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MBA Salary in India in 2024 [For Freshers & Experienced]

MBA Salary in India in 2024 [For Freshers & Experienced]

Updated on 30 October, 2024

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Table of Contents

MBA Salary for Freshers in India
MBA Salary for Experienced Professionals
Factors Affecting Salary After MBA
Top Industries Offering High MBA Salaries in India
MBA Specializations and Their Impact on Salary
Highest Paying Jobs After MBA in India
Salary Comparison: MBA from Tier 1 vs Tier 2 B-Schools
MBA Salaries Across Different Indian Cities
Scope of Abroad Jobs After MBA in India
Online MBA Degree Courses from World’s Top B-Schools
Conclusion

If you’ve checked job listings recently, you’ve probably seen many marked as ‘MBA preferred.’ This trend has been growing over the past few years, as companies now value the skills MBA graduates bring, like problem-solving and critical thinking in tough business situations.

Employers know that MBA graduates are ready to handle big challenges, which is often reflected in the salaries offered. For instance, the starting salary for MBA freshers in India can begin from ₹7 lakhs per year, while those with experience can earn more.

What’s clear is that the demand for MBA talent is strong, and it's only expected to grow. The global MBA education market is projected to reach a valuation of USD 83.08 billion by 2032, highlighting the steady demand for this qualification worldwide.

Want to know more about how specific specializations and industries affect salaries? Keep reading to explore more details!

MBA Salary for Freshers in India

Fresh MBA graduates in India can expect salaries that vary based on industry, specialization, location, and the reputation of the business school they graduated from. Here’s a breakdown of what freshers can typically expect:

Salary by Industry

Salaries differ across industries, with some offering higher starting packages:

Consulting: ₹6-21 lakhs per annum
Finance: ₹2-6 lakhs per annum
IT/Tech: ₹5-14 lakhs per annum
FMCG: ₹7-10 lakhs per annum
Salary by Specialization

Your MBA specialization has a direct impact on the salary you can earn as a fresher:

Finance: ₹2-5 lakhs per annum
Marketing: ₹2- 4.5akhs per annum
Human Resources (HR): ₹3-6 lakhs per annum
Business Analytics: ₹5-10 lakhs per annum

Finance and Business Analytics specializations typically offer the highest starting salaries for MBA freshers

Salary by City

The location where you start your career also affects your salary. Here are typical salary ranges in major cities:

Mumbai and Bangalore generally offer higher salaries due to the presence of major corporations and the cost of living

Salary by Tier 1 vs. Tier 2 B-Schools

Graduates from top-tier B-Schools (like IIMs, XLRI, ISB) receive significantly higher salary offers than those from Tier 2 institutes:

Tier 1 B-Schools: ₹10-18 lakhs per annum
Tier 2 B-Schools: ₹5-10 lakhs per annum

Graduates from Tier 1 institutions typically command higher starting salaries due to the prestige and strong corporate connections of these schools

MBA Salary for Freshers

Factor	Salary Range (₹/annum)
IT/Tech Industry	₹5-14 lakhs per annum
Finance Specialization	₹2-5 lakhs per annum
Marketing Specialization	₹2- 4.5akhs per annum
Mumbai (Location)	₹4-5 lakhs per annum
Tier 1 B-Schools	₹10-18 lakhs per annum
Tier 2 B-Schools	₹5-10 lakhs per annum

Notes: Data sourced from Glassdoor, based on current market trends and salary insights for fresh MBA graduates across various industries and specializations

MBA Salary for Experienced Professionals

With experience, MBA salaries in India can see significant growth. Factors such as the number of years worked, your industry, and your role in the company all contribute to the overall salary boost that professionals can expect. Here’s a detailed look at how work experience influences salary levels for MBA graduates.

Salary Growth with Experience

As professionals gain more experience after their MBA, their salaries grow accordingly. Here’s an estimate of how salaries progress:

5-10 years of experience: ₹7-12 lakhs per annum
10+ years of experience: ₹15-20 lakhs per annum
Senior Management/Leadership roles (15+ years): ₹15-33 lakhs per annum
Industry-Specific Salary Growth

Salary progression also varies significantly across different industries. Here’s what you can expect in key sectors:

Consulting: ₹16-29 lakhs per annum after 5-10 years of experience
Finance: ₹8-20 lakhs per annum after 5-10 years
IT/Tech: ₹15-30 lakhs per annum after 5-10 years
FMCG: ₹8-24 lakhs per annum after 5-10 years

Industry-specific factors, such as demand for skilled professionals and industry growth, can impact salary growth differently.

Leadership Roles and Salary Impact

Moving into senior or leadership roles can lead to substantial salary increases. Here are typical salary ranges for senior roles in various industries:

VP/Director: ₹33-52 lakhs per annum
CEO: ₹10-36 lakhs per annum, with larger firms offering even more

Leadership roles come with added responsibilities, and companies reward these positions accordingly, especially in top industries like finance, IT, and consulting.

MBA Salary Growth Based on Experience and Role

Experience Level	Salary Range (₹/annum)	Industry Variations (Consulting, Finance, IT)
5-10 years	₹7-12 lakhs per annum	Consulting: ₹16-29 lakhs per annum
10+ years	₹15-20 lakhs per annum	Finance: ₹8-20 lakhs per annum
Senior Management (15+ years)	₹15-33 lakhs per annum	IT: ₹15-30 lakhs per annum
VP/Director	₹33-52 lakhs per annum	-
CEO	₹10-36 lakhs	-

Notes: Data compiled from Glassdoor offers insights into salary progression based on years of experience, industry-specific growth, and leadership roles.

Factors Affecting Salary After MBA

An MBA can open doors to various career opportunities, but the salary you earn after graduation depends on several important factors. Let’s take a look at some key aspects that influence MBA salary packages:

1. University/College Reputation

Where you get your MBA matters. Graduates from top-tier institutes like IIMs, XLRI, or ISB often get higher salary offers than those from less well-known schools. Companies trust the training and education from these top institutes and are willing to pay more for their graduates.

Graduates from IIMs or similar institutions often get top job offers.
Companies associate higher credibility with well-known MBA programs.

2. MBA Specialization

What you specialize in during your MBA also affects your salary. Certain fields, like Finance or Consulting, offer higher starting salaries than those like HR or Marketing.

Finance, Consulting, and IT specializations generally offer higher pay.
Specializations like Marketing and HR might have a slightly lower starting range but can offer growth opportunities over time.

3. Work Experience

Work experience can significantly impact your salary after an MBA. Freshers typically start with lower packages than professionals with a few years of work experience before pursuing their MBA.

Professionals with work experience often command higher pay based on their previous roles and expertise.

4. Job Position

The role you land after your MBA directly impacts your salary. Higher-level positions like managers or directors pay more than entry-level roles like analysts or associates.

Analyst or Associate roles offer decent starting salaries.
Manager and Director positions offer significantly higher pay and benefits.

5. Company Size and Reputation

The size and reputation of your company also affect your salary. Larger multinational companies typically offer higher salaries, while startups or mid-sized companies might offer lower pay but more growth opportunities.

Multinational corporations tend to offer more competitive salaries.

Startups or mid-sized companies may offer lower pay initially but could provide rapid career growth.

Top Industries Offering High MBA Salaries in India

MBA graduates in India have the opportunity to work across a range of industries, many of which offer competitive salary packages. The following industries consistently offer high-paying roles for MBA graduates, depending on their specialization and experience.

1. Consulting

Consulting remains one of the top industries for MBA graduates, offering some of the highest salary packages.

Salary Range: ₹6-21 lakhs per annum for freshers, with senior roles going up to ₹19-29 lakhs.
Top Employers: McKinsey & Company, Bain & Company, Boston Consulting Group (BCG), Deloitte

2. Finance and Investment Banking

Finance, especially in investment banking, is another sector where MBA graduates can earn substantial salaries.

Salary Range: ₹6-19 lakhs per annum for freshers, with experienced professionals earning ₹7-25 lakhs.
Top Employers: Goldman Sachs, Morgan Stanley, JP Morgan, HSBC

3. Information Technology (IT)

With India being a global hub for IT, MBA graduates specializing in IT or business analytics can secure well-paying jobs.

Salary Range: ₹8-15 lakhs per annum for freshers, with senior positions offering up to ₹35 lakhs.
Top Employers: Infosys, TCS, Wipro, IBM

4. E-commerce

The growing e-commerce industry in India offers exciting roles for MBAs, particularly in operations, marketing, and strategy.

