Why marketing your business is as important as your product?
Marketing is just about sending the right message to the right person at the right time. It is rooted in human psychology. So understanding the customer and customer’s need that leads to creating a product that fits. You need a great product but marketing not just helps people discover your product but also has a good perception about the product.
In this digital era, the mode of marketing has changed but the main psychology behind the marketing is same.
We will discuss in brief about different modes and types of Marketing which will definitely help In growing your Business:
- Law of Marketing
- How to build a strong Brand
- Traditional V/S Digital marketing
- Importance of Communication skill in Marketing
- CATT marketing Funnel
- Personal Branding
- How to make 1 crore
Law of Marketing
Marketing is based on Science, not on creativity. It starts before creating a product with understanding customer and customer’s need. It is not just about selling but about communicating with existing customer to keep them happy so that they will remain customer for life. The purpose of marketing is to build a brand and capture a position in consumer’s mind.
“The aim of marketing is to know and understand the customer so well the product or services fits him and sells itself. The aim of marketing is to make selling superfluous. – Peter Drucker “
Marketing is a game of perception. Never let marketing become more important than product. As on basis of strong marketing with worst product you can bring customer only once, you can’t gain trust forever. A great product sells itself. A great product converts customer into brand ambassador as word of mouth marketing is the best channel of marketing ever.
Components of Marketing
How to build a strong Brand
- Don’t be the no. 1. Be the only 1.
- Choose a category to become a leader. Deciding where to compete is the main key to success.
- Some brands like Google, Zoom, Xerox has become verbs.
- Brands like BMW, Volvo, Mercedes are a leader in its sub category.
- Brands like Surf, Colgate, scooty are a leader in its category as in many homes it is not called as detergent, toothpaste or Two wheeler , same category products are name as respective names.
Why invest time and energy in Learning Marketing
Marketing has a shelf life because it is rooted in human psychology.
It has existed since the dawn of civilization. Everything else like production, Administration, HR, manufacturing, production, accounting is an expense that doesn’t give immediate ROI, but investment in marketing is something that gives direct returns.
If you know how to sell and market, you have a safe career. Marketing can be outsourced completely, the founder should be a marketer.
Traditional V/S Digital Marketing
If a product is generic with a very wide targeting audience then Tv ads can reach millions at a low cost e.g. Advertising a phone, motorcycle, Car etc.
India has TV in around 197 millions homes out of 298 millions homes. Assuming 4-5 family members per household, Tv has a reach of 800 million to 1 billion people. The reach of digital marketing is nowhere close to TV based on numbers alone. But Tv advertising has one demerit that it can’t involve in deep marketing however digital marketing is involved in deep marketing with specific targeted audience.
Users of internet are increasing intensively in India, around 100 million internet users are in India nowadays. So it is a strong medium to reach its targeted audience. During this pandemic, the rise of digital marketing was expected to rise in upcoming years but already rose during this period. Everyone has a mobile, whatever they want to search, they can collect information with a single click.
Radio has a reach of 65% of the Indian population. (Source: Financial Express)
Newspaper has a reach of 465 million people. (Source: Business standard)
But advertising through these mediums is not as effective as Digital marketing.
Direct response Marketing
” Direct response marketing is a type of marketing designed to elicit an instant response by encouraging prospects to take a specific action”- Marketing Evolution.com
A call to action method through which customers directly responses is Direct response marketing.
Most people who run ads don’t know if it works or not.
Marketing executives in big companies or ad agencies run branding campaigns which do not give specific and measurable results. Increase in brand awareness is not measurable.
Some good Direct response marketing is
- An ad in newspaper with a phone number to call.
- A late night informacial with a phone no. to call.
- An ad leading to a landing page with a lead form.
- A sales page with a product linked to purchase the product.
Basics of Global Economics
Every entrepreneur should learn about global economics.
A country’s economy goes up as the average age of country goes up.
Debt creates money.
Recession creates strong companies and drives out weak companies out of the market.
