Small and Medium Enterprises (SMEs) in India have come a long way in the previous few decades, serving as the backbone of our economy with 63 million+ establishments employing 120 million+, generating half of India’s exports, and contributing about 30 percent of India’s GDP. SMEs have been among the hardest affected industries by the consequences of the shutdown and the Covid-19 outbreak, requiring them to rethink their business methods. Technology adoption fuelled by digital transformation, particularly the selection of cloud-based solutions, can be critical in re-energising this sector by assisting them in expanding across customer groups and business units while improving costs and curating their products and services to meet the needs of their customers.

As businesses adjust to the new normal, it is critical for SMEs to stop treating IT enablement as an afterthought. Cloud-based solutions demand special attention as part of the process toward embracing the proper technology to scale company outcomes. Cloud computing provides software, platforms, and infrastructure as a service on a pay-as-you-go basis, allowing SMEs to embrace world-class technology at a cheap cost of ownership. These technological advancements have helped several SMEs develop and manage tier enterprises easily.

How does cloud solutions help SMEs grow?

In the previous five years, the use of digital technology by SMEs has increased dramatically (68 percent offline1 in 2016 to 37 percent non-users2 in Sept 2020). The cloud adoption landscape among Indian MSMEs may be summarised as follows:

16% of SMBs have acquired some degree of maturity, as evidenced by the use of 6-14 cloud-based apps. While the majority of this category has implemented websites, corporate email IDs, and/or social media to communicate with clients, the most sophisticated SMEs have leveraged selling online on e-commerce sites or listing on 3rd party portals.

In terms of data accessibility, cloud technology has been a wonderful equaliser. Instead of offline storage held under lock and key and access restricted to the availability of the person storing data, it is now accessible to all relevant stakeholders at any time and from any location. SMEs are increasingly relying on cloud-based functionality ranging from HRMS solutions to CRM, accounting, salesforce automation, and even design.

Aside from making cooperation and teamwork easier, cloud computing saves money for frequently cash-strapped SMEs by providing SaaS solutions that are available to them on the move and without requiring large investments on their part. Furthermore, they are extremely adaptable programmes that can be customised according to one’s demands, from the number of users to the features provided. These applications can be maximised and improved in tandem with the company’s rising needs. This enables an SME to convert CAPEX into OPEX by paying modest fees in exchange for enjoying the tremendous profits of cloud technology.

Digital push for SMEs

Widespread high-speed internet access over wide swaths of India, along with falling data costs for more than five years, has prompted many small company owners to actively investigate digital implementation (e.g., digital payments/UPI, mobile wallets, and online banking). The next wave of potential is cloud computing, which is commonly consumed as Infrastructure-as-a-service (IaaS – compute, network, and backup available in a rental model) or SaaS (software-as-a-service – fully hosted applications accessible remotely through the internet).

Cloud and digital demands of SMEs are advocated for and met primarily through channel partners and IT resellers (60 percent), owing to their vast reach, with digital engagement platforms garnering mindshare. While there is still a need to educate small and medium-sized businesses on cloud strategy and recruiting to fill the skills gap, there is no alternative for a business’s secure digital adviser who can guide them on their road to cloud maturity. Channel partners assist the firm by urging it to investigate digital technologies and SaaS while describing their effect.

Concerns on adopting Cloud solutions:

The SME segment in India’s cloud industry is facing a unique set of technical and commercial issues, which has been worsened by the COVID-19 situation. According to a NASSCOM survey, the main impediments to increasing cloud adoption include hidden (and non-transparent) cloud prices (37%), suppliers’ inability to deliver tailored services (33%), and staff opposition to digitalization (29%).

A big fear for businesses that use cloud technology is that their data is easily accessible to hostile attacks and that their privacy will be jeopardised. Data breaches, account hijacking, virus injections, and data loss are examples of such situations. It is strongly advised that all individuals who use cloud services trust well-known and trusted names when picking a service provider, and to exercise caution since the supply and monitoring of security and privacy is the joint duty of the service provider and the user.

Many businesses also use the services of cloud security specialists and software to protect their data. The fundamental key to safeguarding data in the cloud is to guarantee correct permission for logins and access, to regularly monitor user behaviour, and to maintain a data backup and recovery account. Security is provided in layers by service providers, so choose the standard that best meets your needs.

The ability for cloud computing to be transformative is dependent on the adoption environment that is created. Given the dynamic nature of the technology, cloud adoption raises a slew of concerns that companies and authorities are wrestling with. Cloud-based services are expected to be most ideal for Small and Medium Enterprises due to their on-demand, elastic nature.

Even though COVID-19 has affected SMEs, it has also created new chances for them to adapt and evolve through meaningful digitalization, of which cloud adoption is a crucial component. SMEs who continue to invest in or dare to invest in public cloud products (IaaS/SaaS or packaged packages, as illustrated above) will almost surely be able to redefine their businesses, making them more competitive and future-ready.

Unprecedented climate action has prompted countries and corporations to address climate change since 2019. Sustainability is high on the business and political agendas throughout the world, with many nations aiming for carbon neutrality in the next decades. Surprisingly, the net-zero idea and the United Nations’ Sustainable Development Goals (SDGs) are inextricably intertwined. As a result, the shift to a more ecologically sustainable future is a larger step toward fulfilling the UN SDGs.

Placing climate change at the centre of its environmental policy, India made major vows in 2021, with Prime Minister Narendra Modi declaring at the critical international climate gathering COP 26 that India is the only country executing on the Paris Agreement’s obligations in letter and spirit.

From aiming to become a net-zero carbon emitter by 2070 to generating 500 gigatonnes of non-fossil energy capacity by 2030, India has led from the front on environmental problems this year, capturing attention worldwide.

