How Marketing Fundamentals Could Get You listed

 

 Hi , What is Marketing all about?

 How does it get you places and help you earn what is aimed at?

Is it a skill / Art OR Science? When does the Marketing begin, Does it end?

 

Let us understand how do we look at a Profit 

 If a profit of 3 Cr OR 300 Lakh INR is to be earned, what is the plan to be followed?

•  As a marketer of products , let us understand that we have to plan and communicate to the target audience
  
•  Marketing is all about what is needed, how it is communicated to whom, and when.
• Put in simple words  " Send the right message to the right person at the right time "
•  Marketing starts even before the product is launched/created, it is the art of communication.
• One needs to communicate effectively the need converted into the usable product which is offered thru this communication.
• Once it is communicated  converting the leads into Sale is the secret to the Success of Marketing

  

Having said that , let us examine how to make 3 Cr INR from the above-explained method. If we have a product of value Rs 200, which has a margin of Rs 100, we need to have a base of 300000 buyers. This is a huge qty.

If the product is of  Rs 10000 value with a margin of Rs 6000 it works out to 5000 bases of buyers,

 Therefore , one must plan to have Right product at the Right place to the Right consumer

To market, this product one needs to know the customers/buyers and place the product with the added value features to them at the right price. People involved in the chain of making it happen ( whether it is CEO Or front end Executive ) have to practice the art of communication and systematic ( scientific ) way of Marketing even before product creation thru the Life cycle of the product during various stages and keeping up their perception always positive.

  As all of us know a great Product sells itself ( like Samsung, Apple, etc..), however the word of mouth appreciation & recommendations regarding the product make it stay longer in the audience's mind as a Top of the mind recall.

This is true at every stage & is the best channel of marketing. Advertising, Sales, Copywriting are the components of Marketing. Building Trust is the key to marketing. Medium of marketing can be digital or traditional. 

Targeting and re-targeting the audience gives results in Marketing. The Market environment is a total of internal and external factors.

 

 

 Digital Marketing Fundamentals

    Let us have some systematic way of understanding the Law of Marketing and real-time implementation

    Fundamentals of Digital Marketing can be understood in various steps as mentioned below 

• Brand building
• Power of Personal branding
• N*CATT- Marketing funnel
• Understanding  global economics
• Traditional Marketing Vs Digital Marketing
• Integrated digital marketing
• Communication

Let us now elaborate , on  how to address these elements to be a Successful Marketer

BRAND BUILDING

Do we normally come across a failure model of mobile of Apple OR Samsung?

 Normally we never think it would be a failure product and have a very high expectation about it. 

A good, value add product strengthens the Brand value.

We have been going thru the Brands for ages, right? It takes years of effort to have a top-of-the-mind recall of a brand from the consumer mindset point of view. 

• Taking the baby steps, trying out various strategies, experimenting, and then once you are sure that it is working, the brand slowly becomes well established.
•  While building a strong brand, here are some important tips to keep in mind:
•  Try to become the only one in the category you choose, instead of trying to be the number one. Ex. Even a school-going kid tries to find out information thru " Google ", but no one tries Bing !!!
• Become the market leader in the subcategory if you cannot be the category leader
• Only the number one performer is a Top of the mind recall by a consumer which is well remembered. Like- we do normally say get this Xeroxed ( instead of saying photocopy )
• Try to enter the competitive market but with a distinctive approach. 
• Entering a non-competitive market may give instant results, but it may not be easy to scale up and be on the top.  

 For example, BYJU's entered the Online classes segment which had many tough competitors. But, with its unique features provided to the subscribers, it completely disrupted the market and has become a top-of-the-mind recall Brand in that segment.

 

  POWER OF PERSONAL BRANDING

  What is Personal Branding? is it a Mass Trust !!!

   If we think of Reliance Jio – we recall Mr. Mukesh Ambani we get Amabanis to our memory who is Brand by himself having a brand attached to him as Reliance

 How to grow a personal brand is explained below in easy steps :

• Learn- the skill that you want to master.
• Work- Implement what you have learned and gain experience
• Blog- This can be done simultaneously along with your work experience to build your personal brand. You start blogging where you tell people what you know, your experiences, and how you can be helpful to them.
• Consult- Become a freelancer. Help businesses grow their business.
• Mentor- Start teaching people who need require these skills and pass on your knowledge.
• Startup- Do a Start building / own product or service.

 

A personal brand is built around you — your personality, your lifestyle, and your interests.

The main purpose of personal branding is that people should know that you are good at something and they can learn something valuable from you.

Can we talk to a  Logo? Like Apple / Samsung, not possible, Right?

When an individual speaks to the people, it would be much preferable by the audience rather than a brand (logo) speaking on the company's behalf. You can build trust among the audience by a personal Brand/rapport

 

When a solopreneur or an influencer or a digital marketer or any individual wants to build a brand for themselves, they need to be clear of what are they skilled at. For example, an author, professional speaker, counselor, dietitian, online course seller can build personal brands for themselves as they are clear with their goals and have experience as well.

