COVID-19 : Business Turnaround Strategy

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While everything else is shut down, one of the few industries that’s still up and running is tech. More than just running, some companies, including startups, are even making profits so to say. Don’t trust us? Check out this podcast with Aakash Srivastava- Founder and CEO of Corwed one of the fastest growing tech startups operating in Pune and Kolkata, who shares with us his profit making tactics. If you’d rather prefer reading them then, here are the key points mentioned in the podcast with Thryza Dow- CEO of Blincventures.com.

Starting off, Corwed offers tech services to clients that include web development, app development, digital marketing and corporate marriages (which is basically making every information related to marriage such as its location, photoshoots, invitation cards digital). Pre lockdown, this company with a team of 18 people had been catering to clients in the fitness, textile and matrimony sectors, which came to a halt once the lockdown was imposed. So how did they get back up and running?

Well, here’s an anecdote about one of the most successful companies first. Netflix started off as a DVD rental delivery service but noticing the popularity of online streaming, it quickly adapted to this new technology. Add to that, their award winning originals and fast streaming website. The key was innovation! They didn’t stop at delivery service which was a very successful business up until 2010, they rather changed their business model by adapting to the change and correctly predicting the future market demands.

That’s exactly what Corwed did too. Instead of worrying about survival, they focused on solving their client’s problems. After having no clients for straight 15 days, they quickly came up with ideas to help their previous clients through digital marketing. As a lot of people had drifted from their regular lifestyle with some having no physical activity at all, the Corwed team reached out to personal trainers to help promote their services. If they made some sales, which they definitely did, Corwed took some percentage out of it. This way the personal trainers had an income source and people found ways to stay fit.

“95% of our clients are still with us because of the innovation we are coming up with.”

Aakash has further shared with us his plans on helping Nepali startups and businesses in general. Check out our podcast to find out how he plans to do so here.
Lastly, addressing our question to how to create a successful start-up, Aakash highlights these important strategies:

  1. Never compromise on quality even when you’re not making profits out of it. Take it as relationship building with your customers.
  2. Always give more than what you’re asked for when it comes to business.
  3. Do not market the features of your product but how it solves people’s problems.

Short but insightful, we think this podcast reminds us of some basic things that bring a huge impact in our businesses. Tune into the podcast and find out some more interesting tips here.