Do your marketing results bother you?
If yes then you must be making some mistakes.
Today I am going to talk about the marketing fundamentals, which will help entrepreneurs to improve their marketing results and generate a good amount of revenue from it.
What is Marketing?
As per general term, marketing is a strategy and tactics brand use to promote their products and services to consumers.
But this is not the actual marketing.
Actual marketing starts before creating the product. It starts with understanding the customer and their needs.
Product or service created with this process will sell automatically. We can say that marketing is finding out the needs of a potential customer and providing the products and services that meet the expectation of those customers.
“ The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself… The aim of marketing is to make selling superfluous.”
- Peter Drucker
Some people confuse with advertising term that advertising is the same as marketing, but it is one of the components of marketing.
Components of marketing:-
- Advertising
- Copywriting
- Sales
Strong Brand: Be the only one
Choose a profitable category and become a leader in that category because people remember only the No. 1 or max 2.
If you cannot be a leader in a category, be a leader in a sub-category.
Example:
Bombay Shirts Company is the first and no. 1 online custom shirt brand in India and offers a wide variety of men’s custom-tailored shirts. They are generating almost INR 15 Cr. in a year, and they got funding of approx INR 66 Cr.
I think this example helped you to understand what I mean about a Strong Brand.
It’s totally ok to enter a competitive market but with a unique angle.
Why should every entrepreneur learn marketing?
Marketing is a timeless education because it is rooted in human psychology.
There are so many such education which are useless after some period of time. Like if you learn any technology and in the future that technology is replaced by a new one then your time and energy will be wasted.
But, with marketing, it never happens.
Marketing cannot be completely outsourced to a marketing agency. The founder or entrepreneur should know the concepts of marketing.
Because completely outsourcing the marketing is not such a good idea.
If you are ready with a product that does not fit the customer’s needs then the marketing agency can’t help you in generating good sales.
As I mentioned above, marketing starts before creating a product. It starts with understanding the customer and their needs.
Most of the business’s backbone is marketing.
Marketing starts with deciding the product and ends up with the feedback of customers. No one is going to decide a product for you, only you have to do it.
Every entrepreneur must know the fundamentals of marketing and plans a strategy accordingly and then hire or outsource to execute that strategy.
“ If you know how to market & sell, you have a safe career.”
- Digital Deepak
Good Marketing is all about Good Communication
Here good communication doesn’t mean good knowledge of English or any other language.
If your product or service is good which is really going to solve the customer’s problem then you just need to communicate well and the product will sell itself.
Understand your target audience very well then communicate accordingly. Grab their attention with the conversation in their mind.
Example:
Your audience is thinking about moving abroad for further studies.
Then you can join the conversation by starting with “ Hey, no clue where to apply for abroad studies? No worries, we are here.”
You can do it in a regional language also it is not necessary to always communicate in English only.
Traditional v/s Digital Marketing:
As we all know TV ads, Newspaper ads, Radio ads, Hoardings, etc. are a part of traditional marketing.
It works with a product or service which is very generic, which everyone is going to use. Like toothpaste companies can go with these types of ads it will be cost-effective for them.
But if they do some campaigns with the help of traditional marketing then they will not be able to measure the result with it. Like how many people read it, react to it, etc.
If they choose digital marketing for the same then they will be able to measure all those metrics.
I am not saying that traditional marketing is bad but it has certain limitations.
If any brand is planning for just a brand awareness campaign then it is good to go with it.
The CATT Marketing Funnel:
Wealth = n ^ CATT
[n] Niche: Here n is your niche. [C] Content: Create useful content for your audience as per your niche. [A] Attention: Bring the attention of your audience to your content through SEO, Social Media or paid campaigns. [T] Trust: Build trust with your audience with some automation or retargeting. [T] Transaction: Convert your audience into paid customers with natural sales.
Integrated Digital Marketing:
Digital Marketing is basically an umbrella term for various activities performed for the marketing of products or services using all the activities together on the digital platform.
People are confused with the term Digital Marketing because they think running paid ads means digital marketing. But it’s not just like that.
It is a combination of various activities which has to take place simultaneously.
All these are interconnected as shown in the below image.
Just focusing only on one activity can give you a desirable result for the short term but for long-term results, all of them must go together.
Personal Branding:
Nowadays you must have heard about this term frequently by many digital marketers.
It’s so popular nowadays in the market because people want to listen to a real person. They want to know whom they are listening to or getting influenced in spite of any brand.
As you have noticed that most of the big business personalities have more following than their brands have.
This has its own cons & pros:
Con: A personal brand can’t be sold out to anyone because it relates to some person.
Pro: But if a personal brand starts any new business or launches a new product then they will benefit because they can influence their audience easily.
This is just a brief about personal branding. Soon I will cover the details about it in another blog.
Conclusion:
The above details about Marketing & Digital Marketing are the basic needs for every business to market their product or service and make a good amount of revenue out of it.
So, just think over it and start planning how you will execute this.