business-analysis
Furniture Brands and Companies in Bangladesh: An Overview
Whether it is your home or office, furniture is essential to carry out the daily activities in everyday life. Not to mention, furniture can enhance or degrade the beauty and elegance of space several times. You can hardly decorate a space aesthetically without furniture. People are therefore naturally attracted to furniture. There are numerous furniture manufacturing companies in Bangladesh. Among them are some companies that make world-class furniture. Moreover, some companies even export furniture abroad after meeting the demand of the country. Let's know about some of these international standard local furniture brands in Bangladesh.
Popular Bangladeshi Furniture Brands and Companies
Hatil Furniture Limited
Hail is considered one of the best game changers in Bangladesh's furniture industry. Caution in raw material selection, eco-friendly business practices, and customer-centric approaches have established Hatil as one of the best furniture brands in Bangladesh. However, it would be wrong to call Hatil one of the top brands in the country's furniture sector.
Hatil has reached the top in furniture export too. In the last few years, the brand Hatil has spread to neighboring countries, India, Nepal, and Bhutan. In the 2019 financial year, Hatil has sold furniture worth Tk 323 crore at home and abroad. Hatil started its journey in 1989. Later in 1993, Hatil started making furniture by renting a 5,000 sq ft factory in Kuril, and now they are holding a 10% market share.
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Navana Furniture Limited
Founded in 2002, Navana Furniture Limited started its journey as a sister concern of the Navana Group. In a very short period of time, the company has taken a strong place in creating beauty in upper- and middle-class homes. Starting with many uniquely designed furniture keeping in mind the needs and satisfaction of the customers, this company now has showrooms across the country. Navana made wooden as well as processed wood furniture.
Akhtar Furnishers
Akhtar Furniture, which started with a small furniture shop in 1976, is now one of the best furniture manufacturing companies in Bangladesh. With the help of high-quality products and innovative and unique designs, Akhtar furniture has been meeting the furniture enthusiast's demand. The company uses 100% solid wood to make furniture.
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According to the advertisement, Akhtar furniture products are made only from solid trees and after seasoning for a long time. That is why the products of Akhtar furniture are free from the risk of being bitten or eaten by insects .
Akhtar Furniture achieved ISO 9001 certification in 2001. Further, the Akhtar Group has been awarded various prizes and honors for its contribution to the development of the country. Among them, the Quality Award at SME Fair and Home Show, Kanthakharu and Raozan Samiti's Award for Furniture Business, Mercantile Bank Limited, and Ekta Cultural and Social Organization's Award for Business Performance are notable.
Read Top FMCG Companies in Bangladesh: At a Glance
Otobi Furniture Limited
October is one of the best furniture companies in Bangladesh to come up with a highly acceptable lifestyle solution for people from the middle class to the upper class. This furniture brand is famous for its modern manufacturing capacity, advanced and innovative design, and vast distribution network.
Hence, it has become one of the reliable brands for all levels of customers. October started its journey in 1975, and as of 2020, the company is tied with Nadia and Navana furniture with a 5% market share. They are mainly famous for affordable furniture made with boards.
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Baby Food Brands in Bangladesh: An Overview
Bangladesh has been one of the fastest-growing economies in Asia. The food sector is, therefore, experiencing a revolution in this country. There has been significant growth within the baby products industry in recent years due to rising incomes across emerging markets. In addition, with changes in parental attitudes towards child nurture and health care issues, there has been increased interest from consumers in premium baby products. Hence, the baby food market is growing steadily by using advanced technology and introducing new products to consumers. While a few local brands have access to the marker, numerous top multinational companies are now leading the baby food industry in Bangladesh. Let's check out the top baby food brand in Bangladesh.
Dominant Baby Food Brands in Bangladesh in 2021
Nestle Bangladesh
Although Nestle is a multinational baby food brand, they have a filling, processing, packaging plant in Bangladesh. Further, they also started the production of lactogen brands locally. Hence, Nestle is localizing their products. Nestle Bangladesh started its commercial operation in the year of 1994. They entered the baby food industry of the country with sweetened condensed milk, repacking infant cereal and infant nutrition. Over the past two decades, Nestle Bangladesh has been offering diverse baby food items and for people of all levels.
