Financial Independence – How to achieve?

How do we achieve Financial Independence? What is the Mantra for it? Is there any Business Model ? Are these questions in your mind?

Abraham Maslow in his 1943 paper “A Theory of Human Motivation”. Stated Human’s can achieve the state of Self Esteem and Self Actualization when one is sufficient with all his needs. Only then we can live life of our choice,  be philanthropist, be a Mentor, be a traveler, be a spiritualist, no boundaries at all. For that to happen do you think Salary Job is sufficient?

Hierarchyofneeds

Don’t you think Financial stability is needed for Physioligical, Safetly and Belonging? Yes,  All these can be related to financial stability of the person. If the person is not financially stable, he will always be thinking of meeting his Physiological, Safety and Belonging needs. He will never be able to move to next level in the pyramid.

To achieve Financial stability with growing unstable work environment is very difficult. To become more financially stable, Every one need to work day in day out and during weekends? Even after that are you Financially stable enough??

So new mantra in Entrepreneur world is to build a “pipeline of residual income”.  author Burke Hedges in his book “The Parable of the Pipleline” explains the power of pipelines, i.e, Franchising and expanding Business and how to get royalty or residual income for life. This will give you financial stability, even though you are not around, royalty money will come 24/7/365.

Based on the same concept, Franchising the business and later Franchising the business to other will make you Grow Big !!

Do you want to know how ?

Connecting the Unconnected.

In my last blog, I have mentioned about Social Media/Network Marketing. This social media has brought in lost people together after many years. This is has given Marketing a new meaning.

In India 70% of the population are youth and one of the fastest growing market. Every other country wants to tap Indian youth for marketing their product. What best can it be, other than social media to connect, communicate and co-ordinate their business.
There is a huge market opportunity in front of everyone. Social Media is the media for the future. Every word you write in the social media is a business for every other organization. The latest Big data & Analytics, is the way to know the pulse of people. Big data is nothing but a unstructured data from Social media (VIDEOS, E-mails, Blogs, Sharing… you name it), Analyzing it and providing a quicker results is its Analytics.

So next big thing in couple of years is “Internet of Everything” or “Internet of Things”, Its connecting the unconnected. Connecting through sensors, analyzing it, taking action based on the analysis and provide quicker solutions.

Barcelona is a Smart City using IoE (Internet of Everything), India is also planning for 100 smart cities in near future.

Similary, Social Media which is connecting the unknown people will derive any business in near future.
So immediate and next big thing is improving your connectivity, So connect with unconnected and Grow Thoughtfully!!

Education!! Are we doing it Right?

Children

I ask this question everyday,  am i providing right kind of education to my kid? What it takes to be Good Citizen, Respect & Care others, Be a Good Friend, Being more Empathetic, Being Spiritual and Be a person of values.

For me education is helping children to understand what is Right and Not right (there is nothing wrong in the world).  Do day schooling help!!, Yes, more responsibilities lies with Parents. But teachers/Mentors will be catalysts to their behavior.

Day school, will be more of teaching as per curriculum. Teachers have their responsibility to complete the curriculum on time. Does it not pressurizes children? Are they allowed to grow freely and thoughtfully !!

We need to think!! Are doing right? I asked myself many times and found alternative education. Its best as on today for children to be themselves and learn freely.

But again question arises, whether its right for this competitive world. Where everyone is in rat race to be first.

My feeling is children are at their best, when they are themselves and can learn on their own pace. Holistic development of children is much needed in this changing world.

If children can’t be on their own during their childhood days, they never will be!!. It will affect their creativity and inturn become monotonous.

Allow children to Grow Thoughtfully on their own.!!

 

The Future – Are we ready!!

Current buzz word is “IoT (Internet of Things) and IoE” (Internet of Everything).  We have come long way from Internet (connecting computers) to IoE (Connecting the unconnected). Journey is not smooth, It evolved over the years. It all started with Internet -> E-mails -> Search Engine -> Virtualization (Efficient use of Resource) -> Social Media -> Big Data -> IoT -> IoE.

I have missed some intermediate evolution even though they had significance to current trends. Basically we have evolved in connecting people virtually and making life easier.

As IoE claims connecting the unconnected in future. Everything is connected from Internet to Machines to Process and People.

Example 1:  In Agriculture field; Farmer will know when it is going to rain, whether soil is fertile to grow certain crop, what quantity of fertilizer is needed, what amount of water resources are need, what is growth rate of crop, what is trading price of a crop and whether he will be profitable this year in just a click of a button. This is one basic example on where we are heading to. It make take years to reach, but will reach sooner or later.

