Here is the solution for your Marketing:

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Is your marketing is not working the way you planned? This article will explain Why. Read this article carefully and implement the strategies discussed below. We will discuss the right way of marketing along with the steps to follow while marketing for any product or service. This article will also help you in taking corrective actions for your existing marketing strategy. This is going to be a practical guide for you to overcome the struggle with marketing your products and services.  

We will learn:

Let’s talk about the core topic “Marketing”

What is marketing? Or What does marketing mean?

Marketing is the set of activities that starts before the existence of a product or service and goes on to understanding & analyzing the need of your customers, sending them regular content/communication, grabbing their attention with your content/communication, building an unbreakable trust and then doing financial transactions with them for your offered products or services. 

In other words, we can say that marketing involves researching, promoting, selling, and distributing the products or services.

Now, you have gained an understanding of marketing. Let’s move towards achieving your decided goal with the help of the right marketing strategy. 

Goal setting comes even before marketing. Marketing is the medium that helps you to reach your goal. 

How to do financial goal setting:

Let’s assume, you want to design a product to market and you want to generate a revenue of 1 Crore by selling your product in the first go. What could be possible scenarios to choose from. 

As per the image shown above, there are 4 possible scenarios that you can choose from. These scenarios can be more and you can make changes according to your product and its price but illustrated 4 scenarios are good enough to explain how to reach the targeted revenue of 1 Crore.

Scenario 1 – Targeted revenue is Rs. 1 Crore. If you decide the product price at Rs. 100 so you need to have at least 1 Lac customer buying this product.  

Scenario 2 – If you decide on the product price at Rs. 1000 so you need to have at least 10000 customers buying this product. 

Scenario 3 – If you decide on the product price at Rs. 10000 so you need to have at least 1000 customers buying this product. 

Scenario 4 – If you decide on the product price at Rs. 100000 so you need to have at least 100 customers buying this product. 

Once you have decided on the financial goal and you have your product ready so now is the time to go ahead and start marketing before we do it. It’s important to understand the marketing fundamentals and the importance of learning marketing.

The fundamentals of marketing:

  1. Marketing is based on science, not on creativity. It works the same way for everyone. Creativity may give you an additional advantage but marketing is not bound to creativity. 

  2. Marketing starts before creating the product. It starts with understanding the customer and his needs that leads to creating a product that fits. 

  3. Marketing is about sending the right message, to the right person, at the right time. Marketing does not work the way everyone thinks. Your marketing may not give you the results if it is not with the right message, right time and sent to the right people.

“Things become right by performing, not by just discussing.”

  1. Marketing is just not about selling. It is also about keeping existing customers happy by communicating with them so that they can remain your customers for life. It’s about building trust or Masstrust. Marketing includes post-sales services too and this helps in long-lasting relationships with your customers. 

  2. Marketing means to an end. The purpose of marketing is to build a brand and capture a position in the minds of the consumers.
    Example – Dettol is not a product, it’s a brand name but whenever we go to a chemist shop to buy Antiseptic Disinfectant Liquid, we directly end up saying give me a Dettol.
    Another example is –  Whenever we go to buy noodles at any provisional store, we never say noodles. We ask for Maggi. Colgate is also an example here. We don’t ask for toothpaste instead we ask for Colgate.

“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.” By Peter Drucker. 

  1. Marketing is a game of perceptions. The product is rooted in reality. Never let marketing become more important than the product. A great product sells itself. It’s not about marketing, everything made by humans is based on perception, every reality was a perception and then got into existence.  Product is the soul of marketing, you can’t imagine a body(marketing) without its soul.

  2. A great product converts your customers into brand ambassadors. Word of mouth marketing is the best channel of marketing ever. Quality sells itself. We as humans have had the habit of recommendation since our childhood. We always recommend things to others that we like and we also warn people not to buy or use something that has given us a dissatisfying experience. We do it throughout our life. We help a lot of brands in selling their products or services by our recommendation. If a movie becomes a blockbuster, it’s the human voice that goes out to other people and motivates them to watch that movie. This is the best way of marketing in today’s time and will remain the best in future too.

  3. A question arises very frequently, are marketing and advertising the same?  But advertising is just a component of marketing.

  4. Copywriting and sales are also components of marketing.

  5.  The world’s biggest shoemaker, Nike, is a marketing company.

  6. You need a great product, but marketing not just helps people discover the product but also have a good perception of the product. Example: Apple, Taj Hotel in India, BMW Car etc.