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Nestle is currently leading the baby food industry in Bangladesh with more than 50% of the market share.
For the baby foods, they are famous for CERELAC, LACTOGEN (1, 2, 3, 4 and RECOVER), NESTLÉ NIDO (FORTIGROW, 1+, 3+), and NAN ( 1, 2, AL110 and PRENAN).
Over the years, Nestle Bangladesh has continued to innovate diverse product lines to ensure a healthier future for Bangladesh.
Mother' Smile by Abul Khair Group
Abul Khair Group's key baby food brands include Mother's Smile and some cereal items. The company entered the baby food industry in 2005 with milk items and subsequently broadened the items. Further, they have MARKS Active School and MARKS Active School 2 in 1 in the baby food items category.
Read B2B Marketing in 2021: Challenges and Solutions
Additionally, Abul Khair Group also imports baby food items from renowned companies such as Murray Goulburn, Australia, and Omani Euro Food Industries of Oman. The company's pipeline works via licensing, co-promotion, and co-marketing, ensuring the balance in its portfolio. Hence, they are experiencing sustainable growth in the food industry.
In the future, Abul Khair Group has a goal to expand its business on milk cereals (chic rice/dal/vegetables), non-milk cereal (Nestum), and Infant formula (anti-diarrhea, LBW formula, lactating mother).
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Arla Foods Bangladesh
Dano, the country’s most loved milk powder brand for 60 years, has been available in Bangladesh since 1961. Primarily imported through local partners, Arla Foods Bangladesh Ltd has been operating in Bangladesh since 2014 along with its FSSC 22000 (V5) certified packaging facility located in Konabari, Gazipur. Its portfolio currently includes Dano Power, Dano Growth Shakti, and Dano Daily Pushti, providing dairy nourishment and nutrition to almost 1.5 crore Bangladeshi consumers every month.Arla Foods Bangladesh Limited is the local subsidiary of Danish multinational dairy cooperative Arla Foods.
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Best Banks for Student Credit Card in Bangladesh
Credit cards have been a revolution in the transaction process across the globe. It's fast, simple, and easy to use. In the wake of the pandemic, businesses and retail clients are focusing on contactless payment systems as part of personal safety measures. Credit cards are a great way to initiate this change. There are approximately 1.62 million credit card users in Bangladesh. The number is continuously increasing every year. But the question arises whether the young generation, especially the students are getting access to the credit service? Let's find out in detail.
How can a student get a credit card in Bangladesh?
The use of credit and debit cards are on the rise in Bangladesh. Even though the world came to a standstill due to the pandemic, the performance of credit and debit cards have experienced month-on-month growth. It hit a record of 76% year-on-year growth in June of this year. This took the total transaction tally to 23,633 Crore BDT.
Even though credit cards are becoming popular, the target client base for the service hasn’t changed much over the years. Historically, credit cards have been marketed to professionals with a sizable income who can ensure the securities associated with a card. As a result, there aren’t any specialized frameworks or credit card schemes for students in Bangladesh.
Read B2B Marketing in 2021: Challenges and Solutions
However, almost all the banks of Bangladesh have a basic credit card policy. A student over 18 years with a valid TIN can easily apply for credit cards. Most credit cards require two things upfront – a security fixed deposit and means for loan repayment. Oftentimes, students can’t meet these two requirements. Most banks have a special policy where a TIN can be used to make the fixed deposit and the “Family income” option can be chosen for loan repayment.
Best Credit Cards for Student
EBL Visa Classic Credit Card
EBL is one of the leading private banks of Bangladesh. The bank is known for its efficient customer service and innovative banking features. Their visa classic debit card can be the smart solution for students looking to get a credit card.
The detailed eligibility can be found at any branch of the bank. to apply for the credit card, the requester must be 18 years or old and should be a Bangladeshi citizen by birth.
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The bank offers some competitive schemes for the classic credit card. A cardholder will get the first two complementary cards for free. It also issues a free checkbook for cheque-type transactions. The interest-free loan repayment period is 45 days. A cardholder will be eligible for all the internet banking services provided by EBL including the Sky banking app. In addition to that, EBL has partnerships with a host of leading restaurants and shops for offers and discounts on their cards.
