COVID-19 pandemic has paved the way for many people to start a new business. Hundreds and thousands of entrepreneurs worldwide try to cash in on the trend, and many of them succeed too. But it is not just a matter of a few weeks or months as the product there must be impeccable. And offer something of great value to the end-users for or some time to come. One of them is an online conference hosting platform. Let me show you a bit about this platform and then move on with the topic.
Hopin is an online conference hosting platform that Johnny Boufarhat started in 2019. Now he employs over 650 people, most of whom he has never met and does not work from a central location. It is now one of the most successful services offered by a young person without any backing of a corporate giant or having much experience. And after a recent round of fundraising, Hopin raised $400m from private investors, and now it is valued at 5.65 billion dollars.
You can assume how much success this is and what it means for a young person who has just turned 27! Similar success stories abound with the last two years turned out to be a boom for some, while the rest of the world reeled under pandemic pressure.
The product offered by Johnny Boufarhat was not the first one in the market and certainly not the only one available right now. But this struck a chord with the end-users and investors, and most of the other similar products failed to entice even a few users. So how did this happen, and what made this product take?
It is simply a process any business concern undertakes to engage its target audience and build a strong relationship to create value. Most people think that marketing is done to lead the audience to buy a product. That product may not be perfect in all aspects, and in many cases, a substandard product can be launched by A grade marketing campaign. This is done to make people think that this product is really what they are looking for and must buy it.
Businesses try to introduce many factors here so that their product can become a household name. One of the many tactics used here is low price, differentiating from the other products available in the market and offering more value. But not every product can become a great hit by just applying the above mentioned three tactics.
It is one of the primary concepts of business management and commerce, and those who have new businesses can also get along with their big compatriots. Never assume that there is a shortcut through which you can work on your product and become an overnight sensation. The above example of Hopin also worked on similar lines. You may think that the product skyrocketed during the COVID-19 pandemic, and everything worked for it out of the blue. This is not the case. Let me define this aspect so that you can understand it easily.
Businesses work on how perfectly they can market their product. Surely, Johnny Boufarhat got the opportunity to start during the pandemic, but he was working on the product for quite some time. It was only a case of perfect timing and sheer luck that a perfect scenario was created when his product was being launched. Don’t assume that it was just sheer luck that made his product a big hit. There are many other factors involved here. The two most common types of marketing are B2B and B2C, which he affected to create awareness for this product.
Business to business marketing is all about reaching out to small businesses and start-ups and offering your product or service to them. At the same time, B2C marketing is going for the consumers to reach individuals for your product. The dynamics of both types of marketing are different because you need to reach your target audience differently. When you target small businesses and startups, you need to talk directly with the company’s top management or the CEO. In this case, your entire strategy needs to be different.
In B2C marketing, the case is entirely different as the company needs to target individual users. This can be very hectic, and the entire marketing strategy needs to be changed as compared to B2B. One cannot say with certainty whether B2B marketing gets results quickly or B2C. It depends entirely on the product, the marketing strategy, and the dynamics of the marketplace. Just a single factor can make a product or service tick.
Even an online conference hosting platform like Hopin requires exceptional market research to compete with the other products. Surely, it was not the only product available in the market, and there were other products already being used by end-users. So how did Hopin start and capture the market within a few months? Boufarhat spent months researching hard to make his product take with the current joints at that time. And he succeeded after many attempts, and now the results are for anyone to be seen.
Everything depends upon how much hard work you put in so that your product can be termed as great. Boufarhat made sure that he worked well and had all the right tools and software to get to his goal. Making full use of the latest research is the key so that everything falls into place.
Young entrepreneurs can learn so much about making a product tick in the marketplace. Although I don’t think about the insane success, we got within a few years because these are exceptional cases. But ensure a good effort, and the rest will be taken care of by the marketing strategies you have applied.
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