  7. Enter a competitive market with a unique angle. Don’t search for a market without competition as it must not have the density to go deep and that is why the competition is not there. Hence, a competitive market is better for marketing your products/services.

Why learning marketing is important for everyone? Or Are marketing jobs in demand? Or Why is marketing important?

  1. Will marketing die? This question revolves in the mind of many people and the answer is here that marketing is never going to be outdated or die while other skills can see the outdated phase. As we know that today’s graduating students are better at technology and other skills than those who graduated 2 years ago. This is an advancement in the education system that we can see. But the sad part is that these graduates will be obsolete when the next batch of graduates complete their college degree because the next batch will be more advanced than the last batch. Most of the skills have limited shelf lives and they become obsolete. For example, typist jobs on typewriters have almost lost the market. Typewriters are being replaced by computer operators. Another example, bookkeepers’ jobs have been replaced by tally professionals in the accounting field.

  2. Marketing gives you the power to write your paychecks while no other profession gives you this power. A marketer knows the calculation of his paychecks based on the conversion of the leads. He can generate more leads, more conversion and then more revenue while in any other job the pay is fixed.
     
  3. Many people also worry about and ask can marketing costs or expenses be capitalised on? Here is the answer, Marketing gives the direct return and it is only the revenue-generating department in any of the organisation’s rest departments are cost incurring. Hence, marketing expenses are already capitalised.
     
  4. If you are an entrepreneur, marketing as a skill is a must for you because no one else can design the marketing strategy for the product/service that you developed. You know your product, what kind of problems it can solve, what kind of audience to be approached for your product/service. How can a person do marketing for your products better than you do?
     
  5. Marketing is the safest career. If you know how to market and how to sell then your career is safe because you are generating revenue for your organisation and no organisation takes any chance with revenue-generating factors. During any crisis, this has also been observed that people in other jobs lose their jobs in high numbers than in marketing 

Now, we are clear about the importance of Learning Marketing.

Role of communication skills in Marketing:

Communication is just not only important for marketing but it is very important in our day to day life. A lot of people connect communication skills with language skills. Language skill means to be good at a particular language while communication is to do with sending your message effectively to your listeners/audience and getting a response of acknowledgement from them. 

  1. Good communication ensures the conveying of the right message with the right context
  2. Good communication is about sending the right message to the right person
  3. Good communication leads to a high number of leads in marketing with the setting of the right expectation
  4. Good communication helps marketers to understand their audience by listening to them
  5. Good communication is not only about speaking, it’s about listening and understanding more.

Marketing starts with understanding the needs of customers and without communication, it is not possible. Hence, communication is a starter for marketing.

Now is the time to move to another section of this article to help you understand your target audience and help you decide the marketing medium for them. 

Why an entrepreneur should learn economics?

An entrepreneur should learn about economics if he wants to market his product or service,  learning economics will help him strategise his marketing and get a better result. 

Here are some helpful facts about economics:

  1. If the demand for any product or service goes up, the price of the product goes up too.
  2. Around 95% of the money in any economy is with around 5% of the population and around 5% of the money is with around 95% of people. This is true for all the economies in the World.
  3. Income inequality is there in the economy and it will be 
  4. Growth in income brings the growth in expenses
  5. If a country’s average age goes up, the economy of the country also goes up. Countries between the average age of 25 years to 55 years spend more. More spending is a sign of growth in the economy.

Let’s look at the average age of the countries: Average age by country

Types of Marketing:

Now, let’s look at the differences between traditional and digital marketing. This will surely help you in deciding which medium of marketing you should opt for. This also shows us how marketing has changed over time.

You have seen the differences between traditional and digital marketing and you must be pretty sure to go with a digital medium for marketing your products and services. But digital marketing has its limitations too. 

For example, if you want to market a generic or FMCG (Fast Moving Consumer Good) product, maybe a soap. In that case, TV ads or radio ads will work better than digital marketing because TV and Radio have far better reach than digital marketing. 

“Type of product, nature of the product, the targeted audience etc also help you decide the marketing medium.”

The CATT Marketing Funnel:

This is the most important funnel which will explain to you the complete process starting from communication to the conversion of lead. But, this will only work when our area of work is finalized. Area of work refers to NICHE here.

What is NICHE?

