Tag: Entrepreneurship

How an IoT Startup Overcome the Hardships and Monetise Their Business

Photo by Mantas Hesthaven on Unsplash

In the world of business transformation, there’s a new term on the rise: IoTising, a concept introduced by FAVORIOT. IoTising involves the process of using IoT technology to revamp organizational operations and business strategies.

While this journey towards digital transformation may not happen overnight, it starts with visionary leaders who can champion these initiatives. However, organizations with deep-rooted traditions may encounter internal challenges due to differing cultures and eras. It’s important to note that technology itself is not the primary hurdle; instead, meticulous planning from the outset is crucial to avoid wastage and to gain widespread support.

Let’s dive deeper into this journey through an insightful interview with Mazlan Abbas, the driving force behind FAVORIOT:

1. Embracing Change as a Dynamic Leader

Question: What, according to you, makes one a dynamic leader? How do you integrate the same thought into your leadership?

Answer: In today’s era of constant technological and business upheaval, dynamic leadership requires agility in responding to evolving landscapes. A dynamic leader is open to unlearning and relearning new things to stay relevant.

2. The Birth of FAVORIOT and Lessons Learned

Question: What led to the formation of FAVORIOT? What role do you play in the day-to-day proceedings of the company?

Answer: FAVORIOT’s inception in 2017 was inspired by a trip to Silicon Valley in 2016, where the potential for visionary ideas became evident. Initially, we aimed to monitor Senior Citizens using IoT wearable devices and mobile apps. Looking back, we realized our strengths lay in the IoT platform we built. We could have tapped into the education sector earlier before expanding to business and corporate customers.

3. Overcoming Challenges and Ensuring Client Satisfaction

Question: What has the journey been like for Mazlan Abbas over the years? Looking back, what would you have done differently when starting?

Answer: Often, technology isn’t the main obstacle; it’s convincing people of how IoT can transform their businesses. FAVORIOT, as an early IoT Startup, faced the challenge of accommodating diverse customer needs. We should have targeted the education sector sooner before moving up the value chain. It’s essential to educate customers through training and webinars, align with their business goals, integrate with legacy systems, and focus on data for new revenue streams, cost savings, and better insights.

4. Advice for Aspiring Leaders and Entrepreneurs

Question: What would be your advice for young and aspiring leaders or entrepreneurs?

Answer:

1. Test your ideas early.

2. Seek feedback on your product and iterate until you find product-market fit.

3. Don’t be discouraged if your original ideas don’t succeed initially.

5. The Roadblock and Learning Opportunity

Question: What has been the biggest roadblock during your journey? What has been your most significant learning?

Answer: The initial challenge was gaining the trust of the first few customers. What we perceived about our product might differ from the customer’s perspective. The most valuable lesson was achieving product-market fit as quickly as possible.

6. FAVORIOT’s Vision for the Future

Question: Moving forward, what does the future look like for you and FAVORIOT?

Answer: FAVORIOT’s IoT platform has expanded from fewer than three countries in 2017 to 115 countries in 2021. IoT’s rapid growth is fueled by awareness and the convergence of various technologies. FAVORIOT aims to excel by becoming the go-to IoT platform for businesses worldwide, fostering IoTization in all sectors.

In this journey of IoTizing business, we learn that dynamic leadership, adaptability, early education, and understanding customer needs are essential. Additionally, embracing change and iterating on ideas are keys to success. FAVORIOT’s journey showcases how perseverance, innovation, and a commitment to evolving with technology can lead to remarkable growth and impact in the world of IoT.

The Power of Personal Connection

In our modern, digital-centric era, many believe that the key to connecting with customers lies mostly in virtual platforms. While online channels like social media have indeed transformed the way businesses engage with their audience, there’s an enduring magic in the traditional face-to-face interactions at events and exhibitions. Favoriot’s experience is a testament to this belief, and here’s a deeper dive into the reasons.

The Magic of Direct Interaction

Despite the leaps and bounds in technological advancements, there’s something irreplaceable about the genuineness of face-to-face conversations. Personal interactions foster a unique depth of trust and understanding, facilitating off-the-cuff questions, on-the-spot demonstrations, and authentic responses.