B2B Marketing in 2021: Challenges and Solutions
B2B marketing has always been an intricate subject. It is much different compared to traditional B2C marketing. While B2C is all about focusing attention on the needs of the customer, B2B needs to focus on the needs of the business. And the needs of a business often vary from that of the customers. As the world grapples with the economic impact of the pandemic, marketing trends have shifted quite a bit. This has created new challenges in the process. Here are some of the key challenges of B2B marketing and the best way to overcome them.
Key Challenges of B2B Marketing
Lack of Human Interaction
The global social distancing and lockdowns have put a bar on day-to-day interactions. B2B marketing highly depends on the face-to-face interaction between the seller and the business. The sales pitch has been the proven approach for B2B marketing. However, businesses are forced to take their pitch to the online platform. The lack of human touch in the process may prove costly for many businesses.
The probable solution for this challenge is to go all-in on the online platform. Design sales pitch in an interactive way that can better engage the target businesses. The key here is to get the customer hooked on the idea and the marketing, regardless of the medium.
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Getting Around with Covid-19
Almost all the countries of the world were hit by the economic impact of the pandemic. The business and the retail sector suffered the most because of the imposed lockdown. The impact of the Covid-19 has forced many businesses to take drastic measures in their spending. This in turn has impacted how the marketer spends on marketing.
The continuous change in adaptation to the pandemic has made every existing strategy uncertain. The factor of budget and spending came to the forefront before every purchasing decision.
Marketers should focus on digital marketing more in these trying times. Digital marketing seems to be the way forward considering the uncertain nature of the other channels.
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Lack of Resources
The lack of resources isn’t apparent in the budget justification. There are other tactical heads of marketing that are facing an acute shortage. The most common ones are lack of time, lack of ideas, and talent. Much of it has to do with the next challenge in this list.
With the shortage in effect, it becomes increasingly difficult for businesses to conduct singular marketing. To save time and get around the lack of resources, businesses can shift to marketing agencies. Most of the marketing agencies these days provide a unified marketing approach. This tends to cover everything between ad campaigns, lead generation, and lead conversion.
Saturated Digital Marketing
Every business is looking to jump on the digital marketing bandwagon. As a result, client businesses now have more choices than ever. This ultimately makes the space more competitive for the marketing businesses.
Read B2B Marketing: Effective Strategies in 2021
This is also the leading factor for the lack of talent in the strategy. There is a high demand for a digital marketer but an acute shortage of skilled and qualified marketers. The imbalance in supply and demand has made way for higher marketing costs with low ROI.
Brand Awareness
Brand awareness is a key determinant of the success of a business. The more buzz a business creates around itself, the more it stands to capture the market. With the pandemic in effect, more and more businesses are looking to digitize their marketing endeavors as mentioned above. There are two effects to this. Businesses are getting better exposure compared to traditional marketing strategies. There is also the issue of market saturation. As more and more businesses opt for online ads, consumers are left with more choices than ever.
Businesses need to tailor their marketing strategies to stand out from the rest. It’s the impression that will make or break the marketing strategy.
Read GP Accelerator Program 3.0: Paving the Way for Successful Startups
Data Accumulation
Data accumulation is another important aspect of the success of any marketing strategy. Firms need to make sure that the user data they are collecting is authentic and accurate.
Every marketing strategy is designed for a targeted customer base. The same is true for B2B marketing as well.
Google Analytics and HubSpot Analytics can be a great starting point to see what's working and what's not. The targeted marketing campaign should be designed based on customer interaction and response.
Read Pickaboo: Story of successful electronics eCommerce platform
Ensuring Highest ROI
The goal of every marketing tactic is simple – to ensure the highest amount of ROI. As a result, it becomes important to ensure the correct implementation of the marketing strategy.
There are countless different marketing strategies out there. There are ones that focus on offline ads and there are ones that work on the digital platform. Before choosing any strategy, it's important to understand whether it aligns with the organizational goals as well as the target audience.
Understanding the past marketing metrics, marketing channels, marketing plan, SWOT analysis, and report can all work in favor to maximize the ROI.
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Lead Conversion
Marketing strategies involve shelling out money so that people see the ads and click on them. However, there is no indication regarding whether the ad click is converted or not. This creates a two-way problem for the business. Firstly, the business cannot ensure whether its ads are generating enough leads or not. Secondly, whether the generated leads are convertible or not.