Furthermore, the Micro, Small, and Medium Enterprises (MSMEs), which are considered the backbone of the economy, have emerged as critical stakeholders in reaching global climate obligations. The main worry in India is the hurdles and subsequent support that would be required to accomplish sustainability goals.

According to experts, millennials have played a huge role in creating awareness on sustainability and bringing up more sustainable options like reusable cups, metal straws, reusable cloth bags etc.

The major challenge with waste management is that most of the waste (around 75%) produced in India is recyclable but unfortunately only around 30% of it gets recycled. This is due to the lack of proper guidelines and means of disposal of waste.

MSMEs in India have experienced several problems, which have been worsened by the unprecedented pandemic. When such actors are fighting for survival, they place little emphasis on honouring climate pledges and transitioning to a low-carbon economy that ensures long-term development. Furthermore, the absence of a strategic framework to steer the transition to a low-carbon economy exposes the industry to significant risk.

One significant disadvantage that MSMEs confront is the application of energy efficiency standards due to unfavourable economics of scale. They must also deal with antiquated technology, gaps in skills, business capacity, and finance, a heavy regulatory load, and a scarcity of low-cost investment.

Industrial emissions account for half of all outdoor air pollution in India, with autos accounting for one-third. Fossil fuels are a typical contributor to both industrial and automotive pollution.

The MSMEs are a subset of sectors in India’s enormous small company environment. The country has 63.4 million small enterprises. After China, it has the world’s second-biggest small company community, with one-third of them being manufacturing firms. This industry accounts for more than 40% of the country’s exports and one-third of its GDP.

The country has about 200 energy-intensive manufacturing clusters. MSMEs’ energy consumption in India is estimated to be comparable to 50 million metric tonnes of oil used per year. As a result, this often-overlooked sector’s adoption of clean energy measures may dramatically cut air pollution, alleviate climate change, and benefit the economy.

To combat air pollution, India has ambitious plans to enhance renewable energy output and energy efficiency across a variety of facilities, including the grid and the building industry. However, these sustainable energy solutions are not widely used in the MSME sector. One of the primary causes is a lack of funds to invest in renewable resources such as rooftop solar, as well as a lack of energy usage profiling and benchmarking of the manufacturing process.

MSMEs in India rely on a variety of fossil fuels, most of which are coal. Light diesel oil, high-speed diesel, natural gas, and biomass fuels such as wood and bagasse are among the others. WRI examined the MSME cluster in Surat, Gujarat, to investigate the relationship between energy and air pollution. Surat is a nonattainment city, which means that the air quality in the city is poorer than the National Ambient Air Quality Standards. The city has been chosen by the National Clean Air Programme (NCAP) to cut PM emissions by 20-30% using 2017 as a baseline.

Surat is one of India’s oldest textile and diamond processing centres. The existence of these units, as well as chemical and petrochemical industries, is linked to Surat’s industrial development (District Industrial Profile – Surat (2018-2019)). WRI examined data from the Gujarat Pollution Control Board (GPCB) to hypothesise energy consumption trends in MSMEs. We found measures that have the potential to enhance air quality while also hastening the shift to greener energy sources. These initiatives might very easily be applied to other industries.

The most significant difficulty in the MSME sector is a lack of data to assess energy usage and emissions. A large majority of MSMEs do not metre or monitor their energy and fuel use. They should start with small automation that can revolutionise working processes, increase process productivity, and minimise energy consumption.

MSMEs frequently lack technical knowledge and are ignorant of contemporary technological breakthroughs. Small to medium-sized boilers are often used to generate energy. Currently, the fuel used to power these boilers is primarily coal, which is a major source of Particulate Matter. Small boilers are 30-35 percent less efficient than large boilers and cause higher energy loss. Furthermore, small businesses frequently fail to maintain Air Pollution Control Devices or APCDs. Replacing the tiny boilers with energy-efficient common units linked to advanced APCDs will reduce air pollution in the Surat cluster by 60-70 percent while reducing fossil fuel use by 25-30 percent. As a result, efficiency would improve while CO2 and PM emissions would be reduced.

Data is a valuable resource in the business world, and it is important to have a good understanding of how it can be utilised to make better decisions. Data is everywhere – from mobile phones, social media networks, or even online shopping sites. It has been said that data will become the new oil.

In recent years, there has been a lot of talk about big data and its importance for businesses. Big data refers to the large volume of information usually stored in databases that can be analysed with statistical techniques such as regression analysis or machine learning algorithms. This data set may come from different sources such as customer transactions, web-server

Data is the lifeblood of any business. It can be used to make decisions, drive innovation, and improve customer service. But what happens when data gets lost or corrupted?

Big data analytics is beneficial not just to giant corporations, but also to small firms. It is not about the size of the firm; even the smallest enterprise may generate a considerable volume of data when CRM systems or a website or app that performs transactions are used. Furthermore, client and sales data are valuable assets that may be used to make better company choices and decisions. However, the cost is a significant barrier for small enterprises, which frequently do not benefit from economies of scale. One simple example is cloud storage price, which a small firm cannot bargain as readily as a big one. Furthermore, every risky investment can cost a small firm a lot of money.

Multiple aspects, such as a company’s internet presence, are crucial to its success. How are its internet campaigns progressing? What exactly are consumer behaviours? And a variety of other marketing aspects that may have an influence on a company’s overall success. Fortunately, big data analytics techniques can provide answers to these issues. These data analysts are becoming more widespread today, putting them within reach of small firms.

