In the recent Budget speech, the presenting minister put forth the vision of a $10 trillion economy for India in the next eight years. Although it seems like an audacious dream to achieve in reality, with new businesses being set up in India, it is quite possible to catapult India’s current growth rate of 7.5% to over 10%. There is immense business potential in India with businessmen planning on Manufacturing plant setup in india . According to the International Monetary Fund has opined that India was the fastest growing major economy in 2018 with a growth rate of 7.4%. This growth rate is estimated to increase to 7.8% in 2019.
Setting up a startup in India
With investors looking beyond China and US, India is the next big market for investors and businessmen. However, there are many regulatory compliance in India that must be taken care of to invest in the business ecosystem. To achieve regulatory leniency, India has now merged the the application of Permanent Account Number (PAN) and Tax Account Number (TAN), expediting the process of starting a business in India. The next step to begin a start-up in India is to register in the Ministry of Corporate Affairs (MCA).
It is not just enough to start a business in India. With such diverse markets, there is immense scope to expand in India as well. This can be achieved through Distribution Partnership in india. Regulatory leniency coupled with access to credit, with improved rules on priority of secured creditors and new laws on insolvency that provides a time limit and grounds for relief of creditors during the process of reorganization have indeed made the business ecosystem in India a much easier affair. Even in The TMF Group’s Financial Complexity Index 2018 India has been ranked 13th as far as regulatory compliance in India is concerned.
Strategizing sales in startup
With India turning from a country of job seekers to a country of job creators, it has become imperative to talk about the reality of the startup ecosystem in India. Startups now consist of young and promising sales leaders who have learned the rope and can now pursue the sales in new startups. A manufacturing plant setup in India or building distribution partnerships in India can never be enough to keep the boat sailing in a startup. The core of the business is sales and entrepreneurs must focus on strategizing this core.
Customer Profile Creation: it is important to have a set template to put all the details of the customers such as demographic, psycho-graphic and geographic information. This will help to gauge the increase of customers in future and also understand buying patterns, purchase history and credit worthiness. This way it will be able to keep a track of the customer base of the business and understanding their demand pattern will enable the startup to get more business.
Customer Relationship Management: establishing good client relationship and then managing the same is the most vital part for a startup to be successful. Web-based CRM software can help startups to maintain regular client relationships efficiently and effectively.
Email Marketing: marketing and sales are intrinsically related. Hence having a robust marketing plan is important for a startup to be able to sell it products and services in the Indian market. In this era of internet, email marketing is a great marketing tool for startups.
Conclusion
Sales function is the backbone of any business. Especially in startups, sales are the most important aspect of the business as the revenue that it will generate will determine the future of the startup. Hence strategizing sales is very important. Young sales leaders in new startups are tapping into the digital resources to make the maximum use of online marketing tools to maximize sales and expand business. Indeed in the recent past technological disruption has played a pivotal part in maintaining client relationships and increasing sales.
Sources:
https://aeroleads.com/blog/sales-guide-indian-startups/
https://www.forbes.com/sites/forbesagencycouncil/2018/05/30/five-essential-marketing-strategies-for-any-startup/#188d0b579599
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