In this article, I am going to talking about the fundamentals of Marketing that everyone should know and different ways to engage with customers. It will be more useful for people who are getting into marketing, who are running start-ups, professionals, and trainers. Marketing is rooted in human psychology that cannot be automated by machines. So the scope is always out there. That is Why I am focusing on learning Marketing.
I am going to give a quick start about,
- Introduction to Marketing
- Understanding Global and Indian economy
- Traditional vs Digital Marketing
- Importance of communication skill
- CATT funnel
- Integrated digital marketing
- Direct Response Marketing
- Personal Branding
1.Introduction to Marketing
If we hear the term Marketing, the first thing that comes in mind is selling and promoting the product. It is about building relationships with customers, gaining their trust, providing better content, engage your customers for a long period.
What is Marketing, and how does it work?
Here, I am going to convince you that marketing is about science, not about creativity. Because it is all about creating the right product that fits on customer strategy, it is not just about selling or promoting a product.
Let us take a look at The Untold Law Of Marketing.
LAW#1: “Marketing begins before the product or service created”
Before creating a product or service, you should analyze the market and understand the customer’s needs. If the idea fits the customer stagey, they want it and buy it. You don’t need to struggle in selling it.
Imagine that you have an idea or service to sell and wanted to know whether the idea succeeds or not. Marketing begins here! You started to investigate the market. That is why I called marketing is about science. After getting a clear understanding of needs, the idea might vary. Finally, the product gets manufactured and released to the market place and tell the people about it.
LAW#2: Right Product to the Right People at the Right Place at the Right time
Always remember “The Rule of 4R”.
Do you believe if I say e-commerce started 40 years ago?
Yes, it is first started in 1979 by Michael Aldrich. The idea to connect a television to a real-time transaction processing computer via a domestic telephone line to their supermarket to deliver groceries. But it was not that successful due to a lack of e-resources.
Now we are in the digital world there are major advancements in the commercial use of the Internet.
One of the first eCommerce sites is Amazon, which launched in 1995 as an online bookstore, has grown to be the largest online retailer in the world.
Amazon understands the fact about the right service to the right people at the right place at the right time and holds the first position in the e-commerce industry.
Now India alone, Amazon Prime has 10 million users.
LAW #3: A great product sells itself
A great product does not need marketing until the quality is not compromised. For great products, word of mouth will be a great asset to the company, and customers will be the brand ambassador.
The personal recommendation drives more purchases because people believe word of mouth out from trusted people.
People believe the quality that they are getting from Apple products, they tend to buy it, also refer others to buy. Here, the chance of the customer conversion rate is high.
LAW#4: Be the only one Not be the No.1
The fact is people only remember the first person, neither the second nor the third person.
If I ask, who is the first man landed on the Moon?
Yes, everyone knows the answer. Almost 100% of people will answer it as Neil Armstrong.
But, If I ask about the second person, only 60 to 70% of people will answer as Buzz Aldrin.
Similarly, Instead of asking who is the third prime minister of India, if I ask who is the first women prime minister of India, everyone will answer as Indira Gandhi.
Likewise, Instead of considering the main product, focus on the sub-product, and give your best to create it.
Let me explain how?
If you want to create a search engine, instead of creating a generic search engine like Chrome, you can create a specific search engine for sub-categories such as online trading, restaurants, etc.
Eg: Practo for doctors, Zomato for Food, Ola for Taxi.
2. Understanding the Global Economy and Indian Economy
The global economy creates a platform for world trade, where multiple countries beneficially exchange their resources. The main motive of the economy is to earn money.
You may ask, why should I know about economics?
Because understanding economics helps to predict the upcoming opportunities in business and it answers the following questions
– Where to land in,
– How to get started,
– How to invest,
– What are new opportunities available
Without understanding what’s going on in the world around us, you can make smart financial choices.
The economy depends on four factors of production such as Land, Labor, Capital, Entrepreneur.
Land – Natural resources
Labor- Human resource
Capital -Machines and tools
Entrepreneur – Person who invests in labor, land, and capital to gain profit.
Although the Government does hold power over the country’s economics, the big banks and large corporations essentially control and fund these governments.
For Example, Bill Gates, Elon musk – one of the top business tycoons in the world.
