Will Marketing Ever Rule the world?
Do you think that Marketing is ruling the world? It is absolutely correct. Marketing will make you or break you. People may have a great product but if they do not have marketing skills it is of no use. People will buy the product when they know it and that satisfies their needs. You need to know proper marketing skills to run your business successfully and profitably. It will be a great idea to create any product but the marketing of the product is the main thing. Marketing starts with analyzing the psychology of people and solving a burning problem that, creates inconvenience to the people. Marketing satisfies needs/problems/inconvenience and paves the path of value exchange and build long term relationship. Selling is serving. The highest level of marketing is building trust and educating people. Marketing starts with identifying needs, then the idea generation, forming product, advertising, selling, delivering the product or services, and getting feedback from the customer for further improvement, and building relationships with the customer.
Do you face any problems with Marketing in your business? Do you want to scale your business but are unable to do it? If you want to know how to do it then this is the right place. The main issues related to marketing such as fundamentals of marketing, Digital marketing vs Traditional marketing, CATT marketing funnel, Integrated Digital marketing, Personal branding, Mass trust blueprint, Niche selection, and creating a funnel for targeting 1 crore revenue blueprint will be discussed in the next sections. This blog is for business owners, freelancers, entrepreneurs, and intrapreneurs.
The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself. …-PETER DRUCKER
The Fundamentals of Marketing -
Marketing is not art rather it is science. It is understanding the psychology of prospective customers, understanding the need, formulation of the product, and delivering it. It requires strong analytical skills. Marketing can not be automated as it requires human skills such as human psychology, analysis of customers, selling skills, making customers happy, and building trust. The right message should reach the right customer at the right time. Suppose a person wants to learn Digital marketing from the month of September, if the advertisement of good Digital marketing course reaches to him, he will immediately join the course. If the product is good and initial marketing is done then the product will sell without further marketing effort or advertisement. The aim of marketing is to create a Brand be it personal or a company’s brand. If a Brand is created then it will have a recall value. As an example, people used to say purchase Surf rather than asking to purchase detergent as( Surf) brand positioning is done with the help of marketing. When a brand is established, this gives the additional advantage of the product compared unbranded product. Hence marketing is the key tool for the business to understand the needs of customers, develop a product, advertising it, creating a Brand so as to have recall value, building trust, and focus on customer delight.
“In marketing I’ve seen only one strategy that can’t miss: to market to your best customers first.” — John Romero
Digital Marketing Vs Traditional Marketing -
What is the difference between Digital marketing with traditional marketing? Traditional marketing is the usual way of marketing where people used to advertise their product in a newspaper, Television, hoarding, Radio, direct telephone calls, etc. Traditional marketing is suitable for general products which will be used by people irrespective of much market segmentation. This will be cost-effective for general products.
Digaital marketing is online based . It is targeting properly as per the market segmentation and as per Custome avatar.It is deep and personalized marketing strategy where as per the age group, sex, earning level, buying behaviour can be studied and analysed and can be targeted . Also cost of acquisition of customer can be calculated .
Both marketing strategy is having its merits and demerits. These two marketing strategy can be applied based on the type of product and buying behavior of customer.Both marketing strategy are relevant in the current senerio.
“People don’t buy what you do, they buy why you do it.” — Simon Sinek
CATT Marketing Funnels-
n- Niche= Success and wealth depends upon the niche you have chosen.Niche to be chosen based on the passion , talent and market.Never choose very wide niche then it will be diluted. You should not choose too deep or to specific that getting customer will for that will tough.
C-Content =Next important thing after selection of niche is content. Content should be such that it attracts Customers in your niche. Videos , blog posts, lead magnets , Webinar, social media marketing or any other digital marketing can be applied.
A-Attention=Getting traffic is the next main thing . It can be done through organic way such as through social media or it can be done through inorganic way through paid advertisement.
T-Trust= Visibilty in social media and retargerting and continuously giving value to your cold customer will help you to build trust .
T- Transaction=Convert your leads into your customer through value exchange .
Integrated Digital Marketing -
Inspite of digital marketing effort do you fail to achieve desired result?Why this happened ? This happened due to lack of integrated marketing Strategy.What is Intergrated Marketing strategy ? It is unified and holistic approach for targeting your audience to achieve desired result.
Integrated Marketing channel has lots of benefit. All marketing channel work as comprehensive and unified way . This help to build trust and establish brand on solid foundation.Through paid adds audience can be captured through lead magnet. Once they come through the process of lead magnet , email id , phone number can be taken . Email marketing can be started through these mail ids.From these mail traffic can be taken to blogs and then from blogs to different social media. Once value is given through different contact points , customer value journey from cold to warm then warm to hot will be started.
“Don’t use social media to impress people; use it to impact people.” — Dave Willis
Personal Branding -
Is the personal Branding is important and necessary to be established ?Answer is yes. But what is personal Branding? Persoanl Branding is nothing be creating your own personal name in the unique niche and make it visible and acuinted with the people.Company’s brand people may forget but personal brand people will never forget. He is the person who is basically Brand ambassador of the company . People can connect with a person who is Brand ambassador not with the logo of cthe company.We can take example of Warren Buffet who himself is brand but very few people knows the name of his company.We can example of lots of people such as Sandip Maheswari , Elon Mask, Dr Vivek Bindra who has built their person Brand so big that few people knows of their companys.
This will help people to connect these persons and they can ber influenced through different advertising channels.
Most consumers don’t mind hearing from brands as long as it is a solution, where we are not trying to sell something, but we are trying to solve something.” — Kelly Frederickson
Mass Trust Blue Print-
What is Must Trust Blue Print ? We are in the digital world . If we need to sell anything we need to establish trust on our audience. This can not be developed on a single day or a month. It is longterm game and it can be created by giving value and educating your audience for long term.Once trust is built among people selling is not a difficult job as the has gone through the customer value journey from Cold to Warm to Hot and trust is built.It requires visibility in all social platform and keeping in touch through social media in all the touch points.
This is not an information age. It’s an age of networked intelligence.” — Don Tapscott
Niche Selection-
What is Niche ? It is the area where you have mastery and can give value to your prospective customer by providing path breaking solution into their pain area.Niche should be chosen carefully as this will create wealth for you.Niche should be chosen based on your Talent , Passion and Market. Suppose we have talent in certain area but do not have passion then this will not be continued in future. Both talent and passion is important . Based on these two if a product is developed , then to sell the product market must be their otherwise whom to Sell it ?Hence for a profitable niche all these are important.
Creating Funnel for Targeting 1 Crore Revenue-
Let us understand funnel to generate 1 Crore revenue.Suppose we need to generate 1 crore revenue , them we need 1lakh customer with product of 100Rs price point .Same revenue can be generated with 10k Customer if the cost of the product is 1k or 1k customer with product price point of 10K.If cost of acquisition of customer 100Rs and we can acquire 1lakh customer then 1 crore is spent .Now from this customer only 10% customer buys your product worth 1000 Rs will make you breakeven as no further marketing expense will be incurred.From this 10K customer 10% ie 1000 customer buys your next product worth 10000Rs will make you profitable.This way marketing funnel works to generate revenue.
The best way to predict future is to creat it- PETER DRUCKER
Conclusion-
This the way Traditional marketing as well as Digital marketing works. Marketing definitley rules the world. I hope you like this blog on marketing. Do comment below and like share this blog.This is the part of Digital Deepak Internship Program.