Example 2 : Intelligence are added to cars to re-route if struck in traffic jam.  Car will be more sensible to read your mind and change the ambience or music accordingly.

Example 3:  Devices to monitor your mood based on different parameters from your body and detect whether proteins, carbohydrates, fats consumed today are sufficient or need less. It can also suggest what to eat and not to eat scanning your food plate. It can give you quality of food served.

There will be revolution in every field. Today we watch fiction movies Transformers and Robots ruling world. With new revolution of IoE or further technological advances. Days are not far when intelligence and emotions are added into machine. We become dependent on machines for everything, might be at the cost of human values who knows.

In this changing, uncertain and competitive world, its utmost necessary to change the way we are educated. Education in India needs a great revolution, otherwise next generation will suffer from depression related diseases.

Need to teach importance of Human Values, Social responsibility, creating self-awareness, being at peace, Chase their dream and never worry of failures.

3 Mantras for Efficient Management.

3 Mantras for Being Successful.

Leadership Management is nothing but managing resources efficiently for achieving desired results. To achieve great things, need to have a right mindset with right attitude. Three simple things that can bring difference

1. Being Passionate about the work
2. Being Empathetic towards the people.
3. Being Serious or Dedication towards the work.

If you have mindset of the above, then nothing stop you be successful.

PassionPassion brings in innovate ideas to do better things in right way. Passion is the one which energies you to get up and get going everyday.
    Mercedes BenzBest or Nothing.
    Albert EinsteinI have no special Talents, I am only Passionately Curious.

EmpathyShowing empathy towards your team, customer and stakeholders  will help you get connected with them easily.  Communicating with empathy, builds trust and helps to build  longlasting relationship.

dedicationDedication and commitment to towards goal, brings in lot of positive energy within you and people around you. This is a chain reaction and which can make or break the organisation.

For me these are the 3 Mantras for Efficient Leadership and Management.

1 Degree more

We miss that 1 degree (100 degree is boiling point of water, 101 degree is required to drive the locomotive) when its needed the most. These 3 Mantras can help you attain that 1 extra degree.

Passion to go that mile with dedication and Empathy.

Passion is the driving force, Dedication to achieve is the execution and Empathy will help to take everyone along with you.

For any great leader or Manager, here are the 3 thing which are MUST to be Great Leader!!

 

Project Management and Entrepreneurship.

Introduction

The term “Entrepreneurship” was coined around 1920s. But “Life” to Entrepreneurship was added very recently by many of prominent Entrepreneurs (Bill Gates, Narayan Murthy, Dhirubai Ambani, Steve Jobs.. to name few), who chased their dream and made it big. Of late demand for Innovators increased exponentially, which has directly contributed to Economic Growth of the country.

It was from 1950, Project Management practices started evolving. In 1969, Project Management Institute (PMI) was formed and since then PMI has involved in guiding Project Managers.

Now time has come to collaborate and integrate both Entrepreneurship and Project Management practices and leverage upon them for increasing the success rate of projects. This in turn will increase the ROI for the organization and price reduction of product.

Entrepreneurship and Project Management

Every genius idea needs to be backed with proper management and every management needs to have a thought process that leads to success. If best practices of both Entrepreneurship and Project Management are applied in right sense and in right time. There will be no second thought that Venture or Project not being successful.

Psychological factors are also most important for successfully Organization. Bringing in Entrepreneurship in the Organization culture and backed up with Project Management process will add great value to the business. Entrepreneurship provides a sense of ownership and Project Management will be driving force.

Mindset of Entrepreneur and Project Manager:

Mindset of Entrepreneur Mindset of Project Manager
Perceiving and Living the Idea, Nuturing it. Initiate’s, Plan’s, Executes, Monitor and control and closes Project.
Generating Value customer and other stakeholders. Delivers the Project On time, with Quality and Budget.
Predicting new trend in Business and early adapting to change. Predicting new technology and ensuring readiness for change.
Maximizing ROI Balancing Project constraints.

Now, let’s see the common characteristics of Entrepreneur and whether Project Manager needs them?

