Do you know what marketing is?
Looking for marketing strategies most effective for business growth?
How to develop a brand?
How to communicate with audiences?
I will try to explain all these concepts of marketing here. Many times people confuse it with selling, but it is not so. A product selling starts after it is launched whereas marketing starts before its launch.
Marketing is part of a business. You must make your customer happy and listen to them to grow your business. A customer’s demand, needs, and preferences keeps changing and you must try to go with their choice.
If you take care of the customer’s satisfaction they will stick to your product and be a loyal customer. Otherwise, they have a lot of choices around. And if you want to be in the competition, you need to do marketing.
I am a part of Digital Deepak Internship Program, I have joined this to learn digital marketing under the mentorship of Deepak Kanakaraju. According to him, marketing is a science and not just creativity. Anyone who is willing can learn the science of marketing and apply in their business. Marketing is not just promoting a product but includes a lot of research. We need to understand a customer’s choices and should take care of their satisfaction. According to our mentor Deepak Kanakaraju, “Marketing is about sending the right message to the right person at the right time.”
Traditional Marketing vs Digital Marketing
There are two ways of marketing, traditional marketing and digital marketing. TV, radio, newspaper, magazines, hoarding are the traditional ways of marketing used by marketers for years. But with the arrival of internet and technology the marketers have switched to mediums like social media, SEO, email marketing, etc. These are the ways of digital marketing which people use nowadays to market their products.
To choose a medium of marketing you first need to identify your target market and whom you are trying to reach. It is very important to identify the target audience because according to that you will decide how to advertise, where to advertise and what product to advertise. For example, for homemakers and housewives, advertising on TV or radio will be perfect medium to reach out to them. Whereas for younger generations, reaching out on social media and emails through mobiles and other internet connected devices will definitely help.
Both the mediums of marketing are effective in their own ways. However, we should choose it wisely. The message should be clear. Select audience according to the age, gender and status of the community. And then select the mode of communication, i.e. digital or traditional ways keeping in mind the product that is to be delivered.
Communication is a major skill that we need in any sort of marketing.
Many people think language to be a part of communication skill, but it is not really so. Fluent English or perfect grammar is of no use until a person doesn’t understand what you want to convey. You should be able to present your thoughts effectively to other person so that he understands it well.
Always write as you talk, focus on how you are speaking. Talk about things that might be already going on in other people’s mind. Try to write as much as you can, the more you write you will be able to speak. According to Deepak Kanakaraju, “Writing slows down your thought process and gives you more clarity on your thoughts.”
Finding a niche
A niche is a specific area of marketing which has its own particular requirements, customers and products. Niche selection is extremely important because it helps you stand out and make a target market for yourself.
Choose a niche which has high search rate but low competition related to your interest and passion. A good niche will definitely yield high rate of profit.
CATT funnel is a marketing funnel devised by our mentor, Deepak Kanakaraju. CATT stands for Content, Attention, Trust and Transaction.
Wealth = n ^ CATT
Here, n stands for niche.
Lets’s discuss this funnel in detail for better understanding.
Content — Create a good content to attract people’s attention. Content is the most important part of this funnel. Content can be in forms like blogs, videos, webinars, newspaper, etc.
Attention — Drive attention towards the content you created through social media, SEO, paid ads, emails, etc.
Trust — Create trust among your audience by listening and communicating with them. You can build trust with them by providing more value through marketing automation and retargeting.
Transaction — In this step you convert your audiences into valued customer by following the above three steps.
Once you have started building trust with the customer, sales will happen automatically and they will become your loyal customer and this will go on.
Integrated Digital Marketing
Integrated digital marketing is the approach of applying multiple marketing strategies such as SEO, social media, content writing, email marketing, etc., for selling a product together in a systematic manner.
In this image, we can see that all the components are integrated with one another and in the absence of any of the component the marketing process will fail.
This can be further explained with the help of the already discussed CATT marketing funnel, where all four steps are very important in the marketing process. Similarly, in the above image, content is connected with every component. Content is the most important one but you have to build trust to convert to have transaction.
Personal branding is very crucial for success. Developing a personal brand that reflects your identity among your prospects with whom you build trust has become a fundamental part of a business in the present day.
You need to create a brand that is unique and stands out from others by creating engaging contents. Personal branding helps people know about your product with your name even though they don’t know you personally.
For example, celebrities and movie stars come up with products of their name as brand name and since they are already popular among the mass, they bank on it. People come to know about these products from their friends or colleagues and due to the name they have, they trust the brand and the product gets sold even without much marketing.
Brand Marketing is the way that businesses or organizations highlight and bring awareness of the products or services by connecting values and voice to the right audience through strategic communication.
“A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.” – Seth Godin
To help connect with people and build trust, our mentor, Deepak Kanakaraju has developed a blueprint called MassTrust Blueprint.
Let’s go through this blueprint in brief detail.
Learn: Start learning new skills. Learning is a very important step in every stage of life. Learn through concept, facts, procedures and research.
Work: Implement the skills you have learned by putting that on practice. Putting up your skills in to practical work will give you a better understanding of what you have learned.
Blog: Start writing blogs about your experiences you had with implementing the skills you learned. Writing will sharpen your skills.
Consult: Now you have a personal brand and some experience. You can start giving consultations to other business and thus you will start developing confidence.
Mentor: You can start mentoring people who wants to learn and become marketers. When you teach others you will learn quickly and this will also develop trust among people.
Startup: Now you have a brand and have established a place in the market, you can start a startup with the skills and understanding you have and start selling your services.
“A good financial plan is a road map that shows us exactly how the choices we make today will affect our future.” –Alexa Von Tobel
The ultimate goal of a business is to make money. And money comes in the form of revenue you generate from the sales that you do of your services and products in your target audience.
Here is an image that will help you set your financial goal of 1 crore over a certain period of time for your business.
Looking at the above image, we can understand that for product or service that is worth Rs. 100, you need 1 Lakh customers to make it 1 Crore of revenue.
If you have product or service worth Rs. 1000, then you need 10,000 customers to make 1 Crore of revenue.
If you have product or service worth Rs. 10,000, then you need 1000 customers to make 1 Crore of revenue.
If you have product or service worth Rs. 1 Lakh, then you need 100 customers to make 1 Crore of revenue.
In this way you can set a financial goal for your business according to the prices of products or services you have.
Finally, I would like to conclude by saying that marketing is the future of business. Both the mediums of marketing, i.e. traditional or digital marketing are effective in their own ways. Choose one of them according to your niche and audience wisely.
I got to learn all these marketing concepts from Digital Deepak Internship Program.
You can also join the next batch of the internship program by applying from this link – deepak.me/internapply