Data solutions for business:

When it comes to big data analytics tools for small firms, it’s not about the scale. It’s all about uncovering hidden patterns, client choices, market conditions, and other useful information. Furthermore, it is about making wise decisions to maintain a competitive advantage and boost profitability, since both large and small organisations use big data analytics to thrive on their path. Businesses may gain useful insights by utilising big data analytics solutions. Most of these analytical instruments study and track user activity, while others monitor consumer demographics. Surprisingly, these data analytics technologies for small organisations do not often necessitate advanced technical knowledge or a hefty investment to reap their benefits.

Google analytics:

If you want to track typical online statistics for your website or social engagement, Google Analytics is the ultimate free data analysis technique. This data analysis platform is a one-stop destination; all you need to do is connect to the Google account. You may track any branding and marketing strategy using online reporting while synchronising the Google account. This program is used for monitoring online metrics by both small and large enterprises.

IBM Cognos Analytics:

This adaptable tool can gather a massive quantity of client feedback and assessment results. It can organise, retrieve, and analyse data from several datasets at the same time. Because the technology may relieve you of the added load as a small business, you can devote more time to data analysis. In addition, rather than hiring a professional, you can use an automated process. This saves both money and time. The tool is an AI-powered advanced analytics tool, as well as a cloud service that can use advanced analytic tools.

MixPanel:

Google Analytics offers a basic analytics overall picture of your business, such as total traffic, customer opinion analysis reports, and so on. What if, as a small business, you want to dig further into things like what visitors do while they’re there? MixPanel analyses complicated behavioural patterns for internet users. This happens with the use of machine learning algorithms, which aid in the discovery of patterns and insights. This is a free tool as well.

Optimizely:

What exactly is real-time concept testing? It genuinely puts the customer’s point of view to the test via digital and interactive channels. Optimizely enables you to plan out decision making and action for multiple areas such as product development, branding, and marketing activities as a small business. These tests may be carried out across devices, consumer interactions, and networks. This functions as a form of business simulation with a real-world outcome.

Kissmetrics:

It’s one of the small company’s data analytics tools that support customer segmentation. It provides you with a foundation for loyal and future customers. As a small business, you can use this tool to gain a thorough picture of what connects with those targeted customers and how much they are willing to pay for it. This tool may be used in conjunction with other marketing strategies.

SAS

As per SAS, a pioneer in data analytics applications and services since 1976, being a small firm is no longer an impediment to collecting market and business insight. SAS converts your data into useful information that assists influence decision-making and provides a fresh outlook on your firm, be it small, medium, or big.

Most of the same difficulties confront small and medium-sized companies as major corporations. SAS’ simple analytics, automated prediction, and data mining empower firms with limited resources to do more with fewer resources. These insights assist businesses in overcoming obstacles to expand and prosper.

Tranzlogic:

It’s no secret that credit card transactions include a wealth of information. Although access was previously restricted to large corporations, consumer intelligence firm Tranzlogic now makes this information available to small firms who lack the large corporation’s funding.

Tranzlogic extracts and analyses proprietary information from credit card purchases in collaboration with sellers and payment solutions. You may utilise this data to analyse your consumers and customer groups, develop discounts and loyalty programs, implement more successful marketing campaigns, make better business plans, and execute other jobs that lead to sound business choices. Tranzlogic takes no technical knowledge to get started. It’s turnkey software, which means no setup or development is required.

Entrepreneurs used to be defined as those who had a concept, created a business, and earned money. They created a business plan, submitted it to a bank for funding, and worked relentlessly to develop their firm and generate gains for themselves and their stakeholders. In reality, we live in a startup environment. Entrepreneurs have diverse reasons for beginning a business, just as consumers have varied reasons for purchasing.

There’s been a tremendous increase in interest in firms that have a fundamental alignment in social and environmental issues, which means the aim is to do good in the universe rather than merely develop and earn money. And that initiative is known as social entrepreneurship.

A socialpreneur is someone who embarks on an entrepreneurial endeavour to tackle social concerns and promote the greater good. These companies might be for-profit, non-profit, or hybrid in nature, but money is often utilised to support administrative costs and develop programs to help reach out to their customers.

While social entrepreneurship is normally a stand-alone enterprise, entrepreneurs can launch for-profit firms that fund social problem projects. For many entrepreneurs, the satisfaction of founding and operating their own business is sufficient. After all, it is a significant achievement. Running a retail business and controlling every choice, no matter how big or little, is a difficult undertaking. Years of study, dedication, and sheer resolve — not to mention funding — are required to convert a fantastic concept into a profitable business.

Social enterprises can take many different shapes. There are enormous non-profit organisations that depend on generous contributions and government backing, as well as for-profit enterprises that create and sell goods that have the potential to improve the world. Tesla, an electric car manufacturer and energy storage firm, is an excellent illustration of the latter. Their solutions emphasise the use of sustainable energy, and the company’s creator, Elon Musk, has been vocal about the need to tackle climate change.

Some business owners, on the other hand, want more than simply a solid bottom line. According to the Stanford Social Innovation Review, social entrepreneurship is the application of a business to assist discovery, funding, and executing answers to social, cultural, and ecological concerns. It frequently generates greater meaning and purpose, allowing entrepreneurs to look beyond their own advantage.

Benefits of social entrepreneurs:

Entrepreneurs gain from establishing a social venture in addition to helping their selected cause.

Funding: It is frequently simpler to raise funds for social enterprises. Not only is it simpler to acquire finance at lower-than-market rates, but the government and other organisations provide major incentives and subsidies to developing social entrepreneurship enterprises.

Easy marketing: An organic advertising and marketing hook. Because you’ve linked your company to a great cause, you’ve created a compelling tale for clients and the media. And the more original your solution for your problem, the more probable it is that you will acquire exposure.