NICHE comes from the 3 elements or 2 elements for some cases :

  1. Talent
  2. Passion
  3. Market

Your Niche is the combination of these 3. Talent & Passion could be the same for some people. Your Niche is the area where your Talent, Passion and Market overlap as shown in the image below:

 

To understand it in a better way, let’s take an example: 

You are very good at playing Gilli Danda (What is Gilli Danda? Read Below). You are passionate about this sport and you are talented in it too. You want to teach people so that they can become good players in this sport. But looking at the market acceptance, this sport is not accepted internationally and there is no visible future scope for this as of now. People would not like to spend their money and time on a sport like this which does not have any scope to pursue national or international games. This Niche can not help you to achieve your financial goals. 

Instead of Gilli Danda, if it could be any sport like cricket, football, basketball etc. so it could be a great Niche to pursue. 

“Half of the success lies in finding the right Niche for yourself. 

Gilli Danda (A sport originated in the Indian subcontinent played in the rural areas and small towns all over South Asia as well as Cambodia, Turkey, South Africa, Italy, Poland, and in some Caribbean islands like Cuba.)

If the Niche is finalized so now let’s move to work for your Niche.

The process of working for your Niche becomes easy with CATT Funnel 

C – Content/Communication, A – Attention, T – Trust, T – Transaction.

The above image shows how marketing influences consumer behaviour with the help of the CATT funnel and what all tools to use in this process. 

This is the time to jump to another section which is 

The Integrated Digital Marketing Framework:

Let’s understand why marketing does not work for many people. As we know that we have many tools to use to market our product or service. Some of the tools are Email Marketing, Content Marketing, Paid Advertising, SEO and then social media which is a platform. Many marketers start with only one tool and when it does not work then they move to another tool to use and this process goes on. This never leads to any great results for marketers. 

The right framework is explained in the image below. These tools work together for taking a marketer to great results. This framework also shows how marketing helps the business.

The best way to market yourself or your product is to market your content instead of asking for money against your product in the first go. Let the people know you and your content by promoting your content on social media by email marketing and paid advertisement. When people start knowing your content, and if your content is valued so they will start trusting you and people do business with whom they trust. Now, buying from you for this set of people is much easier.

Personal Branding = Masstrust Blueprint:

To reach the success line personal branding plays a vital role. When we talk about branding it does not mean letting people know about who you are and what you do. It meant reaching the top position in the market where the competition becomes very less. Furthermore, for clarification,  you should be the only one identified in the category that you chose to compete in.

  1. The best known will beat the best
  2. People want to hear from people not from the brand
  3. Elon Musk is a bigger brand than SpaceX and Tesla
  4. Downside – Personal brand cant be invested in and can’t be sold
  5. Upside – Personal brand can give rise to many brands from his/her influence
  6. A personal brand becomes an influencer and a brand ambassador for the companies that they run

Evolution of a Personal Brand:

 

Choose the skill to learn – Always be ready to choose a new skill to learn, as you know that learning is a never-ending process and learning takes us higher in life. This could be in the area of your Niche so that you can learn it passionately.

Learn the new skill – If the skill to learn is decided, this is the time to learn it rigorously. You may opt for any medium of learning these days as a lot of learning is available online itself. 

Use newly learnt skills in your work – Learning is utilized best when it is used in work. Use your learning in your work or work for what you learnt.

Write about your work (Blog) – Write about the work that you do, it gives you more clarity about your work and also helps you understand your role better. 

Consult – Help others with the skill that you have and with work what you do. You can also charge for your services when you share your learning to help others.

Mentor – Be the master and teach others(Group) with your expertise. Help people who want to be like you. If your mentoring do better for people. So you can easily go ahead with the next step.

Start your start-up – You can start your start-up in the area of expertise you have. 

This entire process of evolution of personal branding goes step-wise-step. A lot of people make mistakes and jump directly to a start-up without any previous work experience in the same area and face failure. 

Conclusion:

You have learnt different strategies, steps and pointers important for marketing. I believe that this article must have given you better marketing insights. Now, you know what works for your marketing or what does not, what to focus on or what not to. Now is the time to implement the learning from this article in your marketing. 

Don’t wait for the right time, today it is. Go for it.

If you found this article worth reading. So, please leave your comment and share it with your friends or colleagues who need this article for the betterment of their marketing strategy. 

Thank You !!!

MK Mauryavanshi

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