Opportunities for Global Economy in India:
India is one of the emerging markets and fastest-growing countries in the world. India has become the fifth-largest economy in the world in the year 2019. It is the 13th largest economy in 1980 is notable. It has reached a scale where its growth will have a significant impact on international commodity markets.
As we have seen above India is rich in
Young population – India has 17.7%, and China has 18.4%, of the world’s population. Though India is the second populous country in the world, it ranked as no.1 in most young aged people. They do have a high demand for products and services.
Natural Resources – India is the second-largest country in coal used for electricity generation, steel production, cement Industries. In exchange for coal, we are getting the manufacturing units that lead to advancements in industrialization.
The mining industry could grow to 10% of GDP if the country develops its deposits. To know more about natural resources click here.
Purchase behavior – Due to the high young population, their demand for goods and services increase, are attracted to a sophisticated lifestyle.
If a person moved out form school age to adulthood, he/she have to get married, they have to take care of their families and children. Have to earn money to improve their standard of living. Have to spend money on home, car, and kid’s education. So there will be a rise in demand among young people, it creates a way to start the business for entrepreneurs.
However, in developed countries like the US and Japan, buying patterns is much lower when comparing to developing countries. There is a decline in the growth of the economy.
What are the benefits we are getting in exchange for natural resources and human resources?
It is employment, high GDP growth, and increased industrialization.
We have high resource availability and aiming for the growth of technological advancement and sustainable economic development. It creates more opportunities for entrepreneurs to start their business and trade globally. As a return, we are getting capital resources and economic development.
Difference between economic growth and economic Development
Economic growth is about the total volume of output and input produced in a nation. It does not consider factors such as environmental conditions, people’s health, and quality of living.
“Balancing environment conditions and industrialization is the biggest challenge in economic growth.”
But Economic development is about quality of living, environmental conditions, health factors, and education standards.
3. Digital Marketing vs Traditional Marketing:
First, you have to determine who is your target audience. The digital marketing is highly reachable for people in high tier who have Internet and WiFi connection, able to interact with Business language.
If you are using wifi connection and the ability to communicate with English, then you will come under the High tier.
The goal of advertising is to make people remember the brand. Nowadays, social media has become noisy, and ads are everywhere in everything. You will have to cut-though the competition and stand out from the crowd.
Traditional marketing includes printed media such as newspapers, flyers, posters, TV, Radio.
Advantages and Disadvantages of Traditional Marketing
- It is cost-effective. It has a higher reach on generic products. Example Nike, Mercedes-Benz. Because the conversion rate is high. But expensive for small scale Industries and start-ups.
- Higher brand recall – The traditional advertisement is recalled by people easily than digital ads.
- It has a hard copy of materials that the audience can access for future reference. Of course, In DM, you can take a screenshot and save them on Cloud, but who does that!
- One way communication also takes more time for decision making.
- High reach for target local audience, but not worldwide reachable.
- Not measurable and traceable. It takes time and action to measure the result.
Advantage and disadvantage of Digital Marketing
- Cost-effective. It fits for start-ups and big companies.
- In DM, we could measure and track the recorded data on time.
- World wide reach in DM connects people everywhere they go.
- Through digital marketing, you can have direct interaction with the audience in real-time. We can take on-spot decisions.
However, we are in the generation where half of the people use the Internet, and the other half of the people don’t know what the Internet is. Considering the audience is the best way for Marketing.
For example, if you are selling a product for knee pain, the target audience will be old-age people, here, traditional marketing is the better way to communicate.
Similarly, When it comes to webinars and online courses, the target audiences will be students, then digital marketing is an effective way to approach them.
4. Importance of communication skill
Communication skill is not about the style of language, it is all about taught process and how you able to deliver it.
For good communication, you do not need to be an expert in vocabulary, it is about how you make the content simplified, and understandable to the audience.
Moreover, developing strong communication skills is essential when it comes to building a successful career & leading a happy personal life.
Do you know that communication skills involve writing, listening, speaking, observing & empathizing?
In the business world, many employers believe that proper internal communications can significantly increase employees’ productivity.