Where is india’s wealth concentrated
- 23 millions househols in India 1( india 1 is where people earn a satisfactory amaount).
- In india 1 around 110 millions people resides (assuming around 5 people per household).
- India has around 10-15 million Amazon prime members.
- Around 20-25 million indians do online shopping.
- Until 2025 buying power of indian will be around 30-35 million.
- Target customers have credit card, have laptop/desktop, have cars, and have income more than 5 lakhs per annum.
- All target customers are in top 10 cities of india, and speaks english well.
Importance of Communication Skill
Good marketing is all about good communication. And good communication doesn’t mean sophisticated English. Good communication is all about am I capable to deliver my thoughts effectively, only question to ask? It doesn’t care about vocabulary or grammatical error.
To enhance communication skills, follow some steps
- Write like you talk. Understand target audience.
- Write a lot. Better you write, better you will speak. Writing slows down our thought process and gives clarity.
- Think in English
- Watch english comedy shows.
- Read english Newspaper.
CATT Marketing Funnel
In marketing, it has also a formula
Wealth = n^CATT
[n] Niche:- Your success and wealth depend upon the niche you choose.
How to choose the right niche
[C] Content:- Create useful content that attracts people from your niche. Blog posts, videos, lead magnet, live webinars etc. are content which we create.
[A] Attention:- Drive attention (traffic) to your content using SEO, Paid Ads. Social Media, Referrals.
[T] Trust:- Build trust with your customers with marketing automation and retargeting.
[T] Transaction:- Convert leads into customers.
So, following the above steps any marketing is done, and sales are generated. So customer’s satisfaction must have priority, and once they become our customers, they must have an existing customer for life by creating trust. And if we gain trust, then the sale is automatically generated.
Personal branding is very important for a business. People want to hear from people not from brands. On a personal using good experience people trust easily.
“The best known will always beat the best”.
We may take an example of Digital Deepak, which is a bigger name today than many digital marketing agencies, as he created a brand as himself and clarify the ideas which he had.
Elon Musk has bigger following than Tesla or SpaceX
But it has also a downside that it can’t be invested in and can’t be sold.
A personal brand can give rise to many brands from his/her influence.
A personal brand becomes an influencer and a brand ambassador himself for the companies they run.
Evolution of a Personal Brand
Learn: Learn a new skill through concepts, facts, and procedures. Understand the concept, remember the facts and practice the procedures.
Work: Put your skill into work. Go from practice to implementation. Implementation will give you a better understanding.
(Work= Job/ Freelancing/own project)
Blog: Write what you have learned through your work. When you write, you understand it better and start building your personal brand.
Consult: Now you have started writing blog posts, have your own personal brand, have work experience. So instead of working for them start consulting other businesses.
Mentor: Start mentoring others who want to become like you. Mentoring helps to scale our knowledge to the next level. Mentoring also helps to clarify our concepts.
Startup: Start your own product, business or service which you have learned throughout the market. The skill which you have developed by understanding the market. It will help in growing your new startup.
How to make Rs. 1 Crore
SInce to make Rs. 1 crore is not an easy task, but working in the right direction with the right strategy, it is not so tough.
Let’s assume I have a product or service of Rs. 100 so I need 1,00,000 customers to make Rs. 1 crore. Since it is not easy task, but everything is possible.
Let’s assume I have a product of Rs. 1000, so customers needed is 10,000.
And if a service or product is of Rs. 10,000 then customers needed is 1000.
And if it is of Rs. 1,00,000 then customers needed is 100.
One thing should be noticed that if it is an existing customer who buys any product from us of Rs. 1000 then on basis of trust it is the most probability that he can also purchase a product of Rs. 5000 if we provide. So always focus on the quality of product and customer satisfaction.
So, it was all about marketing and digital marketing. The better you understand your skill, the better you will choose your niche. And a better understanding of the basics of marketing and this digital platform, the better is the chances of your success in business or career. So start enhancing this new age of Digital marketing.
P.S. It is an assignment for the Digital Deepak Internship program.