When do you think Marketing Starts ???
Marketing starts even before creating a product. Need to understand the customer and customer’s needs first. Which leads to creating a product that the customer needs.
Let us Look at the fundamentals of Marketing…
Fundamentals of Marketing is all about analyzing the customers’ needs and wants and acting on them. It’s not based on creativity.
Fundamentals of Marketing is all about sending the right message to the right person at the right time.
Fundamentals of Marketing is not about the selling of products. It’s about keeping the existing customer happy and building long-term Trust.
Importance of Communication Skills
Good Marketing is all about good Communication. If you can communicate well with the customer then the product will sell itself.
Communication Skills don’t mean good vocabulary or grammar it’s about transferring your thoughts to customers effectively.
To improve your communication skill write as you talk. always try to join the conversation which is running in people’s minds.
To improve your skill write a lot, the more you write the better you will speak.
Traditional Marketing Vs Digital Marketing
The main difference is an approach to marketing messages to the consumer.
In Traditional Marketing with Generic products, targeting through radio, Tv, Newspaper ads can reach millions at a low cost.
Digital Marketing is the best medium to reach the spending Population of India digitally.
The major problem in traditional marketing is that one cannot
personalize communication, cannot do deep marketing, and cannot do natural sales.
How to Choose a Right Niche
An Individual needs a combination of Talent, market, and passion in that particular sector. You need to be the best in all three categories to choose a successful niche or else you will be just struggling in life. An individual cannot be a good Actor if he doesn’t have the talent to prove himself.
The CATT Marketing Funnel
Where “n” Stand for Niche. Success and wealth depend on the Niche you choose. Choose a niche with a hungry market.
“C” Content: Creating a Strategical approach attracts from your Niche. such as blogs, videos, lead magnets, live webinars, etc.
“A” Attention: Driving traffic to your content using SEO, Social Media, Paid Ads & Referrals.
“T” Trust: Build trust with the audience by personalizing communicating with them directly.
“T” Transaction: Converting your leads into customers who are already looking for my product with a natural sales method.
Integrated Digital Marketing
Integrated digital marketing framework is integrating digital components in such a way that it becomes a machine. Instead of using individual digital marketing components such as paid ads to get sales, you can run ads for the content to drive traffic and get people into your email list. Create Blogs and share with the email list collected, build trust with the customer, and then transact with the consumer.
Building an Integrated framework for digital marketing for your company will automatically increase the efficiency of all the components in it.
The power of personal branding is that the best known will always beat the best in the market.
Nobody knows that you are the best without you having marketed yourself.
Building a personal brand is important as when you communicate with the customers they want to hear from you, not from the brand.
Such as Elon Musk has a bigger following than Space X and Tesla.
A Personal Brand can become a brand ambassador/influencer to the company that they run.
It also has some downsides that investors will not invest in a Personal brand and it cannot be sold.
Mass Trust Blue Printing
Mass Trust Blueprint
If you want to stay ahead you need to work on the following things…
Learn: Keep learning new things through concepts, facts, procedures, and practice the same.
Work: Once you have the skill put the skills to work. in this stage, you will go from practice to implementation in the real world for better understand (Eg Jobs, Freelancing, own project)
Blog: write what you have learned and experienced from your work because when you write things you will understand things better and also build your personal brand.
Consult: when you have your Personal through your blogs, work experience, and learned the fundamentals you can start consulting business instead of working for them. People will start paying you for the advice which you gave them from your experience.
Mentor: Start teaching to the people who wish to be like you. Mentoring people will help you scale your understanding to a whole new level. This will also help you to have more clarity about a topic.
Startup: Start your product or service business with the experience that you have developed about the market and the solution that you can provide with your Product or services.
Understanding the Basics of Economics…
Every entrepreneur should be aware of global economics and should make business decisions based on economics.
Always keep the focus on the developing countries rather than developed countries.
Countries’ economics goes up as the average age goes up. If the avg age of a country is 25 yrs then avg spending of the country will be high.
India has around 25–30 million users who are purchasing products online and all belong to Tier 1 cities of India.
Targeted customers in India have a capital income of more than 5 lakhs per year. This targeting customers with buying power are set to be 30–50 million by the end of 2025.
These Targeting customers of India are mainly located in the top 10 cities of India.
How to Set your Financial Goal…
Suppose you have 1,00,000 customers and you are selling a product of Rs. 100/- then you will make Rs. 1 Crore in Revenue but not making profits out of it. Rs 100/- is the acquiring cost of the customer spent on the marketing and advertising.
Once you have 1,00,000 Customers who have already purchased products from you. If you get 10% of the Customers out of it to Purchase your product worth Rs 10,000/- it will generate Rs. 1 Crore at zero acquisition cost.
Yes, this is the right way to do marketing. Marketing is a cycle of learning, writing, execution, and transaction. Targets can be achieved with a consistent plan of action.
What are your view on this please feel free to comment below.
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