Business
IBBL board of directors' meeting held
A meeting of the board of directors of Islami Bank Bangladesh Limited (IBBL) was held Thursday on a virtual platform.
The meeting approved the third quarterly unaudited financial statement of the bank. It also discussed the business performance of the bank and took some policy-related decisions.
Read: IBBL Bogura holds clients' get-together
Professor Md Nazmul Hassan, chairman of the bank, presided over the meeting.
Dr Areef Suleman, foreign director and representative of Islamic Development Bank; IBBL vice-chairmen Yousif Abdullah Al-Rajhi and Md Shahabuddin, Managing Director and CEO Mohammed Monirul Moula, and JQM Habibullah, Deputy Managing Director and Company Secretary, attended the meeting.
Sonali Bank writes off Tk 2,728 crore of Hall-Mark, 19 other defaulters
Sonali Bank Limited, a state-owned bank, has written off Tk 2,728 crore of its top 20 defaulters, including Hall-Mark, due to non-recovery.
Sources said the bank has set a target of recovering Tk 272 crore, or 10 per cent of the loan cancelled this year but the latest data says the bank could not achieve even 8 percent of the target even after eight months.
When contacted, Managing Director of Sonali Bank Md Ataur Rahman Prodhan told UNB that the loans have been written off as per rules.
Also read: SC cancels Hallmark chairman’s bail; asks her to surrender
“We’re trying to recover the loans …our teams are working in this regard. Writing off does not mean the loans won’t be repaid. It’s just keeping the loans in a separate balance sheet,” Ataur Rahman Prodhan said.
Bangladesh Bank (BB) introduced a loan writing-off system in 2002 and then rule was amended in April 2019. As per the amended rule, a bank can write off its loan which is treated as bad loan for three consecutive years. It was five years previously, says Sonali Bank.
According to the central bank, Sonali Bank has written off the highest amount of default loans of Tk 6,995 crore among the public banks.
Of the total defaulted loans of the state-owned bank, 38 percent are with 20 defaulters, the BB data shows.
Hall-Mark is among the 20 defaulters which have got its Tk 1,229 crore written off out of Tk 3,000 crore.
Sources at the Bangladesh Bank said Sonali Bank could not yet overcome the burden of the huge scam since not a single penny could be recovered. Hall-Mark's loan scam had shaken the banking sector, casting a long-lasting burden on Sonali Bank’s investment.
Also read: Two govt panels to probe alleged special treatment to jailed Hallmark GM
Not only Hall-Mark, but also 18 others of the top 20 defaulters of Sonali Bank failed to repay 'zero' amount as of August this year.
The other defaulters that got their default loans written off from Sonali Bank are: New Rakhi Textile Mills Limited (Tk 123 crore), Jasmi's Vegetable Oil (Tk105.55 crore), Fair Expo (Tk 96.30 crore), Alpha Tobacco (Tk 96.3 crore), One Spinning Mills (Tk 93.90 crore), Imperial Dyeing and Hosiery (Tk 90.13 crore), Rokeya Textile Mills (Tk 82.65crore) ,Sahil Fashion (81.18 crore), Imam Traders (Tk 80.85 crore), Sumi's Sweater (Tk76.7 crore), Riverside Leather and Footwear (Tk73.76 crore), Unity Knit (Tk 71.13 crore), Siddique Traders (Tk 69. 26 crore), KPF Textiles (Tk 68.56 crore), Moon Knitwear (Tk 67. 64 crore), AR Khan Sizing and Fabrics (Tk 66.86 crore), Jadu Spinning Mills Limited (Tk 50.34 crore), Sahil knitwear (Tk 57.68 crore) and Mask Sweater's (Tk 48.86 crore).
Re-Commerce Startup SWAP Raise $1.25mn in Seed Funding, Promises New Horizon of Growth
Recently SWAP, a Bangladeshi reCommerce platform has raised 1.25 million dollars in their seed fund stage. This is a remarkable achievement in the context of startups in Bangladesh. The organization took an innovative approach to deal with second-hand goods. The concept of second-hand goods exchange is not new in Bangladesh. Yet there hasn’t been any dedicated platform for the same. Here’s a detailed look at how SWAP works and what drove the seed fund for the platform.