Entrepreneur Common Characteristics Do you think Project Manager should have any?
Idea or Vision Yes, Shared vision of Organization.
Being Passionate Yes, Making his Organization Successful
Dedication and Commitment Yes, to work, to Project and to Organization
Transformational Leadership Yes, to enhance Team Motivation, Improve Morale ,  Performance and solve complex problem.
Adaptive to changes Yes, Being ready to new challenges.
Persistence Yes, To get the desired results
Self Motivated Yes, To win trust of team and Management
Foresightedness Anticipation to new things, technology, customer or User behavior.
RISK Takers Anticipate for RISK and Being ready for it through constant RISK assessment.

 

Let’s see some common characteristics for Project Manager and whether is it good idea for Entrepreneurs to adapt them?

Project Management Do Entrepreneurs need to adapt?
Shared Vision Without Vision, .It’s like Football game without goal Post.
Well Organized or Planned Yes, Planning is MUST for every Organization.
Execution and Control Execution of Idea and creating Product out of it,  needs good control & tracking of activities.
Good Communicator To efficiently communicate Idea, Vision with all the stakeholders to get their buy-in.
Collaboration To get along and Work together.
Customer Centricity Know your customer better and know what they want.
Managing Stakeholders Identify stakeholders issues and concerns in timely manner and act upon them.
Balancing Project Constraints Balancing COST, TIME, RISK, QUALITY, SCOPE, STAKEHOLDERS.
More composed. Being Composed in Crisis and so team does not feel the pressure.
Problem Solving Complex Problems need analytical and Creativity skills.
Delegate Tasks In Business you need to delegate task to succeed.

 

As we have seen both the characteristics complement each other. Let’s go ahead and see challenges and substantiate with case studies.

Key Challenges

This is the era of Entrepreneurs. Across the world, each year billions of individual start something on their own. In India alone around 1000+ startups are started every year. Around 25% of startups fail in the first year itself [1]. As you are in business for few more years, ideally success rate should increase. But that is not the case, more than 50-55% failure rate is observed even after 4 years of startup. Many prominent analysts have analyzed challenges for Entrepreneurs [2].

Similarly around 60% of projects fail in an established organization. Out of 60% of failure reasons, second major reasons for failure of startup companies are due to Management issues, which is around 37%.

Entrepreneurial Challenges Project Management Challenges
Inefficient Management Failure to meet Organization Goal and Vision.
a. Lack of Vision a.  Project objectives are misaligned with the overall business goals
b.  Lack of Planning b. Failure to understand the big picture.
c. Mismanagement of resources (example: Cost, Human resources, Hierarchy structure..etc ) c. Lack of Coordination
Lack of Innovation. Lack of Requirements and Scope definition
a. No Product differentiation. a. Clarity on understanding requirements and Scope.
Adaptability and Retention of customers Stakeholder Management Issues
a. Unable to cater to change in customer expectations. a. Failure to understand end user perspective.
b. Failure to identify to new customers b. Failure to identify or engage the stakeholders
Persistence, Passion, Performance and Profitability to be successful. Managing and Controlling Project Constraints (Scope, Cost, Quality, Time, Risk, Resources and Stakeholders )
Business Expansion through Nurturing Lead Improving Efficiency and Productivity applying right process improvements.

 

Challenges faced by both Entrepreneur and Project Manager are very much similar. But some challenges are very specific to Entrepreneurship which involves conveying Idea to convincing buy-in for investment, Recruiting right people, Product differentiation to Market analysis and Sales to Profitability.

TWO faces same coin.

Entrepreneur and Project Manager Skills should go hand in hand for any Organization or Project to be successful.

  • Entrepreneur’s/Organization VISION have to be translated into Project Goals. Its responsibility of Project Manager to achieve Project Goal by managing all the constraints. In-fact even Project Managers need to have a metrics to monitor and track the Project to meet the Project Goal.
  • Project Manager’s roles and responsibility is very similar to Entrepreneurial process (Feasibility Study, Planning, Managing Resources and executing plan).  Process are very similar for both starting a new venture or a Project.
  • Entrepreneurs and Project Manager need to rightly manage the constraints (Scope, Time, Cost, Risk, Quality, Resources).
  • Strategic decisions matter for both; should be driven by perceptions and resources.
  • Both need to focus on Exploring new opportunities for Growth.
  • Projectized Organization, provide more responsibility to Project Managers. In this Organization Project Managers can exhibit more Entrepreneurs skills, where they can be more Innovators, RISK takers, proactive with new business ideas & opportunities and persuade all stakeholders to invest on the project.
  • Entrepreneurial activities and Project Management process are related.

 

Case Studies 1

Entrepreneur with efficient management skills was able to steer his venture to new heights. .

