During the initial days of the Byju’s journey, the founder started his entrepreneurial journey by teaching 30-40 students at Jyoti Nivas College. Over a period of time, this number increased to 1200, due to the word of the mouth marketing by his students itself. This was one of the most strategic advantages that the company has got during the initial days itself.
For any business growth, you must have to keep to things in mind, the first one is the execution strategy and the second one is the revenue strategy for growth. If both these strategies are implemented efficiently then the kind of the outcome you will be getting will be really tremendous as well as marvelous.
1 Passion for teaching: The founder had a strong passion for teaching the students. If you really want to be successful in building a great business, then you need to focus on one thing ignoring all the other things that come on the way. You must have a strong inclination towards one particular topic. Passion is what, that really comes from inside out, so it is the motivation to do something without expecting anything in return.
2 Nailing the right opportunity at the right time: When it comes to a successful business strategy implementation, hitting the right opportunity at the right time plays a very crucial role. One may not know when the opportunity knocks the door, so whenever it comes to be ready to give your 100%. Around 10 years back there was no such emphasis towards online education. So for the founder, this was the right time to hit the market before anyone else can. The opportunity may come in any form; there is nothing big or small about the opportunity.
So to make the best use of this opportunity Byju’s adopted a strategy to spread his educational knowledge by means of his ed-tech application. The application really got a J-Curve growth with around 10 Million downloads and 5,00,000 annual paid subscriptions.
3 Always follow your instincts: You must always follow your instincts, no matter what other people say you must always follow your instincts and your ideas. In accordance with your experiences you always must have a habit of believing your gut instinct. You must have to believe in your ideas unquestionably and must keep patience to execute it efficiently and get rewarded back.
4 Hiring the right team: When it comes to expanding your business in the right way, hiring the right team really plays a very crucial role. Without the right team, you cannot implement the right strategy. You should know how to motivate your team members and making them complete any given task within the specified benchmark limits. The team must have confidence and must have a belief in the founder’s vision. This is what exactly happened with BYJU’s, here both the founder’s and their team members’ vision was the same.
Therefore to run the company, this became very easy to implement and execute all the business challenges.
5 Implementing the right strategy: When it comes to bringing a J-Curve for the business, implementing the right strategy plays a very crucial role. As one said that you can run everywhere but cannot reach anywhere. Therefore, implementing the actual strategy, you should know what not to do exactly. Therefore the strategy should be exactly pre-defined and implemented in accordance with the business requirement.
As a result of this, here the requirement of great market research comes into the picture. The more you research the market, the more you will get to know about the product insights and consumer behaviour.
6 Word of the mouth marketing: Word of the mouth marketing strategies is one of the most effective strategies that usually come into picture when you really want to market your product organically. According to research, this is one of the most trusted marketing strategies among the consumers; this is why because more than any ad expenditure the consumers will trust their fellow friends who are recommending the product. This strategy will not only help you to boost your sales but will also increase your brand image in front of your fellow customers. Therefore, the better the brand image the more it would be beneficial for the company to sustain in the long run.
So from the above, we can very easily say that in order to stay in the long run, you may need to maintain your pace as well as improve your efficiency. When it comes to business, every day is uncertain the things which you did yesterday may not work for tomorrow. Therefore, you may really need to be consistent in your learning efforts and always learn more things by practical means. Always be consistent in upgrading your skills as you move higher and higher.
Naveen is a creative and excellent content geek who wants to create excellent original content for his fellow audience. Naveen has completed his bachelor’s in electrical and electronics engineering and owns a site called www.bluechipdigitalmarketing.tk where he usually writes about digital marketing content. Currently working as Digital Marketing Executive for Arishna Data Communication and writing content for Best Data Provider.