Why did the marketing couple decide not to get married?
Because they weren’t on the same LANDING PAGE. LOL
Okay, sorry for starting this article with a joke. Well, in case you struggle at being an Effective Marketer, this is a guidebook meant for you, to unlock the secrets of Marketing.
Yes, you can surely go ahead and bring some popcorn but don’t you dare switch to Netflix.
Anyway, let’s begin by laying the foundation first!
Some Fundamentals of Marketing
Anticipating and satisfying the requirements and needs of the customer and making a profit within the process is the essence of marketing.
Marketing is the process of developing, pricing, promoting, and distributing products, services, or ideas that are tailored to a particular market. it includes all other activities that create value and systematically leads to increased sales or another desired response, establish a good reputation and ongoing relationships with customers, so that all stakeholders achieve their objectives.
Marketing is a broad subject. It has the properties of science and the attributes of art meaning, it is a cohesive function of both, science and art. It includes all the activities that bring buyers and sellers together. It requires not only an appropriate product but also the right type of distribution, the right price, and the right kind of promotion. Together these factors make up the so-called marketing mix (Four P’s) –
- Product: This includes the goods, services, or ideas that meet the wants and needs of the customer and also other factors such as the warranty, packaging, brand image, product range, and customer service.
- Price: The amount of money exchanged for a product or service. When developing a price strategy a corporation will consider not only the product’s manufacturing cost but also the costs being charged by its competitors and the way, a rise or reduction within the asked price is probably going to affect its demand.
- Place: How an organization gets its product into the buyers’ hands. Distribution strategy cares with decisions about which distribution channels and intermediaries (the wholesale and retail trade) should be used, the number of sales outlets, the required stock levels, and therefore the best sorts of transportation (physical distribution). An efficient distribution system ensures that the proper products are on sale within the right place at the right time.
- Promotion: The supplier’s activities to communicate with the market and to promote sales. Very few products sell themselves. Effective communication is needed to inform the consumers of their product and how it’ll benefit them and society, as a whole.
“Build something 100 people love, not something 1 million people kind of like.”
– Brian Chesky
Hold up! Why should anyone learn Marketing in the first place?
Having marketing skills in your professional toolkit isn’t necessarily a bad thing. Learning the way to think and operate like a marketer is increasingly important, regardless of what your personality or your career path is. Marketing is something that is going to be present till the end of time. It is dynamic in nature but the fundamentals will always stay the same. It is an investment that gives the quickest of returns.
Well, here are a few points on why you should have a marketers’ skillset up your sleeve:
- You’ll learn to listen/ understand the customer
- You’ll make better decisions
- You’ll gain tact
- You’ll become more aware
- You’ll be able to leverage the opportunities to your benefit
Now, we can begin with the steps to aid in being a better marketer.
Digital v/s Traditional Marketing
Traditional marketing constitutes all the marketing methods (basically, the offline strategies) that can be used without the internet.
Common traditional market methods include:
- Directly mailed postcards, coupons, and informational packets
- Television or radio commercials
- Newspaper or magazine ads
- Billboards and fliers
- Telephone calls and text notifications
Digital marketing is the subset of marketing that utilizes the web and online-based digital technologies like desktop, computer, mobile, and other digital media and platforms to market products and services. Common digital marketing methods include:
- Website content
- Email campaigns
- Content marketing
- Social media posts
- Clickable ads
- Affiliate marketing
- Search Engine Optimization (SEO)
Pros and Cons of Traditional Marketing
- Targeting the older demographic gets easier
- Exposure to a larger audience
- Unlike digital marketing ads, these are unskippable 😛
- Negligible interaction between the customer and the medium
- Not a cost-efficient method
- The results are immeasurable
Pros and Cons of Digital marketing
- Targets both for global and scattered audience
- Much cost-efficient
- Measurable data with real-time results
- Easy scope of getting viral
- May have a low impact from a visual standpoint
- May lead to content and email overload
Both, traditional & digital marketing have a varied set of demographics to target. So, it depends on your product and the demographic target you’re setting, for your business to bloom.
Communication Skills in relation to Marketing
Although marketing can take many forms, it is basically, an act of communication. The fundamental goal of marketing is to deliver a particular message from one end to the potential consumers, at the other end, designed to convince them to perform a selected action — usually to get a particular product or service.
Okay, try to do this.
Put yourself in the shoes of the consumer and ask yourself, why would you even consider purchasing ‘that particular product’?