Social cooperation: As it is simpler to collect cash for social entrepreneurship enterprises, it is also easier to gather support. Members of the social enterprise company community are often appreciative of one another, so you may obtain the cooperation of like-minded people for your business concept.

Ways retail businesses are creating sustainable social enterprises:

• Buy one give one
• Supporting Local
• Donating to the community

Social entrepreneurs in India:

1) Urvashi Sahni: When it comes to the finest social entrepreneurs in India, Urvashi Sahni is unquestionably at the top of the list. She is the founder and CEO of SHEF (Study Hall Education Foundation), an organisation that provides education to India’s most impoverished girls. With her initiative, Urvashi Sahni has worked with over 900 schools and transformed the lives of 150,000 girls (directly) and 270,000 girls (indirectly). In 2017, she was appropriately honoured with the ‘Social Entrepreneur Of The Year’ award for her unselfish gesture of commitment and enthusiasm.

2) Harish Hande: Harish Hande is another trailblazing social entrepreneur in India, as well as a very dedicated one. He is the CEO and Founder of Selco, a firm that provides renewable power to rural areas of the country. This was India’s first rural solar finance scheme. Selco has provided over 120,000 installations to date and has over 25 service and retail facilities in Karnataka alone.

3) Jiroo Billmoria: Jeroo Billmoria is a well-known social entrepreneur in India who oversees various international non-governmental organisations (NGOs) working for the development of society. She founded the ‘Childline,’ which strives to give support in the form of medical and legal assistance, particularly to street children. She had a goal of providing to the needy in society since she was a youngster. She also believed in women’s emancipation in India. Jeroo Billmoria received the Skoll Award for Social Entrepreneurship and is also a Schwab and Ashoka Fellow.

4) Anshu Gupta: Born into a middle-class family in Uttar Pradesh, he pursued a career in journalism and experienced the need for adequate clothing for the impoverished in rural India while interning. Anshu then started Goonj, a social company that gathers worn clothes from the urban population, sorts them, repairs them, and distributes them to the underprivileged. Goonj’s rescue efforts after natural disasters in Gujarat, Tamil Nadu, and Kerala have been well recognised.

Passion is unquestionably the fundamental attribute of all social entrepreneurs. Believing in your ability to “change the world” necessitates a tremendous amount of ambition. Simultaneously, social enterprises may be more gratifying since they are about more than simply the financial line. And it’s often because their passion is infectious that they achieve success. Transparency shows your enthusiasm to current and prospective customers, making them feel faithful and involved in your brand and quest.

MSMEs (Micro, Small and Medium Enterprises) are critical to an economy’s growth. MSMEs constantly offer a solution to major economic factors such as unemployment, poverty, income inequality, inequities, and so on. It’s crucial function maintains local economic development balance and income equality. This industry plays an important role in employing millions of residents and attracting local talent, both of which contribute significantly to the country’s GDP.

Business loans for small businesses:

The MSME sector is well-known for being India’s greatest employment producer, accounting for almost 30 percent of the country’s overall GDP. Considering the sector’s significance and the benefits it brings to India’s growth, the government of India provides a variety of financing packages to help the MSME sector.

Government business loans provide the correct type of financial support to MSMEs in order to support existing company operations and promote development. Furthermore, the Indian government’s start-up company loan gives simple access to financing for converting bankable business concepts into lucrative companies.

1) PSB loans in 59 minutes:

The Government of India announced this initiative, known as PSB Loan in 59 Minutes, in which it provided a rapid business loan facility for those who need to develop their existing firm.

Under this initiative, MSMEs can obtain loans ranging from INR 1 lakh to INR 5 crores from banking institutions and NBFCs in less than 59 minutes at an interest rate of 8.50 percent (Non-Banking financial companies). MSME/PSB Loans in 59 Minutes supplies you with the necessary financial resources in a timely and efficient manner.

Factors that determine eligibility for the loan:

• Income/Revenue
• Borrower’s repayment potential
• Existing credit lines
• Other variables were established by the financial lender.

Benefits of the loan:

• The entire lending procedure is expected to be extremely fast, with minimum documentation.
• Until the final step of loan sanction, no human interaction is required. This is why it is referred to as an Advanced Technology Backed Loans program.
• The loan procedure always necessitates a high level of confidentiality and protection of the applicant’s personal information. As a result of this issue, the applicant’s full data is kept safe and secure with the greatest level of protection.

2) Pradhan Mantri MUDRA Yojana (PMMY)

Under the Pradhan Mantri MUDRA Yojana, MUDRA offers refinancing assistance to banks and NBFCs for funding to micro-units with credit demands of up to INR 10 lakhs. MUDRA classified loans under PMMY into three categories: ‘Shishu,’ ‘Kishore,’ and ‘Tarun,’ indicating the level of growth/development.

• Shishu: Loans up to Rs. 50,000 are covered at a rate of 1% to 12% per annum.
• Kishore: Covering loans exceeding Rs. 50,000 and up to Rs. 5 lakh at 8.60 percent to 11.15 percent per annum.
• Tarun: Loans above Rs. 5 lakh and up to Rs. 10 lakh are covered at the rate of 11.15 percent to 20% each year.

Currently, the goal of a Mudra Loan is not to build tiny units, but rather to serve as a;

• Vendors, dealers, shopkeepers, and other service providers can apply for a business loan.
• A working capital loan via Mudra card; a loan for tractors, two-wheelers, or other modes of transportation (only for commercial use)
• Micro-unit equipment financing.