Vizury

Vizury[3] established in 2008, with clear vision to bring brands closer to online markets. Vizury Products engage customers end users to obtain the right product in their ecommerce website and there by maximizing the return of investment for the customers.

Critical Success Factors

A success factor of Vizury is how an idea is converted into Product with the help of Project Management and Entrepreneur skills. Below are the skills exhibited by Vizury team and that led them to success path.

Entrepreneur Skills
  1. Clear Vision “We will help marketer’s secure customers-for-life using personalized marketing solutions across channels.”
  2. Right Strategy, in focusing on different customers, domain (E-commerce, Automotive, travel, hospitality, healthcare…) and regions (India, China, Japan, Australia).
  3. Persistent and Desire to go about obvious to make customer successful.
  4. Right minded people (Founder & Co-Founder) working in tandem for success.
  5. Able to find right investors at right time.
Project Management Skills
  • Synchronous Project Goal with Organization Vision (E-commerce site (www.jabong.com) receives large volume of traffic on their e-commerce site, but didn’t convert to sales)
  • Requirement Analysis involving Customer and End users, Collect Information about the end user behavior, Product availability, Insights end user preference and Product category.
  • Schedule Management, Identifying Critical Path and knowing Lead and Lag for each activity.
  • Stakeholder Management – Project Kick off with all the stakeholder to get buy in, Know your customer, their Business, their Market share, Targeted Audience.
  • Efficient Scope Management by Providing Customized Solutions, with minimal development. Improving customer experience and cost effective solution.
  • Efficient People Management – Recruiting right minded people to execute the vision and Being Transformational Leader to guide and drive to success.
  • Maximizing ROI – Solutions that Maximizing ROI for customers and on time delivery.
  • Efficient communicator, so that team is aware of Vision and they work towards it.

 

Case Studies 2

A Project Manager by profession, who was able to apply his Project Management skills to be an successful Entrepreneur.

Amruth Dairy Farms

It’s a successful Journey of Project Manager from corporate World to dairy Farming. He leveraged upon the Project Management skills that he acquired during his years of experience as Project Manager in IT world to make his dairy farm successful. As on today the company’s annual turnover is 10 Million Indian rupees with 1500 liters of milk produced each day. Company’s turnover is also contributed by other incomes from Bio-Gas generation, Organic Fertilizers and growing own animal feed.

Critical Success Factors

A success factor for any Amruth dairy farms[4] depends on how well Project Management and Entrepreneur skills are exhibited by the team responsible for delivery.  Below are the skills exhibited by Entrepreneur Santhosh D Singh and drove it to success.

Entrepreneur Skills
  • Vision to start dairy farming, conceptualizing it and driving it to success.
  • Defining elaborate Business Model (Key Partners, Activities, Value proposition, Key resources, Customer relationship, Channels, Customer Segments, Revenue Generation and Cost Structure.)
  • Acquiring Knowledge about Agriculture Sector and Farming through professional training
  • Starting slow and keeping eye on revenue generation.
  • Risk Taking (Moving from Corporate World to Dairy Farming).
  • Project Management to share same Shared Vision.
  • Apply Project Management Skills.
Project Management Skills

o    Efficient Planning and Scheduling activities.

o    Monitoring and Control of Project Constraints.

  • Process Improvements

o    Improving Production Efficiency, Converting Bio-gas from Waste, Organic fertilizers from waste, to name a few.

o    Exploring new ways to reduce the cost by Automated Cow Milking System and scale up cattle heads to leverage on system and resources to maximize the ROI.

o    Applying JIT Inventory Management system to reduce the cost.

 

 

Integrated Entrepreneurial Project Management

Entrepreneur journey is not easy as it seems to be. It full of thorns before rose petals is reached. It requires lot of courage to take Entrepreneurial journey and be successful. Organization can be successfully, if it does not lose it’s his way during execution of idea. Project Management will add the value here and can bring back organization to right path.

Entrepreneurial journey:

  1. Perceive and live the idea.
  2. Nurture the Idea through Brainstorming, exposing to real world scenarios and believing in the idea.
  3. Create Business Model – This helps in transforming idea into Business Model.
  4. Find a Mentor to guide through the Entrepreneur journey.
  5. Identify the Market opportunity and dry run your value proposition.
  6. Do opportunity Analysis- Estimating market size for the product and obtaining early feedback from customers.
  7. Find a co-founder (who can be part of your journey) and Investors (internal or Venture capitalist) who believe in you.
  8. Recruit right minded people, who can do the job for you.
  9. Choose and Apply right kind of Project Management methodologies, tools and technique to steer it to success.
  10. Connect with customer and be sure to get regular feedback to sense the pulse.
  11. Never shy away from exploring new things and be early adapter to changes.

