How To Get Maximum References From Your Network

How to get maximum references from your Network Many entrepreneurs ask me what is Business Networking? Does it really work? When I tell entrepreneurs that business networking is all about developing professional and personal networks, they nod their heads but do not understand the true meaning. During my engineering days, I used to stay in a hostel. Our hostelites were very closely bonded with each other. We used to share our bikes, our rooms, our books with each other. Now as grownups we have cars, apartments, etc. But can we share then with any strangers? No. NEVER. The reason is we do not trust strangers and will not share our treasured possessions with them. If anyone wants these things from us then they have to develop trust and establish relationships with us. For an entrepreneur, one of the most treasured possession is their esteemed clients. Are they going to share their referrals with anyone who asks for it? Of Course, NO!!! When you give a referral, you are actually risking your own reputation and relationship with your clients or acquaintances. A bad referral can ruin your relationship and a good referral can enhance your relationship.  Hence you are very careful […]

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Customer Journey Mapping

Digital Transformation impacting Customer journey

Digital Transformation is omnipresent. It has already been changing our behavior as human beings. More than ever, Customer expectations matter. Don’t you like that app that you just downloaded? You can give it a bad review. No response from the developers means lost customers, or worse, going out of business. Such a bad customer experience posted on Twitter, Facebook and various other social media channels can be very detrimental to your brand. When Customers interact with organizations, they don’t see departments; they see one single organization. They interact across various touchpoints for product searches, information gathering, price comparisons, reviews, ratings, finally purchases, and sharing feedback. Digital Transformation will optimize the entire customer journey and help in delivering real results. Today’s multi-channel customer is: Better informed in real-time, digitally More demanding due to loads of information availability Will jump channels at any point with so many options Let us see what are the major steps in the customer journey & which are moments of truths ( customer interactions) that are: Most important to the customer Most painful to the customer Create loyalty Aware: With high internet adoption the range of available information is limitless Digital Display ads, TV commercials, Facebook, Twitter, […]

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How To Effectively Retain Your Customers

How To Effectively Retain Your Customers Customers are the pillars of your business. Though acquiring more customers is important it is equally important to retain and satisfy your existing customers. A happy customer is a source of new customers. I have seen organizations so engrossed and aggressive at getting more customers even at the cost of impacting the interests of their existing customers. For any Business one of the most important parameters is Customer Retention. There is a concept of LIFETIME VALUE OF CUSTOMER. What is the average revenue a customer generates for your company during a particular period is called the lifetime value of the customer. For example, if you are a pest control company and a housing society is your client. On average a housing society takes pest control service from your company for 4 years. If the annual pest control fees are INR 25000 then the LIFE VALUE OF CUSTOMER is INR 100,000. This is the value you have to keep in mind while you decide on your marketing spend on acquiring a new customer. This value also indicates how important is Customer Retention Here are a few ways you can engage with your customers and retain […]

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Happenings at Meudyojak Entrepreneur Family in December

Total Business Shared: INR 109,13,72,122 (109.13 Crores) Total References Shared: 37689 STARS OF THE MONTH Star Performer Of The Month               Maximum Visitors Award Ms. Vandana Bhanushali                         Ms. Akshata Nikam    Maximum Business Award                           Best RD Mr. Prabodh Tankhiwale                              Ms. Vandana Bhanushali     New Members Of Meudyojak Family Name Category Chapter Location Yogesh Ballewar Software Unnati Mulund Kiran Sawant Cakes Vaibhav Andheri Inderpal Singh Chocolates Vaibhav Andheri Vishal Raul Pest Control Unnati Mulund Prasad Rane Spa Uttunga Dombivali Chetan Wani HR Services Ashwamedh Thane Shlok Kulkarni AV solutions Jhep Borivali Prasad Joglekar Finance Planner Yash Borivali Madhu Kapil Interior Designer Yash Borivali Kunal Kinhikar Printing Chaitanya Goregaon Atul Apte LIC Advisor Uttunga Dombivali Pratik Aroma Fittings Vijay Ghatkopar Navin Poojary Tax Consultant Vijay Ghatkopar Dinesh Pinto Video tech solutions Vijay Ghatkopar Success Story Of The Month   Ms Antara Lolayekar, Interior Designer, Chaitanya Chapter, Goregaon. Me Udyojak platform helped an entrepreneur like me to grow professionally as […]

