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Analysing the situation the first step should be a comprehensive SWOT Analysis. The biggest strength of Xian Inc. is the smart band which is their intellectual property right and the biggest weakness is competition from market leaders and loyal users of competitors. Xian Inc. should take the opportunity and acquire exclusive distribution rights of its intellectual property so as to ward off competition from encroaching on it.
The product should be advertised near colleges and during fests with free trails of the smart bands so as to get the targeted audience interested. A referral program with exciting rewards should also be implemented to increase the audience base.
A customized experience should be provided to the audience thorough the smart bands, for example those interested in sports should be provided with vocal match updates, or those interested in movies should be provided with vocal film reviews. This will go a long way in building a loyal customer base, who will stay logged on to the platform.
For generating funds, the CEO should participate in conferences like NASSCOM500, which are attended by investors. Pitching the platform in such conferences will be beneficial in two ways- 1. It will attract investor. 2. It will provide insights about possible flaws to rectify.
Studying the growth pattern of market leaders like Facebook and Twitter will also help in setting appropriate growth targets and benchmarks.
Also, a dedicated HR team should be put in place for hiring motivated individuals who are looking for an exciting opportunity of working in a start-up environment.
but in cd sir , the one who starts the discussion has to brief about case or not?
Yes, but has to bring his/her own insights and open the case for discussion
@ Diptarka – I liked the approach which has been followed by you. Concise and well constructed. However focus should be on social network not the band. +5 for approach – 1 fr missing social network
Since the startup is aiming to compete with the likes of facebook and twitter ,my suggestions as the marketing head would be.
1) First,it should try and tap into a small customer base and launch it at a micro level. Since it was successful in creating the smart band, people will be eager to try out the new product.Then do a customer survey and gather the various opinions about the product, and implement some viable suggestions and try to improve the product.
2) Now for launching it at the macro level, do promotional activities and public events to make the customers aware of the product and its different features.
3)For the funding, it can show its investors the success of its previous product and also the customers perception about the new product. They can show their investors their future plans for the product and how they will make profits in the future.
Good approach. No mention of budget required. One thing everyone seems to miss is if the idea of social network is feasible or not ? Overall well structured + 2
Xian Inc. is a startup aiming to compete with the likes of Facebook and Twitter. The first thing to be noticed here is that Xian Inc is aiming at competing with multibillion-dollar companies. Features such as likes, telling opinions in 240 characters, 24h disappearing story already exist. xSo to compete with such big brands Xian Inc has two options: either to be innovative and provide something extra or serve the same dish but with better presentation and on a different platter.
To start off a SWOT analysis needs to be done. To get customer feedback a prototype model should be released so as to test the functionalities and usage likelihood.
Since it’s a social networking site, it’s target audience is going to be the young crowd and therefore it should focus on fun events like putting up stalls in college fests, being a co-sponsor in events which involve teenage crowds like Miss Teen Diva.
One of the USP’s of Xian is the smartband and it should maximize it by hiring young generation influencers.
As it is a startup for which strong competitors already exist, raising money can be difficult. An option is available is to invite people already present in the industry and launch the product under a common flagship.
Hello friends,
The stakeholders in the case are the company,public and budget,marketing and strategy teams.
The company has done well with selling of watches that will enable them to create customer base that trusts and values the brand. This can be used as a strategy to reach out to angel investors to show their success in the past and creating confidence amongst the investors to invest in their company.
Also, conducting a customer survey to know how much time a person spends on facebook and twitter and ehat excites tgem the most on these social platforms. This will help to know better consumer preferences and what they would want in future.
In addition to this, organizing online contests and referral giveaways to get hits on your platform. Also, investing in creating app for you social media and making it more user friendly.
Hiring interns who could create reports by gathering data from google analytics, and analysing twitter’s unstructured data in the forms of hashtags to utilize the findings in getring hits on your social platform.
<p style=”text-align: center;”>Indulging in online SEO and offline SEO to increase visibility amongst people and reviews on your social platfrom from people who form the consumer base of smart bands.</p>
Typing up with companies especially MNCs where the youth works and luring them through highlighting diverse and the most different features that you offer.Conducting workshops in illiterate regions and for the elderly who are not used to tech to make them learn on using social platforms and connecting them with their loved ones. This will help in getting intial consumer base and also a support from government if I approach this with the objective of DIGITAL INDIA intitiative by the government.
Besides going on investor meetings, involving in CSR, offline and online SEO, my focus should also be to plan out my budget division on differnt marketing strategies I’ll be devising for popularizing my social media site.
Budget needs to be allocated on travel, return to investors from profits earned, online and offline marketing, reaching out to the government for digital india intiative.
I need to divide these strategies into short term and long term goals.
Short-term being creating trust amongst users anf increasing the consumer base and allocating budget on these. Initial costs will be high as i need to spend on marketing too.
- Gradually shifting to long-term goals where focus shifts on maintaining the consumers we have but also to connect with companied that advertise on sites, contacting bloggers to shift focus on earning revenues.
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