On November 7, At 2 Pm,(GMT 5+45), Hult Prize at IOE and NxtGen successfully completed their Selling your Product, which marks Level 6 of the Entrepreneurial talk series of its own. The hostess, Apekshya Ghimire, greeted the audience and guests. Level 6 of the entrepreneurship talk series was focused on having ideas from a professionally experienced entrepreneur. Moreover, the series brought insights to get the venture executed with the actual customers and users.
Tommy Hutchinson's view on getting products sold
Mr. Hutchinson, Founder and CEO of I-genius, was the speaker for Hult Prize level 6 of the entrepreneurial talk series. He shared his perspectives on bringing an ample number of customers to your brand with the use of a strategy of TEA i.e., Building Trust, Making Engagements, and accepting and understanding the market.
What's TEA then?
To gain the trust of the customers, entrepreneurs must prioritize to reflect their missions via the products, figure out the strengths of the venture, and gain more expertise and knowledge to get over the shortcomings the customers might complain or won't be happy about.
Engagement is another important key factor to focus on. Here, the brand must be honest and always have welcoming arms for customers. It does not mean to be brutally honest and backfiring ourselves (Yeah, We surely don't want them).
Then comes to discover the market which is best-suited for the product. Always have a clear idea of the demographics which will be enjoying your product or services and make further plans accordingly. Adding to that, Tommy informed the aspiring entrepreneurs to set the brand status, whether they want to make the product Bigger the Better or A step at a time and making the leap type.
Being familiar with psychology is a must.
Tommy is quite informed on how different brands have and are using the various aspects of psychology in their business. Interestingly, he talked about using a particular color for the logo and the tagline of the brand. Aligning our product with a particular tagline, which can be of 3 to 4 words, subconsciously makes our mind to know more and even involve with the brand or business. On top of that, he shared with us about "The Thumb Test," where even placing your thumb on the logo (leaving some top part visible) should make the viewers/customers know that this logo belongs to your brand.
How to be an expert in KYC (Know Your Customer)
Mr.Hutchinson strongly believes in ''Selling the benefits of the features." He added to get the products being taken from our showroom's aisle or service to be booked in a short period; excelling on KYC is crucial. Without this, the brand can never be recognized as a brand. So keeping up the datas and records may not be enough. You have to use other marketing techniques.
"I have seen the newbies in the entrepreneurial journey emphasizing e-mail marketing. I have always been suggesting them a phone call with the customer is 10x more effective than e-mail. The letters and texts can never replace human interaction and emotions. Always know how to respond in the call session.
However, if you get into circumstances where you can not decide a customer's choice, offer them a menu of products and services. Having options will certainly make the customers stick with you. Thus, this act reflects that you are very sensitive to customers and their needs, which will bring you better engagements in the future."
Some Valuable advice from Mr. Tommy Hitchinson
- Carry out the SWOT analysis to bring your games to the competition
- Don't be overwhelmed and sad with failures at the initial time i.e. a couple of years.
- Be clear with the Refund policy.
- Being yourself will make you more promising in delivering the services.
- Always try to make the audience value your product, not use cheap and low with your branding.
- Always have a back-up plan, set your alternatives before onboarding your brand.
To hit the market with the numbers in mind, an entrepreneur has to make sure of his/her brand and products to meet the customer's expectations and demands. Exaggerated advertisements and being poor to keep records on Know Your Customer (KYC) can greatly impact the product to get the desired market and even contribute to the venture's unfortunate failure, launched with high struggle and some investments. Customers rarely get interested to know the preparation behind launching the brand/product; they are more interested in grabbing the product to have their requirements fulfilled. Hence, getting into the market and excelling here will signify the venture's success and eventually bring some recognitions.
Trans activist Angel Lama's advocacy on Social and legal scenarios for the PRIDE Community
Angel Lama is an active member of RHRN (Right Here Right Now) for marriage equality through (BDS). Angel is an actor and a great dancer. She holds the title of Miss Pink Nepal, 2018. Angel feels Gaijatra to be a safe event where she can walk proudly with her companions. Angel shares her struggles and her works with the Hult Prize.
Angel's talks about Legal discrimination in the PRIDE Community
Angel has always been truthful and being herself; however, she relates her story like a typical LGBTQI individual in the Nepali Society who had been mocked and looked down on. Somehow, this pain seemed to be easing with the promise of a new constitution. But sadly, the Nepali Constitution,2072, just mentions the PRIDE community. The checkbox on citizenship has other options, but an individual with such a background is expected to bring the medical reports. It is troublesome and unfair. OK, Fine! They show the reports and get their docs.
However, there are no particular rights or say the legalization of marriage by the LGBTQI. Angel has been collaborating with various organizations for awaring the community about this. Also, she has been interacting with the related authority so that this issue can gain more views and concerns.
Along with that, the quota scheme for the LGBTQI Community must be increased, and the government should include some contents about the community in the Curriculum from the Middle School Level.