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Happenings in November

Happenings at Meudyojak Entrepreneur Family in November

Total Business Shared: INR 107,00,00,000 (107 Crores) Total References Shared: 37425 STARS OF THE MONTH Star Performer Of The Month               Maximum Visitors Award Ms. Vandana Bhanushali                         Ms. Akshata Nikam    Maximum Business Award                   Best RD Mr. Amol Redij                                           Ms. Vandana Bhanushali        New Members Of Meudyojak Family Name Category Chapter Location Chhaya Brahmankar Insurance DO Unnati Mulund Ganesh Sorate Numerologist Ashwamedh Thane Jeevan Nanivadekar Branding Vaibhav Andheri Kaushik Desai CA Ashwamedh Thane Rajesh Pardeshi Bio Care Products Aishwarya Matunga Ravindra Kulkarni Elevator Solutions Ashwamedh Thane Rohit More Insurance Unnati Mulund Sanjeev Dudani Exim Consultant Unnati Mulund Vinay Kulkarni Branding Uttunga Dombivali Success Story Of The Month   Dr Pushpraj Salian, Loan Consultant, Aishwarya Chapter, Matunga. The day, I joined Me Udyojak Chapter the synergy of an entrepreneur automatically drove in my stream and see today, I cannot believe myself that, I have done Rs. 21,00,000 this month. It’s an honour to be part […]

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Networking is not just about meeting people, it is also about caring for people.

Imagine having a network of people that: You really do care about, Who care about you as well, You are relevant to one another professionally, as a potential client or referral source. Networking means developing and maintaining connections with individuals, and mutually benefiting from this developed relationship. A well-developed network will provide you a strong support system of individuals who may assist you in your career/industry exploration, in your connections to other individuals and knowing about potential job openings and business. Networking should be considered as an ongoing process that takes time and nurturing, and not something you do just when you are looking for a job or business. It is a two-way process in which you provide beneficial support to those in your network as well. Networking is very important when it comes to building sincere relationships based on mutual generosity. When you meet someone whom you think will in some way, be a valuable person to know down the road, don’t settle for small talk. Instead, meet them as an opportunity to find a way to care for them and help them with something. Be ready to grab opportunities to provide value to those in your network before […]

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A to Z of Digital Transformation

Today every part of the business is subject to new expectations, competitors, channels, threats, and opportunities. Every business has the potential to be a digital business. Businesses that digitally transform will be able to connect more closely with customers, speed up the pace of innovation and, as a result, claim a greater share of profit in their sectors. Today digitally transformed companies have an edge; tomorrow, only digital businesses will succeed. Here is my version of the A-Z of Digital Transformation. Artificial Intelligence: AI is the capability of a machine to imitate intelligent human behavior. BMW, Tesla, Google are using AI for self-driving cars. AI should be used to solve real-world tough problems like climate modeling to disease analysis and betterment of humanity Big Data: This serves as a foundational backbone for digital transformation. Hyper-personalization and real-time recommendations based on the geo-location of the customers will be the key to success. Big Data Analytics is the driving force for action. Customer Centricity: The most important theme of digital transformation is it should be customer-focused with a consistent, enjoyable and very personal experience to customers. Disruption: Digital has disrupted many businesses so far who did not take it seriously like Blockbuster, Kodak, Borders and brought new […]

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Biggest Communication problem

4 easy steps to communicate with your prospect

The success of any business depends on how well it communicates externally and internally. Entrepreneurs need to set up their effective communication. Communication within team, delegation, with customers, with stakeholders and with prospects. The single biggest problem in communication is the illusion that it has taken place – George Bernard Shaw  The assumption that the other person has understood what you wanted to convey is the root cause of many problems.   In this blog, let us go over how we can communicate with our customers or prospects. A customer or prospect will come to you with a problem that he or she needs to be solved. To help the customer solve the problem, whether it is finding a location or finding resources, we need to communicate effectively.  There are four parts to effective communication  Ask Questions Listen with concentration  Repeat and Confirm Call To Action Ask Questions  Depending on time available for the meeting spend at least 10 minutes in asking broad questions. Broad Questions begin with words like: Tell me, Describe, What, Why, Explain. All of these words help prospects to open up about the background and situations he is facing. This puts you in the role of the listener […]

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Meudyojak acts like your marketing department

How can MSMEs use marketing?