Salary Range: ₹5-12 lakhs per annum for freshers.
Top Employers: Amazon, Flipkart, Myntra

5. FMCG (Fast-Moving Consumer Goods)

FMCG companies provide lucrative roles, especially in marketing, sales, and supply chain management.

Salary Range: ₹7-19 lakhs per annum for freshers, with senior positions going up to ₹24 lakhs.
Top Employers: Hindustan Unilever, Procter & Gamble, Nestle, ITC

6. Healthcare and Pharmaceuticals

Pharmaceutical companies and healthcare firms offer competitive salaries for MBAs, particularly in roles like marketing and operations.

Salary Range: ₹5-25 lakhs per annum for freshers.
Top Employers: Pfizer, Cipla, Johnson & Johnson

7. Telecommunications

The telecom sector offers a variety of opportunities, especially in strategy and operations.

Salary Range: ₹6-25 lakhs per annum.
Top Employers: Bharti Airtel, Vodafone Idea, Reliance Jio

8. Energy and Utilities

MBAs in this sector often work in strategy, operations, or project management, with competitive pay packages.

Salary Range: ₹5-12 lakhs per annum.
Top Employers: Tata Power, NTPC, Reliance

9. Manufacturing and Operations

Operations management is a key role in manufacturing, and MBA graduates in this field can expect good salary packages.

Salary Range: ₹6-15 lakhs per annum for freshers.
Top Employers: Larsen & Toubro, Tata Motors, Maruti Suzuki

10. Retail and Luxury Goods

The luxury retail market in India is growing, and MBAs with a specialization in marketing or strategy are well-placed to benefit.

Salary Range: ₹7-14 lakhs per annum for freshers.
Top Employers: Titan, Raymond, Aditya Birla Group

MBA Specializations and Their Impact on Salary

Different MBA specializations open up various career paths and offer unique salary potentials. Here’s a breakdown of how each specialization impacts salaries in India, along with common job positions and eligibility criteria.

1. Finance

Eligibility Criteria: Preferably a background in finance, economics, or accounting.
Job Positions: Financial Analyst, Investment Banker, Portfolio Manager, Corporate Finance Manager.
Salary: Freshers typically earn ₹5-13 lakhs per annum, with experienced professionals earning up to ₹23 lakhs.
Top Employers: Goldman Sachs, JP Morgan, Morgan Stanley

2. Marketing

Eligibility Criteria: Open to all, but a background in marketing or business helps.
Job Positions: Brand Manager, Product Manager, Sales Manager, Digital Marketing Manager.
Salary: ₹5-14 lakhs per annum for freshers, with salaries rising to ₹12-21 lakhs for experienced professionals.
Top Employers: Amazon, P&G, Hindustan Unilever

3. Human Resources (HR)

Eligibility Criteria: Any graduate can apply, with preference for psychology, sociology, or management backgrounds.
Job Positions: HR Manager, Talent Acquisition Specialist, Compensation and Benefits Manager.
Salary: ₹3-6 lakhs per annum for freshers, and ₹6-12 lakhs for experienced HR professionals.
Top Employers: TCS, Infosys, IBM

4. IT and Operations

Eligibility Criteria: Best suited for graduates with IT, engineering, or related backgrounds.
Job Positions: IT Manager, Operations Manager, Product Manager, Business Development Manager.
Salary: ₹4-13 lakhs per annum for freshers, rising to ₹9-20 lakhs for senior roles.
Top Employers: Infosys, Wipro, TCS

5. Supply Chain Management

Eligibility Criteria: Business or logistics backgrounds preferred.
Job Positions: Supply Chain Analyst, Logistics Manager, Procurement Manager, Operations Manager.
Salary: Freshers can expect ₹3-4 lakhs per annum, with salaries rising to ₹5-16 lakhs.
Top Employers: Flipkart, Amazon, DHL

6. Business Analytics

Eligibility Criteria: Strong analytical skills, and backgrounds in statistics, engineering, or mathematics are ideal.
Job Positions: Data Analyst, Business Analyst, Data Scientist, Project Manager.
Salary: ₹5-10 lakhs per annum for freshers, rising to ₹8-17 lakhs for experienced professionals.
Top Employers: Deloitte, PwC, IBM

7. Entrepreneurship

Eligibility Criteria: Open to all, but candidates with a strong business mindset perform best.
Job Positions: Founder, Business Consultant, Venture Capital Analyst, Business Development Manager.
Salary: Highly variable, typically between ₹8-18 lakhs for freshers, with potential for much higher earnings.
Top Employers: Startups, self-employed

8. Healthcare Management

Eligibility Criteria: Ideal for those with a healthcare or life sciences background.
Job Positions: Hospital Administrator, Healthcare Consultant, Pharmaceutical Manager.
Salary: ₹11-15 lakhs per annum for freshers, with salaries rising to ₹14-30 lakhs for more experienced roles.
Top Employers: Apollo Hospitals, Pfizer, Johnson & Johnson

9. International Business

Eligibility Criteria: Background in international relations, business, or trade.
Job Positions: International Marketing Manager, Export Manager, Business Development Manager.
Salary: Freshers can expect ₹8-18 lakhs per annum, with growth potential up to ₹75 lakhs.
Top Employers: Tata Group, Aditya Birla Group

10. Strategy and Leadership

Eligibility Criteria: Typically suited for those with strong management and leadership experience.
Job Positions: Strategy Consultant, Corporate Strategy Manager, Business Development Head.
Salary: ₹10-22 lakhs per annum for freshers, with experienced roles earning up to ₹40 lakhs or more.
Top Employers: McKinsey, BCG, Bain

Highest Paying Jobs After MBA in India

After completing an MBA, graduates can access some of the highest-paying jobs across various industries. The salary ranges for these roles can be quite lucrative, especially as professionals gain more experience. Let’s explore some of the top-paying MBA roles in India, including the necessary qualifications, skills, certifications, and typical salary ranges.

Job Role	Educational Qualifications	Key Skills	Certifications	Salary Range (₹/annum)
Investment Banker	MBA in Finance	Financial modeling, valuation	CFA, FRM	₹5-10 lakhs
Management Consultant	MBA in Strategy/Management	Problem-solving, business strategy	PMP, Lean Six Sigma	₹16-29 lakhs
Product Manager	MBA in Marketing/Operations/IT	Product lifecycle management	CSPO, Agile Product Manager	₹12-25 lakhs
Marketing Manager	MBA in Marketing/Digital Marketing	Brand management, digital marketing	Google Analytics, HubSpot	₹8-20 lakhs
Operations Manager	MBA in Operations/Supply Chain	Process optimization, logistics	Six Sigma Green Belt, CSCP	₹6-15 lakhs
Chief Financial Officer	MBA in Finance/Accounting	Financial planning, risk management	CPA, CMA	₹20 -₹75 lakhs
Data/Business Analyst	MBA in Business Analytics/IT	Data analysis, statistical modeling	Google Data Analytics, CBAP	₹13.5-14.6 lakhs
Private Equity Manager	MBA in Finance/Investment	Private equity, valuation, modeling	CFA, CAIA	₹2-3 lakhs
Corporate Strategist	MBA in Strategy/Business Admin	Strategic planning, market analysis	PMP, Six Sigma	₹14-25 lakhs
Supply Chain Manager	MBA in Operations/Logistics	Logistics, inventory management	CSCP, Lean Six Sigma	₹3-9 lakhs

Notes: The salary ranges mentioned are approximate and derived from Glassdoor. They may vary based on company size, location, and level of experience.

Salary Comparison: MBA from Tier 1 vs Tier 2 B-Schools

MBA graduates from different B-schools in India can expect different salary outcomes based on the ranking and reputation of their institutions. Here, we compare the salary prospects of graduates from Tier 1 and Tier 2 B-schools.

1. Salary Difference

Graduates from Tier 1 B-schools (such as IIMs, XLRI, and ISB) typically earn significantly higher salaries compared to those from Tier 2 B-schools. Here’s a breakdown:

Tier 1 B-Schools: These include institutions like IIM Ahmedabad, IIM Bangalore, XLRI Jamshedpur, and ISB Hyderabad. Graduates often secure higher-paying roles due to the school's reputation, network, and recruitment partnerships.
Tier 2 B-Schools: These include schools like Symbiosis (SIBM), NMIMS, and IMT Ghaziabad. While graduates from these schools still secure good roles, the salary packages are generally lower compared to Tier 1 schools.