Understanding reCommerce
The main concept of reCommerce is simple. Sell a used good or exchange one for the other. It wasn’t until recently that this already existing system had a commercialized name. reCommerce or reverse commerce aims to make a business out of used goods. In addition to generating monetary value for the seller, the platform has other corresponding goals.
Firstly, reCommerce helps to prolong the life cycle of any good. It also helps to materialize more value out of a product and ensures a lesser impact on the environment. ReCommerce offers limitless possibilities when it comes to second-hand goods. Even though the main market for reCommerce is smartphones and electronic gadgets, the horizon is expanding to include more and more goods.
Read B2B Marketing: Effective Strategies in 2021
How does SWAP work?
SWAP is the first reCommerce platform of Bangladesh. As the first of its kind, the platform has been able to generate a considerable buzz around itself. The concept of selling second-hand goods isn’t new in Bangladesh. There are different third-party shops as well as C2C transactions happening over second-hand goods. However, there was no unified platform for all kinds of second-hand goods. SWAP aimed to fill this void.
The startup was founded by Parvez Hossain, a corporate man turned serial entrepreneur. His previous ventures include Livewire, one of the leading gadget stores in Bangladesh. The ideas for SWAP were generated from Livewire. There Mr. Hossain saw a huge secondary market for electronic gadgets.
Read GP Accelerator Program 3.0: Paving the Way for Successful Startups
SWAP was found in late 2020 amidst the pandemic. While most businesses were on a recessionary trend, the years of experience in running a business along with a carefully curated team set up SWAP for success. Due to its unique nature and appeal to the customer, SWAP was able to make a space for itself in a short period.
SWAP offers an innovative approach to selling second-hand goods. The platform offers a range of categories to sell and buy the products. One of the issues with C2C transactions is the lack of security. There are countless cases of customer defrauding in recent times which poses a question mark over the secondary market transactions.
Read Pickaboo: Story of successful electronics eCommerce platform
A unified platform drastically reduces such risks. In addition to that, SWAP acts as an intermediary between the transactors. A seller doesn’t necessarily contact the buyer, rather with SWAP itself. The multi-channel transaction helps to ensure the security and quality assurance of the product.
SWAP raises $1.25mn in Seed Funding
SWAP started its venture at an economically turbulent time. This automatically puts a speck of doubt on whether the business will be able to sustain itself in the long run. However, in less than 14 months, the company recorded a net gross merchandise value of over 14 million BDT. That is almost 1 million BDT per month.
Read E-commerce Scams: Ways to Protect Your Investment from Online Frauds
The high transaction rate accounted for the incredible growth of the company. The successful operation of any business grossly depends on the core team. SWAP has made all the right core decisions from its inception which led them to its current position. Tanvir A Mishuk, the MD of Nagad, personally oversaw the recruitment of the core team. He is also one of the earliest backers of the venture.
Several key factors accelerated the funding process for SWAP.
Market Operations
The domestic market for used electronic goods has an addressable market of over 3 billion dollars. This is a huge opportunity for any business to take the charge. SWAP took a holistic approach of B2B, B2C, and C2B2C to ensure that they are catering to every form of need possible. The affordability and reliability easily make SWAP the first choice for many budget buyers out there.
Read Agro-Tech Startups in Bangladesh: Tech revolution in Agriculture Sector
SWAP has also made additional income channels for the economy through its agents. A customer doesn’t need to come to any physical shop for the transaction. They can simply get it done through the agent. Currently, SWAP has over 3000 agents as part of their business.
Reliability
SWAP in its 14 months journey has amassed over 40,000 registered users. With the high GMV rate, the business is poised to scale up significantly over the next 6 to 12 months. The high reliability in the service has helped the business amass a huge client base in such a short time.
E-waste Management
Global e-waste is expected to hit 4.5 million tons by 2025. This toxic waste is not only a threat to human lives but also adds a headache to the already deteriorating waste management process.
Read Bangla QR Payment: The Contactless Payment System of EBL
SWAP has been able to curb 11000 metric tons of carbon emission. The company also reportedly helped to save 65 metric tons of e-waste in Bangladesh. In addition to bringing affordable gadgets to the consumers, the company is also helping to increase the life cycle of electronic products.