Lead conversion is an important aspect of any marketing strategy, both online and offline. The only way to generate effective leads is through a quality targeted client base. Nowadays, different marketing agencies provide marketing services. However, the target generation becomes difficult considering B2B strategies. Invest in a target audience based on their purchasing habits and business profile. This will not only ensure lead generation but also better lead conversion as well.
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Final Thoughts
B2B marketing strategies always require high precision. With the pandemic and global recession, businesses faced shortcomings from every front. While there are challenges to regain the market value, there are also immense opportunities as more and more people are jumping onto online platforms, both business and clients. As a result, the B2B marketing challenges should be faced meticulously to better serve the business interest.
International Courier Services in Bangladesh: An Overview
Couriers are an effective way to get things from one place to another. It's fast, easy, reliable, and often cheap. There are about 138 courier services in Bangladesh. Most of these are domestic and operate in the local region only. Out of these couriers, 32 offer international shipping. However, almost all of them use international courier services like DHL, FedEx, UPS as secondary sources. In this article, let’s have a look at some of the renowned international courier services in Bangladesh.
International Courier Services Working in Bangladesh
There are several international courier services in Bangladesh. Some of them work in partnership with local courier services as well as the postal service. However, most of the reputed courier services have their own offices in Dhaka and all the main cities.
DHL
DHL is one of the largest shipping companies in the world. The company specializes in worldwide delivery across every country and territory of the world. DHL was founded back in 1969 in San Francisco California. The courier service started operating in Bangladesh in 1979 through Air Express Services.
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The company eventually opened its branch in Dhaka and subsequently to other major cities and ports as well. In addition to their international service, the courier offers local shipment as well. But the cost of local shipment is much higher compared to the local couriers of Bangladesh.
DHL has several services. The most common is the DHL worldwide parcel express and DHL document express. In addition to that, the courier specializes in the industrial transport of chemicals and petroleum. The next-day delivery system across the globe supported by an excellent live tracking mechanism makes DHL one of the best international couriers in Bangladesh.
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FedEx
FedEx was founded back in 1973 as Federal Express Corporation in Little Rock, Arkansas. To this day, FedEx is still the fastest domestic courier service in America with same-day or next-day delivery options.
Over the last 50 years, the company has grown to include 220 countries and territories of the world into its shipping list. The specialty of FedEx is their handling. The service can handle extremely fragile cargo with utmost care. FedEx even delivers perishables across countries. The service has a dedicated temperature-controlled transport mechanism for the perishables.
FedEx has several services including FedEx ground delivery, smart post, home delivery, and priority delivery. The charges vary from service to service. A typical 2 lbs. package delivery from Bangladesh to the US through FedEx priority will cost 44.99 dollars.
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FedEx has offices in all the major cities and ports in Bangladesh. customers can pick up their courier from the offices as well as get them home delivered for some extra cost.
UPS
United Parcel Service has been around for more than a century now. The courier company was founded back in 1907 in Seattle, Washington. Since then, the company has emerged as a global leader in logistical shipping and supply chain management.
Just like FedEx, UPS also offers shipping and delivery to 220 localities of the world. The company has its head office of Bangladesh operations in Dhaka. In addition to parcels and documents, UPS offers specialized transport of live animals.
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There are several specialized services across the US and for international shipping. The UPS critical express is their fastest service with guaranteed delivery across the world in 3 business days. This is made possible through a combination of air and freight mail. To know more about the shipping option, check out their website here.
Fox Parcel
Fox parcel is a relatively new courier service founded in 2014. This one-stop shipping company was born in Bangladesh and is currently one of the leading logistical and parcel solutions between India and Bangladesh.
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.
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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.
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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.
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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.
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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.
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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.
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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
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.
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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.
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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.
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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.
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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.
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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!
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GP Accelerator Program 3.0: Paving the Way for Successful Startups
Grameenphone is one of the pioneering telecommunication companies in Bangladesh. Founded back in 2007, the company has had a significant contribution to the socio-economic development of Bangladesh in addition to the telecommunication sector. The Grameenphone Accelerator (GPA) program is one of those encouraging initiatives taken by the company. The program is tailored for the up-and-coming startups to accelerate their growth in the rapidly changing market. Recently, GP launched an application for the accelerator program 3.0 as part of their continued support for the startup scene in Bangladesh.
