Every business thrives on marketing to boost its sales. No matter how good your product is, if you don’t let the world know about your product, your product will not see the sunshine. Hence, marketing is a very important tool in any business to increase their earnings.
Are you ready to learn the fundamentals of marketing?
What is Marketing?
Marketing is a process of making a product, understanding your product, promoting and knowing who will buy your product. In other words, Marketing is simply attracting attention to your product, convincing the customer to buy your product and providing the product that satisfies the current and the future needs of the customer. Simple? Well, it is not as simple as it sounds.
You need to have a road map on your journey with a predetermined destination. Else, you will reach nowhere and a lot of time is wasted. So, having a marketing strategy is very important. Marketing Strategy is an overall game plan which helps convert your audience into customers. Any good marketing strategy comprises the “4 Ps”.
The 4 Ps of Marketing:
Product : The product that you want to sell to your customers. First, you have to decide the type of customer you are targeting, understand their needs and then design a product accordingly.
Don’t find customers for your products. Find products for your customers. By Seth Godin.
Price : The money that the customer pays to buy your product. The price should be worth the value your product gives to the customer.
Price is what you pay. Value is what you get. By Warren Buffet
Place : The place where the customer can conveniently buy your product. For example, it could be an online store or a physical store.
Promotion: This includes advertising, sales promotions, personal selling, digital marketing etc.
Content is the party, Promotion is the invitation. By Nathan Ellering
What is Brand Building?
What do you do when you want to watch and learn a new recipe?
You said Youtube?
Yes, that’s right.
Youtube is the only platform where you can watch videos relating to cooking, fitness, fashion, education , literally everything is streamed on youtube. There is no other platform like youtube.
And that’s called brand building.
Building a brand doesn’t mean using a fancy tag line, flashy name. It involves lot more than that.
You can become a good brand only when you provide a unique product to the customer. Your product must be such that there is no other brand offering the kind of the product that you are offering. That means, you should be the only one providing the product and no one else.
Or, if you are entering into a segment where there is already a major player, you can choose a sub niche under the main niche and become an expert in that particular niche. Because you cannot have a competitive advantage against a big player in the market.
Market study and research:
In order to be successful in selling your products, you need to do a lot of study and research. And also since marketing is directly related to the sales of the product and profit earning, research becomes inevitable. Research helps in understanding your customer better like what category the customer belongs to, what a particular category of customer desires , the price at which the customer is willing to buy a product etc.
Also you need to study how to reach the customer. A young customer in 20s can be targeted through online promotion. But the older customer has to be targeted in a different way like ad boards in the mall.
The Power of Communication:
The most important tool of marketing is Communication. You need to have very good communication skills to promote your product. In order to attract the customers, you should tell the customer what he wants to listen. What you say should be clear, concise and correct information which would help the customer understand the product better and finally buy the product. That brings us to the question of how and where to do the communication. Traditional or Digital way?
Traditional vs Digital Marketing
Which is the best form of marketing in this day and time?
For that, lets understand each of them in detail.
Traditional Marketing : Traditional Marketing is marketing of your products without the usage of internet. It includes TV and Radio ads, Newspaper ads, Magazine ads, billboards etc. This form of marketing mainly suits to the older generation . But it takes long time to show the results.
Digital Marketing : Digital Marketing is marketing of your products that require the usage of internet. Digital marketing is done through Email Marketing, Website content, Affiliate Marketing, Search Engine Optimization (SEO). It is cheaper as you can reach a larger , scattered audience. You can also know the audience involvement instantly once he clicks on the ad.
Which one is better?
The answer is Digital Marketing.
The world is changing. The world is becoming digital. Almost everybody has an online presence these days. All our major activities are done digitally like banking, paying bills, shopping, education etc. Traditional Marketing has its audience. But it cannot reach a larger audience. It is suitable only for older generation and local business. Hence businesses should make efforts to increase their online presence if they want to move along with the new world that is digital world.
The CATT Marketing Funnel and Framework
CATT stands for Content, Attention, Trust and Transaction
Wealth = n^CATT
Where, n = Niche.
We all have heard of Decathlon right?
The moment you hear the word Decathlon, what comes to your mind?
Sports goods which include apparels, equipment, accessories etc.
So if people want to buy quality sports goods, they go to Decathlon and no second thoughts there.
Niche means specialized segment of the market for a particular product or service. Having a specific niche will help you focus better in your area and will help you target the specific customers. Once you have a specific target, you can start selling your idea or product and make money out of it.