Accelerating Asia has been the lead investor in the seed round for SWAP. SWAP also received investment from ZA Capital Advisory. Both the organizations pointed out that the circular economy approach of SWAP combined with job generation and e-waste management has been a significant determinant behind the investment. The CEO of ZA Capital Advisory, Zahedul Arefin is also working as an advisor for SWAP. With scaled-up operations, the business aims to tap into newer secondary markets alongside tech and gadgets.
Read Agricultural Loans in Bangladesh: Banks Offering Loans to Farmers and Farms
Final Thoughts
There is a close relationship between technological innovation and the increment of products in the secondary market. SWAP has been effective in tapping into the secondary market. The innovative approach combined with the value generation has helped them to see rapid growth.
Read Best Business Ideas Amidst the Pandemic and New Normal
IFC provides liquidity succour to Covid-hit RMG sector
To help Bangladesh’s export-oriented ready-made garment (RMG) industry offset the Covid-induced losses, the International Finance Corporation (IFC) has now stepped in.
To start with, the sister organisation of the World Bank has invested 22.7 million USD in Hamza Textiles Limited (HTL), a dyeing and finishing company owned by the Dulal Brothers Ltd (DBL) Group.
The investment marks IFC’s first Covid-19 support in the RMG sector and includes financing from the International Development Association’s Private Sector Window (IDA-PSW), set up to catalyse investment in low-income and fragile countries.
Read: Steps sought for re-skilling, upskilling of RMG workers to face 4IR challenges
According to the IFC, the financing will help the company build a new factory with advanced and resource-efficient technologies to respond to evolving demands of consumers and create more than 900 direct new jobs.
“The new factory will allow Hamza to work with new fabrics to meet increasing buyer requirements, widen its manufacturing base and highlight the effectiveness of advanced technologies to cut production costs and deliver climate benefits,” said MA Jabbar, DBL's Managing Director.
The expanded operation is also expected to contribute 8 million USD to Bangladesh's economy directly and indirectly through local supply chains by 2028, 15 million USD in expected economic activities generated by additional income of employees, and boost opportunities for micro, small, and medium enterprises along the supply chain.
HTL provides dyeing and finishing services for fabrics that are used in making RMG by its sister companies, owned by the DBL Group, which is one of Bangladesh’s largest integrated knitted apparel manufacturers and exporters.
IFC’s investment will help expand HTL’s finishing capacity by 80 tonnes per day to reach a total capacity of 103 tonnes per day at its new factory, which will also be a Leadership in Energy and Environmental Design (LEED) certified green building.
Read: UNGPs: Experts say work environment in RMG sector needs to be improved
B2B Marketing: Effective Strategies in 2021
The market is ever-changing. And the changing market demands newer and innovative strategies. The main aim of any marketing strategy is two things – generate leads and traffic. The aim may remain constant but the means to achieve the aim are always changing. The constantly shifting market dynamics demand the latest strategies for effective marketing. What used to be a completely new strategy 2 years ago is now a standard business practice. Here are some of the effective marketing strategies for B2B clients in light of the recent economic and market state.
What is B2B Marketing?
B2B or Business-to-business marketing strategy is the process of selling certain goods produced by one company to the other.
The strategy is essentially the same as B2C where a business sells the product to the customer. However, there are some added dimensions to the process. B2C exclusively focuses on selling to the individual customer on a retail basis. But a B2B marketing strategy aims to sell to a business on a bulk basis. It can be both services and goods.
Read GP Accelerator Program 3.0: Paving the Way for Successful Startups
In hindsight, it may feel like the B2B market is small. Since the number of retail customers is much more compared to the number of businesses. In reality, B2B is the largest market transaction-wise. The sheer volume of products that changes hands makes the market such a large and vital one.
A simple example would make it clearer. IBM, one of the largest electronic manufacturers and service providers in the world spends over 60 million dollars per day to ensure a smooth supply chain and operation of their businesses. The story is the same across all the large to small-scale businesses in different sectors.
Since the transaction volume is large, the marketing strategy requires additional fine-tuning to make sure it’s perfectly tailored for the targeted business.
Read Pickaboo: Story of successful electronics eCommerce platform
Effective B2B marketing strategies in 2021
Now let’s look at some of the established and effective B2B marketing trends for 2021. Note that not all marketing strategies are time-dependent. Some highly successful marketing strategies tend to be in action for a long time.