It issues a MUDRA Card in exchange for the Mudra loan amount. Borrowers can utilise it for numerous withdrawal and credit facilities, allowing them to efficiently manage their working capital limit while keeping their interest costs to a minimum. Mudra cards also aid in the digitization of all Mudra transactions and the preservation of the borrower’s credit history.

3) Credit Guarantee Fund Scheme for Micro and Small Enterprises (CGFMSE)

CGFMSE is a Government of India (‘GOI’) business lending initiative that provides collateral-free loans to the MSME sector. It comprises both current and new businesses. To execute the CGFMSE plan, the Ministry of MSMEs and the Small Industries Development Bank of India (SIDBI) formed the Credit Guarantee Fund Trust for Micro and Small Enterprises (CGTMSE). MSMEs are eligible for a loan of up to INR 200 lakhs under this funding initiative, with a priority given to qualifying women.

The Guarantee Cover is offered up to a maximum of 85 percent of the credit facility’s authorized amount. The trust funds impose a fee of 1% each year on the amount sanctioned:

• 75 percent for credit up to Rs 5 lakh
• 85 percent for credit greater than Rs 5 lakh but less than Rs 100 lakh

4) National Small Industries Corporation (NSIC)

NSIC is an ISO certified Indian Government MSMEs company. It works to facilitate and encourage the growth of MSMEs across the country by offering integrated support services including financing, marketing, technology, and other connected services. NSIC offers a variety of initiatives to help MSMEs grow:

Marketing assistance is critical for the success of any firm, but it is especially important for the growth of MSMEs in today’s highly competitive market. NSIC created programs like Consortia and Tender Marketing to assist such businesses. NSIC organises MSMEs Consortia to work on their behalf to decrease their burden, Marketing Intelligence (NSIC establishes marketing intelligence cells to promote knowledge about various MSMEs initiatives), and Exhibitions and Technology Fairs.

Under this scheme, NSIC offers raw material acquisition financing, advertising finance, and financial services to MSMEs through collaboration with banks.

Credit Linked Capital Subsidy Scheme (CLCSS)

CLCSS is a unique credit plan developed by the Ministry of MSMEs with the primary goal of assisting MSMEs in upgrading their technology, particularly in rural and semi-urban regions. Businesses can choose to get a 15% subsidy on approved machinery investment under this program. However, there is an upper restriction on the subsidy of INR 1 crore.

The CLCSS provides several advantages to small-scale enterprises, including:

• It provides a 15% subsidy for the purchase of eligible plant, hardware, and industrial equipment, lowering the total burden of small enterprises;
• assists small scale industries in upgrading to the updated and required technologies;
• promotes the growth of rural industries

A lead is defined as someone who expresses an interest in a company’s product or service in any manner, shape, or form. Leads are often contacted by a company or organisation after initiating contact…. rather than receiving a cold call from someone who acquired their contact information.

Assume you complete an online survey to learn more about auto maintenance. A few days later, you receive an email from the auto firm that developed the survey with information on how they can assist you with automobile maintenance. This procedure would be significantly less intrusive than if they had simply contacted you out of the blue, with no information of whether you were even available or if the item is of any interest to you.

And, from a business standpoint, the information the car firm gathers about you from your survey replies allows them to customise that initial contact to target your existing issues — rather than wasting time phoning prospects who aren’t interested in-vehicle services.

Leads have been part of the larger lifecycle that consumers go through as they go from viewer to client. There are several sorts of leads dependent on how they are identified and where they are in the entire life cycle.

Qualified Marketing Lead (MQL)

Marketing qualified leads are customers that have interacted with your marketing division but aren’t yet ready to get a sales call. A client who responds to a landing page form for a discount is an instance of an MQL.

Sales Qualified Lead (SQL)

Individuals that have done activities that demonstrate their desire to become paying clients are considered sales qualified prospects. A client who completes a page to ask a simple question concerning your product or service is an instance of a SQL.

Lead Product Qualified (PQL)

Product qualified leads are individuals who have utilised your product and performed actions indicating a desire to become a paying client. PQLs are generally used by businesses who provide a product trial or a free or restricted version of their product with the opportunity to upgrade, which is where your sales staff comes in. A PQL is a consumer who utilises your free version but engages with or inquires about services that are only accessible for a fee.

Lead Service Qualified

Service qualified leads are connections or clients who have expressed a desire to participate in becoming a potential client to your service staff. A client who notifies their customer service agent that they want to increase their product subscription is an example of a service qualified lead; at this point, the customer service professional would up-level this consumer to the relevant sales team or representative.

What is lead generation?

Lead generation is the process of drawing prospects to your company and developing their interest via nurturing, with the ultimate objective of turning them into customers. Job applications, blog articles, discounts, live events, and online material are all ways to create leads.

How to nurture leads?

Nurturing leads entails actively engaging your core demographic by providing the necessary information, assisting them in whatever way they require, and sustaining a sense of joy throughout the buyer’s journey.

1. Make use of tailored material.

According to the research, nurturing your leads carefully with focused content may considerably increase outcomes. Begin by attempting to comprehend each of your distinct buyer personas. Then, depending on their qualities such as interests, goals, ambitions, and marketing triggers, construct a collection of personalised content to nurture each of your personas.

2. Employ multi-channel lead nurturing strategies.

Many lead nurturing techniques used include creating a basic email drip campaign that sent out basic emails to a list of leads. Marketers like you are seeking new methods and techniques that involve and go beyond email nurturing today. Skilled marketers are increasingly implementing multi-channel lead nurturing methods with the support of strong marketing automation technologies.

Marketing automation, email campaigns, social networks, sponsored remarketing, variable web content, and direct selling outreach are all frequent components of effective multi-channel lead nurturing.