Nepal offers no opportunity for LGBTQI to grow
Angel shared that some of her sisters from the community who had passed the LOK SEWA(PSC) exam were ditched and were rejected because of their gender orientation. The struggle and sacrifice of these individuals were not even looked at for a glance.
Adding to this, Angel says," Anjali Lama, who now walks for the reputed Lakme Fashion Week, was rejected by almost every runway fashion show in Nepal. With her continuous effort, she got recognized by the Indian Fashion Industry. Anjali's career as a Fashion model in Lakme was gifted by the rejections. However, everyone may not be as strong as Anjali. Rejections in Nepal encourage us to leave our motherland and that's really painful."
Does Gender Affect Entrepreneurship and Change Making?
"I have full confidence that I can create the opportunities for myself, but to have it executed I need a platform. But the patriarchy-driven has no platforms for our community. Even, the women have to struggle to get the dress they want to wear or stay late during the night. I feel that platforms, particularly for the PRIDE Community, must be set up."- Angel
Problems faced by the Trans People in the World
Angel is very alert and aware of the history, provisions and laws, and problems of Trans people in the World. She expressed high disgust and pain upon knowing that LGBTQI individuals are given the death penalty with the utmost low dignity in some Muslim countries. Compared to the statuses in such countries, Angel feels lucky at least as a Nepali citizen. She doesn't have to die for being who she is.
She shared that around 20 Trans individuals have committed suicide within the lockdown period, and it's all because of the social mocking, hatred, disgust, and boycotting nature of our Society. Angel is working on talking to individuals with depression or any sort of socially disturbed individual. Her dedication to saving the innocent is another example of how one must stick and support her community. (P.S it's not about community, it's about the people, and every life does matter.)
Wellness Influencer Gautam Kapur talks about the value of Nutrition and wellness
Gautam Kapur is a wellness Influencer, CEO of Be Conscious Wellness, Supermodel, and actor. He is rigorously devoted to maintaining physical and mental wellness for himself and the people around him. The cheerful-natured Gautam shares the value of nutrition, meditation, and theme time. Also, he feels that the background of an individual does not affect change-making; it's all about yourself, how you want to proceed.
Importance of GOOD FOOD FOR GOOD LIFE
Mr.Kapur suggests that having healthy, hearty home-made food is way too better than the junks loaded with saturated fats, preservatives, salt, and many other chemicals. He strongly feels that having wholesome food makes one have a better mindset. He talks about the superfoods like Chia seeds, Quinoa, Nuts.
Relating TO Hult Prize's 2020 Challenge" Food for Good", Mr. Kapur added Food is necessary nut healthy food is another necessity. Having unhealthy food means converting our body into a junkyard and developing the disease inside us. He suggests that the teenagers and early adults must start changing their diet and discard the junks so that they don't have to hold their backs and walk when the age is to go for a trek and other adventures. A cheat day in a week is fair, but don't cheat every day. Your body can't cope up with the cheatings. Further, he adds," Moderation is the key to a good life."
What's in "Don't be fooled" book by Gautam Kapur
Mr.Kapur's book "Don't be fooled" talks about the nutritional food, the lifestyle we need to have, certain workouts and exercise(150 mins), and how to tackle stress. This remarkable book was also featured at Miami Book Festival.
Suggestion for Entrepreneurs who want to invest in the Food Industry
The foremost thing such aspirants can do is take care of themselves. Respecting your body and making healthy choices will undoubtedly make you feel good. When you feel good, you will want to transfer this wondrous feeling. Also, have a discipline dedicated to making a change every day, be it small or big.
Tips for maintaining wellness
- Do meditation every day
- Get your endorphins with exercise and workouts
- Take care of your personal hygiene
- Fuel your body with healthy food (As physical health fuels mental health)
Hult Prize at IOE and NxtGen's 6th level on Entrepreneurship Talk series brought the speakers who are from different professional backgrounds: Professional entrepreneur Mr. Tommy Hitchinson, Social worker cum activist Ms. Angel Lama and a wellness coach Mr.Gautam Kapur. Listening and interacting with them was a great experience.
The aspiring entrepreneurs must include the TEA strategy to sell products and almost stay honest with the customers. Marketing and selling products must not miss getting the psychology involved. The majority of the entrepreneurs must give for the venture to grow and not neglect the health at any cost. Physical, mental, and spiritual health should be the priority, and then the work.
Moreover, entrepreneurs or organizations dedicated to the business should also provide platforms to the minority groups like LGBTQI Community. The individuals in this community do have passion and ideas; all they need is a platform and support. It would be highly inspirational and exciting to see the launch of a venture which is totally dedicated to this community and has them as an employer or even co-founders.
For me, the session was quite inspiring and informative as I got to know more about selling products, KYC mechanism and necessity, the social and legal discrimination faced by the LGBTQI Community, Importance of having good physical and mental.
Hope that the Hult Prize’s next session will be more thrilling and will bring a variety of guests and speakers.
Do check out the live video of Level 6 of Entrepreneurship Talks: Selling Your Product.
Visit the official page of HULT PRIZE AT IOE.
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