Establishing Authority Beyond the Podium

Being on the dais at a conference is both an honor and a platform to project expertise. It showcases an individual or a company as a pioneer in their field. However, away from the confines of the lecture hall, the dynamic environment of the expo floor allows for a more spontaneous, widespread interaction, reaching an even wider spectrum of attendees.

Show, Don’t Just Tell

The age-old adage, “seeing is believing,” holds especially true in a business context. An expo stand gives companies like Favoriot the perfect stage to bring their products to life. These real-time showcases don’t just catch the eye; they often sway decisions for prospective clients.

Connections That Count

The intensity of a 3-day expo brings together a plethora of potential clients, all under one roof. Visitors to such events come with purpose — to find solutions, forge partnerships, and scout for opportunities. Each chat at the stand isn’t just small talk; it’s a potential business opportunity.

Teaming Up with MDEC

Our presence at the Smart Nation Expo 2023 (from 19th to 21st September) wasn’t just as a standalone entity. We were proudly stationed under the MDEC Pavilion. This partnership with MDEC, a brand of significant repute, acted as a beacon, pulling attendees our way and setting the stage for Favoriot to be in the limelight.

The Ripple Effect Post-Expo

The buzz of an expo doesn’t die down once the stalls are dismantled. The real magic unfolds in the days and weeks that follow. Every expression of interest, each business card handed over, morphs into potential collaborations, partnerships, or client relationships.

To wrap it up, even as the digital world offers a sprawling canvas of opportunities, events like trade expos are like a goldmine of focused potential. For us at Favoriot, these events have been nothing short of transformative, with our recent stint at Smart Nation Expo 2023 as a shining example. We remain committed to tapping into the unmatched power of in-person connections, engaging heart-to-heart with our audience.

Why Mailing List is Far Better Than Social Media Followers for Startups (Build Them Now)

In the early stages of a startup, it’s easy to get excited with the idea of building a massive social media following.

Don’t get me wrong; a strong social media presence is important.

But how many of the followers really read your posts?

Only if they open the specific app, right?

However, the thrill of seeing your follower count rise can distract from a more intimate and arguably more effective form of communication: the mailing list.

With email, almost all people will read their inbox daily.

Email is a direct way to connect with that specific person.

The Social Media Dilemma

While it’s true that social media platforms offer incredible reach, the dynamic is inherently different.

The audience is far less captive; your posts are just one among hundreds or thousands that your followers scroll through each day.

There’s also the taxing task of growing your follower base organically, which requires consistent posting, engagement, and time-a daunting endeavor for a startup hustling to get off the ground.

The Mailing List Advantage

Emails offer a direct line of communication to your audience.

When someone opts to subscribe to your newsletter or leaves their email to download an eBook, they’re expressing an explicit interest in what you have to say.

For my startup, Favoriot, this direct approach led to a more global audience.

By offering free eBooks filled with tips, tutorials, and articles on IoT (Internet of Things), we not only gained an audience but also provided value upfront.

This strategy led to a global following, including overseas customers who subscribed to our platform.

Value Before Selling

One key to successful mailing lists is providing genuine value before ever making a sales pitch.

People are savvy; they know when they’re being sold to and can easily be put off by overt sales tactics.

On my LinkedIn, for instance, my newsletter isn’t just about Favoriot.

It’s about my journey in entrepreneurship and my general insights into IoT.

This balanced approach helps establish trust, rapport, and credibility-all crucial for a startup looking to build a loyal customer base.

Cutting Out the Middleman

What’s more, once you’ve built a substantial mailing list, you gain independence.

Unlike social media platforms, where algorithms and policies dictate your reach, your mailing list is yours to control.

In my experience, I no longer need third-party mailing software to send out thousands of newsletters.

A Global Objective

My objective is clear: to gain more followers and customers, particularly from overseas markets.

The key is to strike a balance, sharing valuable information without making the reader feel like they’re merely a potential sale.

People want to know who you are, what you stand for, and how you can add value to their lives or businesses.

In Conclusion

While it’s tempting to pour all your efforts into building a social media following, remember that emails offer a more direct, intimate line of communication with your audience.

Done right, a mailing list can be a powerful tool for customer acquisition, retention, and global reach-all while adding genuine value to your subscribers’ lives.

So if you’re in the early stages of your startup, or even if you’re more established but haven’t yet explored the power of mailing lists, now is the time to start.

Trust me, your future self-and your growing customer base-will thank you.