Marketing Basics

What is the Law of marketing?

Marketing is about the three R’s: the right message, to the right person, at the right time. It is also about keeping an existing customer happy by communicating with them so that they can remain a customer for life. Marketing is based on science and not on creativity. It starts with understanding the customer and customers’ needs.

 

Digital marketing is all about how you increase your reach, for instance, say you are planning to make 1 crore in the next 2-3 years, there are three ways to make it:

  1. Have one lakh customers and sell 100 rupees product.
  2. Have a product and sell for 1000 rupees to 10k customers.
  3. Narrow your niche and higher the product price.

 

Talking about which, it is legit to accept the fact that making money is easier than we all assume. According to Peter Drucker “The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself… The aim of marketing is to make selling superfluous.” In other words, it means that your product or service has to be worthy and useful and in no time it will start selling itself. On the other hand, if you put your money into marketing the not so worthy product, it will lead to the acceleration of your failure. Furthermore, marketing is that one tool every business person has that can give instant results by boosting your sales.

The law of marketing is the key for instant growth if you work according to the three R’s and offer quality products or services to your customers.

How to Build a Strong Brand?

Do not be the number one but the chosen one. There are times when a brand is the number one brand but people prefer using the one which is famous and or is reliable. This has to be your target, be the chosen one / the only one.

Decide on a category and get to the top of it. Half of your success is deciding where to compete. In the long run, every market transforms into a two-player market.

It’s essential that you start working in early time to be a prominent player in the market. Your competitive environment and target audience are the two factors to keep on top while building your brand. First is your target audience, the one for whom your products or services are most relevant. They have the greatest impact on your brand.

The way they interact with your business and their good feedback automatically work towards your brand growth. So, to build your brand in the early stages, determine your target audience. Be consistent with the quality of user experience you provide to them over time. Keep the rope tight from your side and your satisfied audience will keep hold of your things from another side.

The second is your competitive environment. Building a strong brand by focusing on marketing and other stuff but ignoring your competition is like cutting the rope with your own hands. Understand your strengths, weaknesses, opportunities & threats. Recognizing your competition helps you to understand their strategies and the way they are doing in the Market. You can uncover how your brand and strategies compare against them.

Creating an innovative and memorable logo, marketing with interesting and entertaining ads telling about your products or services are good to go. There’s nothing to put light on them as it depends on your strategy and how well you know your audience and what people are looking for from your brand. In the early stages, you can attract an audience to build your base and then deliver your creative potential consistently with time.

Your key messages depend upon your audience and the type of your business complexity. What does your business do? Where is the value? How are you different from your competition? What are your unique qualities and the experience you can offer, and your benefits? What does your business believe? Communication is the key. It’s essential to keep in mind that your audience needs to build belief in you only then your product or service will become strong.

iPhone, BMW, etc are real-time examples of a strong brand.

Learning marketing

Marketing education has a long shelf life because it is originally formed on human psychology and market understanding. Marketing has been a topic since the dawn of civilization when the first market squares appeared in the first villages. Marketing is the most valuable investment in a company because it produces immediate results. Everything else, such as production, manufacturing, human resources, accounting, and administration, is an expense that does not provide an immediate return on investment.

Word-of-mouth also knows as WOM marketing is the one every brand in today’s time is working for because people buy things they know about, have used it earlier, or were suggested by someone close to spending on it. WOMM works like a chain, one person tells the other person, that person tells the other and likewise, the chain goes on.

For instance, if you were craving for some snack but wanted to try something new and your friend suggest a new brand they have tried, you’ll surely go for your friend’s choice. Later, if you’ll personally like it, you’ll suggest your siblings and known people try it. This is how word of mouth works.

When your brand is being marketed this way, you’ll no longer have to put your money into marketing because your brand has become strong already it means.

What’s the Importance of Communication Skills?

Good communication is the foundation of good marketing. Sophisticated English is not required for effective communication. Vocabulary and grammar are unimportant ineffective communication.

The only thing about communication is that your message is successfully conveyed to the person you are communicating with. Following are the ways by which you can improve your communication skills :

  • Write as if you were speaking, it’ll help you know about your positive cum negative points and let you improve your accent; Participate in a mental conversation.
  • You should have a good understanding of your target audience.
  • Make a lot of notes. The more you write, the better you will become (and also speak).
  • Writing allows you to slow down your thought process and gain clarity.
  • View stand-up comedy and sitcoms.
  • To be fluent in English, think in English; this will help you speak fluently.

 

What’s the Basics of Global Economics?

Every entrepreneur should learn about global economics. Make decisions in your business based on economics. A country’s economy goes up as the average age of the country goes up.

For instance, if you take a loan of 10 Lakhs from a bank and deposit it in another bank, they can loan that money again. More debt in the economy = more cash (inflation). When people start repaying the debt the money supply shrinks. (And central bank reduces interest rates to encourage debt).

Thus, the basis of the economy is debt. Debt creates money.

 

Traditional Vs. Digital Marketing

If a product is generic and has a broad target audience, TV ads can reach millions at a low cost.

In terms of sheer numbers, digital marketing’s reach pales in comparison to that of TV.

Digital marketing is the most effective way to reach India’s affluent English-speaking population with spending power.

 

What’s the CATT Marketing Funnel & Framework?

Wealth = n^CATT

[n] Niche: Your success & wealth depends on the niche you choose

[C] Content: Create useful content that attracts people from your niche. Blog posts, videos, lead magnets, live webinars, etc.

[A] Attention: Drive attention (traffic) to your content using SEO, Social Media, Paid Ads and Referrals

[T] Trust: Build trust with your audience with tripwires, marketing automation, and retargeting.

[T] Transaction: Convert your leads into customers with natural sales methods.

 

Why Personal Branding is Important?

The best will always be defeated by the most well-known. People are the ones who want to hear from them because it’s personal and deep. For instance, Elon Musk’s fan base is larger than SpaceX’s and Tesla’s combined.

The disadvantage is that a personal brand cannot be bought or sold. But the advantage is that a personal brand’s influence might result in the creation of a slew of new brands. For the companies that they operate, a personal brand becomes an influencer and a brand ambassador.

A personal brand can give rise to many brands from his/her influence.

 

To sum up, digital marketing has the power to make you a billionaire if you follow the 3R’s. Investment in marketing gives you quick results than investing in other things in your business like HRM etc. Thus, anyone and everyone can earn as much they want if they know exactly how to make things happen.

Leave a Reply

Your email address will not be published.