Learn Basics of Marketing that make you stand confident and unique in the market

Introduction

How many of you believe that making one core revenue is achievable by an individual? Will it be daydreaming if you set a finical goal of one core over a period of One year?

Not at all, here I am going to describe the thought process behind achieving this goal.

You will agree to generate One crore revenue you need to sale product.

In this article we are going to talk about the followings which will give you clear idea. 

• The fundamentals of marketing
• Digital marketing vs. Traditional marketing.
• CATT Marketing Funnel
• Integrated Digital Marketing
• Personal Branding: Mass Trust Blueprint
• How set you financial goal of One crore

The Fundamental of Marketing

What is marketing, is it the art of selling a product to a customer or is there any science behind it. To me, marketing is simply the process of teaching consumers why they should choose your product or service over others. Marketing is purely based on four Ps called Product, Price, Promotion, and Place.

It is important to understand the needs of the customer and develop a product that fits the market.  Hence marketing starts even before the development of the product. Effective price and the right platform for promotion are key components of marketing. The right place also plays a major role as we cannot sale air conditioners in a place where Eskimo’s leaves.

As marketing is all about explaining to your customer, proper communication becomes important for this. If we are able to communicate the right things about the product to the right people at right time, then selling product will become easy. Communication is the best way to create a strong relationship which in turn established trust. The more trust you established the more customer you acquire. Regular communication with customers will keep them happy and they remain your lifelong customer.

Knowledge in the present economics is essential to understand the buying capacity of the consumer. Understanding economic helps an entrepreneur to select and focus on the market which has growing economics. Economics of the country goes up with more spending power of the peoples which in turn is related to the average age group of the people of that country. For example, the average age of people is between 26 to 30 which means all these populations will spend a lot till they became 50 – 55 age. That means India is a good market for all entrepreneurs. 

Digital Marketing vs Traditional Marketing

Those are the days gone when peoples were relying only on traditional marketing. The evolution of marketing techniques has now reached a stage where Digital marketing is well adopted in today’s scenario.

Traditional marketing is using traditional channels such as print media like newspapers, magazines, brochures and electronics media like Radio & TV advertisements. Traditional marketing most suitable for generic products for example any Toothpaste gives advertisements on TV which reach billions of people, so the cost of advertisement is much cheaper. In India, an advertisement in radio, newspaper, and magazines reach a good number of peoples. Traditional Marketing for a product that has specific users will be much costlier and sometime chances of not reaching to the right people is also there.

The disadvantage with traditional marketing is the cost of advertisement, the message can’t be personalized based on individual requirements.

Digital marketing is using digital channels such as social media like Facebook, Instagram, Twitter, LinkedIn, and website as a tool of marketing. With evolving technologies, more users of smartphones, easy access to the internet, the digital market is going to grow.

Digital marketing enables to reach the targeted audience/consumer globally from all over the world.

The digital platform provides soft copy, videos which are accessible anytime, anywhere as required by the consumer.

The digital platform promotes two-way communications thus helps to satisfy the audience/consumer thus give a real-time result thus strategy refinements become easy.

CATT Marketing Funnel

Once you understand the basics of marketing it is now important to learn how to implement all of them to generate more sales to earn more profit. The most beautiful marketing funnel to achieve this is described as

Where

n is your Niche

            C is Content

            A is Attention

            T is Trust

            T is Transaction

Let me describe each of these terms bit more to bring clarity how this could be the best tool for marketing

Niche : A niche is something very special as it is very specific and different from other. You should find the very specific activity or position that sets you apart in which you can find success or fulfillment. Niche is your talent for which you are passionate, and it must have some place in market.

To find out you niche you must fulfill all these three conditions. People have talent for which a demand in the market is there, but they are not passionate then someone may have less talent will take over the market . For example, you have talent in repairing electronics gadgets and there is a demand in the market since you are not passionate about this you will lose interest on you job and cannot provide service in time, you will lose customer, and someone will grab them.

