Growth GPS: Framework of new-age Business Creation (B2C)
We are in the Digital era. Following are few important for creating a new-age business, especially for B2C businesses:
1. Business Model — This is a crucial step once you have validated your idea. A lot of time needs to derive from the right business model. There are various frameworks available — I personally like the business model canvas approach:
https://www.youtube.com/watch?v=IP0cUBWTgpY
2. Insight — You must have a deep/unique insight as an entrepreneur. Be very clear and precise with this insight. It would help to solve the problem with laser focus. It would take time to get to this insight. I think it would after working for at least more than 250 hours on the idea (based on a couple of experiences).
3. Start before Ready — Work like at ATM vending cash without the machine (manually). You should start before you are fully ready. Make the core consumer as part of the journey/learning. If you are insights are correct — today’s consumer will become part of the journey.
4. Content: Starts here on Why you Exist. What is the purpose? What are we giving to the world? Why people should interact with you and buy from us. What is the story and why the people care for the story? What problem you are solving for them. What society problem you are solving. Today’s more than 80% of the consumers are expecting brands to solve their and society’s problem. Under the consumer deeply and give them the right content.
5. Community: Group of people who feel they have something in common (The same area, work together, same interest or circumstances). New Communities are formed when people themselves in similar circumstances. Communities have different characteristics and needs; there is no single model for how to do community mobilization. Example: Bharat Army (Cricket), Humans of Bombay (Mumbai City), Driving (Team-BHP), Royal Enfield (Bike), Red Bull (Extreme Sports), Hard Rock Cafe (Music), Strava (Running). You need to understand your community and how/what you should give to them. With this, you would be able to solve their problem. The best example for me is Royal Enfield — it has solved all the problem of the biker (Gear, Road service, Popular Bike trips — easy service, Experience with Café, Right content for the new biker, a Driving school especially for female bikers etc.).
6. Commerce: Create your own Brand Experience (Website/App) and with Third Party. It should be Seamless. Easy. Fun. Secure and inline with Brand.
7. Collabs: This is a new-age way to create growth with the launch and growth. It can be with Brands, Non-Core Products, Impact, Capsule collections, service providers etc., depending on your product/service category. Every brand is unique. We need to collaborative from the source.
