I’m Sharing my learnings here. It’s a way to achieve immortality.
In today’s world many people are realizing that if we want to become wealthy, we should move from the employee quadrant to the business owner quadrant. So many people start their journey in doing business without proper knowledge of knowing marketing.
Some of them try to learn and develop skills in marketing and sustain, many can’t. It’s not only for the new business entrants, Even many top successful companies who have achieved heights also went down because of one powerful reason for not doing successful MARKETING.
You may have a question how come top successful companies fail?
TOP companies knew that Markets always change faster than marketing.
Ever thought why they failed?
Because they believed that Indian customers are always their loyal customers.
Example: Many companies like Nokia, General Motors Indian smartphone companies Micromax, LAVA, Karbon, etc…
Now you can understand my topic very clearly!!
Yes, Can You Deep Dive into Business Without Knowing Marketing?
The answer is Big NO.
So, this article is for all who understood my topic so far, and also for the young energetic, and upcoming entrepreneurs, and those who believe that we can start something on our own and achieve success.
I’m going to discuss these topics further -Marketing, Marketing strategy, communication, economics, Traditional Marketing Vs Digital Marketing, Direct Response Marketing, The CATT Marketing funnel, Integrated Digital Marketing, and Personal Branding.
What is Marketing?
Why it is important for your business?
When marketing can be used?
Marketing is all about getting potential clients or customers interested in your products and services. It also involves researching, promoting, selling, and distributing your products or services.
As Peter Ducker says — “The aim of marketing is to know and understand the customer so well that product or service fits him and sells itself. The aim of marketing is to make selling superfluous”.
Sales and Marketing
We should not get confused between sales and marketing. Sales are purely transaction and exchange of value. When you exchange money for a good or service that you need.
Whereas marketing is a process that takes place before the actual sales happen.
Business Success Depends Upon Successful Marketing
It’s impossible to be successful without good marketing and sales techniques. You have to let people know about your products and services. First, to know who is your target audience. You need to get close to them that you can anticipate their needs and desires. And be able to communicate to them exactly why they need, what your business can provide to them. And then you have to reach them with the right message at the right time. And also you need to create and manage every day to maintain a healthy relationship with your consumers. It also allows businesses to maintain long-lasting and ever-present relationships with their customers.
Example of Successful Business are :
Walmart is a classic example of how a small business typically grew and became successful, according to Forbes
Walmart was started and after 7 years they opened the second store, it took 25 years for their rapid growth. It’s now the world’s biggest retailer. Walmart’s story shows that slow growth is completely normal even successful companies take a long time to get things right.
Mail Chimp: It helps small businesses with their marketing. They are most famous for their newsletter platform. They made slow and steady growth within 6 years they pulled over $400 million in revenue.
It was a hard path to success, according to the New York Times. There were many competitors in their space, ones with more funding. Mailchimp succeeded because they were a small business too and understood what their customers wanted. And they worked quickly, adding customizations and new features, all while charging less than their competition.
Marketing is the homework that we do before we have a product
Marketing starts before the product is created. It starts with understanding the customer and their needs that lead to creating a product that fits.
You can see that many companies before creating a product they will do marketing by advertising in any kind of medium and they create curiosity among the customers and competitors.
Marketing is everywhere and everything is marketing.
You can see from your birth to till death there is marketing.
Even a mother shows the moon to her child and tries to feed food. While looking for a job one tries to market himself in job interview .Even Indian matchmaking among families involves marketing.
Marketing strategy is a business’s overall game plan for reaching prospective consumers and turning them into customers of the products or services the business provides. A marketing strategy contains the company’s value proposition, key brand messaging, data on target customer demographics, and other high-level elements.
The 4 Ps of marketing is a strong concept these are the 4 basic pillars of any marketing strategy:
product, price, place, and promotion.
It sounds simple but it is very powerful.
If you implement them, you will generate more sales.
To understand marketing, we need to understand economics as well it’s very important.
Economics is important because it helps to understand how a variety of factors work with and against each other to control how resources such as labor and capital get used, and how inflation, supply, demand, interest rates, and other factors determine how much you pay for goods and services.
Traditional Marketing Vs Digital Marketing
Traditional and digital marketing is the medium through which you can do marketing and reach the audience via message. Traditional marketing uses mediums like newspapers, radio, televisions, and digital marketing to social media, websites, etc.
In this digital age, most people are getting influence by digital ways for choosing restaurants, food, places, products, services, and try to access via smartphones and handle many things through Facebook, Instagram, WhatsApp, Twitter. Watching videos from YouTube instead of TV, listening so tongs on different types of apps, and reading blogs which are digital mediums of marketing. So digital marketing is a good choice for this modern age. However, the main aim of any business is to achieve profit.
Both ways of marketing are powerful. First, you need to identify and clearly define your target market, and to which kind of audience you are trying to reach then you can choose the right marketing medium. Digital Marketing or Traditional Marketing.
Direct Response Marketing
Direct response marketing is a marketing tactic that demands a quick response from consumers who are exposed to it and targeted to a specific audience who are likely to be customers. The specific call to action is intended to drive measurable results this makes it easier to budget and plan for because the ROI calculations become much clearer.
Successful elements of direct response marketing are
· Makes a specific offer
· Clearly outlines the benefits
· Has a clear call-to-action
Many top companies and businesses still believe in direct response marketing and it can be achieved through good communication skills.
If you have read this so far then something interesting is coming for you now.
Find your niche
Passion + Talent + Market = Niche
The selection of your Niche is the most important part while starting a business. You should have Talent, Passion, and it should have a demand for the Market. If anyone of your categories in these three fails eventually your niche fails.
The CATT Marketing funnel
CATT Marketing funnel is a conversion funnel it helps you to visualize and understand the flow through which a potential customer lands on your site and then takes a desired action.
This is a formula for wealth
Wealth = n ^ CATT
N- Niche: once your niche is selected properly focus on it.
C- Content: Write great content and publish it in your blog and website.
A- Attention: Through your content, you can gain attention and traffic through different platforms.
T- Trust: you can build trust among your audience.
T – Transaction: After building trust it reaches halfway then you can convert your leads into a transaction.
Integrated Digital Marketing
Integrated digital marketing is the integration of multiple marketing strategies to form a cohesive online approach for your business.
· Web development and design
· Search engine optimization (SEO)
· Search engine marketing (SEM)
· Content marketing
· Social media marketing
· Local listings management
· Paid advertising (or pay-per-click advertising) campaigns
The above channels is a very well structured and well-defined marketing plan it is a very efficient way for business. It encompasses the idea of creating a unique form of expression that’s easy to identify in all of the channels your customer uses. It’s like using a single language to speak in different situations. It’s a strategy that blends all your marketing tactics.
Personal brandingis the practice of marketing people and their careers as brands. It is an ongoing process of developing and maintaining a reputation and impression of an individual, group, or organization. Whereas some self-help practices focus on self-improvement, it is the success as a form of self-packing.
Your personal brand is how you promote yourself. It is the unique combination of skills, experience, and personality that you want your followers to see. It is telling your story, and the impression people gain from your online reputation.
Yes, you can build your personal brand by the mass trust.
This mass trust blueprint image itself tells you deeply that you should follow this process.
Yes, this process is a continuous one it has no end.
You have to learn every day and update yourself in order to know the market well, to do business, and even for life. Implement your learnings in your work Along with that write your blog with good content and get results. Then start consulting others to do the same and accept all feedbacks to improve on them. Then start mentoring many people and start your business.
Hope I have conveyed something that I have learned, happy learnings!!