B-School Tier

Average Starting Salary (₹/annum)

Tier 1 B-Schools

₹10-18 lakh

Tier 2 B-Schools

₹5-10 lakhs

Note: Salary data has been sourced from Glassdoor and represents averages for MBA graduates. Salaries can vary based on industry, company, and individual qualifications.

2. Career Growth Opportunities

Graduates from Tier 1 B-schools have the advantage of faster career growth and promotions. Here’s why:

Access to Top Employers: Tier 1 graduates have better access to top recruiters across industries, including global consulting firms, investment banks, and MNCs, which offer structured career development programs.
Faster Promotions: Graduates from Tier 1 schools often move into leadership roles more quickly, thanks to the reputation of their alma mater and the extensive alumni networks that provide mentorship and opportunities.
Higher Visibility: Employers frequently promote graduates from prestigious institutions into management roles earlier due to their academic background and perceived business acumen.

MBA Salaries Across Different Indian Cities

The city where an MBA graduate starts their career can significantly impact their salary. Metropolitan cities like Mumbai, Bangalore, and Delhi often offer higher salaries than smaller cities.

City	Industry Focus	Average Salary (₹/annum)	Reason for Higher Salaries
Mumbai	Finance, FMCG, Media	₹4-12.5 lakhs	Financial capital, top companies in banking, finance, and FMCG.
Bangalore	IT, E-commerce, Startups	₹7-10 lakhs	Hub for IT and tech startups with a strong demand for MBAs.
Delhi	Consulting, Manufacturing	₹3-7 lakhs	Presence of consulting firms and large-scale manufacturing.
Hyderabad	IT, Pharma	₹3-6 lakhs	Major IT and pharmaceutical companies offering competitive pay.
Pune	IT, Manufacturing	₹5-7 lakhs	Growing hub for IT services and manufacturing with expanding firms.
Chennai	Automotive, IT, Manufacturing	₹2-10 lakhs	Focus on automotive and manufacturing sectors with tech influence.

Note: Salary data has been sourced from Glassdoor and represents averages for MBA graduates. Salaries can vary based on industry, company, and individual qualifications.

Scope of Abroad Jobs After MBA in India

An MBA from a reputed Indian institution can open doors to many global job opportunities. According to recent reports, over 44% of Indian MBAs seek employment opportunities abroad within the first three years of graduation. Indian MBA graduates are in high demand in various countries, especially in regions like the USA, UK, Canada, and the Middle East, with increasing numbers of companies offering competitive salaries and benefits.

Top Regions with High Demand for Indian MBAs

USA: The USA remains the top destination for MBA graduates, especially in industries like finance, tech, and consulting. In 2023, 40% of international MBA graduates in the USA came from India, with major cities like New York, San Francisco, and Chicago being hubs for global corporations.
UK: The UK, particularly London, offers strong opportunities in finance and consulting. Indian MBAs make up 25% of the international MBA workforce in London, and post-Brexit, there has been increased demand for MBAs in sectors such as fintech and healthcare.
Canada: Canada is known for its growing technology and finance sectors, especially in cities like Toronto and Vancouver. In 2022, the country saw a 20% increase in hiring MBAs from India, and it offers a favorable immigration process for skilled workers.
Middle East: Countries like the UAE (Dubai and Abu Dhabi) and Qatar offer strong opportunities in sectors like construction, oil and gas, and finance, with tax-free salaries being a major draw. Indian MBAs account for 15% of international hires in the Middle East’s finance sector.
Germany: Germany has become a hub for MBAs, especially in manufacturing, automobile, and tech sectors, with cities like Berlin and Munich offering competitive salaries and benefits. Indian MBAs are among the top three international student groups hired by German companies.

Key Industries Hiring MBAs Abroad

Finance: Investment banks, private equity firms, and financial services are some of the top MBA recruiters in countries like the USA, UK, and Canada.
Technology: Major tech firms like Google, Amazon, Microsoft, and Apple are always looking for MBAs to manage business operations, product management, and tech strategy.
Consulting: Global consulting firms such as McKinsey, BCG, and Bain hire MBAs for their global offices, offering roles in strategy, management consulting, and business transformation.
Healthcare: The healthcare and pharmaceutical sectors are booming globally, with MBAs playing a key role in hospital administration, medical operations, and healthcare consulting.

Common Job Roles for MBAs Abroad

Business Analyst: Working on improving business processes and efficiency.
Consulting Manager: Providing strategic advice to companies on business optimization.
Product Manager: Overseeing the development and launch of products in tech and retail.
Financial Analyst: Managing investments and financial portfolios for companies.
Operations Manager: Handling supply chain management and logistics for global firms.

Expected Salary Ranges in Popular Countries

MBA salaries vary significantly depending on the country and industry. Below is a summary of typical salary ranges for MBA graduates across some of the most popular countries. While countries like the USA and UK offer higher salaries, it's important to consider the cost of living, which is higher in these regions compared to India.

Country	Industry	Average Salary (₹/annum)
USA	Finance, Consulting	$110,479 per year
UK	Finance, Fintech	£39,578 per year
Canada	Tech, Finance	CAD62,636 per year
Middle East	Oil & Gas, Finance	AED 10,005 per year
Germany	Manufacturing, Tech	€77,504 per year

Note: Salary ranges are based on data from Glassdoor and may vary depending on the company, industry, and location.

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Conclusion

We’ve talked about how an MBA can help you earn more, especially when you choose the right specialization and get real work experience. Networking, joining professional groups, and doing internships can lead to better job offers. To keep growing your career and salary, consider adding simple certifications from UpGrad. These extra skills can help you stand out and get better-paying jobs in the future.

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Frequently Asked Questions (FAQs)

1. How does an MBA salary in India compare to global MBA salaries?

MBA salaries in India are competitive but generally lower compared to global figures. While a fresher in India can expect an average salary of ₹7-15 lakhs per annum, MBA graduates in countries like the USA and UK often start with ₹60-120 lakhs per annum due to higher living costs and global demand.

2. Do online MBA programs affect salary potential in India?

Yes, online MBA programs generally offer lower salary potential than traditional full-time MBAs, mainly because of networking and internship opportunities. However, recognized programs from reputable institutions can still provide good returns if complemented by relevant work experience.

3. Which MBA specializations are future-proof for emerging industries?

Specializations like Business Analytics, IT Management, Digital Marketing, and Healthcare Management are considered future-proof as they align with emerging technologies, big data, and digital transformation trends.

4. How does gender influence MBA salaries in India?

Unfortunately, there is still a gender pay gap in India. Studies show that female MBA graduates often earn 10-20% less than their male counterparts in the same roles, though the gap is narrowing as more companies prioritize diversity and inclusion.

5. What impact does international work experience have on MBA salaries in India?

International work experience can significantly boost MBA salaries in India. Those with overseas experience often see a salary hike of 15-30%, especially in industries like consulting, finance, and IT, where global expertise is valued.

6. What are the salary prospects for MBAs in government jobs?

While government jobs in India traditionally offer lower starting salaries compared to the private sector, MBAs in public sector roles (like PSU companies, banking) can expect salaries in the range of ₹7-12 lakhs per annum, along with job security and benefits.

7. How do internships during an MBA program influence salary offers?

Internships play a crucial role in determining post-MBA salary offers. Candidates with relevant internship experience, particularly in high-demand industries like finance and tech, often secure higher starting salaries compared to those without practical experience.

8. Can pursuing an MBA after a technical degree like Engineering lead to higher salaries?

Yes, combining an engineering degree with an MBA can lead to higher salaries, particularly in sectors like IT, operations, and product management. The blend of technical and managerial skills is highly valued, with salaries often 10-30% higher than for MBAs without technical backgrounds.

9. How does the Indian economy influence MBA salaries over time?

Economic factors like inflation, GDP growth, and industry performance directly impact MBA salaries. In times of economic growth, salaries tend to rise, while during downturns, salary growth may slow. Sectors like IT and finance are particularly sensitive to economic changes.

10. What role do soft skills play in determining MBA salary in India?

Soft skills like communication, leadership, and negotiation are critical in determining MBA salaries. Employers value candidates who can work well in teams and lead projects, often offering higher salaries to those who demonstrate strong interpersonal abilities.

11. Is there a salary difference between MBAs working in startups versus established companies?

Yes, there is a noticeable difference. Established companies generally offer higher fixed salaries, while startups might offer lower base salaries but compensate with stock options and faster career growth opportunities. Startups can be more rewarding in the long term for those willing to take risks.

