Entrepreneurship has become one of the most pursued and sought after fields among the budding innovative young minds of today. But, they have thousands of questions regarding the risks, profits and losses involved in the startup market. And to clear their queries, E-Cell S.P.I.T in association with IIC S.P.I.T. organised the Mentors Meet on 26th January 2022- An exclusive guidance session to all the young startup founders!
Mr Avijeet Khaitan, Co-founder & Product Head at SXW, Singapore, was the guest speaker for the event, who shared his invaluable expertise on the vast domain of startups, markets and how to build a business.
The speaker divided his speech into various sections:
The first motto being “The essence of your brand is what drives its positioning”. Mr Khaitan wanted to convey here that the consumer value of the product would really determine its standing in the market. The more someone focuses on how much the consumer wants the product, and the various methods to generate interest among the consumer, it would lead to a steady rise in the market value of our product. For this, he presented the four-way pyramid which took into consideration the four factors that really make a business successful-the brand persona, emotional benefits, functional benefits and the features of the product.
These four factors take into account how much the customer relates to the product and for this the entrepreneur should well be aware of the current needs of the customer and personify it in such a way so as to meet the emotional aspects of the consumer. The product should also serve as a benefit for the consumer in all his functions and needs that include his daily needs and future perspectives. And lastly, the product should have all the adequate and tangible features that work in today’s world and boost the product in the market ladder.
He gave another idea, his second important aspect in determining the product’s success in the market. This was the creation of a workshop for brand identification. This basically answers all the questions that the consumer will have in his mind regarding the product.
– A report by Guruprasad Parasnis