Account-Based Marketing
Account-Based Marketing or ABM has been around for over 5 years now. This successful strategy has one of the highest conversion rates in the market.
A traditional marketing approach focuses on the number of lead generation to assess success. ABM takes a different approach. Rather than going after volume, ABM focuses on certain targeted accounts.
Read E-commerce Scams: Ways to Protect Your Investment from Online Frauds
This is essentially a targeted marketing strategy. The job of the salesperson becomes a bit easier and also difficult depending on how you look at it. ABM isn’t about creating a campaign and using the same one for leads after leads. Rather it’s a specially curated campaign keeping in mind all the requirements of a targeted client. ABM has a high conversion rate because of its targeted marketing strategy.
Live Chat Strategy
Live chat is looked upon as a solution for customer queries. In reality, it can serve a far greater purpose than that. Live chats are designed to ensure customer satisfaction by addressing their issues and queries. A successful deliverance of queries tends to convert a prospective lead to clients.
Webchat reports that the platform has seen 2.8% more conversions than the business that doesn't use live chat support. It has also reported a 60% increment in B2B sales simply because the customer had live support throughout the purchase period.
Read Agro-Tech Startups in Bangladesh: Tech revolution in Agriculture Sector
Word of Mouth
Word-of-mouth is probably the oldest marketing strategy still in existence today. Global marketing leader McKinsey and Company reports that over 20-50% of all purchasing decisions are based solely on word of mouth. This is a huge tappable opportunity for any business. In addition to asking for reviews for the service or product, businesses can take other innovative approaches like referral programs to ensure business propagation.
Long Content Pieces
Long-form content has historically generated high leads for businesses compared to other traditional marketing like outbound ones. It also costs less compared to other marketing strategies. However, it’s not about creating content alone. The Long pieces should be engaging and highly curated to target the specific business profile.
Podcast Marketing
Podcast has seen a surge in its listener base during the pandemic. A survey shows that approximately 155 million people listen to Podcasts in the US. This makes for a huge opportunity for curated podcast content. It’s an easy and effective way to reach a broader prospective client base.
Read Bangla QR Payment: The Contactless Payment System of EBL
AI Marketing Strategy
Customers don't know that they need a product until they see it. The same holds for B2B sales. The key here is to make effective and curated suggestions to the customer. AI can make the perfect suggestion based on the previous purchasing habit of the customer.
E-mail Marketing Strategy
E-mail marketing is another veteran marketing strategy with some of the highest returns on the market. With over 122% lead generation, email marketing is easily one of the top strategies to leverage. However, the success of the strategy depends on the targeted nature of the marketing. A one for all marketing strategy likely won't work as every business has its own set of preferences.
Influencer Marketing
The boom of video-sharing platforms like TikTok has given rise to a new generation of influencers. Influencer marketing is nothing new. But the recent developments have made influencer marketing more effective thanks to the ability of the platforms to reach a wider client base.
Read Agricultural Loans in Bangladesh: Banks Offering Loans to Farmers and Farms
Virtual Events
This strategy can be considered as the direct product of the pandemic. With global lockdown and social distancing, virtual events can be a key player for targeted marketing. It’s easy to conduct and requires minimal logistical support. But it can help to reach a wider base of targeted audience compared to physical events.
Omnichannel Marketing
A targeted marketing strategy works only when there is a unified approach to the target base. Omnichannel marketing helps to target the specific client base through several different channels to bring in a unified marketing campaign. It helps to reduce buyer friction and tends to generate more leads compared to outbound strategies.
Final Thoughts
The marketing landscape is ever-changing. The only way to stay ahead in the mix is through proven and leading marketing strategies. The global pandemic has reshaped marketing strategies across the globe. But the opportunity to tap into new strategies remains open as ever. In this article, we have provided a guideline for B2B marketing stategies. Hope it helps!
Read Best Business Ideas Amidst the Pandemic and New Normal
Bangladesh Bank allows receiving remittances through OPGSPs
Bangladesh Bank (BB) has allowed receiving inward remittances through online payment gateway service providers (OPGSPs).
The foreign exchange policy department of the central bank on Monday issued a circular approving the authorized dealers (ADs) banks to repatriate remittances through OPGSPs.
