One of the hardest lessons I learned about marketing financial technology during past recessions was that I didn't listen to the critical feedback, I thought I was always right. And I was going on the right path. But with time I learned feedback helps you to change your direction and can lead your business on the right side. Keep that in mind, you may not always be right — or you may be on the wrong path. So I learned this lesson at the start of my business. Therefore, my advice for anyone starting a business is to listen to the feedback of critics, customers, and industry experts. It will help you shape a clear path to success.
One lesson I learned during past recessions in my business was that the more I worked, the more I grew. If you are thinking that you will work less and get more business opportunities, you are wrong. You need to work hard because doing a little work or giving your business less time will not get your business to the level you’re dreaming of. I realized it when one of my competitors started after me with a similar idea but scaled way fast — because he was putting in more hours than me. I was working less but dreaming more. And it was a hard-won lesson for me. So my advice now to new entrepreneurs is to forget the luxury for the first few years. Stay focused. Give your maximum input.
I was very scared of taking financial risks in my business. One lesson I learned early on in my business was to never be afraid to take risks. Because big wins require big risks. I was afraid to take risks because I used to think what if I fail; my business might sink and my hard work would go in vain. But soon I learned the hard lesson that playing safe is not enough. Starting your own business is a risk in itself. I think it takes great courage. I suggest allowing yourself to start taking small, calculated risks for wins. Sometimes you might have data to jump onto something. But other times, those risks will purely be based upon your gut feeling — you’ll need to trust yourself. Never be afraid to open your heart to challenges — it goes a long way even if you fail.
Without clear and realistic goals, I think starting a business is not beneficial. I learned early in my business that if I wanted to grow, I had to set crystal clear goals that I wanted my business to reach. This might sound simple, but it’s really difficult. Because when you set clear goals, then you’ve to make clear strategies to meet those goals — and you’ll stick to them no matter what. I suggest starting with small ones. Accomplishing small achievements will boost your confidence, and will allow you to have the courage of playing with big numbers.
The process of giving or receiving feedback is, at its core, a process of communication. When you're the one giving feedback, it's important to remember that your goal is to be as objective and non-judgmental as possible. This means steering clear of words like "should" and "must." You can also avoid using absolutes: "This always happens" is not helpful because it leaves no room for change. Instead, say something like "This happens often." If you're receiving feedback from someone else, then you should try to get them to describe exactly what they mean by their words. Sometimes people use jargon or speak in generalities that make it difficult for others to understand them. You can help them clarify by asking questions like these: -What do you mean by X? -How do you define Y? -What are some examples where this happened? It will narrow the discussion, which will help you understand the feedback and respond appropriately.
During previous recessions, one of the most important lessons learned about marketing financial technology was to stand out through digitization. To permanently lower operating costs, automate processes. Enhance and automate processes using technology like artificial intelligence or robotics to cut labor costs, boost output, and free up expensive, in-demand talent to concentrate on value-creating projects. By doing this, you may generate more pertinent digital services and products that will enhance the user experience for both customers and employees. In other words, you should concentrate on differentiating your company through digitization initiatives.
The biggest lesson I learned about marketing financial technology during past recessions is that it is important to be nimble and adaptable. The landscape can change rapidly during a recession, and companies that are able to quickly adapt their marketing strategies are often the ones that succeed.
If you have good selling experience, you can start and grow your business. In the first year of my business, I learned, that if you have a selling skill, then you can beat anyone. Because when you’re growing your business, you’re always selling something. You’re selling your ideas to the investors. You’re selling products to customers. You’re selling your communication skills to get your team going. You’re selling your leadership abilities to manage and lead the team effectively. And if you don’t know how to really sell effectively, then you’re going to struggle.
It is important to have a good team on your side, who believes in your vision. And this is the lesson I learned early in my business days when things were getting out of hand. I had no idea how important it is to have a team that understands your vision. Because I used to think that any random person who is good enough will work. But the truth is, you need to have people in your team who are passionate about your idea and will stay with you through the tests of time.
CEO at Live Poll for Slides
Answered 4 years ago
During recession, all businesses barely survive. Actually, most of them crashes and goes under during this time. However, the businesses that have effectively marketed financial technologies, they survive. They survive because they leverage those technologies to keep their operations going even when the season is tough. As such, I have learnt that financial technologies can save a business from going under during a recession.
The biggest lesson I learned about marketing financial technology during past recessions is that people want to know what's going on with their money, and they want to know it as soon as possible. During the last recession, I was working at a bank that had just started offering online banking. It was a huge selling point for us, but it also scared people. So we didn't just talk about how much easier it made their lives: we talked about how they could use our new service to keep an eye on their finances and make sure they were never surprised by anything again. That way, if something went wrong or if something took off unexpectedly, they'd be able to react accordingly and get back on track as soon as possible.
I learned in my first year of business that learning new ideas, and learning new ways of doing business, can lead your business to growth. Because in the beginning I thought that I could survive in the market with what I know, but time proved me wrong. I learned that if you want to make your business stand out in the market, you have to open your mind to new ideas. And you always have to be one step ahead of the market. If you only go with what everyone else is doing, you will end up being where everyone else is going. So, in my opinion, it is always beneficial to test new things and try to stay one step ahead.
For any business leader, a recession is a reminder that the greatest purpose of marketing financial technology is education. The teachings of a recession can inform leaders and marketers about how to improve affordability, expand customer reach, and reinforce trust among customers and stakeholders. It is a time when leaders must think about balancing efforts, investing wisely and selectively, and considering long-term brand health.
Consistency plays an important role in growing your business. And this is the lesson I learned when I was working hard to grow my business. I fell so many times just because I could not allow myself to keep up with the same schedule. Don’t just work hard one day, and leave the rest of the days of the week blank. Make a commitment, and work consistently. And because of consistency, I made great progress in the first year of my business. Regardless of the difficulties and losses, I continued to dream and work for my business.