Some lows of personal branding are that a personal brand cannot be sold. No one can sell an individual. It is at their own work. The name of your company alone won't suffice to tell who you are unless you associate it with some tagline or have a huge fan following where people know you by your name.

 

But on the positive side, you can easily get recognized with the companies that you associate with as your personal brand has already made you powerful and famous ( like Reliance Jio, Reliance Mart, Reliance Electric, etc… & Ambanis )

 

MARKETING FUNNEL- N*CATT

N is  Niche, the best marketer identifies what is needed by the consumer and is it the activity he wants to take it further OR not with a passion

 N= Niche

Niche selection is important because your success and wealth depend on this aspect. You decide the niche in such a way that it solves the problems of the people and demand for that particular market is high. For choosing the right niche, you need to have the talent within you, the right market fit for your product or service, and be passionate about what you are doing.

So, take your time, choose wisely and then dive deep.

C= Content

 All of us say,  Content is King !!! right

Here C stands for Content

Create valuable and informative content which excites your audience and attracts them towards your content.

 We can learn how to create the finest contents which can reach people fast in the next blog which will be a detailed one. Stay tuned for the next notification

A=Attention

Once your content is created, you need to bring traffic to your website and grab the attention of your audience. There are various methods of attracting traffic through SEO, Paid ads, Social media ads, etc.

T=Trust

Building trust is a key ingredient of Marketing, which keeps providing repeat sales as a cycle. This can be achieved using advertisements and promotions. We can use marketing automation tools like Automated emails & Queued / Sequential SMSs and keep the audience engaged and informed.

T=Transaction

 

Only the above actions alone will not bring in any profits.

Ultimately we shall convert the leads and make them take an action on our website/ buy the product which they enjoy & have benefits to them. This makes us get the profits as a              Bottom-line.

The  formula of Success is " Wealth =  N*CATT  " ( Marketing funnel)

 

 

Let us try and have an idea of where to start by understanding the Economical trends as well

UNDERSTANDING GLOBAL ECONOMICS

 Economics? Why?

How big is India , where is the consumer for my Product . Can we understand class of Customers ( example Tier1 city   , Tier2 city etc... ) , by understanding this we can reach the taget audience / consumer properly .

 If we have an idea of where the money is and where the people can spend it, we can decide to reach the consumers with what they need ( our Niche ) and sell. Else it would be difficult to sell.

 Making business decisions becomes favorable based on economics. Looking at the data released by well-established agencies /government helps in this regard.

We also know that the principle of " Survival of the fittest " – knowing the economic situation of the target market helps to be surviving as No1, even When w face special situations like a recession taking place.

 

TRADITIONAL MARKETING VS DIGITAL MARKETING

 

Billboards, hoardings, radio Jingles, TV ads, News Paper Ads, etc… which are traditional advertising tools cost a very good portion of our profits if we want to stick to them, Right ?.

 

To summarise in a nutshell Traditional marketing is 

• Expensive
• It is difficult to track/measure the conversions
• It is a one-way communication where no direct audience interaction is involved
• Not possible to personalize communications to the end consumer
• Difficult to get the feedback

Let us check out Digital Marketing on the other hand

 

• It is cost-effective
• Measuring/tracking conversions and other metrics is easy
• It is a two-way communication where you make the audience take action
• Personalized communications can be done using digital marketing tools
• You can take feedback almost instantly

 

Depending on the type of business, one can plan a balanced method of reaching the consumers effectively

 

INTEGRATED DIGITAL MARKETING

 Most of us know various Digital marketing tools like SEO, Email Marketing, Content Marketing, Social Media, Paid advertising …

  Normally, what we do is use these methods discretely ( one by one ) and expect good conversions. Over some time, we get to know that it is providing minimal results.

  To make the most use of it the best way of looking at it is Integrated Marketing, using all the methods collectively and systematically

 Wherein every method has its strengths to generate revenue. If one method is low-performing or brings in less revenue, other digital marketing methods would compensate. Integrated digital marketing helps to build an influential online presence.

Let us make use of SEO, Paid ads, Social media ads, Email marketing, Content marketing to increase sales and generate more revenue.

 

COMMUNICATION

Having gone thru all available marketing tools, is it going to bring in the expected bottom line & revenue ????

 As such a continuous communication with the consumers/target audience helps a lot to achieve it.

" A stitch in time saves Nine "

 Understanding the target audience well and finding out what are they looking for and give them what they want at their desired time is what is communication means. It need not be perfect English OR language, it needs to convey them effectively and complete information that should reach the consumers

 

 

We shall discuss Deep dive marketing techniques in the further blogs, please leave comment of what you think

 

 

We shall discuss Deep dive marketing techniques in the further blogs, please leave feedback of what you think

 

Thanks  & let us catch up again 

 

Satya PV