CONCLUSION

For any project or venture to be successful, both Entrepreneur’s and Project Management need to work in tandem. As we seen in Introduction section of this paper, nearly 25% of startup organization fails to take off in the first year. This can be attributed to poor Entrepreneur skills. Venture that fail even after 4-5 years of its inception is due to lack of Project Management.

To conclude, Entrepreneur and Project Management need to go hand in hand. Project Success can only be attributed when both skills are exhibited very well. So going forward Entrepreneurial Project Management is new mantra for being more successful

Reference

ID URLs or Definitions
1 Entrepreneurship http://en.wikipedia.org/wiki/Entrepreneurship
2 Project Management http://en.wikipedia.org/wiki/Project_management
3 Start-up companies  Failure rate http://www.statisticbrain.com/startup-failure-by-industry/
4 Project Failure reasons http://www.it-cortex.com/Stat_Failure_Cause.htm
5 Start-ups Reasons for Failure http://www.forbes.com/sites/ericwagner/2013/09/12/five-reasons-8-out-of-10-businesses-fail/
6 Case Study 1 http://web.vizury.com/website/in/
7 Case Study 2 http://yourstory.com/2013/09/amrutha-dairy-farms-journey-it-to-dairy-farming-santhosh-d-singh/

Social Network Marketing

 

Introduction

Connecting people is all about reaching people; marketing strategy was always been reaching people.  Best way of marketing is spreading positive vibes through word of mouth. In current generation people are more connected virtually than before. Social networks provide platforms to get connected and interact more than ever. It has revolutionized the way people communicate, interact and get connected. Day to day Business have become more competitive. Marketing ideas are looking at social media to connect to end customer, for branding, advertising and to obtain quick feedback.  MoreoverSocial Media marketing is one of the cost effective, easier and efficient ways of marketing. Since it reaches out the direct customer and can get early feedback.

Social Media

Below are statistical data of few highly used Social Network sites. Graphical representation and data’s below depicts enormity of its usage and people following the social media around the world.  This would make a great platform for Marketing.

Facebook

  • Latest reports from Facebook suggest 1.11 billion users as on March 2013. (Source Facebook Inc).
  • 5 Billion Links, photos and videos are shared on Facebook every day.

Youtube

  • More than 1 Billion unique users visit Youtube each month
  • Over 6 Billion videos are watched every month
  • 100 hours of videos are uploaded every minute

Youtube is a powerful Social Media in the world, where you can share ideas, knowledge, feelings, and reviews through videos.  Linking with Facebook and Twitter can make it much more powerfully to reach out the entire world.

Twitter

  • 58 Million tweets per day (average)
  • 55 Million Active registered users.
  • Why this Kolaveri Di! Song is the latest example of Movie Marketing, This song has facebook share of more than 2 Crore, 70k Likes and more tweets. Following the trend every movie trailers are released on Youtube before it was advertised on TV. Gangam style Korean pop video which became viral in Youtube. PSY became house hold name in the world for his dance steps, even followed by Chris Gayle and others during IPL.

Case Studies

Success Stories

Gain: Increased the brand value of Pop Singer and made him popular around the world within no time.

  •  Banks have moved on with Social Media to get in touch with customers. HDFC and ICICI are pioneers in adapting to Social Media Marketing. HDFC tops social media leverage index. [7]

Gain: Engaging customers and increasing loyalty towards banking by offering attractive discounts on Savings, loans and other banking products.

  •  Recently, Anna Hazare (Social activist) used Social Media for Anti- corruption movement.

Gain: It made whole INDIA to re-unite for a cause using Social Media; Millions of Indian across the world got connected.  Many social causes were fought through social media. Social Media is used to creat Social awareness around the world.

  •  All TV channels have their latest episode uploaded in Youtube to connect to people around the world.  Movie trailors are released first in Youtube before advertising on TV.

Gain: Enabling TV anywhere, ensuring popularity of channel with daily soaps continues and not limited to TV.  Marketing and creating awareness about the films.

  •  In Corporate world, Senior Management uses Social Media such as blogs as a communication media to communicate with employees.

Gain: Builds trust between Employees and Management reduces grapevine.

