Using Web Innovation to beat Economic Downturn by Mahesh Murthy (founder Pinstorm) at Web Innovations 2009 Mumbai
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Posted by Ankesh Kothari | at May 13, 2009 |
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Loading ...- Mahesh Murthy starts by saying that he has been working since 26 years and has witnessed 3 recessions.
- Recession comes cyclically. It surprises only the youngsters. Great firms are born if they survive the recession. Microsoft, GE - all came out stronger from the recessions they faced.
- “There is only one strategy - survival.” Survive for now, Shoot ahead after the boom.
- Large multi national companies are hiding during the recession. Which gives room to us to win ground.
- The web is no longer niche. Get on it or get obsolete. Make sure the head of the company is involved so that the company spends resources on online activities.
- Geography is history. No location is advantageous or disadvantageous. Net is a beautiful leveling medium.
- Might is no longer right. Big ad budgets don’t matter. Example: Red Bull grew to a billion dollar in revenue within a year - all due to word of mouth promotion.
- Your marketing IQ is inversely proportional to your marketing budget. Lower budgets forces you to outsmart the competition.
- Cut costs to the core. 3 years ago, a website that would have taken 20 lakhs now takes 2 lakhs to make.
- Do a website audit. If someone is looking for me, am I found? Who else is found when people search for what you offer?
- Build a platform for your consumers.
- Create your own social strategy.
- Web allows you to pay for performance and not for the media.
- You can make employees telework and cut costs.
- Keep your web business light by moving on to LAMP and cloud.
- After the implosion will come the big bang.
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Interesting bits Ankesh, cool post!
Its always a pleasure listening to Mahesh
Thanks,