3. Concentrate on many touches.

Whereas the buyer’s journey for each product and service is unique, research has shown that leads receive 10 marketing touches on average from the moment they become aware of your brand until they convert into clients.

As you might expect, the most effective lead nurturing tactics provide material that assists prospects in progressing through the buyer’s journey by answering frequent queries and concerns. Evaluate how you can nurture your leads into customers using a combination of content forms such as social media, blog posts, whitepapers, interactive calculators, or even direct mail, in addition to email strategies.

4. Follow up on leads as soon as possible.

Although the benefits of fast follow-up calls appear to be obvious, most businesses are still slow to act. While automated lead nurturing can help you contact a huge number of prospects, a prompt follow-up email or phone call is frequently the most effective approach to turn incoming leads into qualifying sales possibilities.

This is due to the fact that the chances of turning a lead into a sales opportunity increase enormously when the lead is contacted promptly following a website acquisition.

Prompt, well-planned contact with an incoming lead is significantly more successful than any amount of cold calling. Based on their previous browsing activity, you understand precisely what the prospect is looking for — moreover, you have quite enough information on the potential to do some preliminary research on the organisation they work for and their job within the firm.

5. Send customised emails.

Email marketing remains a highly successful lead nurturing tool — and personalising those emails tends to deliver greater outcomes. According to Accenture research, 41 percent of customers switched organisations owing to a lack of personalisation.

There are several methods for personalising emails to optimise your lead nurturing approach. When a client completes an action, such as downloading your gated material, clicking on links in your emails, visiting specific pages on your website, or demonstrating a high level of engagement, you may send triggered emails.

6. Employ lead scoring strategies.

For those unfamiliar with the term “lead scoring,” it is a process used to evaluate prospects on a scale that expresses the perceived value each lead brings to the business.

Most marketing automation tools include lead scoring by giving numeric values to specific website browsing patterns, conversion events, or even social media interactions.

The resultant score is used to identify which leads should be promptly followed up with by a sales professional and which prospects should be nurtured further.

There is no doubt that social media is an essential marketing tool for any company that wants to stay current and visible. In fact, 88 percent of marketers think social media has enabled them to boost exposure, while 77 percent say it has helped them generate traffic. This implies that if you’re not making use of social media to its maximum potential, you’re passing up a major opportunity.

However, getting started may be challenging, and even seemingly simple tasks like selecting a social network might be more sophisticated than you think. There are several social networks to choose from, and developing a plan might be difficult. However, the fact of the matter is that you may begin by limiting your search to the most prominent and extensively utilised platforms.

There is no simple answer to which social media platforms to use for business. The optimal platform is determined by the aims of your company, as well as the products and services it offers. You should also consider what target group you want to market your brand to, as well as how the network works and how it is effectively used.

Depending on the version and the depth of your interaction, social media marketing might take a significant amount of time. Different social media platforms can be tailored to specific types of information, functions, events, or people groupings. Understanding various platforms is required before selecting which one or more are best for you.

Narrowing the options to a few networks will help you to concentrate your actions and obtain the most impact on your time and effort. So, how do you pick the finest social networking platform for your company? Let’s narrow down the choices:

1) Identify the Target Groups:

Understand your average customer, their age, gender and other socio-economic factors about them. What are their needs and how can your product help them fulfil them efficiently? You need to be as thorough as possible as it will predict future outcomes. Use the responses to these questions to help you create a profile of your core demographic.

2) Define the goals:

Once you’ve identified your target audience, you’ll need to set goals for them. As an entrepreneur, your primary aim will almost certainly be to increase sales by engaging clients; but, there are other innovative goals for social media platforms. While some companies use social media to increase brand awareness and build positive connections with customers, others utilise it for customer assistance.

Netflix, for example, employs the Twitter account @Netflixhelps to address customer care difficulties. It allows happy consumers to promote their business while freeing them up from having to talk to them and wasting their time. When developing your social media objectives, make a list of both common and uncommon ways social media might benefit your company.

3) Decide on the content:

Different sorts of content perform better with different social media platforms, so it’s critical that you thoroughly assess the type of content you want to generate and share that would work best with your business.

Because Instagram is centred on images, it might not be the best place to post long content. The sort of content you publish will be determined by various factors, like your sector, brand, and key demographic.

Options available:

1) Facebook for business:

Facebook for Business: That’s the biggest platform at the moment, with over 2.89 billion users worldwide, with India and the United States leading the way in terms of nation use. Facebook is excellent for customer acquisition, and its advertising network allows for highly tailored targeting of certain populations.

Unless your company caters solely to older adults, Facebook should be a component of your social media plan due to the large number of individuals who use it. You may post videos to Facebook, share blog links, message people who have customer care issues, promote your business, and obtain online evaluations.

Facebook also has strong search engine features. According to Search Engine Watch, over 1.5 billion search results for local companies, services, and goods are conducted on Facebook every day. That equates to almost 40% of all Google searches, which is rather big. Because Facebook is used by a large portion of your target demographic, your firm should have a representation there.

2) Twitter:

Twitter is a wonderful medium for increasing brand recognition. Twitter makes use of the hashtag to arrange discussions around a string of words. You can discover what others are discussing by looking up hashtags, and then structure your tweets to participate in popular topics. Twitter is frequently utilised by news sources to identify articles since it provides insight into what subjects are trending. Many companies mix Twitter with offline interaction, such as events, because Twitter is frequently used to offer real-time information to an audience.

3) YouTube:
Although YouTube has 2.3 billion users, its impact stretches much beyond that figure. To see material on YouTube, you do not need to sign up as a user. As an outcome, YouTube has grown to become one of the most popular search engine networks. A large portion of these queries is for “How To” videos. This platform works effectively for service industry organisations that can provide this sort of content, as well as leisure and instructional videos.