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There are millions of ways to adapt growth hacking trends but there is no hard and fast rule that defines which one is the best. Here are some stepping stones that have been explored by some of the most popular growth hackers out there. Ideate With growth as your central theme – be it measurable marketing objectives, competition, business evolution or use of technology in marketing; give yourself a brief to crack. Once you know which verticals to tackle, round up your team and ideate on the best ways and latest technologies that can be used and tested as a growth hack. Experiment Newer the technology the better, as it makes way for a plethora of digital marketing experiments. These experiments will help you learn which growth hacks work and which don’t. They could be related to the best use of latest platforms like Periscope, Snapchat, Instagram etc. or simply building a beautiful website that bridges the gap between you and your customers. Make a note of the key learnings and measurements as they might come handy in future. Monitor Growth hacking is heavily dependent on data-driven marketing and vice versa. Your ideas and experiments will hold water only if they are supported by strong numbers. Hence, monitor and measure every experiment or campaign you run to increase your customer base. Their results give you a bird’s eye view of what you need to do next – whether to optimise the same campaign/experiment or adopt a new growth hack. Optimize Campaign optimisations are often looked upon as a key to improving the numbers. Businesses resort to them only when they have unrealistic marketing objectives to be achieved against tight deadlines. But if used properly, optimisation could open a treasure trove of great growth hacking strategies. For e.g. the experiments that you have conducted so far may not have given you great results but they look promising. Here, optimisation can help in tweaking the experiments enough to enhance the outcome. Grow Finally, everything will boil down to how you chart out your growth journey using these hacks. Out of 10 ideas, you might have experimented with 6, monitored them all, optimised 3 of them and only one of them actually worked in scaling your growth. So, does that mean you should explore newer growth hacking strategies? The answer to that is yes and no. Yes, keep looking for the latest hacks and no, don’t give up on the old ones as you never know which one is gold. 17 Essential Digital Marketing Skills which will help you Rock! Growth Hacking Realized – Airbnb While the above steps sound great theoretically, you might be screaming for an example that puts things in perspective. So, let’s consider the growth story of Airbnb – the poster child of growth hacking strategies. Airbnb is an online platform that allows people to turn their bedroom/ spare room into a lodging space that can be rented by strangers. Today, it’s a revolution but it all started with two individuals who decided to do things differently. The Idea Designers Joe Gebbia and Brian Chesky were not able to afford the rent of their San Francisco apartment. So, out of survival instinct, they decided to rent out their loft. They had the option of posting their listing on Craiglist (a portal where people look for accommodations), but they felt that it would be too impersonal. So they gave it some thought and decided to build a simple website instead that would make their listing look personal and warm. The Experiment They built the website in a time when a design conference was coming to town and there was a lack of hotel space. They put up pictures of their loft-turned hotel space along with an appealing offer of home-cooked breakfast in the morning. Then they waited. They didn’t know how well this would work or whether it would even work. But eventually this got them three renters and within a week they started receiving inquiries asking when this facility will be available across cities and countries. This came as a surprise. The Smart Hack After some in-depth market research and planning, they set up a website for the international audience where people world over could list properties or book them for lodging. But now the problem was, how do they let people know about the existence of Airbnb in the smartest and cheapest possible way? They went back to the drawing board and decided to leverage Craiglist for its massive user base. They created a form that suggested the users to post their listing on Craiglist as well to get better traction. How to become a T Shaped Marketer Optimisation While they did this, they optimised the user experience on their website with great pictures, warm language & story like descriptions and also ensured that the property listings earned more through Airbnb than on Craiglist. This changed the game for Airbnb as their customer base shot exponentially at minimal cost. Growth Journey Airbnb could have continued with their Craiglist hack but they were smart enough to move on in time from poaching customers to focusing on augmenting their own product. They found out that they were not very popular in cities like New York, London, Paris, Vancouver, and Miami. The reason – renters were posting poor quality pictures of their properties and the users didn’t get to see what they are paying for. They could have tackled this by sending out a series of ‘How to’ emails. Instead, they sent a group of professional photographers to these places to click good quality pictures and posted them on the listings. Needless to say, this worked wonders for them not only in terms of increased bookings but also a spike in the trust factor owing to the authenticity of the pictures. Influencer Marketing – The Silver Bullet Since then, Airbnb has explored unique and human growth hacks like turning mere homestays into local living experiences, thoughtfully rebranding itself into a lovable brand, etc. Have you ever used a growth hack to leverage your startup? Which growth story has inspired you the most? Explore Online MBA Courses at upGrad.

by Rahul Karthikeyan

12 Jul'16

12.23K+

Brand Positioning – A Focal Point of All Marketing Efforts

“The best marketing doesn’t feel like marketing.” – Tom Fishburne, Founder and CEO, Marketoonist Several times, we come across advertisements which do not sell the product or service directly. For example, soft drinks like Thumbs Up and Mountain Dew sell an idea of being adventurous and fearless instead of the drink itself. Banks like ICICI do not explicitly discuss a range of banking services that they offer but evoke a sense of security, a sense of being cared for through their ad campaigns with taglines like “Hum hain na” (We are there for you) or “Khayal apka” (Care for you). These companies persuasively align their products with ideas, values or emotions. It is a part of their marketing strategy – in the form of brand positioning. Positioning in marketing is used to place your brand in the minds of the audience in a particular way. It defines the brand and what it does for a customer. It defines what value it offers and what it stands for. In this way, customers slowly and steadily align these values or ideas with a particular brand and connect with it. Learn How To Use Audience Targeting In Marketing! It is extremely important to learn about brand positioning to excel in any kind of marketing job. If you want to upskill yourself, check out our digital marketing courses. Positioning in marketing is important as it plays a crucial role in making the product relevant to your target audience. It explains and strengthens the value of a brand i.e. why and how it solves the problems and makes life easier; or simply why every penny spent on buying this product/service is worth it. Therefore, every business, whether big or small needs to position their product or service in a certain way. To achieve this goal, a marketer should know what exactly is brand positioning in marketing, how it works, how to write a well-defined positioning statement, what are the different types and methods to perform powerful brand positioning, etc. This knowledge will give an insight of how marketing experts strategize their efforts. Overall, it will help you understand the dynamics of marketing, inside out. The origin of brand positioning in marketing The concept of positioning in marketing was popularised by Jack Trout, Al Ries and Philip Kotler in ‘Positioning: The Battle for Your Mind’ – a Bible for positioning in marketing. It spelled out the mantra of success in branding through positioning. Winning the Market with Consumer Journeys According to these marketing gurus, customers are bombarded with advertisements on a daily basis and they deal with it by filtering the information and discarding useless information that they cannot connect with. To effectively place the brand name in the minds of the target audience in such a ‘media-blizzard’ as they call it, brand positioning is a key. What does brand positioning mean? Philip Kotler defines brand positioning as “the act of designing the company’s offering and image to occupy a distinctive place in the mind of the target market”. In simpler words, brand positioning describes how a brand is different from its competitors and where or how it should be placed in customers’ minds. Types of brand positioning in marketing There are various brand positioning strategies at your disposal to achieve your brand positioning goal. The most popular ones are: Quality positioning While positioning a product, a company assures a customer of its highest quality. Tropicana Juice – 100% real fruit juice, is an example of quality positioning. Price positioning There are two ways of positioning while using price positioning in marketing. High-value positioning and low value (reasonable pricing positioning). For example Big Bazaar positions itself with an idea that customers will get the best products for cheapest rates – isse sasta aur accha kahin nahi (it can’t get better and cheaper than this) while Taj group of hotels’ venture Vivanta’s positioning efforts clearly states that their service is dedicated to a more aspirational consumer. Words like ‘stylish and sophisticated’ used in their positioning statements give us an instant idea about the quality of their services. Benefit positioning This type of positioning offers an exclusive benefit of using a product/service that no other brand can deliver. For example, Motilal Oswal Financial Services assure solid research and solid (financial) advice. Solution (problem-solving) positioning In this type of brand positioning, a company offers a solution to a problem of the target audience. Like LIC offering the comfort of being secured. It positioned itself as an insurance company that would offer solutions to all your worries related to money management and as a friend that would look after your loved ones in case of a calamity – “Zindagi ke sath bhi, Zindagi ke bad bhi” (With you; for a lifetime, and even after that). Subjective (competitor based) positioning Positioning a product in the minds of the audience with respect to a competitor by implying that no other brand can serve them better. For example, Malayala Manorama, a newspaper in Kerala, sets itself apart by assuring, “Nobody Delivers Kerala Better”. Why Brands Need To Do More: Lessons from Google, Airbnb & Uber How to strategically design your positioning statement A key to robust positioning in marketing lies in writing a strong, well-defined positioning statement. The following steps will definitely help a marketer to write a fitting positioning statement: Identify the target audience A thorough understanding of how segmentation and targeting work in marketing will help identify a target market. A target market is essentially a segment or group of people who are most probable to be your customers. It can be the urban youth, the middle-class segment or even population belonging to a particular geographical region. Read the signals through research Understand what the target market wants to hear, define its needs and wants, the communication method it is most comfortable with and then prepare your plan. Communicate the value that the brand aims to create Deliver a message in a way that it assures the customers that this is all they have been looking for. Make a promise of quality, most reasonable price, benefits that none other can offer or value addition over and above what a rival company is offering based on your assessment of the product/service and a USP (Unique Selling Point) based on which you are selling this product. Design-Thinking in Content Marketing: Some Ideas and Tools Examples of noteworthy positioning statements Amazon for its books segment: “For World Wide Web users who enjoy books, Amazon.com is a retail bookseller that provides instant access to over 1.1 million books. Unlike traditional book retailers, Amazon.com provides a combination of extraordinary convenience, low prices, and comprehensive selection”. Zipcar: “To urban-dwelling, educated techno-savvy consumers, when you use Zipcar car-sharing service instead of owning a car, you save money while reducing your carbon footprint”. Notice how both of these businesses define clearly the target segment, what their company does, how it helps you and what is the value that it promotes, and the range of benefits that it offers. Such well-defined positioning statements, in fact, such remarkable positioning in marketing has multiple benefits. First and foremost, it makes every department of an organisation, market-oriented. It becomes a part of organisational philosophy and value. It creates loyal customers. It helps you stand out in stiff competition. And most importantly, it attracts your target audience in a very powerful way. It helps them remember your brand a certain way, a way you want them to remember it. 5 High Impact Digital Marketing Strategies to Win the Market How to learn about positioning in marketing? You cannot master marketing without a profound knowledge of brand positioning. It won’t be an exaggeration to say that it is a focal point of all marketing efforts. Reading books and online articles won’t take you too far. For a deep insight into how positioning in marketing works, you should undergo formal training and educate yourself thoroughly. If you wish to explore and become an expert in Digital Marketing, check out upGrad & MICA’s Advanced Certificate in Digital Marketing & Communication. Become an expert in social media marketing, content marketing, branding, marketing analysis and PR. This course helps you to not only understand brand positioning but gives you an opportunity to apply learnings from real-time case studies and industry projects to create a robust marketing strategy and scale new heights in your career. Learn Online MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.