The circular states that ADs are required to enter into an arrangement with internationally-recognized OPGSPs and maintain separate nostro (an account that a bank holds in a foreign currency in another bank) collection account for each OPGSP.
“Service exporters availing of this facility are, among others, allowed to open notional accounts with only those OPGSPs having arrangements with ADs in Bangladesh,” the circular says.
Also read: Four more products to receive cash incentives against export: Bangladesh Bank
To widen the scope of repatriation of income against service exports, the central bank decided that ADs may allow their service exporter-customers to enter into arrangements, including maintenance of merchant accounts, with international marketplaces or platforms.
In addition to such accounts, service exporters may maintain notional accounts, without limiting to licensed OPGSPs, with internationally reputed payment service aggregators, payment facilitators, digital wallets or other legitimate payment systems licensed by the regulatory authorities concerned.
Accordingly, ADs can facilitate repatriation of service income deposited in their nostro accounts by international market places/platforms, including eligible foreign payment operators, regardless of having arrangements and maintaining separate nostro collection accounts.
In this context, ADs have to obtain detailed information from their service exporter-customers regarding the maintenance of merchant accounts with international market places/platforms and/or notional accounts with eligible foreign payment operators.
Also read: Bangladesh Bank restructures Tk 500-cr refinancing scheme for low-income people
Besides, the declaration on the nature of services to be provided by service exporter-customers with supporting information and documents thereon has to be ensured by the ADs.
An undertaking from their customers to the effect that they will arrange repatriation of the service income within statutory period either by way of relevant market places/platforms or eligible foreign payment operators, or credit to their merchant/notional accounts for immediate transfer to Bangladesh.
The ADs has to credit the receipts in equivalent local currency to respective bank accounts, or arrange to transfer the same to digital wallets maintained with Mobile Financial Service Providers licensed by the Bangladesh Bank.
Spain can help Bangladesh modernize its agro-processing sector: Envoy
Bangladesh can use Spanish experience and technological know- how in improving its agro-processing sector as Spain holds the first position in producing agricultural products and in agro-processing business, said Spanish Ambassador to Bangladesh Francisco de Asis Benites Salas.
Ambassador Francisco said this when he met President of Dhaka Chamber of Commerce and Industry (DCCI) Rizwan Rahman on Monday at the DCCI Building in the capital.
The Spanish Ambassador also proposed the use of their experience and knowledge in preserving the historic and heritage sites in Bangladesh which will help the country attract more tourists from home and abroad.
Also read: Agro-Tech Startups in Bangladesh: Tech revolution in Agriculture Sector
Rizwan Rahman told the envoy that the bilateral trade between Bangladesh and Spain was $2.37 billion in FY2019-20, of which Bangladesh’s export and import was $2.19 billion and $177.98 million respectively.
He said export from Bangladesh to Spain is heavily concentrated on its RMG products, but Bangladeshi footwear, carpet and floor covering, jute goods, bicycle, plastic, consumer goods, dairy products also have huge potential to be exported to Spain.
The DCCI President urged Spanish entrepreneurs to invest in infrastructure, railways, healthcare, agro machineries and agro-product processing, tourism, IT & ITES, automotive and APIs (active pharmaceutical ingredients) sectors of Bangladesh.
Ambassador Francisco mentioned that Bangladesh has made tremendous economic success in recent years to become a role model for the rest of the world.
Also read: Agro revolution to be seen in saline areas: Dr Razzaque
He said that there is a huge scope to improve bilateral trade between the two countries as Spanish entrepreneurs can invest in tourism, infrastructure, railways, healthcare and automotive sectors in Bangladesh.
DCCI Senior Vice President N K A Mobin, FCS Vice President Monowar Hossain and Commercial Counselor of Spanish Embassy Francisco Javier Yepes were also present at the meeting.
Trade & investment summit to help attract FDI: Munshi
Commerce Minister Tipu Munshi on Sunday said Bangladesh’s upcoming trade and investment summit will help the country attract foreign direct investment (FDI).
The minister said this while addressing a press conference at the conference hall of Dhaka Chamber of Commerce and Industries (DCCI) ahead of the ‘Bangladesh Trade and Investment Summit-2021’.