  •  During IPL T20 (Indian Premier League), Twitter had tied up with IPL to develop applications and features to help fans to have interactive experience. Every match had a twitter battle where user tweets for their supporting team. It has been a great hit. Even film starts followed twitter to express their feeling about the match.

Gain: Interacting with Fans and getting early feedback on the match.

Challenges & Solutions:

  • Marketing in social media has its own challenges. Choosing or Creating contents that appeal to end users and they are able to connect to the product easily.  Having a just a presence in Social Media and lousy contents will kill the brand Image.

Solution: Digital Agencies or freelancers will be ghost writing for business by posting on their blogs, Facebook, LinkedIN and other social networking sites.  Effectiveness have to be measure by organization on how many comments or likes or shares or tweets or followers. Ernst & Young’s report on Social Media Marketing trends in India – 2013 (http://www.ey.com/IN/en/Services/Advisory/Social-Media-Marketing-India-Trends-Study-2013#), says that 73.8% of surveyed social media-savvy organizations have chosen standalone digital agencies as compared to PR, ad agencies, or freelance

  • Managing many Social Networking sites [4]. There are many social networking sites, managing each will be daunting and time consuming.

Solution:

  1. There are few tools to manage multiple social network accounts. To name few, HotSuite (www.hotsuite.com) TweetDeck,  Tweepi, SocialFlow, SpredFast. Blisscontrol.etc.
  2. Social Media assistant service. Where activity of updating social networking sites are done by external person (contractors). Activities involved Ghost writing for business, posting  on company blogs, Managing social network sites (twitter, facebook and LinkedIn accounts).
  • Marketing strategy has to be different for Social media.
  • Post Success stories of product instead of Product information. This will help networkers to connect to the topic or product.
  • Be Interactive. Respond to post (both negative & positive). For Negative post acknowledge it and respond justification or apologies (for mistake). Responses increases credibility of product on minds of people.
  •  Customer engagement. Engage customer with different activities related to products by running contests and sharing gifts for winners.
  • Deliver to commitment. Online Shops have to live up to their postings in social media. Website and postings should have same information. Otherwise there will be danger of Negative publicity and affects the brand value.

Business Benefits

  • Increases Brand value.
  •  Generate Sales by getting new leads and word of mouth marketing.

 Example: Samsung used social media to market smart phones. Hashtag #GalaxyS4 had managed thousands of tweets and Demos on Youtube videos had amazed many users.

  •  Reduces Marketing cost.
  •  Helps researcher to get feedback and their research material.
  •  Improves communication and Stay Informed.

Example: Blogs help communicate with employees and Management. Employees can share ideas, create forum to discuss and which helped in day to day activities.

  •  Improves Customer relation.

Cost of Social Media

Cost of maintaining social media. Includes creating account, updating content and maintaining the social network sites updated. Note: Costs mentioned below are approximate cost and not the only costs.

Blogs Average cost $ (Approximate) Assumptions
Design and Templete 2000
Writing content 1000 2 contents per month
Ghost Writing 500 per month
Facebook Average cost $ Approximate) Assumptions
Page Setup 1500
Content Management 2000 per month
Contests 50000 based on requiement of client.

 

Twitter Average cost $ (Approximate) Assumption
Account Setup 1000
Account Managing 2000 Per month
Social Media Strategy Average cost $ (Approximate) Assumption
Setup 3000
Reports and Advisement 5000 per month
Audit on strategy 10000
Integration with existing Marketing Strategy 20000

 

Conclusion

Key take away here is Social Media brings in significant benefits to business. Around 80% of small business get their new customers though social media marketing. Cost of marketing is not so significant compare to traditional. Social Media can reach people very quickly and facilitates word of mouth for good and bad products.  From all the study above, Social Media has many positives if used appropriately and effectively.

References

[1] Adidas on Facebook – Cricket based Social Media marketing case study

[2] HDFC Bank on Social Media – How they listen customers on Twitter

[3] Volkswagen India Campaign Inspires 2,700 Recommendations in 4 Weeks on LinkedIn [4] Article Reference: http://socialmediatoday.com/daniel-zeevi/1344346/top-10-social-media-management-tools

[5] Statistics: http://www.socialbakers.com/all-social-media-stats/facebook/

[6] Cost of Social Mediahttp://www.mackcollier.com/cost-of-social-media-in-2012/

[7] Banks on Social Media http://windchimes.co.in/blog/2013/04/crediting-social-media-in-banking-industry/