by Maithili Pradhan

07 Feb'18

5.74K+

Do You Really Need an Offline MBA to Become a Great Manager

A Disclaimer: I refer to those professionals who don’t have a Management Degree and are striving to make a transformation in the managerial role in their career. The business ecosystem is changing every day and so are the requirements from the business professionals. Accelerating and augmenting the business to sustain in the market, has been a consistent pertaining need of the hour. The growth of high-end technology has enabled to automate the business processes and reduce the mundane labor of work. Yet, the role of management to develop, plan, strategize and execute the operational business tactics is inevitable for any organisation. Most of the corporate career path, especially non-technical and non-engineering channels of business, leads to this management segment or the managerial role. A leadership role which is alluring and encouraging to seek greater success in the corporate arena. Is the path to the Managerial role a straightforward route? The initial formative years in the corporate world sows the seeds and dreams of a dynamic career. The peers and managers influence and strengthen our dreams. Most of us look up to these managers and wish to achieve the same. But, after the initial phase of sugar and spice, the reality checks-in when the professionals face the real competitive environment for the managerial role. The path to the managerial role comes with a great responsibility and vision. A professional management certification on your sleeves is a perfect incentive and an entry ticket to achieving this managerial designation and can offer an upper hand when compared to others who do not have one. At this juncture, most of the corporate enthusiasts go through a midlife crisis. Confused whether to quit the job, pursue a degree from a reputed B school such as IIM, ISB or International Institutions, or get a management degree from some random management institution. Real Individual Growth, the Catalyst for Success A low CAT score also sometimes forces them to settle for something very less and eventually hits them hard on their pockets. Most of us believe just a paper of certification would suffice to pursue this role, contrary to the reality. A lot of corporate professional’s dwell in this dilemma for a very long time and sometimes miss out the major career turning point of their life. If you are sailing on this boat, we are here to anchor you and show you the right path. Even after more than two decades and tremendous technological advancement and process automation, the implications of managerial role and management skills have not come down. Having said that, there is a steady decline in the fad of the management studies and certifications from B Schools. The lure of being an IIM or any other B school alum has been declining for quite some time. Research studies conducted by ASSOCHAM show that only 20% of students passing from B schools end up in jobs which are aligned with their studies. The campus placement scenarios in these management institutions are extremely grim and have dropped down severely. Most of the students end up in low-salaried jobs and struggle for years to pay their educational loans. So, why take the pain of writing a CAT examination, quitting your job and pursue a management degree which might end up in a path filled with the bumpy road in your career than the present scenario? You might be wondering what could be the other ways where you don’t have to take a break as well as get a management degree? We are here to help you out. Gone are the days when Management studies were a lucrative and luxurious educational stream, mostly pursued by professionals who have a strong and wealthy background and who could afford to take a break whenever they wished to. Today, Management studies with a certification in hand, are vital to growing up in the corporate ladder. Having said that, the online and distance education system of learning and acquiring skill sets has enabled professionals to look at the pros and cons of entering the campuses of B Schools with a different perspective. The corporate programs offered by online educational institutions such as UpGrad, inspire professionals to take up Management Studies and transform their careers without pausing or halting in the middle. This transformational journey is like The Road to El Dorado filled with bumps and potholes. From being a subject matter expert to a managerial role without quitting the job requires an investment of time and conscious efforts to balance the ongoing role and acquire skills for the new role. Some of us might be doyens in our area of expertise and possess in-depth knowledge about the domain. However, we might lack the managerial skills to plan and execute the business improvement ideas. For example, as a developer, you might have a fresh and great idea to augment the features of the product you are developing and make it more conducive for the customer and incur more revenue for the organisation. Nevertheless, you might not be able to forecast, plan, budget and execute the different aspects of the business to implement your idea. This is where the necessity of acquiring managerial knowledge and skills comes handy. The need of proficient business managers is on the rise to tackle the challenges of the dynamic and fluctuating business environment. In the present scenario, most of the business managers are required to look beyond the present and foresee the challenges of the future and be planned and prepared for any type of crisis. The product managers are in a constant battle to grow the business with creativity and speed. These online management courses will help build and hone the necessary skills such as researching and synthesizing information of the business, communication skills and project management along with knowledge and application of diverse management tools. The Certification of Management Studies would empower the students with the knowledge to handle the projects from the business profit and loss perspective and augment it creatively to the best of the business needs. Though these are not a full-time professional degree course, there are impeccable advantages of opting for such online management certifications. These corporate online programs have endured giving a virtual learning experience just like a real-time educational institution. The best feature of these online management certifications is that most of them do not have any entrance exams. So, zero fear of passing or failing at the entrance exams. Above all, these online courses can be pursued with or without taking a break from your career. After all, who would wish to take a break, make a huge investment and live in financial crunches for years? These online courses and certifications do require an extra little time investment in your daily life (of course every course has a time limit). These courses, besides giving in-depth theoretical knowledge about the business concepts also help you understand the practical real-time business scenarios and the challenges of the industry. These courses also impart insights and information about the changing trends of the market through applied projects along with personalized mentorship. The plethora of options for the corporate professionals available in the education world would help them seek the required managerial and leadership skills without any hindrance in the career. An online education which is exclusively skill-based training along with intellectual and innovative awareness and application of the business tools to provide exception management services for the business. Much for the best of the students and professionals, these management programs are certified in collaboration with reputed national and international business schools. Once acquired the degree as well as the essential skills, the corporate professionals can showcase their talent to grow up in the ladder. As these courses are pursued as an on-the-job educational enhancement, it will be a perfect way to apply the management skill in your daily professional life and show your peers and seniors the innate potential and the acquired new skill for the optimum career growth. With the timely execution of the skills in the business and visible impact on the business, the transformational journey from a subject matter expert to the managerial role would take place. The expedition from a subject matter expert to a managerial role not only requires the technical skills and managerial skills but also needs a shift in the mindset. When you are a subject matter expert, you must be a pro at your subject. You need to be a master of your domain. The go-to person for all the product development problems. Why Skill Development is Really Important for Success You need to help the team solve the problems when under the technical crisis and find solutions to the product issues. But, the scenario completely changes when you are looking yourself for a management role. You are not just a problem solver. You need to think and forecast when and how the problem would arise, how many resources would be needed to solve the issues and what is the time-delay which would happen if problems arise. An end to end overview of the project in terms of business vision and mission. As a Manager, the way you approach the business would change drastically. These management degrees will help you visualize the day to day problems of the individual projects from the business perspectives. You will start looking the projects in terms of revenue generation and contribution to the profits of the organisation. As a manager, you would need to have a much profound thought and views about the resources available and the future necessity of the resources, along with the time management, so that the project schedules are met in a timely fashion to the customers as per the schedule. You also need to overview the performance of the individual team members depending on their contribution to the projects. In short, you as a manager must have the potential to show the entrepreneurial skills such as resource management, time management, business operations management besides having the knowledge of the product development. Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career. Do You Have All the Skills Required to Start a Business? This revolution in the mindset does not happen overnight or just by possessing the theoretical knowledge. This change in the way of thinking and execution of the business goals comes after a lot of daily business crisis encounters over a period. The best way to kick off this journey of managerial metamorphosis is to pursue an online management degree along the side of your ongoing corporate career. Sow the right fertile seeds today for a better constructive and thriving professional career.