Marking birth centenary celebrations of Father of the Nation Bangabandhu Sheikh Mujibur Rahman and the Golden Jubilee of Independence, the Ministry of Commerce and DCCI is going to jointly host the week-long International virtual Summit from October 26 to November 1.
Turning to the price hike, the minister said the prices of essential commodities have increased recently due to the impact of price hike in the global market.
Also read: Bangladesh Trade and Investment Summit to kick off on Oct 26
“We’re working to keep the prices under control, but the most consumed items like oil, sugar and onion are imported to meet the domestic demand. The prices of these products have gone up in the global market and that reflection is also seen here,” Tipu Munshi said.
The minister said the government set a $51 billion export target in the current fiscal year through product diversification.
Currently, Bangladesh makes 83-84 percent export income from the garments sector alone.
Bangladesh has a lot of potential to export many other products like leather, jute, light engineering, IT, agro-based products, the minister said.
DCCI President Rizwan Rahman made a presentation on the summit and mentioned that this includes nine sectors underscoring critical enablers and avenues of the economy, demanding massive investments, especially in infrastructure (Physical, logistics and Energy), IT/ITES and FINTECH, leather goods, pharmaceuticals, automotive and light engineering, plastic products, agro and food processing, jute and textiles and FMCG (Fast-moving consumer goods) and retail business.
He said 552 companies form 38 countries alongside Bangladesh will participate in 450 business to business (B2B) match-making sessions, which will help explore new business opportunities and attract FDI to Bangladesh.
Also read: Multiple initiatives taken to remain competitive in global market: Tipu Munshi
Besides, he said, six webinars on different trade and investment issues will be organized with the participation of representatives from the business community, experts from local and international and policy makers.
The DCCI President said this virtual summit will showcase Bangladesh's preparedness at this time of Covid-19 pandemic among the investors and entrepreneurs.
Commerce Secretary Tapan Kanti Ghosh, DCCI Senior Vice President NKA Mobin, Vice President Monowar Hossain, DCCI Board members and senior officials of the commerce ministry were, among others, present.
Setting Up Facebook Business in Bangladesh: Detailed Guideline
Facebook has been an integral part of connecting people all over the globe. But the impact of Facebook is not limited to only connecting people. With over 2.8 billion monthly active users, Facebook is one of the strong platforms to reach out to prospective customers for your business. In Bangladesh, the utilization of this social networking platform in business has increased significantly since the pandemic.
The F commerce in Bangladesh has seen rapid growth in the last few years. The current market cap stands at around 312 crore BDT which contributes a significant amount to the e-commerce revenue. So, do you think you have something to sell online? Here’s our detailed guideline to get you going on your F-commerce venture.
Read GP Accelerator Program 3.0: Paving the Way for Successful Startups
How to open a Facebook shop from Bangladesh?
To keep things short and not make them boring, we won't be diving into the step-by-step process of opening a page itself. Rather we will focus on what most people miss or get wrong while opening a page. The process is pretty self-explanatory and intuitive.
A catchy name
Do you know what gets the attention of the potential customers right away? The name. Your business should have a unique and catchy name that grabs the attention of the customers. Something that the customers would remember for a long time.
Try and come up with something catchy and relevant to your product. Go along with something that creates a self-brand centering you or the product range. The end goal is to grab the attention of the customer. If it’s a niche-based business, try to go for something relevant to the niche.
Read:Pickaboo: Story of successful electronics eCommerce platform
And if you own an established business with some form of customer base, you can stick with the ‘name’ that has already worked for your business.
Getting the Right Display/ Cover Picture
When you have got the name for your business, you have overcome a massive hurdle. Now let's talk about getting the page started.
After naming your Facebook shop page, you need to move on to choosing a display picture. Typically, everyone goes with the business logo. And if you don’t have one, get one. The logo can be something simple that embodies who you are and what you are trying to sell.
Read Best Business Ideas Amidst the Pandemic and New Normal
Choosing an appropriate cover picture is equally important as well. Use it to highlight the customer-centric approach and all the other aspects of the business. Create a multipoint contact space for the customers and highlight them on the cover picture.
Adding Business Details
This is probably the most important aspect when it comes to setting up a page. Up until this point, whatever you did was either guided or intuitive, but things get a bit more intricate from here.