4) Instagram:

Instagram is one of the most rapidly developing platforms, particularly among young people. Instagram, like Pinterest, depends on photographs or videos to spark debate. As a consequence, this platform is ideal for visual enterprises such as art, cuisine, retail, and beauty. Because it is a newer site, it has less noise than Facebook. This implies that the platform can help you generate leads since your reach is greater.

When you have a defined marketing and social media plan, you can utilise social media to promote your brand and expand your market reach. It may also assist you in attracting consumers, gathering client feedback, and developing customer loyalty.

You may require more resources to manage your internet presence, and you risk receiving bad criticism that must be handled. Whatever the dangers, having a social media strategy in place and pre-planning your policies and procedures may help you manage them and reap the benefits.

People have been urged to use contactless payments as a result of the worldwide epidemic. To accommodate client demand, various sorts of organisations are implementing online payment processing systems in their operations.
Aside from that, the government has promoted digital payments under the ‘Digital India initiative.’ The Finance Minister suggested an INR 1,500 Cr initiative to boost digital transactions in the country in the Union Budget 2021. The measure is intended to increase the use of digital payment methods.

There are still various sorts of payment gateways accessible for eCommerce enterprises. Different types of gates may have their own set of advantages and disadvantages. Choose one that is most suited to the demands of your site to ensure a seamless eCommerce operation. It is strongly advised to use an online payment gateway that supports several currencies, as well as fraud prevention and safe transactions. Check the company’s technological concerns as well, and ensure that it is suitable with your website technology.

Adopting online payments:

There are several small company payment processing solutions available, each with its own set of advantages:

• 1. Customer happiness leads to increased sales, and today’s customers prefer digital payment methods.
  2. There are no cash management issues because payments are received immediately into the bank account.
  3. This also allows for faster payment processing in the bank account, making transactions easier.
  4. Secured transactions as a result of the payment processing techniques’ and the company’s built-in security.
  5. Transaction records, reporting, and their administration are generally supported by all sorts of digital processing technologies.
  6. The Indian government has taken a number of initiatives to promote digital payments.
  7. Owners may expand their business since there are no geographical boundaries and they can collect money from anywhere in the world.

  Small business payment processing options:

  Customers can make online payments using a variety of online payment modes that have been established. The most significant and practical approach for small firms to accept online payments is discussed towards the end of this blog. Before we get there, let’s have a look at the various possibilities.

  Mobile Payments:
  Smartphones have become an indispensable element of people’s lives. They use their phones for everything, including searching, buying, and, most significantly, making payments. People’s physical wallets have been replaced with mobile wallets. They may use their phone to make payments in a variety of ways.

  Mobile Wallets
  E-wallets are similar to physical wallets. It contains the wallet balance and may be used to make various forms of online payments such as bill payments, recharges, eCommerce purchases, in-store payments, and so on. You don’t need to install a card reader if you accept payments using mobile wallets.

  BHIM / UPI
  This is a preferred way of payment. It is both quick and safe. Small firms may make this bank-to-bank transfer possible by using a UPI ID or even a QR code.

  Mobile Banking Apps
  Banking apps can support bank transfers, UPI payments, QR code scanning, and other features. The mobile banking apps cover all of the basic banking tasks. This is something that small businesses may recommend to their clients.

  QR (Quick Response) code
  This is one of the easiest ways for small companies to take payments. Customers may simply scan the QR code and pay using their wallet or UPI.

  Internet Banking
  Customers can use NEFT, RTGS, or IMPS to conduct a quick fund transfer at any time. These are bank transfers that are done utilising account information.

  Different types of payment getaways:

  Payment gateways of many types are still available to eCommerce businesses. Different kinds of gateways each have their own set of benefits and drawbacks. To guarantee a smooth eCommerce operation, select one that is most appropriate to the needs of your site. It is strongly recommended that you utilise a digital payment gateway that enables several currencies, as well as fraud protection and secure transactions.

  1) Razorpay: Harshil Mathur has been the CEO and co-founder of Razorpay since December of 2014. Razorpay has risen to prominence as one of India’s leading payment gateways. This internet payment gateway receives consumer payments and automates payouts to vendors and workers. Razorpay supports debit cards, credit cards, online payments, UPI, and wallets such as JioMoney and Mobikwik. Razorpay is one of India’s most popular payment gateways, with end-to-end online transactions.
  In Razorpay, you may manage your companies as well as automate them. Razorpay also provides a Razorpay router API, which you can connect with Magento 2 and use to control money flow and distribute payments among partners or individuals.

  2) Insta mojo: Instamojo is one of the most comprehensive full-stack SME platforms. Instamojo is the simplest way to start an online business, with functioning online storefronts, built-in payments, marketing techniques, and more. Instamojo provides online storefronts and digital payment options to over 15 million Indian small companies.

  Instamojo is an online setting where you may create your own business with a simple payment gateway linked. Instamojo also manages your CRM, analytics, and logistics. You may begin your trip with a free plan from Instamojo and then upgrade your plan.

  3) Paypal: Paypal is a global financial services firm. It is also one of the most widely used online payment gateways in India 2021. In India, freelancers have additional options for being paid via PayPal.

  Paypal offers online security, fraud protection, PCI compliance, phishing and live customer service, as well as the ability to invoice and monitor transactions. Paypal is safe and protected, with 128-bit SLL encryption and no yearly setup fees. PayPal has an iOS app as well as an SDK for Android. It allows for simple collaboration with websites and accepts a variety of payment ways. PayPal also accepts payments using QR codes. It is a safe and quick payment gateway.