GP Accelerator Program
The GP Accelerator Program is a cohort-led, curriculum-driven mentoring program for select up-and-coming startups in Bangladesh. Founded in 2015, the program has led 6 batches which helped to mentor 44 startups till today.
The likes of Sheba.XYZ, Barikoi, Dhakacast, Doctorkoi, and Cramstack have been the direct recipient of the mentorship opportunity which helped them excel in their strategy.
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The program is a 4 month long intensive mentorship opportunity that works on several key aspects.
A startup goes through various phases. There are a lot of aspects that need to be properly handled and assessed. In addition to that, most startups require a pre-seed fund to develop an MVP. The GP Accelerator Program is focused on addressing all these issues faced by a startup.
The cohort-led approach and expert mentorship build and set up a startup for success.
The program allows a fund grant of up to 10 Lac BDT in exchange for 10% equity on the startup. The program also focuses on training as well as setting up connections for future investment opportunities.
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Role of GPA in Empowering Local Startups
Bangladesh is significantly lagging when it comes to launching startups. Countries like the US and China are leading the world in the number of successful startups with over 64% and 13% share of the billion-dollar startups. Neighboring India is also close by with a 4% share.
While these countries can make their mark as startup hubs, Bangladesh is still significantly lagging.
The main reason behind that is the lack of ecosystem support. A startup is built on ideas that disrupt the existing market process. Bangladeshi entrepreneurs lack the support system surrounding these ideas. There aren’t enough angel investors in the ecosystem. There is also a shortage of mentorship and phase guiding opportunities which hurts the startups in their nascent stage.
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The GP Accelerator Program acts as an amalgamation of the ecosystem for these startups. Thanks to GPA, local startups are getting world-class-level mentorship opportunities. The program has module-based training which makes the startups better suited for the market. The end-to-end support mechanism makes the GPA the best program to groom the startups for big leagues.
Program Details
In the last 6 years, GPA has hosted 44 startups as part of their 6 consecutive batches. The program has worked to grant more than 142 million BDT worth of grants to the startups to make sure they make an easy transition to the market.
The program also reports an average of 10 times growth over the duration. Naturally, the selection process of the program is quite rigorous.
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The first stage is the application process. Any startup with a full-time co-founder can apply to be a part of the program. GPA accepts applications from a wide range of industries which will be discussed later. After the application round, candidates go through the selection boot camp. This is where the startups need to show their merit and how they can create a positive disruption and value generation in the market. The final selection is made by the jury board to get accepted into this 4-month long program.
Every accepted startup will get access to the following as part of the program –
- Grant funding of 10 Lac BDT
- Office space at GP House
- Expert mentorship and guidance
- Wide media exposure
- Better Curriculum led learning process
- Access to investor contacts
- Partnership with GP based on performance and relevance.
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GP offers much more to the selected startups in addition to the aforementioned ones.
The main industries of interest for the startup ranges from Health Tech, Edu Tech, FinTech, IoT, Entertainment, Gaming, Cloud Service, Hardware, M-commerce, Enterprise, and Mobile Application.
The GPA outlines the pitching deck for the application as well. every startup needs to have –
- Market Viable Product
- Market Opportunity
- Team
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These core three aspects will act as a determinant to choose the perfect startup for the program. In addition to that, the pitching deck should also include –
- Problem
- The solution to the Problem
- Value generation in the market
- Acquisition Plan
- Business Model
- Traction
- Team
- Outlining the strength or advantages of the product.
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Success Stories
The program has had 44 graduating startups thus far. Most of them have emerged as a leader in their respective industries with significant value generation.
The story of Repto and Alteryouth are notable in the Edutech Industry. Repto has emerged as a leading marketplace for learning content. The platform provides access to a diverse range of tutorials to the learners at an affordable cost.
Alteryouth has had a different approach than Repto. The startup works with the less fortunate students from the marginal areas of Bangladesh. With the help of this platform, a donor can finance the education of a marginalized child. This innovative approach has helped to bring the light of education to economically backward people.