How do you choose your niche?
The niche that you select determines the amount of profit you are going to make. So you have to very carefully choose your niche. Your niche could be fitness, food, travel , beauty, fashion, cars etc. Under each of these niche, you will have to choose sub niche like in fitness, you can choose to do yoga, diet, workouts etc.
So you have to choose something that you are passionate about, have talent(knowledge) and see that there is profitable market for it. Hence, the Talent, the Passion and the Market become the deciding factors of your niche. Even if one of the things is missing , you are going to fail miserably.
Content : You should create the content in your niche which is helpful to your specific audience which would turn them into customers. Your content should be detailed and useful.
Content marketing can be done through blog posts, live webinars, videos etc.
Attention : You need to drive the attention of your audience to your content through SEO, social media, referrals etc.
Trust : Trust is very important in marketing. Only when the audience trusts you, they will be interested in buying your product. You can do the trust building through retargeting, deep marketing, marketing automation etc.
Transaction : Turning your audience into customers who buy your product through natural sales method.
The Integrated Digital Marketing
Integrated Digital Marketing is the use of all the digital marketing techniques available together in such a way that they complement each other for pushing your sales and boosting your earnings.
There are several digital marketing methods available in the market. They are;
- Search Engine Optimization
- Social Media
- Paid Advertising
- Email Marketing
- Content Marketing
- Digital Display Marketing
If you choose to market on only one of these channels, you may not see the desired sales. Hence you have to combine all these together to obtain positive results.
The following are some of the benefits of Integrated Digital Marketing:
Increased Brand Visibility: By showcasing your product on multiple digital sources, your brand has a chance of more visibility.
ROI: You may get more customers from multiple sources and hence you ROI will also be higher.
Increased Leads: Targeting the target customers through multiple sources will help you reach more consumers, more leads and more conversions.
A personal brand refers to how you promote yourself. You want to show your those qualities which you want the world to see in you. This is what sets you apart from the rest of the world.
Now, are you thinking how can a person become a brand?
A person becomes a brand when he can influence people and their decisions of taking a particular action.
Now consider Elon Musk. When he tweets about a particular stock, the demand for that stock goes up exponentially. We all know what happened with the Gamestop.
If Elon Musk decides to start a company, people would not think for a second and invest in his new company.
In India, it is Narendra Modi.
When Narendra Modi was shown taking the covaxin, people believed that it is totally safe and they did it too. That is the power of Modi brand.
When Modi encouraged donations for Ram Mandir, people from all parts of the country donated whatever they could from their side.
Now, let’s discuss how I joined Digital Deepak Internship Program.
When I was searching about the digital marketing courses, I came across DDIP. It was offering only digital marketing and nothing else. The content was really interesting and grabbed my attention. Deepak did not just like that start mentoring business. He has undergone all the baby steps, learnt through the process, won the trust of the audience and thus became successful.
Today we can see how hundreds of students are enrolling into DDIP. This is because he has built the trust among his audience. People understood the value that they are going to get from this program. And I am one of those audience.
As Fabienne Fredrickson says, Good client attraction and marketing come from trust.
Trust is the most important tool in marketing. A business has to win the trust of the mass as a whole. A consumer turns into a customer only when he trusts the brand, the product and the value that he is getting from the product.
Once you have built the MassTrust, you can do a lot of things on your journey. You can reach the place that you had only imagined. Of course it has to be in babysteps.
The following are the steps to build MassTrust in digital marketing world:
- Learn: First and the foremost, you need to learn a skill, understand and practice.
- Work: After learning the skills, you should work with those skills either by doing a job of by freelancing.
- Blog: Once you have worked on your skills, you would have understood the skills better. You can write all these learnings in the form of a blog, which might help people learn better what you are trying to convey. This also helps in building your brand.
- Consult: After you set up your blog, you have enough experience in doing consultation one on one to businesses.
- Mentor: They say mentoring helps you understand the topics better. You can definitely mentor people on the skills that you have learnt.
- Start up: And the final step is starting your own agency. Having gone through all the above steps would definitely make you a better entrepreneur.
Here we come to the end of our discussion on this great topic of marketing. As we have learned, like any other skill, marketing skills can be learned by research, practice and experimentation. You may even make some mistakes. But learn from those mistakes, keep experimenting and keep moving ahead.
Best wishes to all that seek to achieve success in their business through marketing.