by Deepak Singh

01 Mar'18

5.88K+

Get an Edge in your Management Career: UpGrad and IMT Ghaziabad

Across the globe, for quite a few decades now – getting a post-graduation management education has been a tried and tested route for employers to hire high caliber managers. It also gives an edge to aspiring managers for transitioning into higher paying roles. But not everyone who gets a management degree achieves success. In India, tens of thousands of management graduates are churned out by the 100s of colleges, but only 7 percent turn out to be employable, says a study conducted by ASSOCHAM. In fact, only a top few colleges are able to boast of quality education and great career impact. Beyond the top 20 colleges – all metrics related to career impact, whether it is post-college CTC or percentage of class employed after 3 months, fall drastically. This shows, it’s not enough to just get a management education – the college you get it from is very important. For a lot of working professionals, going back to the campus is not the best alternative. Many of them can’t spend 5-15 lakhs on getting an on-campus MBA. Some want to continue their jobs and get promoted and some are not able to get into campus programs of a reputed college. As a result, every year approximately 140,000 people enroll in distance education management programs available in India (MHRD report). Do You Really Need an MBA to Become a Manager? But in most of these distance education programs, the quality of education is substandard. This also is not much of a secret – all recruiters understand this well. To help aspiring managers to actually achieve their career goals without taking a 2-year long break, we joined hands with IMT Ghaziabad to develop a PG Program in Management. IMT Ghaziabad is widely regarded as one of India’s leading B-Schools. The alumni of IMT Ghaziabad can be found in almost every industry in leadership positions. IMT G alumni are serving in senior leadership positions in organisations such as Google, Genpact, Verizon, Ashok Leyland, Citibank, Credit Suisse and Zomato. What are some unique features of PG Program in Management Become a graduate from one of the best B-schools Having a great B-school on your profile benefits you throughout the career. Be it getting shortlisted for interviews or getting promoted faster – there are lots of intangible and tangible benefits. You will also have access to campus facilities and be a part of IMT alumni network. UpGrad learning experience: Tailor made for busy working professionals This program requires only 6-8 hours of time per week. In a typical week, students go through lectures and assignments by taking out 3 hours from Monday to Friday. All the live lectures are scheduled over non-work hours for their convenience. And all deadlines are on Sunday midnight – so that you have the entire weekend to complete everything. Learn from top professors and top industry professionals One very unique feature of the program is that the lectures are not only taken by professors from IMT Ghaziabad – but we also have lots of industry leaders teaching you in the program. These industry leaders have decades of experience and work in leadership positions in top companies and access to multiple networking sessions during and after the program. Learn by doing; go beyond learning through lecture notes We believe learning doesn’t happen by going through lecture videos or Hangouts – learning happens when you apply the lectures taught you to real-life problems. This program will have 13 case studies based on actual problems faced by companies. It will also have live projects where you will be running digital marketing campaigns on Facebook and Google Ad platforms. Get mentored 1:1 by industry leaders In this program, you will get 5 sessions with an industry professional with years of experience. You will get to choose this mentor from a pool of mentors. In these 1:1 sessions, your mentor will help you develop a better resume, conduct mock interviews and help you understand what kind of roles should you apply to. Get career opportunities Through our network of over 200 industry partners, we share career opportunities with our students. Additionally, students get to be part of IMT Ghaziabad official alumni group – where a lot of top opportunities are shared. Transition into your dream role faster Unlike most management programs that take 2 years, we have designed this program to be only 10-months long. A short MBA program helps the students achieve their career goals faster and are ideal for experienced professionals. Many top MBA schools like the Indian School of Business, INSEAD France, and HEC Paris also offer short duration management degrees. No need to take a lot of leaves for the end exam In a usual distance management degree, students have to take end semester exams. Most students end up taking a 10-15 day leave to give these exams – which is a big pain point. To solve for this – we have a lot of smaller components throughout the program where you will be graded. These include case studies, assignments, live projects and so on. This means, you just need to turn in your assignments on time and there is no end term exam. Real Individual Growth, the Catalyst for Success We are excited to train the next generation of leaders for the country. Check out the PG Program in Management now if you wish to race ahead of the curve in leadership roles! Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.

