The Top Ways to Succeed in Marketing
In order to get the most out of this article:
- Develop a deep, driving desire to master the principles of marketing.
- As you read, stop frequently to ask yourself how you can apply each suggestion.
- Apply these principles at every opportunity.
- Check-up each week on the progress you are making. Check yourself the mistakes you have made, improve, the lessons you have learned for the future.
This article is for upcoming marketers, entrepreneurs, freelancers, bloggers who want to know about marketing fundamentals and grow themselves.
Let’s have a basic discussion on economics and then marketing.
Basic idea on Global Economics:
Almost every person should get to know about global economics. A country’s economy goes up as the average age of the country goes up. The average age of India is 27 and it might not go up fast as there are many youths in India.
The major factor is debt. Debt creates money. For example, If you deposit money in banks, you will get 6-7% interest and if you take a loan from banks, they will charge 10-11% as interest. In that way, banks are earning money.
More debt in the economy is equal to more cash, which is nothing but inflation. Central Bank reduces interest rates to encourage debt.
Biggest challenge of economy:
The global economy is facing many serious challenges currently. The recent recession caused by the credit crunch, oil shocks, the banking crisis is some of the short term problems.
Long term problems include global inequality, unequal economic development, global poverty, depletion of the environment, global warming. These may require a strategic approach to find solutions.
So it is most important for every marketer to know about the global economy.
Let’s have a look at marketing.
We were almost bound by these kinds of questions all the time.
What is marketing?
How to make a sale?
What can be done to get leads?
How to reach customer expectation?
In a layman language, marketing is nothing but communicating to a customer about a product or service and make a deal of purchasing that product.
Let’s have a look at basic things which we need to consider before digging into marketing.
What is a goal?
Whenever you are thinking about goals for yourself or about your team, understand that achieving your objectives will be difficult.
If they are not difficult, you should ask yourself whether these are worthwhile goals. A real goal should be hard. It should test your will. Your resolve should be challenged.
Ultimately, there is a very deep question you must ask: Are your goals driven by ego or by a higher sense?
Is your goal superficial or will it really benefit your work and your life? Improvement is the key idea here.
Importance of effective communication:
Good marketing is all about communication.
Good communication is nothing but conveying our message clearly to a layman.
To improve communication skills, write as you talk to the person directly. Understand your target audience very well.
The more you write, the better you can write and also speak. Writing slows down your thought process and gives you clarity.
Dale Carnegie used to say that it was easier to make a million dollars than to put a phrase into the English language.
So communication is a very effective tool to engage the persons to our product or service and make then utilize those.
The ability to move what’s in your mind to the minds of others is the real definition of communication.
Importance of the Power of Personal Branding:
Building a personal brand takes time as we have to let know the people about us that we are good at something that provides value to people.
If a company tries to communicate with people, they won’t bother as feel as if they are talking to a logo, but when comes to personal branding, a person communicates with people through different modes of communication.
For example, Elon Musk has a bigger following than SpaceX and Tesla.
A personal brand can give rise to many brands from his/her influence. They become an influencer and a brand ambassador for the companies that they run.
One such influencer who builds his personal brand is Digital Deepak.
Evolution of a personal brand:
To build a personal brand, we need to learn a new skill through concepts, facts and procedures which is nothing but ultra-learning.
Write about what you have learned. We can understand when we write.Start consulting other people instead of working for them. We can show our blog as our personal brand.
Teach other people by becoming a mentor.
Start your own product or service business with the conclusion that you have developed some value to the market, solve problems of people.
Chose a skill, become expert in it. Deciding where to compete is half your success. If you cannot become an expert in one category, be an expert in the sub-category. Chose the category that is the market demand and upcoming need of people. Every market becomes a two-player market in the long run.
This is nothing but MASS-TRUST.
This blueprint is most important for any kind of niche selection to start a business.
Building trust with a lot of people.
Start with learning. Start working on the skills you have learnt. Do blogging. Write articles. Do consult. Do mentor by giving training to people. Start a start-up.
In this way, we can improve our personal brand.
Now let’s know about marketing.
What is marketing? And Why Should You Care?
Marketing is based on science. It starts before creating a product. It starts with understanding the customer needs.
Understanding customer needs is the basis for marketing.
