Pankaj Bansal
Co-Founder & Managing Partner at Caret Capital
Scaled and exited: PeopleStrong to Goldman Sachs, Wheebox to ETS. Currently on the board of: PeopleStrong, Masters’ Union, Karmayogi Bharat, Sunstone, and YouInYou. Passionate about...
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- Entrepreneurship in Emerging Markets: Strategies for startup success
- Career Development in the Digital Age: Upskill for future jobs
- Sustainable Business Practices: Reduce carbon emissions effectively
- Talent Management in Tech Industries: Building competitive teams
- Electric Mobility Trends: The future of transportation technology.
Meet the mentor
TALK SHOW VIDEOS
Tricky Workplace Situation Handled
- Store can source the product in 24 hours and connect with her to deliver it to her since they have an offline store.
- Drone technology has security issues but aside from that, drones can deliver at all times, with quick turnaround cycles for homes and organisations - at their time and place. Drones can help if there's been seach operations need to be carried outin remote areas, sea, forest.
- We recognize that customers are swamped with work. We help organize work life better, to be productive, with attendance and help them improve productivity, manage teams and collaborate better. These days, companies like creating joyful experiences for teams and our process makes it a delightful experience.
- Companies can allow customers to customize them more on their own, and check if they can integrate with all relevant apps in the world. They can also allow small and medium businesses to buy in smaller units.
- My advice would be: 1. Brainstorm with people who understand your business 2. Read a lot more 3. Look at completely diagrammatically opposite industry and learn from there, apply cross-functional learning
- Start by identifying if the value proposition is clear, how well they have addressed a TAM and how the value proposition has resonated and what are the channels - to make sure it reaches the target audience. Check what the incentives - for buyers to use are. eg.: benefit/voucher. Ask why the customer will come back to this? What's the connection that they bring to this? Does it increase affiliation to given groups for the customer? Ask if they can be recognized as being cool.
- Irritants are complaints about which - removing them might not improve engagement but if not removed, will discourage users from using it. Especially in a B2C market, if something doesn't work, people will move on very quickly. Some common complaints: Downtime, not able to log into the app Constantly authenticating - inconvenient when done repeatedly.
- 1. Empathize - core step in the process 2. Defining a problem - how to improve the life of a user, eg.: old people take a lot of tablets, they might miss the expiry date as the bunny years that show expiry date get worn out. So how do you improve the life of this user? Sometimes, it's not just digital products - let's not force people to go digital, sometimes a manual step is required. 3. Ideate, 4. Prototype 5. Test - User becomes part of the testing by engaging in controlled testing.
- We sell a B2B product that most users will ask to experience before they buy. For that, we need customer data to set it up and given to them. For this, the solution can be to create an industry prototype, with all features, get basic information from the company, put it out in 24 hours and set it up easily. This can bypass full sales cycle with a warroom set up and let the customer check if the product works for them. It creates a demo environment where they can feed their data and reduces time to go live.
- I ask them "can you write your process in SKY?" which is a statement of work with a clear WHY. Sky is a metaphor of what's the big thing you're solving. First, ask - what are the impediments and roadblocks that you're facing: 1. Is it a capability issue? People issue? 2. Structure issue? 3. Leadership issue? Categorise based on this and choose 1/2 points that have the maximum impact to SKY Now ask yourself - "If I apply this, how does a user's life improves?"
- A sniper approach is when you look at a crowd, identify 7 personas and target all marketing and sales efforts to those personas. For example, if I want to target High Net Worth Individuals, I should set up stores in luxury hotels.
- HENRY - these are luxury buyers, where 95% of them are brand concious, For them it is importnat to associate with groups that elevate their status. They prefer to be in an exclusive club that showcase a higher social status.
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- Figure out people who have the affordability and understand their preferences - check if they belong to a specific status, they are conscious of brand etc and market based on their preferences.
- Recruiters should check data points coming from references, psychometric results to understand personality and preferences. They should have a conversation with the person emotionally verifying the information they got from references and psychometric results. They should also look look at what the problems they faced at the previous job and how they solved it and how they worked with their team.
- Problem solving, communication, capacity to collaborate, acheivement orientation
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- I would ask people to create a positive and negative profile for the job role and agree on what you won't compromise on. They should check if informal references speak more of the candidate. In an interview, share the questions to the hiring manager - to be on the same page.
- A lot of travel that happens for business and personal reasons IT can assess the needs based on the departments - synthesize the experience that business travellers are looking for and collate. They can offer an option to choose the providers that are with them and promise better experience is better at lower cost. IT can look at how productivity can be boosted rather than lowered? with options such as Single sign on
- We are a recruiting business which we converted to a platform to make sure there are always people available to hire, it's done proactively giving us a sense of control.
- Use flowcharting - most important - think in a flow and identify chock points, if you do this properly, you can predict many next steps.