In 2016, India emerged as the 3rd largest start up ecosystem in the world. To continue on this growth trajectory, we must plan and strategize for the coming year.
To ensure that you know what the year holds, we’ve put together 5 essential things that every startup should plan for or keep in mind while framing their action plan for the new year.
- Money Tech Will Rule– Fin-tech, e-Wallets, and other technology assisted payment systems were already on the rise at the start of 2016. But, their acceptance and prevalence grew by leaps and bounds after the demonetization drive of the INR 1,000 and INR 500 currency notes started in November 2016.
According to a report by KPMG and NASSCOM, the Indian fin-tech market which is currently estimated at $ 1.2 billion, is expected to reach $2.4 billion by 2020. With the Government’s increasing focus on the Digital India movement, the fin-tech movement is only going to rise further. For entrepreneurs and startups looking to advance and explore new business avenues, fin-tech can present interesting opportunities and business prospects.
- Go Digital or Go Home – Internet, is finally going to be everywhere. Well that’s the plan. The Digital India movement, supported by the telecom companies’ efforts to reach pan India, the demand for all things digital is going to increase manifold. Almost every aspect of business is being digitized whether it’s hiring talent, acquiring new customers, or engaging and serving existing customers – you need to have a digital presence. With internet penetration increasing and mobile apps becoming a major platform for engaging customers, business’s that have ignored digital till now, will need to set up their digital platforms and create a robust strategy to succeed in the new year.
- Content Will Continue to Rule: Supported by the digital revolution, well researched, branded, and original content will be in demand. Creating content will no longer be enough, companies will also need to integrate it with their marketing and create well formulated distribution strategies. They will need to invest in and create a well-rounded content strategy that would include mobile, print, social, web, periodic newsletters, visual, and video.
Consumers are increasingly looking to interact with the brands that they buy or use, and meaningful content adds to this experience.
- Customer Data Safety: Among other things, 2106 also put a spotlight on data thefts and hacks. When global tech giants like NSA, Yahoo, Tumblr, LinkedIn and SWIFT, including others, became prey to cyber-thieves and criminals we cannot leave customer data security to chance or treat it lightly.
We all are well aware of how important data and data analytics are for business. For most apart from giving insights, customer data also translates into sales. This is why businesses must take steps to ensure that their customer’s data is safe. It will help build customer trust, which in turn will help build your business.
- The 4 C’s: The other important trend of 2017 will be the continuing interest in the latest 4 C’s of business – Consolidate, Collaborate, Crowd Sourcing and Crowd Funding, especially for the startup ecosystem.
Bigger players in the startup ecosystem will look to consolidate with the smaller players in the same segment or in allied businesses through mergers and acquisition. To give a tough fight to the big guys in the business, the smaller players can explore collaboration either in product offering or shared services.
Crowd sourcing and crowd funding will be the new “go-to” for startups to get funding and product ideas for their new ventures and projects. Companies that can effectively connect with their potential customers via intelligent and real conversation that explains the need for the product and how their help will benefit themselves or others will fare better the crowd-fund-source avenues.
Some of these trends may not seem new or currently relevant to your business, but they have gained importance over the past year and seem to continue their influence in the current business environment as well. It is thus, important that we keep them in mind while we take our business forward and also keep an eye open for the new things that the year will bring.