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But perhaps the largest industry-wise impact has been through Sheba.XYZ. The platform has provided a solution for every kind of daily need imaginable. It has emerged as a one-stop solution for all types of daily needs. From plumbing to house moving and renovation, Sheba.XYZ has created a common hub for its user base.
Final Thoughts
The road to becoming a startup hub is still a steep one for Bangladesh. Lack of policy support and bureaucracy has always worked against the ecosystem. As a result, the startup boom is yet to happen in Bangladesh. However, initiatives like the Grameenphone Accelerator (GPA) program are a step toward the right direction. In addition to creating new entrepreneurs, the platform is also having a significant contribution to the overall development of the economy.
Read Common Challenges faced by Startups in 2021
Pickaboo: Story of successful electronics eCommerce platform
Pickaboo, the largest omnichannel e-commerce startup has built its strong position in the mobile phones and tech gadgets category, which is believed to be the largest vertical in ecommerce. Started in 2016, Pickaboo has become one of the trustworthy e-commerce platforms for tech consumers in Bangladesh. Although there have been rumors in 2019 that the company was going to stop their operation as the parent company Edison group did not want to invest more in Pickaboo.
However, there were not any reliable sources for that rumor, but Pickboo did get external investment last year, hence they survived. Today, we will get to know the story of Pickaboo.
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According to Pickaboo, they claimed as themselves “the largest one-stop shopping destination in Bangladesh.” This e-commerce platform offers a wide range of products which includes household appliances to electronic items, cameras, the latest smartphones, accessories, health equipment, and more.
Pickaboo offers the most efficient delivery service via their own logistics system so that the customers get prompt and hassle-free product delivery at their doorstep. The company works with local and international vendors along with 200 brands and serves all over Bangladesh.
Nevertheless, the free return service from Pickaboo sets an example for Bangladesh’s e-commerce industry. They offer various payment systems, such as cash on delivery, card, online payment system, and bKash.
Read Key Challenges to Start E-Commerce Business in Bangladesh
How Pickaboo became the dominant player in the mobile and gadget sector?
Although Pickaboo has different product categories, apparently they were overly focused on a single category, which eventually worked in its favor. As a result, the company walked towards leading the market in the mobile and gadget sector. However, it faces competition from other top e-commerce players as mobile is the largest and most demanded category in e-commerce. But, among the competitors, Pickaboo is ahead as they constructed a strong position by using its domain expertise.
Usually, successful e-commerce platforms are often taking aggressive steps with the longest collection of products. For example, Amazon started their business with one vertical and gradually added more products to their line. Now they decisively grabbed almost all the product lines in the world. However, Pickaboo stayed exclusively on one product vertical and will continue to focus on that which is mobile and gadgets.
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By focusing on one product vertical, a company can compete better and can go deeper. And this is what Pickaboo applying in their business. Normally, a startup is a resource-constrained entity. Therefore, if a business has a limited product, there is a good chance that it will become an expert on that. And ultimately this applies to Pickaboo as they have been focusing on mobile and gadgets since 2016. Here comes the 80/20 rule to support them.
According to the 80/20 principle, 20% of the product brings 80% of the profit. Hence, concentrating on one element, instead of focusing on a broad range, brings success early. Pickaboo has been successful by applying this rule and has become a role model for the overall e-commerce industry in Bangladesh.
Read Common Challenges faced by Startups in 2021
Declining stage to comeback
Pickaboo had a declining phase in early 2019 when the parent company denied investing (according to a rumor/source). But the company returned to the track in mid-2019 as they received funding of $700k in the seed round. After that in late 2019, the company returned with a new website, new app, and new product in a completely different way. Further Pickaboo’s business-to-business and business-to-consumer website is underway too.
According to Pickaboo official, it has so far been just an e-commerce platform. From now on the site will take shape in the marketplace. The new investments were used to emphasize customer service, product procurement, and building new technologies.
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According to Pickaboo’s CEO Morin Talukder, Pickaboo’s core strengths are customer service, genuine products, and fast delivery. Pickaboo is the only marketplace in the country that ensures the highest quality products as well as fast delivery. Delivery service is being launched on the same day in Chittagong. If customers choose the fast pick option when buying the product, the buyers will get the product on the same day and the normal delivery takes 2 to 3 days. Pickaboo was able to provide this service as it uses its delivery system without relying on any other courier service or delivery chain.