  Until lately, small businesses have preferred cash transactions. However, in order for the firm to flourish, it must change. It is critical that they make use of these modern technologies in order to stay up with the changing environment.

India has done exceptionally well in the start-up area, with several entrepreneurs finding success in the worldwide market. After thriving in their own country for many years, several Indian companies chose to go global and build a name for themselves on a worldwide scale.

Startups and unicorns have been in terms for a few years now, and it goes without saying that this decade has undoubtedly been the decade of startups. We’ve watched the birth and demise of several companies all across the world. The same may be said about India.

Evolution of startups in India:

Before we go into how India became a startup hotspot, let’s define what a startup is. A startup is a venture or a firm that is formed in order to give solutions to previously unanswered problems or to improve on current ones.

Before delving into how India came to be known as a startup hotspot, it’s important to understand what a startup is. A startup is a business or initiative that is formed in order to solve issues that have never been addressed previously, or to improve on existing ones.

• Talent pool
• Cost of setting up the business
• Government boost
• Increasing use of the internet
• Increase in investments and funding options

Some of the startups that have made it to the international market and are still growing:

1) Ola cabs:

Countries Ola operates in India, the UK, Australia and New Zealand.

Ola Cabs, which was launched on December 3, 2010, in Mumbai by Bhavish Aggarwal and Ankit Bhati, is now headquartered in Bangalore. Ola provided rickshaw transportation in both India and, as of March 2019, the United Kingdom to meet the demands of their Indian clientele. Ola was estimated at $6.5 billion in October 2019, declaring it a unicorn startup.

FoodPanda was purchased by Ola in December 2017. Foodpanda was suffering at the time, and Ola was eager to expand its services to include food delivery as well. Ola’s second purchase was Ridlr (previously Traffline), a public transportation ticketing service, in April 2018. Vogo, a scooter rental company, received Series A financing from Ola in August 2018.

Services in other nations are quite identical to these. Ola has achieved global acclaim for its outstanding services. Ola continues to expand and bring new alternatives on a regular basis, demonstrating that they are constantly striving to improve.

2) Zomato:

Countries Zomato operates in: India, UAE, Sri Lanka, Qatar, The United Kingdom, Philippines, South Africa, New Zealand, Turkey, Brazil, Indonesia, Portugal, Canada, Lebanon, Ireland, United States, Australia and many more.

Deepinder Goyal and Pankaj Chaddah launched Zomato, an online meal delivery business. It was initially released in July of 2008. Its success story is extremely extraordinary, with over 5000 employees worldwide. Zomato was once known as Foodiebay before being renamed Zomato. Their adventure began when they learned how difficult it was for employees to order food. They saved time by uploading the restaurant menus online. However, these menus were only visible to the office personnel at first, but they eventually made them available to everyone online.

Zomato, the online meal delivery service, launched its worldwide presence in Dubai in 2012. Since then, the firm has risen to prominence in over 23 nations.

3) Cleartrip:

Countries Cleartrip operates in: India, Saudi Arabia, Egypt and UAE.>

Hrush Bhatt, Matthew Spacie, and Stuart Crighton established Cleartrip. Cleartrip, which has offices in Mumbai and Dubai, is a global online travel firm that offers services such as flight and train tickets, lodging, and holiday programs. It was formed in response to India’s weak travel sector, with the goal of making travel and tourism simple and straightforward.

Cleartrip, India’s second-biggest online travel agency, expanded internationally in 2012, beginning services in the UAE. Since then, the firm has come a long way, and it now controls more than 60% of the UAE ticketing industry. According to the company, Cleartrip’s development in the Middle East has proven to be highly successful.

4) OYO:

Countries OYO operates in: India, China, Indonesia, Malaysia, Nepal, UK, UAE

Ritesh Agarwal launched this unicorn business, which has formed its own personality and encouraged many young entrepreneurs. OYO is a hotel room and home service business that was created in 2013 in Gurgaon. Many people select it because of the cheaply cost hotel accommodations. Ritesh Agarwal created Oravel Stays in 2012, and it was rebranded as OYO in 2013.

Oyo, a highly popular hotel room booking platform, expanded into Nepal and Malaysia. In June 2019, the firm also began operations in China. The firm claims to have opened a thousand hotels throughout China’s 28 provinces.

5) Bira:

Countries Bira operates in: India, USA, UK, Singapore, Hong Kong, Thailand, and UAE.

Ankur Jain founded the company by importing artisan beers from breweries in Brooklyn, New York. Bira91, a contemporary beer brand, has become one of the fastest-growing global beers in just three years.

Founder Ankur wishes to stay in the beer business and keep his consumers happy while keeping consumer interest and needs in mind. Bira91’s motto is “Imagined in India,” and the company aspires to be a worldwide leader.

Bira, which debuted in 2015, quickly became India’s favourite artisan beer. While the firm is operating in the United States, it has also grown to Singapore and Nepal, with over $77 million in the capital.

6) Byjus:

Countries Byjus operates in: The Middle East, UK, South Africa, the US

Byju’s is an online learning firm and an ed-tech revolution, founded and led by Byju Raveendran. He earned flawless scores on all of the exams he took for admission to the Management Graduate Program at one of India’s most famous business colleges, but he never enrolled. He resolved to educate his friends, therefore he created Byju’s, a learning program, later that year. Byju’s is well-known worldwide and will continue to grow in the future.

With technology evolving at such a rapid speed, it would inevitably lead to the establishment of more startups in the country, and many individuals would be inspired as a result of the many government programs. So, for the time being, the path for startups appears to be headed in the right direction.