Using Web Innovation to beat Economic Downturn by Mahesh Murthy (founder Pinstorm) at Web Innovations 2009 Mumbai

Mahesh Murthy starts by saying that he has been working since 26 years and has witnessed 3 recessions.

• Recession comes cyclically. It surprises only the youngsters. Great firms are born if they survive the recession. Microsoft, GE – all came out stronger from the recessions they faced.
• “There is only one strategy – survival.” Survive for now, Shoot ahead after the boom.
• Large multi national companies are hiding during the recession. Which gives room to us to win ground.
• The web is no longer niche. Get on it or get obsolete. Make sure the head of the company is involved so that the company spends resources on online activities.
• Geography is history. No location is advantageous or disadvantageous. Net is a beautiful leveling medium.
• Might is no longer right. Big ad budgets don’t matter. Example: Red Bull grew to a billion dollar in revenue within a year – all due to word of mouth promotion.
• Your marketing IQ is inversely proportional to your marketing budget. Lower budgets forces you to outsmart the competition.
• Cut costs to the core. 3 years ago, a website that would have taken 20 lakhs now takes 2 lakhs to make.
• Do a website audit. If someone is looking for me, am I found? Who else is found when people search for what you offer?
• Build a platform for your consumers.
• Create your own social strategy.
• Web allows you to pay for performance and not for the media.
• You can make employees telework and cut costs.
• Keep your web business light by moving on to LAMP and cloud.
• After the implosion will come the big bang.

Sources: http://www.omshare.com/internet/mahesh-murthy-webin09/