Established in 2006 as a start-up ayurvedic company, Patanjali Ayurved Ltd. (PAL), today, is sweeping away everything.  It has become the fastest growing FMCG company in India.  From local store to Amazon, a wide range of Patanjali products is spreading everywhere.  How did they achieve this sharp jump in a short span of time?  Fact that the Indian market still has an affinity towards nature and culturally based products, is very well used by PAL for marketing.  Patanjali products are marketed as historically and culturally INDIAN, under the Swadeshi campaign.  It advertises its products as being all-natural and void of any synthetic and artificial components.  With such marketing strategies, PAL has agitated the whole FMCG sector and bagged a high growth in sales. So what exactly is Marketing?  Let’s explore that now … Marketing is a set of practices or actions undertaken to sell your products and services.  It basically involves innovative strategies applied to advertise and sell your product in order to make MONEY  !!! It is the process of explaining to consumers why they should choose your product/service over your competitors. You may ask me ‘why would I want to spend money on marketing though? I have a […]

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Why is consistent FOLLOW UP important for exponential growth

Many times it happens that you have been followed up for umpteen number of times and finally you ended up buying that product/service ?  Yes, that’s the power of consistent follow up. On a daily basis an entrepreneur meets many people around. Obviously he has  huge business cards collection with him. But not everyone is converted into leads.  This is due to lack of  proper follow up.  Your business  is your asset.  When you set your target audience,  you need to have follow ups with them to reach your ultimate goals of selling your product/services. An entrepreneur may feel Follow up as a weak task to complete and sometimes quite demotivating.  But remember that it’s an art to convince people with your constant perseverance, positive attitude, and with right approach. Research shows  that only 20% of sales leads are ever followed up and 80% of potential opportunities are lost merely due to lack of follow-up after the first meet. Some observed statistics on this are : 44% of sales people give up after one “NO”; 22% give up after two “NOs”; 14% give up after three “NOs”; 12% give up after four “NOs”. Means that 92% of sales people give […]

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Goals setting – A must for an Entrepreneur

Incepted in 1952 by Mr.G.K.Pendharkar, Chairman, Vicco Laboratories (Vicco Ayurvedic products) company had the major goal to make the boons of Ayurveda available to every home within India and also in outside world. Today they are the makers of the best products of Ayurveda all over the world conquering Asia, Europe, America, Africa and Australia. The successful businesses are based on goals, as it define the purpose of the business and help analyze necessary action plans. For my business purpose, I visit entrepreneurs every day. My observation is that most of these entrepreneurs do not have clear goals. Unless you have clear goals about what and when to achieve, it is very difficult to reach there. A goal can be defined as an expected state that a company endeavors to achieve. There are objectives to be set, to reach a goal. An objective is a short-term target to accomplish, with a deadline. If you are going for a business meeting, unless you fix the time and venue of the meeting, you will not be able to conduct the meeting.     In your business, where you spend your 60 percentt. time, it is critical to set goals, i.e. where and when […]

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Startup Challenges

Salute to the  SPIRIT OF ENTREPRENEURSHIP  !!!!! Entrepreneurs create Jobs. Entrepreneurs bring Innovation. Entrepreneurs contribute to National Economy. Entrepreneurs generate Investments. As CEO of Meduyojak which is a Business Networking Platform, I keep on meeting entrepreneurs every day. Some of them are well established while some are startups with dreams to make it BIG. I also meet or speak to people who are working in corporates and are contemplating about starting their own business. They always enquire about the challenges a startup faces. I am writing this article to just highlight some of the typical challenges faced by startups. However I believe that all these challenges can be overcome if they work smart during their foundation days. Starting up your own business is quite complicated. Startups have to face lot of initial challenges till they establish themselves as successful business owners.  An old saying goes ‘A smooth sea never makes good sailors’, similarly an entrepreneur’s journey towards success is never straight or smooth.  He has to face and withstand plenty challenges to become a successful businessman. Nearly 90% of startups fail before end of three years. There are many reasons why startups fail.  Here are few major difficulties faced by […]

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