Based on customer needs a product is created and marketing is done to know the customer needs before the product is created. It is nothing but sending the right message at the right time to the right person.
Communication plays a very important role to engage the customer even if they purchased our product. We must build trust with the customers so that we can make them buy our new products as well. This is termed as mass trust.
The purpose is to build a brand and capture a position in the minds of the customers. Once that is done, there is no need for marketing anymore. An example is Google.
“The aim of marketing is to know and understand the consumer so well that the product or service fits him and sells itself. The aim of marketing is to make selling superfluous” – Peter Drucker.
Word of mouth is going to be the biggest asset. The focus of the quality product is much more important. Marketing helps people have a good perception on the product.
How to Get Started with Marketing?
It has a long shelf life compared to other software technologies. For example, some data warehousing technologies got in vain when other upgraded technologies came.
It is a game of perception. It is the most valuable investment in a business because it gives direct returns.
For a lot of businesses, it is the backbone.
Understanding marketing is understanding the business.
If you know how to market and sell, you have a safe career. To get traffic, you need to do marketing to sell yours or other products.
Traditional vs Digital marketing:
During the old days as well as now, traditional marketing is still gaining a place to market the products to reach people.
If a product is generic with a very wide targeting, TV ads can reach millions at a low cost.
Radio has a reach of 65% of the Indian population. Newspapers have a reach of around 500 million people.
Nowadays it is very much difficult to market our products, as we cannot do deep marketing, cannot personalize communication, cannot do natural scales. This is difficult with the very wide medium of people. Here comes digital marketing.
Digital marketing is nothing but doing marketing in a digital way i.e., doing through digital means to reach more people with low investment.
How to Get Ahead in Marketing with Marketing.
Direct response marketing:
Most people do not check if their ads are working or not. Increase in brand awareness is not measurable as big companies who run campaigns, they don’t get measurable results.
“Direct response is a type of marketing designed to elicit an instant response by encouraging prospects to take a specific action.” MarketingEvolution.com
It is very important to use digital channels and use direct response marketing. Whenever anyone asks for our details by giving eBooks, giving value, that is nothing but direct response marketing.
Integrated digital marketing:
A lot of people try to get results in each and every segment using digital marketing. If they do only a particular component of digital marketing, that is not going to work. For example, some people use only email strategy. Some use only content strategy.
We have to integrate the components of digital marketing like writing a content in a blog, publish it in social media, make people subscribe to the email newsletter and send the blog content through email, SEO, social media etc., like these we can drive traffic to our blog and make sales.
Integrated digital marketing is how you execute it. People will get attracted to us through different means.
What is a lead?
A lead is a person who requests or orders for product or service. We make the person buy our products or services through communication and convert that person to a lead.
Usually, a lead consists of:
To tell about our products and services we need any of these above details for further communication.
If we know their phone number or email id, we can communicate through call or email and thereby we can get to know their name in the process of communication.
Maintaining relationship through phone or email is not an easy task, as we have to engage the person by telling about our products or services regularly.
We need to get in touch with the person who shows interest in our product or services.
How to convert persons to leads?
We have to introduce our product or service in the market in different ways.
Some of the ways are through free eBooks, through free online webinars, through free online courses that provide some value to persons making them show interest in our product or service.
Through this, we have to attract customers to come to our platform to utilize our products or services.
CATT Marketing Funnel:
When we talk about lead generation, CATT comes into the picture.
Marketing is rooted in the fundamentals of human psychology.
Content > Attention > Trust > Transact framework.
Four pillars of online marketing.
The formula for wealth.
Wealth = n^CATT
n is your niche. Your success depends on the niche you chose. The niche must be the one which shows your passion, interest and that is in market demand.
Content: Content will be your asset which attracts people to your platform. Create useful content that attracts people from your niche. Blog posts, webinars, lead magnets, videos etc.
Attention: Drive attention to your content using some of the marketing components like SEO, social media, paid ads, referrals etc.
Trust: Build trust with your audience with tripwires, marketing automation and re targeting.
Transaction: Convert your leads into customers with natural sales methods.
This funnel is most important for marketing strategy for any kind of niche.
These are the important topics every marketer needs to know about.
We have discussed almost every aspect of marketing funnels and how we can implement the strategies to get our products or services reach people through digital means.
You need to have a positive mind-set to communicate effectively with customers and engage them to make a sale.
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