Now, imagine someone comes along, blabbers all the so-called specifications to you. Would you be interested in it?
Obviously, NO. You wouldn’t be interested, right?
Now, if the same person comes and tries to understand your problem, associates a particular product, and explains how it would solve your real-time problem. Now, You’re thinking to consider it.
See, there lies the answer. It’s not just about communication, it’s about EFFECTIVE COMMUNICATION. There should be a transfer of thoughts between you and the consumer.
To possess communication skills, you don’t need to have a drop-dead vocabulary or grammar or pronunciation. It just has to be simple, clean, and transparent.
Think in English, write a lot, be more vocal/ outspoken. And in no time, you’ll scale to be an effective communicator!
Economics, Marketing, and Psychology
Weird enough? I can explain.
There stands a tension between economics and marketing — despite the very fact that marketing is just another derivative of economics. Marketing is the blending of economics and psychology. The main difference between the both is, economists, believe consumers are rational and seek products providing the greatest utility whereas marketers believe that buyers are often irrational and that’s the reality.
A little personification: Think of economics as the strict father of Marketing with all the sternness & rigidness.
Another One: Take a Pepperoni pizza. The crust of the pizza is Economics, topped with all the sauce and cheese which is Marketing, and now, the pepperoni on the top is Psychology.
Here are a few factors which help a business/ organization in being decisive:
- Law of Diminishing Marginal Returns: The law of diminishing marginal returns is a theory in economics that predicts that after some optimal level of capacity is reached, adding an additional factor of production will result in smaller increases in output. With time, one may find that the cost of marketing a certain product exceeds the returns you are generating from selling that product. This can happen in many instances, like when a new competitor enters the market or the taste of consumers change or the price point is either too low or high. While this process is inevitable for almost every product, there are things one can do to slow it down. Keep the products fairly priced, work to stay competitive in the marketplace, and keep up to the consumers’ tastes.
- Dealing with Competition: Part of responding to changes in the economy is dealing with your competitors. Unless a business is extremely lucky, it inevitably will have to deal with competitors offering similar products at similar or maybe lower prices. To be competitive, you’ve got to extend your marketing exposure and even rethink your target market. If a competitor undercuts your sales, you’ll want to re-think about gearing your marketing campaigns to a special subset of the population that your competitor is leaving out, otherwise you may take a glance at your price point and determine that you simply can stay profitable while decreasing your price to meet the competitors.
- Economic Utility: This theory states that consumers will buy things that will or might increase their personal satisfaction regarding something. If a business caters to discount or redundant items, it might miss out on the buying power of the more affluent customers. This focus on utility must be balanced with a keen sense of knowing the customer demographics and their demands. The economic utility is relevant from the marketing standpoint because it is a warning to not sell oneself short. On marketing the products, consider the economy’s effect on the price point and customer base. If one can charge a higher price and still retain the customers, take this as an opportunity to increase a business’s revenue stream.
The total population of India amounts to about 135 crores as per the UN data (of 2018) out of which the people from well to do families and are willing to spend, only amounts to 9–10% of the entire population. The consumer spending across India amounted to over 21.6 trillion rupees as of January 2020. But the average monthly spending per capita fell to just over 1,400 rupees in the fiscal year 2018, from over 1,500 rupees in the fiscal year 2012.
The reason to discuss this is, your target market doesn’t involve the 135 crore people, rather it only involves 10% in it, which means your business has a very specific target audience that you can scale and yet be profitable.
Okay, How to find a Profitable Niche?
A niche may be a certain area where you’ll specialize, which can guide you with the type of products to focus, partnerships to accept, content to supply, and customers to draw in. You’ll need to find one specific market that you simply can serve, over and once again, instead of spreading too thin by operating in multiple niche markets.
Not all of the niches out there make a profitable business and not all would appeal you. The most successful online businesses combine the interest of the entrepreneur with a well-liked and searchable topic that folks are willing to spend money on, to find out about or add to their lives.
To find the right niche, You have to target the intersecting point between Your PASSION, TALENT, and something that the MARKET is hungry for. This would help you in working throughout your life without being tired and, to kickstart a profitable business.
