking without Banks


p2p lending

P2P lending or peer to peer lending is a new term which relies on small individuals. P2P lending aims to remove the banks and financial intermediaries from in between and make lending a simpler process. It makes lending just a matter of few hours.  All you need to do is fill the form online and another individual who wishes to lend money can choose you to earn extra money.

It links borrowers with these lenders over an online platform such as LendBox or FairCent in India circumventing the need for a bank. With the banks becoming hesitant to give out loans to individual for the purpose of setting up new businesses in an era of global economic slowdown, this lending system has really come in handy. Since, P2P carries interest rates and repayment clauses, it is also called debt based Crowd Funding.

In USA, P2P lending has increased by 84% every quarter since 2007. This shows the growing demand. Now this trend has started to pick up in India too and more and more people are bound to opt for these websites instead of traditional borrowing methods. There are banks and institutional investors which are also thinking of entering this market and are working on it. According to PWC $150 billion is the amount of business expected to be done by 2025 on these platforms. RBI is looking to regularize these lending platforms and bring it under their ambit.

Consumers have the need of getting a more streamlined and simpler process for getting loans and more returns for their money and P2P sites are capitalizing on these websites. This growth of these sites have brought them under the notice and led to creation of buzz around this term. P2P has immense opportunity not only in personal loans segment but credit card debt, auto loans and mortgages. This can change the way we bank.

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Idea Generation Techniques

Idea Generation

Any business starts with an idea.  From where can this idea come from? There is no hard and fast rule or process from where an idea can from. But these are some of the common ways that entrepreneurs have been using to come up with an idea.

  1. Based on your past experience/background/ hobbies

Many of the entrepreneurs who are running their businesses today came up with ideas based on the work they were doing at that point or something related to their own field. Let us understand this with the help of an example. Anita graduated from NIFT and wanted to start her own fashion label. The idea of this came to her while she was pursuing her studies. This example explains how your background or liking for a certain topic can lead you to an idea

  1. Brainstorming

Brainstorming is a technique where you try to explore various opportunities available to you. It is an exercise done to find the solution to a problem. When we started this website we were trying to explore opportunities and find ways of how to help young minds in starting their own business.

  1. Spotting the future trends

Some of the most successful companies from Facebook, Google and EBay tried to spot the future trends or address an issue. Before EBay and Amazon were there no one had thought there could be any else mode to buying products than offline. Similarly, Facebook tried to solve the problem of social connectivity. They were not the first companies to have worked on these ideas. What made them successful was the fact that believed in that idea were able to execute it. We have discussed it later how execution can make all the difference.

 

If you are unable to come up with an idea or are unsure about it try to get help from you friends, family or a website like this where you can discuss and explore the various options available.