We all know the text book definition of what marketing is but, have we all dived deep in the waters to learn and implement it? The answer would mostly be no. Marketing is not just a skill that you acquire over time with experience or training but, requires you to do a humongous amount of research, learn economics, the fundamentals etc.,
Successful marketing of your brand/products depends largely on your knowledge about basic factors like Marketing fundamentals, Global economics, Strong brand presence, communication skills, Personal branding to name a few.
Marketing starts before creating the product. It starts with understanding the customer’s needs that leads to creating a product that fits. Marketing is not just about selling a product but, it is also about keeping an existing customer happy so that you reatin them for life. Marketing is imprtant to build a brand name and secure a position in theminds of people.
A great product speaks for itself so never let marketing become more important than the product itself.
Marketing has a long shelf life as it is rooted in the human psychology to understand the market. Marketing is largely profitable as it gives a good ROI whereas other areas like production, manufacturing, GR, accounting, administration is an expense and doesn’t give immediate returns.
Marketing cannot be done by an agency for you but rather, the founder himself should be a marketer.
Traditional Marketing vs New Age marketing
If you’re curious to know what lies beyond ‘acquiring good marketing skills’ and how to use the new age marketing to your advantahe to get that dream job or high paychecks then this article is for you.
Marketing is a game of perception, In olden days, marketing was used as a means to create brand awareness through TV ads, print ads, Radio to the masses whereas now, In this new age of marketing where content is the king it is much easier to reach your target audience with a much personalised approach, know their interests and expectations through various digital mediums. A great marketing approach may attract the potential customer’s attention but, what retains him/her the product. If the product speaks for itself then your own customers will become your brand ambassadors. Word of mouth marketing is the most powerful way of marketing which is not in your hands but, in the hands of a great product. However, one cannot deny the fact that content is the king and communicatimg about your product with engaging content through various channels makes a great impact on the revenue incurred.
Many people do content marketing yet, sales don’t happen. There is a right method of using content marketing to get customers to buy your product. There’s a certain amount of trust the customer looks for in a brand/product so, what one can do is give out content for free through Live webinars and bring your potential customers to your email list that way you’re asking for the customer’s attention rather than asking them to pay at the first go. If people like your blog and subscribe to your newsletter their emails will get listed with you and you can keep engaging them with free content and build your trust with them. People come to know about your content through paid advertising on platforms like FB and google ads and when they like your content they will share it on social media and other channels and you could also get your content listed on the search engines as people might come to your content using the search engine. You can market your content through various channels of digital marketing and win the trust of customers and that is when you can start selling your products to them and they would be more than happy to buy. We will learn more on this through personal branding as well.
Marketing is a game of perceptions hence, what you are communicating as the voice of your brand/product matters a lot. If the communication is average then even if the product is good the customers won’t buy it. You can retain customers with the quality of your product but, to catch their attention for the first time your communication through quality content is highly important. There’s a very skilfull approach in marketing through which you can attain a sureshot way to success. It’s called the ‘CATT’ marketing funnel & framework.
THE CATT MARKETING FUNNEL & FRAMEWORK
Wealth = n^CATT
Niche (n) : Your success and wealth depends on the niche you choose
Content (C) : Create useful content that attracts people from your niche. Blog posts, videos, lead magnets, live webinars etc.,
Attention (A) : Drive attention (traffic) to your content using SEO, Social Media, Paid ads & Referrals.
Trust (T) : Build trust with yiur audience with trip wires, marketing automation & re-targeting.
Ttansaction (T) : Convert your leads into customers with natural sales method.
Branding is a game of perception and is absolutely critical to a business. It not only makes a lasting impression on the consumers but also allows customers and clients to know what to expect from your company. It helps you to stand out among a sea of competitors and is a true representation of who you are and how you wish to be perceived. We are all already aware that advertising, logo, customer service, promotional merchandise and reputation are the main factors that are used to develop a brand. All of these elements work together to create a unique and an eye-catching profile but, have you ever thought of the kind of impact personal branding could do to your business in the long run?
Personal Branding :
Personal branding is the most powerful form of branding currently. Why you ask? People want to hear from people and not from the brand, it’s identified as a form of personal communication. The customers trust more when it comes from a person who is a brand in himself/herself. For example : Elon Musk is a bigger brand name than his companies Tesla and Spacex. His companies are idenrified with the brand image that Elon Musk has created for himself and he’s been successful at this form of branding. Yet, there are always ups and downs to it; The upside is that it can give rise to many brands from his/her influence and the downside is that a personal brand cannot be invested in nor can it be sold. A personal brand is an influencer and a brand ambassador for the companies that they run.
The Eonomics of Marketing :
It’s important for every Enrepreneur to learn about global economics in order to market well. You should make decisions in your business based on economics. A country’s economy depends on the average of age of the population, the economy grows as the population goes up. The higher the debt in the economy, the more in increase of inflation of cash. As people start repaying the debt the money shrinks and that is the reason why central banks reduce interest rates to encourage debt. Recession creates strong companies and drives out the weak companies out of the market.
Coming to the economics of the India, it’s wealth is majorly concentrated on 110 million strong population. This is the upper middle class population that has credit cards, laptop/desktop, car and make more than 5 lakhs per annum. All your target customers are concentrated in the top 10 cities of India and they speak english.
In order to become a successful entrpreneur understanding the economics of marketing is highly important.
Here are some recommded reads to learn more on the economics of marketing :
- Economics 101 by Alfred Mill
- Currency Wars by James Richards
- Capital by Thomas Piketty
Now you know that marketing is not just about skilled advertising but, smart marketing depends on a lot of other factors like fundamentals of marketing, communicating in the right manner, the economics of marketing, personal branding etc., If you’re a college goer or a young professional who wants to make it big as a marketer or as an entrpreneur these are the basic fundamentals of marketing that you need to know.
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