Even though electronics and gadget items have been sold in Pickabu for so long, lifestyle products are added after the investment. All kinds of lifestyle products can be found in Pickabu. At the same time, a lot of new things will be added in the case of ordering products from the site. Further, if the business to consumer is launched, different merchants will be able to post information for selling their products on the site, the price will also be different. As a result, buyers can buy the lowest price.
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Started offline journey
After dominating the online mobile and gadget market, Pickaboo began its offline store in February 2020.
This time the domestic ecommerce site Pickabu.com also started offline. The company has launched online as well as offline shops for mobile phones and gadgets. Pickaboo plans to become the largest smartphone retailer online and offline where shoppers can shop with confidence. Pickabu.com is already a trusted place to buy mobile and electronic products online, that's why they expanded their business offline intending to provide the same service offline.
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Usually, ecommerce does not have any physical outlets. What Pickabu will sell online will also sell specialized products offline. Mobile and gadget retail shops will be offline. Currently, they have 7 offline stores in Dhaka and Chittagong, though, they had a goal to launch more than 30 offline shops in the country's divisional and major district towns. Buyers will be able to obtain the best customer satisfaction by purchasing products from these stores.
Final thoughts
According to Pickaboo, they will continue their expansion in the mobile and gadgets category. The company has included new features which include Tempt, Buy now pay later, fast pick, club points, official 12 months warranty, exchange program, and more. In the coming days, they aim to continue to innovate vertically and keep dominating the mobile and gadgets industry.
Read E-commerce Scams: Ways to Protect Your Investment from Online Frauds
E-commerce Scams: Ways to Protect Your Investment from Online Frauds
The pandemic has brought several noticeable changes in our day-to-day life. Billions of people around the world stayed in home-quarantine during the prolonged COVID-19 lockdown period. In this period people developed many new habits and/or changed their lifestyles. This change is especially visible in the purchasing trend of the people. The convenience of the system soon caught up and it is adding value for both the customer and the retailers. But it has also opened the door for e-commerce fraud. Let’s dig into this issue and learn some safety tips against e-commerce scams.
What Is E-commerce Fraud?
E-commerce fraud is in the process of eluding the customers or the retailers. A customer might order a certain product and receive a duplicate copy or a damaged product. There are reports of no product delivery at all after payment. Simply put, e-commerce fraud is the process where multiple discrepancies occur either through the customer, the retailer, or the platform itself.
The pandemic accelerated the e-commerce business platforms. With that, several scams rose too.
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There are several common scam types when it comes to e-commerce platforms. All of them affect retailers, e-commerce platforms as well as the customer. The nature and intricacies of these frauds make them almost impossible to recognize by the untrained eyes. However, all of these scams follow certain patterns which can be prevented with effective steps.
Ways To Avoid E-commerce Scam
These ways are specific to each of the e-commerce platforms, the retailers, and the customer. Since all three of the stakeholders in the e-commerce ecosystem face different forms of scams.
Conducting Site Security Audits
Sitewide audits can help to pinpoint the issues regarding scams. The thing about online scams is that they tend to exploit a small loophole within the system. So effective measures to secure any loophole can go a long way to prevent scams.
Read F-commerce in Bangladesh: Problems and Prospects
The scam itself occurs in a few different ways. Site security, dashboard, and admin access, payment channel access are a few of them. Regularly updating them and checking for malware can help to effectively protect against attackers.
Check For PCI Compliance
PCI stands for Payment Card Industry. The PCI standard requires e-commerce platforms to maintain certain conditions to ensure transaction transparency. PCI standard helps to effectively monitor the card transactions. It also checks for fraudulent payments and ensures complete security in the payment gateway.
Check For Suspicious Activities
Shoplifting is a common thing. Not just in physical stores but in e-commerce platforms as well. This type of fraud is carried out by false billing addresses or fraudulent payments. Just like physical stores, a customer’s activities can be traced to ensure there is no fraud. Many e-commerce sites appoint fraud experts to check for any kind of suspicious activity in the ordering process. Some services ensure the legitimacy of the billing address which is detailed in the next point.
Read Key Challenges to Start E-Commerce Business in Bangladesh