Great communicators are the ones who bring solutions, drive change, motivate, and inspire their colleagues/Customers. Developing strong communication skills becomes one of the leaders’ top priorities.
But successful communication is far more than sharing information, it is also an understanding of the feelings behind this information. Successful communication can deepen relations in personal life or professional life. In personal life, they can help us understand better people and situations that happen on a daily basis.
Employers who communicate the company’s goals and values to employees have certain advantages
– Better turnover rate & Increased productivity
– Better teamwork
– Efficient decision making
– Keeps employees motivated and engaged
– Customer satisfaction and retention
It is the most important soft skill to be developed so far to get ahead in the world today.
5. CATT Marketing funnel
Why is the term called a “funnel”?
In general, a funnel is used to pour the liquid into a small opening, pulled by gravity into the container. It has a high quantity on the top when comparing to the end.
Here the “marketing funnel” is the step by step process of pulling the customer into your virtual funnel and converting them into a buyer. The top where everyone goes in only the interested customer move further and buy the product, finally the deal is made.
The steps we called as “CATT” – Content, Attention, Trust, Transaction. It works with the golden formula
Wealth is a success that depends on your Niche(n) selection. Niche selection is about determining your interesting topic that has a hungry market value. It is a combination of passion, talent, and Market.
Here how does it work,
Consider, You have a niche that has a hungry market and want to convert customers into buyers.
1. Content – Creating quality content from your Niche. The content may be writing blogs, newsletters, articles, posts, videos, webinars, etc.
2. Attention – Creating awareness and driving customers to your niche. It can be Running Ads, referrals, or social media.
3. Trust – Getting the trust and loyalty of your audience.
4. Transaction – Converting them into a buyer. Wealth is determined here.
For example, consider Amazon purchase funnel, they are few steps visitor goes through before purchasing. They
1. Create attractive content such as ads,
2. Drive traffic to visit Amazon.com,
3. Build a relationship and earn trust,
4. Convert to the buyer.
In the end, the transaction will be made, wealth is created.
In the beginning, lots of people visit websites and explore it. At the end only few people buy our product.
Through the funnel process, you can figure out where you lose the customers, make decisions accordingly.
The funneling process gives a structured plan to get a high conversion rate. The best approach to get a result is Integrated Digital Marketing.
Lets take a look at what Integrated digital marketing?
6. Integrated digital marketing
As it sounds, Integrated marketing is the combination of multiple marketing modules for business that can create a more influential on-line presence. It is about creating a plan to make sure you’re using digital media and to make sure you’re using it the right way. The communication techniques are
- Content Marketing – Blogging, publish articles, websites
- SEO and SEM (pay per click) – Keyword search and pay per click
- Direct response marketing – One to one Marketing, more personalized and emotionally connected.
- Email Marketing – engaging customers with quality email messages
- Social media Marketing – Facebook, Instagram
Remember, the contents should express the resemblance of your brand that direct them in one direction, get people to remember your brand.
Successful markets placing consistency in marketing
How to Integrate Marketing techniques and channels?
Many marketers follow a single strategy, believe that they will get better results. But in real-time, they fail to get expected results.
We cannot ignore that each marketing module has its upsides and downside.
For example, if you follow only email marketing and start to send dozens of mail to random customers. They are a higher chance that people will get irritated and delete the emails.
If you only concentrate on SEO, it might drive high traffic at the beginning. It will get the visitors to your websites. But think, if people do not get the quality content for their problem, will they like to stay for a long time? People tend to leave the page immediately.
If we give Quality content, it builds trust, people want to read it and engage them for a long time. It may be displaying ads, blogging service, podcasting, social media posts, search engine content, or website contents.They also refer to their friends, and the chain continues.
SEO and SEM position your brand top on the google page. Search engine optimization is about keyword search and Search engine Marketing is about pay per click. It is a very helpful way because it joins with what on people mind. If a person searches for toothpaste, the ad displays only to them on top of the website. If they click the link it drives traffic to your web site.
Join what is on people’s minds. Do not start a new conversation.
Usually, People come to google to get solutions for their problems. Posting ads on social media, building a link button to your webpage will give a solution for their search.
When comes to social media marketing, instead of focusing on one, use all social media platforms such as Twitter, Facebook, Instagram. Each media has a unique style of expressing content. Ex. Twitter for short writing, aspirational content works best on Instagram.