by Apeksha Minz

20 Mar'18

5.36K+

4 Customer Retention Strategies You Never Tried

We live in a world of constant competition. When it comes to the business, brands are working rigorously to make sure that consumers don’t buy from their competitors. In such situations, the best option is to work on your customer retention strategies. Customer retention, in a nutshell, refers to the process of keeping and nurturing your existing customers. It involves building trust among existing consumers and earning their continued patronage. According to Invesp, the probability of any business selling to existing customers is 60-70%. The study further shows that existing customers are 50% more likely to try out your brand’s new products. They are also likely to spend 31% more compared to new prospects. These statistics explain why you should concentrate more on customer retention rather than focus only on getting more customers. And due to all these benefits, customer retention is one of the key factors that drive the success of any business. So for optimum results, your brand should have proper strategies in place for retaining your existing customers. Here are a few tried and tested strategies you can use to excel at customer retention: #1. Add Value to Your Products Providing something extra to customers so that they don’t buy from your competitors is a good way to retain customers. It is not only limited to providing benefits and features, you can also provide unique experiences to your consumers that no one else provides. You can alternatively provide unique benefits and experiences to certain groups of customers rather than providing them to everyone. This way, you can also reap huge benefits by offering a sense of exclusivity to certain customers. An example of a company that adds value to its products and provides unique experiences to its customers is Apple. Apple has always been known for making products that are easy to use. In its recent development, the iPhone X is one of the first mobile devices to have facial recognition technology. This allows you to you scan your face so that it can only be unlocked by you. Not only this, Apple perfected the face ID technology significantly so that their product is one-of-a-kind. They have yet again managed to set themselves apart to continue retaining their loyal customers. Brand Positioning: A Focal Point of All Marketing Efforts #2. Delight Your Customers As a business owner, there’s no doubt that you can offer your product at a fair price and deliver it to your customers in a timely manner. However, this does not give them an unforgettable and meaningful experience. Nor does it ensure that you’ll gain their loyalty. In order to retain customers, your brand should think of effective ways to consistently provide memorable experiences to customers. There may even be times when you go above and beyond to ensure that their experience is unique and pleasant. To delight and surprise your customers you can: Ask customers to take part in surveys to show that you care about their opinions. Bring them onboard for product testing so they have a unique pre-launch experience. Celebrate their birthdays by sending out exclusive gifts or discount offers. This way, your customers will know that you truly care about them and not just about their business with you. It will help them understand that you’re serious about delivering a one-of-a-kind experience to them. And this will enforce their trust in your brand. Foundr magazine recently published a guide anyone can use to start and scale an online store. In 2012, the people of Bethel, Alaska were delighted to hear the news of a Taco Bell opening there. But they later discovered that the opening of the Taco Bell in their remote town was merely a hoax. Not long after, the news reached Taco Bell. The company understood the amount of excitement that was built around the potential Taco Bell opening. This is when the company thought of surprising the citizens of Bethel. Taco Bell soon executed an event named “Operation Alaska.” During the event, the company sent out a helicopter carrying a Taco Bell truck to the town of Bethel. This truck was filled with enough food ingredients to make 10,000 Doritos Tacos for the people of the small town. Taco Bell did this to surprise the people of the town and appreciate the brand’s loyal fans. Although they were unable to open up a physical store in Bethel, the company went out of their way to address their customers’ demands. Learn How To Use Audience Targeting In Marketing! #3. Provide Great Customer Service It doesn’t matter how good your product or service may be if you can’t deliver good customer service. If your customer service is not up to the mark, you will have a hard time retaining the customers who choose to do business with you. Brands should understand that the quality of service they provide is the main factor that differentiates them from competitors who sell the same products as they do. That’s why it is of the utmost importance that your company has effective customer service strategies in place if you wish to boost customer loyalty. This would also include everything from setting up a proper after-sales protocol to providing a good user experience to your site visitors. They need to know how to build, launch and grow a profitable online store. Just think about it – will visitors return if your web pages load slowly, or if it takes several minutes for them to find the information they need? It will not only frustrate them but also increase their sensitivity towards price. And this could significantly affect your brand’s revenue in the long run. By focusing on personalized customer service solutions, brands can easily retain the majority of their customers. Here’s an example of great customer service being provided by Amazon. Here we see that the customer has reported that the product order is yet to be delivered. The customer support agent Jeff informed the customer that the product has been delivered to Australia. He apologized for the inconvenience and created a replacement order for the customer. Jeff also went on to provide an expedited delivery of the replacement order. This way, he not only answered all the customer’s questions but gave her a personalized solution to the issue. Segmentation in Marketing: Get Started with Effective Strategies #4. Boost Your Content Marketing Strategy By understanding the customer’s perspective, you’ll realize that consumers are more comfortable buying products and services that they think they’re familiar with. So when it comes to purchasing decisions, they choose products and services they’ve heard of from some other source. This source could be anything – from friends and family to news articles. That’s what makes content marketing so effective for businesses. Content marketing involves publishing content in a way that not only reaches out to the masses but also influences them. It helps consumers learn more about your product or service in a way that’s not overly promotional. Additionally, it also provides useful information to existing customers on how to further benefit from your product or service. There are a few steps you can take to optimize your existing content marketing strategy. Here are some ideas you should implement: Combine Content Marketing with Influencer Marketing – Work with influencers who have a voice in a relevant niche. You could have them create content in which they talk about your products or services in front of their audience, which can help you win over an engaged audience. You could also have them vouch for your products or services in testimonials, expert roundup posts, or interviews. And since the recommendation is coming from someone they trust, this audience is highly likely to be smitten about what you’re selling. This will give you an easier time winning their trust and loyalty, which is vital for retaining them. Keep Track of Where Your Content Stands – It’s also crucial that you ensure your content remains consistently visible and valuable. The goal here is to ensure that you continue to attract and engage a highly relevant audience and win over their loyalty. Additionally, strategies such as updating content can have a significant impact on your content visibility and customer retention efforts. The strategy involves picking out older pieces of content and updating them with new information, new ideas, or new images that can continue to engage your audience. Winning the Market with Consumer Journeys Conclusion It’s important to understand that your current customer base is the best asset your business has. These people are the ones who are already aware of your brand as well as its products and services. Focusing your energy and time on making these people happy will help you generate substantial revenue. Do you know any more strategies that can help in customer retention? Feel free to let us know in the comments section below. Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.