There are many benefits to having a niche that can build up a successful entrepreneur:
- Limits the competition
- Scope of being an industry leader
- Better targeting
- Improves online visibility
- Establishes a network
- Builds a loyal customer base
- Easy troubleshooting of problems
- Expansion gets easier
- Defines your vision and goals
The CATT Marketing Funnel
Here, Wealth = n^CATT is the framework of the power rule. Where,
- [n] NICHE: This is the base of your entire structure. With a profitable niche, you’ll have doors to many opportunities. Finding a niche has been discussed in the above paragraphs.
- [C] CONTENT: This states the type of content that you’d create to put out for the world. Some meaningful and valuable content helps to sustain your brand in the long term. You can publish your content by posting it on Blogs, YouTube Channel, Social Media, Books/ eBooks, etc.
- [A] ATTENTION: This aids in driving traffic/ attention to your published content by utilizing methods like SEO, Google ads, Facebook ads, viral marketing, etc.
- [T] TRUST: You have to hook the consumer/ customer/ audience to your content and the value it provides by interacting with them through repetitive engagement by way of Emails, social media, retargeting them, and definitely not in a spammy manner.
- [T] TRANSACTION: This helps you in converting your leads into your customers through natural sales methods by establishing the foundation of trust and here, Offer+Niche = Result. Various triggers of persuasion like reciprocation, commitment, authority, social proof, scarcity, and authenticity help in finalizing the transaction as well.
Now, let’s move onto Integrated Digital Marketing
Integrated digital marketing is a combination of multiple marketing strategies to create a cohesive online approach. It works hand in hand with the CATT Funnel. It includes:
- Web development and design
- Search Engine Optimization & Search Engine Marketing
- Content marketing
- Social media marketing
- Pay per click advertising
- Email marketing
In the above image, You can see everything revolves around your Content. Paid advertising would give you a boost in the promotion of your content to the mass. Email Marketing builds the trust in the people to whom your content has reached and this would ultimately help in the Sales Conversion procedure.
The basic idea being, when each individual strategy doesn’t have a huge impact on its own when used cohesively, could help in creating a more influential presence. It focuses on making the best possible impression at every interaction when your audience comes across your brand.
Perks of having an Integrated digital marketing system:
- Strategic goals to follow up on
- Edge over the competitive online platform
- Trust and authority with customers
- Provides consistent and holistic growth
- Encouraging brand culture and sharing
Establishing a Personal Brand
Personal Brand refers to the establishment and promotion of what someone stands for. Effective personal branding will help in differentiating you from other professionals in your level.
“Having a personal brand is important for an entrepreneur because now more than ever, it’s important for CEOs and founders of companies/brands to come out to the forefront and connect with their audiences. People connect with people.”
– Kevin Stimpson
Your brand is what distinguishes you from your competitors, helping to make an enduring impression within the mind of your audience and customers. Without a compelling personal brand that draws your audience, you’ll end up struggling to create a profitable and sustainable business.
Elon Musk, for instance, has more followers than 3 of his companies (Tesla, SpaceX, and SolarCity) combined. The equivalent is true of Richard Branson (Virgin), Arianna Huffington (Thrive Global), Gary Vaynerchuck (VaynerMedia), and countless other highly successful entrepreneurs. All of them have strong personal brands that they leverage to extend exposure and attract more customers for their companies.
Benefits of creating a personal brand:
- Helps in building trust and authority with the audience
- Higher chances of getting featured in media
- Helps in building a consistent network, both online and offline
- Opens the door to a long-lasting platform
Now, the Evolution of Personal Brand
A personal brand doesn’t scale up overnight. One has to work to achieve it.
There are certain stages in the Evolution of a Personal Brand, namely:
- Learn: Learn a new skill according to your interest by understanding the concepts, remembering the facts, and practicing the procedures in it.
- Work: Putting your newly learned skills to work in real-time helps you gain a wider understanding of the skill. You can do this by freelancing/ doing a job/ starting your own projects.
- Blog: Writing about what you’ve learned and experienced through your work will not only help you understand better but also will result in building a personal brand.
- Consult: You can reach out to other people and brands/ businesses and start to consult them, by utilizing your skills and experience.
- Mentor: You can also mentor/ teach others who want to become like You. It’ll assist you in scaling your understanding to a deeper level.
- Startup: Now, you can launch your products/ services by fusing your understanding that you’ve developed over time.
Hope, You’ve gained some valuable insight on the secrets of Marketing.
Well, I have a Bonus for you.
To learn all of these and implement it in the practical world, here’s a FREE Internship Program by Mr. Deepak Kanakaraju where he will guide you throughout the entire structure.
Go ahead and Apply!!