Provide them a great experience everywhere they go. Your business will be on the Social Media they use, on their email, and Google when they search for something. So, they will have no choice but to sign up to discover more and become a lead.
Sending creative content through email marketing. If you want to get someone to pay attention, using their name is a great place to start, this makes interaction highly personalized.
When all your marketing efforts point in one single direction and gives a smooth way to get along, it is easy to direct the buyer to where you want them to go.
Direct response marketing is a helpful approach to get quick action and trust-building.
5. Direct Response Marketing
For start-ups, Direct response marketing is a healthier way to attract new customers
It is demanding a quick response from the customers to get the action done. Join what is on people’s minds instead of starting a new conversation to get immediate action.
For example, convince them to call numbers, click for the link or leave comments on a social media platform.
Here are the benefits,
- It is traceable and measurable
- High return on Investment
- Instant response.
- Delivering personalized communication through a compelling message.
- Creating a direct line of contact with the customer.
Active campaign Pay Per Click (PPC search ad), the ad displays according to the search keyword.
A visitor search for mobile phones gets the list of google ads related to the search. You know the magic of our technology, the phone gets to appear in all social media accounts.
When I first noticed recently searched products started to appear in all my social accounts, I went crazy.
As soon as they click the link, it lands on to the sales page on the website, which gets them to sign up. Through signup, we are getting an immediate response.
With the signup information, send emails regarding offers, a new arrival, coupons, etc. Make sure that the information should resemble their recent search. Because data is measurable and trackable, through which we can track their purchase behavior.
The mail content should convert the customer to be a buyer.
Example: Only one stock left, Limited off
Finally, they pay for it, buy it.
Last but not least, do follow-up mail, ask them for feedback. Offering credit points or coupons is a tricky way to gather reviews. More people have read positive reviews before purchasing. Gaining social proof will increase trust.
People always gain values from one to one conversation, not form the company Logo.
Make sure that on-time personal assistance is also available to clarify their queries. Direct interactions with the customer and strengthen the relationship.
8. Personal branding
A personal brand is how you promote yourself and how the world wants to see you.
It can be how people look at you in real life, how the media portrays you, and information about you online.
Your brand helps you stand out from everybody else. You can use your brand to demonstrate your knowledge and skills in your areas of expertise.
It is a feeling that people have about you. If they know you personally, they will trust and buy your product. People want to talk with humans, not with the logo.
Personal branding is about the power of authenticity and sincerity when communicating with the audience.
What is authenticity?
Authenticity is about your true self. Whatever you are saying should be honest and trustworthy. It should come from the heart, emotionally connected with people. Be ready to hear people, and value them.
Please be remember there is a big difference between fame and personal brand.
Popularity does not help to develop a personal brand. If you have 1M likes on Facebook or 10000 followers on Instagram, it does not mean you have a high personal brand. Fame also carries a high number of followers and likes but it does not carry any values.
A personal brand is about how much values you added to peoples’ lives. Father of our Nation, ABJ Abdul Kalam sir always comes in my mind whenever I think about Personal brand. They are great leaders.
“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.”- Kelvin Stimpson
Since you cannot be sold your personal brand, it does more than sell your product. You define your company. Your company does not define you.
Consistency is key here. You want to build trust with your brand, so remain strong in your ideals and values, and keep your voice clear across varying media platforms.
Keep sharing what you know and gain your space to stand
Understanding the global economy and be updated is important to make decisions in Business. The way to be updated is consistency in learning, experimenting, mentoring. It does not mean that you should know 10/10 about a particular topic to teach. If you know 5/10, you can teach people who know only 4/10.
If you want to stand out from the crowd, improve your personal branding, be authentic and sincere. Communication skill is a key point to achieve success in both personal and professional life. Be sure in the art of delivering content.
The digital platform holds half of the people online, so digital marketing is an efficient way to influence more people. They forget the thing quickly. If you want to grab the customer’s attention, you have to cut through the noise. So to drive better results, the best method is unifying all communication channels and marketing modules in a structured way i.e through CATT funneling.
Thank you for your reading. Any suggestions are welcome.