by Shane Barker

27 Mar'18

5.46K+

The Ultimate Sales and Marketing Resource Guide

The present marketing world is evolving every minute. In a perfect world, sales and marketing work in collaboration. However, the reality is otherwise. The old-school approach of recruiting people with just sales knowledge or marketing experience is dying. The digital ecosphere has bridged the gap between the marketing and sales professionals. Today, no business organisation requires or recruits human resources who possess a very narrow knowledge and skill set. Today, every front-end professional who interacts with the consumers must hold knowledge about the end to end cycle of the business. We all have the habit of bookmarking interesting and informative articles to be read in our leisure time, and that time never comes. The thought of acquiring all the knowledge of sales and marketing is in itself quite overwhelming. Even though the industry requirements are changing, most professionals are unable to stay updated with their skills and knowledge. Here we are sharing the ultimate sales and marketing resource guide for all the professionals who are into marketing and sales. This is an attempt to share the basic requirements of the industry and also the list of the resource from where one can gain the knowledge and skill set of Sales and Marketing Management. While on hand, the marketing team would bring the latest ideas and strategies for advertising the product to generate leads. On the other hand, the sales team would be handling calls and answering consumer queries to convert them into loyal customers. But, this would happen separately and the information given to the consumers would be different. The biggest challenge which most businesses face is the gap between the sales and marketing team because of a lack of communication between each other. The efforts to convert the traffic to customers would be all in vain. In short, the business would run at a loss if both these segments work individually. Today sales and marketing team should know about the workflow and functioning style of each other and work in cohesion to drive revenue. Here are some of the mandatory knowledge which every sales and marketing professional must own. Foundational Skills of a Marketing and Sales Professional Hard Skills Storytelling Thought Process No marketing and sales professional should throw a direct pitch for purchase to the consumer. With the widespread use of technology, today’s consumers make better-informed choices and purchase decisions. Every marketing and sales professional should sell their products or services in the form of a persuasive tale to the consumers. These professionals must have a storytelling thought process to capture the attention of the audience at the first instinct. A journalistic mind along with a creative feature writer’s attitude and ability in dealing with consumers is one of the more essential hard skills of the industry. Digital Media Skills The digital world is evolving and challenging the traditional frameworks of marketing and sales. It is evident that digital media is the way forward and every professional must own digital media skills to flourish in this industry. The digital media is dramatically impacting the buyer-seller relationship and the brands. An effective and active digital media presence is the new path to enjoy the tangible results of sales and marketing. Design Skills Today, every professional is mandated to be a tech-savvy to grow in this field. The advancement of technology has automated the marketing and sales process. Hence, all professionals must devour the knowledge of process modelling, project management, web and graphic designing along with content curation. Possessing a technical know-how is a must to climb up the ladder of professional growth. Data Analytics Skills The technology has enabled to capture massive data about every step a consumer takes towards the brand. The knowledge to interpret these data into viable inferences and frame effective strategies is quite essential to gain and retain the target audience. The intellect to understand and appreciate the enormous data of the consumer and brand relationship involves exceptional analytic skills. Domain Expertise Yes, knowing the hard-core skills of sales and marketing are vital. Beyond that, professionals are also expected to possess domain expertise within the industry. The in-depth knowledge of the product and the technology and also the consumer’s requirements are inevitable to bridge the gap between the business and its evolving needs of the audience. Having domain expertise always would give an upper hand over other competitors. Importance of Digital Marketing in Logical Business Decision-Making Soft Skills Creativity Marketing and sales professionals are required to think and act creatively in every step to attract new consumers. The innovative designs, gratifying content writing, amusing and appealing concepts and exceptional skill to think outside the box are a must. Besides selling a product pitch, this would enable us to offer the customers incredible brand experience. Creativity is not just required but rewarded as well. Communication Verbal and non-verbal communication is a must. Most professionals overlook this skill. But to stay consistent and grow up in a career, strong communication skills play a significant role. The golden rule of every marketer or sales personnel has to appeal to the clients in a persuasive manner and help them solve their problems through the business products and services. Whether it is writing a marketing ad copy or drafting a sales pitch and presenting to the clients, a great orator and communicator could make or break the game of the business. Collaborative Skills No business segment works individually. Every team must collaborate with each other and work in tandem. The present-day recruiters and hiring managers look for individuals who are collaborative in nature and work well with multiple people at the same time. The emotional and empathetic connect within the organisation as well as with the customers are a necessity to shine as a true professional in this field. Negotiation Skills The most vital tactical skill is negotiating skills. The art of convincing and negotiating a client comes with experience. From negotiating to acquire a project with a client, to convincing on the timelines, budget, priorities, and expectations, every step needs incomparable negotiating skills. The capability to drive the hardest bargain is one of the biggest challenges as well as the notable skill to grow in glory for all the professionals. Leadership Skills A professional who goes beyond seeking one’s own growth. Taking risks, driving change, building trust, owning the failures and sharing success with everyone is the real traits of a great leader. Leadership skills are vital to make vital decisions and empower the ownership of the business to the professionals. Today, every marketer or salesperson has the opportunity to showcase their leadership skills in every aspect of their working environment. Every great leader is a mentor for the next generation. How Does a Digital Marketer’s Salary Grow? Business Models of Marketing and Sales Renowned frameworks which are adopted by the marketers and sales professionals if the industry. Pragmatic Marketing Framework: The Pragmatic Marketing Framework gives the end to end picture of the business operations for both the product and marketing and sales team. Go-to-Market Strategy: A model that shows the collaborative interplay of the sales and marketing team. The Startup Pyramid – Growth Frameworks: This framework is completely driven and help to determine how to grow when to expand and which metrics to be tracked in a specific stage of the business. Technology Marketing Framework: Think beyond the 4Ps of marketing. Today 14Ps govern the marketing framework. The 2016 TOPO Sales Framework: Decode the elements present in high-growth sales infrastructure. Agile Sales Framework: The Ultimate Sales framework to Empower the marketing and sales professionals with decisions and results. The CLEAR Culture & Framework of Sales: This framework will help to convert the audience into potential consumers and lead to conversions quickly. Sales Enablement Metric: This metric will help to empower the organisation’s sales delivery strategy. Books Gain in-depth knowledge by inculcating a habit of reading books. Most Popular books to read on marketing & sales industry: Building a Story Brand: Donald Miller Marketing: A Love Story, How to Matter to Your Customers – Bernadette Jiwa Hit Makers: The Science of Popularity in an Age of Digital Distraction – Derek Thomson What Customers Crave – Nicholas Webb Digital Marketing for Dummies – Ryan Deiss and Russ Hennesberry Blue Ocean – W. Chan Kim Think and Grow Rich – Napoleon Hill PRE-SUASION: A Revolutionary Way to Influence and Persuade – Robert Cialdini The Sales Acceleration Formula – Mark Roberge Predictable Revenue – Aaron Ross and Marylou Tyler Thinkertoys – Michael Michalko The Psychology of Selling – Brian Tracy The Challenger Sale: Taking Control of the Customer Conversation – Matthew Dixon and Brent Adamson Influence: Science and Practice – Robert B. Cialdini Cracking the Sales Management Code: The Secrets to Measuring and Managing Sales Performance – Jason Jordan and Michelle Vazzana 7L: The Seven Levels of Communication: Go from Relationships to Referrals – Michael J. Maher Digital Marketing on a Zero Budget Online Courses Popular Niche Courses for Marketing and Sales Professionals. PG Program in Management – upGrad PG Certification in Digital Marketing & Communication – upGrad Executive Program in Strategic Digital Marketing – upGrad Terminologies Do research on these industry jargons and get familiarised to stay confident. Sound Bite Value Proposition Service Level Agreement Smarketing GPCTBA/C&I – Goals, Plans, Challenges, Timeline, Budget, Authority, Negative Consequences, Positive Implications. Churn Rate ABC – Always Be Closing. BANT – Budget, Authority, Need, Timeline Buyer Persona Lifetime Value Qualified Lead Social Selling Adoption process – the buying process Discovery Call Net Promoter Score Customer Acquisition Cost AIDA – Attention/Awareness, Interest, Desire, Action Cold Calling Profit Margin Conversion Rate Marketing and Sales Management Tools To automate and remove the repetitive, mundane tasks of the marketing and sales process. Buffer – Manage all the digital media accounts in a single dashboard. Canva – Unleash the creative potential of the professionals and build a brand for life. Google Analytics – Free data analytics solutions to measure and optimise the growth of your business. Hotjar – One stop solution for website optimisation. Simply Measured – Offers enterprise-level analytics and management data for the digital initiatives. IFTTT (If This Then That) – Single platform to merge all the cross-channel marketing and sales efforts. HubSpot CRM – A perfect tool to manage and enhance customer relationships. Adobe Spark – Create visually appealing stories and marketing designs with minimal efforts. LinkedIn Sales Solutions – Find leads and close deals through the LinkedIn sales navigator. InsideSales.com – Incorporate Artificial Intelligence (AI) to convert leads to loyal consumers. ToutApp – Simple and sophisticated tool to transform the sales team into a revenue-generating machine. SalesForce – Smarter and faster client relationship management infrastructure. Calendly – Aids in scheduling and managing the appointments without the interaction of emails. LeadMine – Look, capture and reach qualified business leads with corporate contact information. Saleshandy – A suite of powerful tools for marketing and sales activities such as email tracking, mail merging, document tracking, auto-follow-up etc. Yesware – Sell smarter with high-level actionable insights of consumers and make focused decisions and strategies to gain real-time results. 10 Influencer Marketing Strategies You Should Know [Gifographic] Influencers and Experts to follow on Twitter In times of crisis, lookup to these Industry Doyens for Inspiration and to stay focused. Donald Miller – @donaldmiller Tabitha Naylor – @tabithanaylor Ann Handley – @annhandley Matt Heinz – @HeinzMarketing Avinash Kaushik – @avinash Scott Galloway – @profgalloway Danny Sullivan – @dannysullivan Larry Kim – @larrykim Vala Afshar – @ValaAfshar Trish Bertuzzi – @BridgeGroupInc Alice Heiman – @aliceheiman Gerhard Gschwandtner- @gerhard20 Jim Keenan – @keenan Peter Ostrow – @PeterOstrow Jill Rowley – @Jill_Rowley I hope this ultimate guide and comprehensive resource list would help you kick-start your career in sales and marketing and aid you to become a qualified professional and a significant player in your domain. Learning never stops. So, make it a part of your personality and always have an open mind to learn and adopt new ideas and knowledge. Learn MBA Courses from the World’s top Universities. Earn Masters, Executive PGP, or Advanced Certificate Programs to fast-track your career.

by Anshuman Agrahari

02 Apr'18

MBA Salary in India in 2024 [For Freshers & Experienced]

MBA Salary for Freshers in India

Salary by Industry

Salary by Specialization

Salary by City

Salary by Tier 1 vs. Tier 2 B-Schools

MBA Salary for Experienced Professionals

Salary Growth with Experience

Industry-Specific Salary Growth

Leadership Roles and Salary Impact

Factors Affecting Salary After MBA

1. University/College Reputation

2. MBA Specialization

3. Work Experience

4. Job Position

5. Company Size and Reputation

Top Industries Offering High MBA Salaries in India

1. Consulting

2. Finance and Investment Banking

3. Information Technology (IT)

4. E-commerce

5. FMCG (Fast-Moving Consumer Goods)

6. Healthcare and Pharmaceuticals

7. Telecommunications

8. Energy and Utilities

9. Manufacturing and Operations

10. Retail and Luxury Goods

MBA Specializations and Their Impact on Salary

1. Finance

2. Marketing

3. Human Resources (HR)

4. IT and Operations

5. Supply Chain Management

6. Business Analytics

7. Entrepreneurship

8. Healthcare Management

9. International Business

10. Strategy and Leadership

Highest Paying Jobs After MBA in India

Salary Comparison: MBA from Tier 1 vs Tier 2 B-Schools

1. Salary Difference

2. Career Growth Opportunities

MBA Salaries Across Different Indian Cities

Scope of Abroad Jobs After MBA in India

Top Regions with High Demand for Indian MBAs

Key Industries Hiring MBAs Abroad

Common Job Roles for MBAs Abroad

Expected Salary Ranges in Popular Countries

Online MBA Degree Courses from World’s Top B-Schools

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Conclusion

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Frequently Asked Questions (FAQs)

1. How does an MBA salary in India compare to global MBA salaries?

2. Do online MBA programs affect salary potential in India?

3. Which MBA specializations are future-proof for emerging industries?

4. How does gender influence MBA salaries in India?

5. What impact does international work experience have on MBA salaries in India?

6. What are the salary prospects for MBAs in government jobs?

7. How do internships during an MBA program influence salary offers?

8. Can pursuing an MBA after a technical degree like Engineering lead to higher salaries?

9. How does the Indian economy influence MBA salaries over time?

10. What role do soft skills play in determining MBA salary in India?

11. Is there a salary difference between MBAs working in startups versus established companies?

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