Whatever you put forth from here it can either make or break your online business.
The first thing to sort is what type of business you are offering. This is important as Facebook has a set of algorithms that will promote your business to an industry-specific niche. Let's say you're a business that plans to sell ready-made clothes. Make sure to select "clothing line” from the list of businesses. Correct selection of the sector is important to reach the target customer.
Read How to Test and Validate Your Startup Idea?
Business Description
Ever heard of a minute to win it? Well, this is something similar except you get 250 characters to showcase your business. Be crafty and decisive about your words as this is what your prospective clients will be seeing the first thing. The proverb goes, the first impression is the last impression. You need to be convincing about your business so that you can convert a prospective lead to a real buyer.
Categories
Categories are something similar to selecting your business niche. You get to add multiple categories depending on the services you’re offering. Now don't go overboard with the tags though. We suggest you be concise about your category selection as they play a huge role when you boost your page or post.
Read: E-commerce Scams: Ways to Protect Your Investment from Online Frauds
Contact
This is also another important aspect. This is where the personal touch of your marketing comes into play. Typically, you should provide your phone number along with an email ID to tag along with the contact list. Make sure to have contacts active as this also acts as a first impression to the customer service.
Timing
When are your business hours? People often differ on this point. Many think an online business should follow the traditional business hours whereas others think it should cater around 24/7 since there virtually is no constraint when everything is online.
We think it's impossible to cater to your customer 24/7 unless you have a dedicated team for that. However, most mainstream businesses won't even need that sort of extreme timing. We suggest sticking with the schedule when you can ensure optimum customer support without personal disruption.
Read 7 Ways to Become a Genuine Expert in Your Chosen Field
Follow a Theme
You should set up a theme for your business. What we mean is, whatever you're posting or sharing online from your page, make sure they follow the same structure or design elements. This will help to bring consistency across the page feed making it pleasing for potential customers. A theme also helps to stand out from the others creating a unique distinction for the business.
The key here is to stand out from the rest. The more the elements stand out, the more chances for the business to get noticed and create better customer traffic.
Read: Agro-Tech Startups in Bangladesh: Tech revolution in Agriculture Sector
Tell Your Story
Every business has a story to tell and this is your poetic moment of glory. Talk about your vision, your ideas, what prompted this business and where do you see your business in the near future. In short, tell stories to which the potential customers can relate. Make it engaging so that they feel a part of your business. The key here is to captivate the emotion of your potential customer and use it to expand on the sales front.
Post Post Post
Keep your clients engaged with regular updates and posts. We cannot stress the importance of this point enough. You need to keep your customers hooked with your page so that they are constantly reminded of your presence. The more they think about you, the more they’ll be prompted to buy your product.
Read: Bangla QR Payment: The Contactless Payment System of EBL
Self-Branding
Spread the word of your business yourself because no one else will. Invite friends and families to like your page to make it more engaging. That’s how a business grows, through word of mouth and exceptional service.
Final Thoughts
The influence of Facebook is immense. The traffic it holds is unprecedented and the opportunities are virtually untapped. There is no better time than now to take your business to the online platform through F-commerce and other social handles.
As you grow to get started with the entrepreneurial venture, Facebook can be your next big tool to expand the business to new dimensions.
Read Truck Lagbe raises $4 mln Series A fund to transform trucking market of Bangladesh
BSEC finds involvement of 9 companies in share price manipulation
The probe committee, formed by the Bangladesh Security and Exchange Commission, has primarily found the involvement of nine companies in the recent share market price manipulation.
“Further investigation is underway. The matter is thoroughly being scrutinized, and the people concerned will be called to be present before the investigation committee, if necessary,” said BSEC spokesperson Mohammad Rezaul Karim on Saturday.
Also read: Insider trading: BSEC probes Dominage Steel for 'unusual' stock movement
According to the BSEC, the companies are: Fu-Wang Ceramics Industry Ltd, Beacon Pharmaceuticals Limited and Anwar Galvanizing Limited in the engineering sector; Paper Processing & Packaging Ltd, National Feed Mill Ltd, Dhaka Dying, GBB Power Limited in the energy sector, and Emerald Oil Industries Ltd and Bangladesh National Insurance.