Content : Conant is simply the information, may be practical function or tactical. It is well said that Content is the king , it attracts and retain the customer as it creates value for them.  Content can be in form of image, video, blog, webinar, newspaper advertisement, TV shows etc. Content takes its form depending on the traditional or digital marketing. Content creates value to the audience/customer.

Attention : Attention is creating awareness among the customer and constantly keep the customer engagement. Getting attention of customer is increasing the traffic to your content by using appropriate platform. In the event of traditional marketing running advertisement on popular TV show, sports & games attracts more and more consumers as the content is spread among most viewers. Similarly use of appropriate digital platform such as social media for youngsters, email marketing for CEO and business entities creates more awareness on your content and attracts to your product.  

Trust : Trust is believing on something/someone. A useful and valuable content which grabs the

attention creates a trust on your product. People express their desire to know more and more on your product. Building trust is essential as once trust is built customer returns to you for any future requirement also or in many cases, they love to try out your product.

Transaction : Transaction is a kind of action involved in business particularly buying & selling. With valuable content, constant attention once the trust is built it becomes very easy to convert leads to consumer. A happy consumer becomes a tool to promote your product and thus leads to more sales.

Integrated Digital Marketing 

Integrated marketing is creating a blend of all your marketing tactics such that each campaign compliments the other. This means a well-structured well-defined marketing plan where care is being taken for online presence by managing different digital channels. For example,  imagine you have all bit & pieces of a toy which has no value or meaning to a kid unless all these parts are assembled.

We will have to develop a method to integrate and unify all digital channels such as Social Media, SEO, Paid Advertising etc, so that it will create the same experience for the consumer when they move from one touchpoint to another without noticing the difference.

Personal Branding: Mass Trust Blue Print

What is persona branding ? Is it essential ?

Of course, yes whether you know or not you have a personal brand. When you google yourself, what’s pop up is about you as you present yourself in social media. Effective personal branding will differentiate you from the thousands of same professions and allow you build trust with prospective consumer.

Elon Musk, Mark Zuckerberg, Bill Gates are known more than their brand.

That is the reason many companies make celebrities as their brand ambassador for their company.

The downsides of the personal branding are as no one can invest or buy it.

Here are six steps on how to build a personal brand. Just follow this and which will start developing trust among your customer/consumer. The six steps are,

Learn, Work, Blog Consult, Mentor and Start up

Learn : Keep on learning new skills, grab new knowledge throughout the journey. Be a student all the time.

Work : Implement what you learn new, put it into action and work on it.

Blog : Write your experience on implementation of the skills you learnt.

Write : Writing your experience on using the skill will imprint on your brain. People will read your writing and if found useful will keep you follow, this is where your personal branding starts.

Consult : Once you create your personal branding, trust will build among the customer and you can start consulting them on how to make use of the skills.

Mentor : Consultation leads to be a mentor as you will gain expertise while consulting. Keep on mentoring your knowledge as well as skill both will be sharpen up and you will have a high level of understanding.

Startup : Since you acquire skill, worked on it, sharpen them by consulting & mentoring you are ready lunch your own product in the market.

How to set Financial Goal of ONE Crore

When you think of a financial goal of One Crore it seems very difficult to achieve.

I will discuss a plan for how to achieve it. By now after learning the basics of marketing it will be easier for you to understand simple mathematics.

Let us assume that you want to make One crore in two years. Here are different ways to make One crore.

If you have a product of Hundred rupees and you sale to 100,000 customer you will get the revenue of One crore.

Once you observe the graph it will look simpler to achieve the goal of One crore. If you have product of 1000/- and able o sale 10,000 customer this will also give you One Crore. This is simple mathematics.

Similarly, if you have a product very niche product of 100,000 then by targeting 100 customers only you will achieve the goal.

So, you have options to choose any of the combination based on your product price and targeted a customer.

It is important to choose the right niche which should not be so narrow that getting customer is difficult.

Conclusion

Products and markets always keep on changing but the basics of marketing principles will remain there. Just practice these principles, set your financial goal, find your niche, and go ahead to achieve them.