Since you opened this article I am sure you are someone who needs to end your worries related to marketing. Isn’t it?
So whether you come in this category (Entrepreneur, Digital marketer, Freelancer) you would be looking to increase your client base, accelerate your sales, create your own brand or if you belong to this category (Working professional, a student of marketing, a budding blogger)there would be many future goals that you might have set for yourself or your future business.
I guarantee you that after you finish reading this article a lot of your questions would be answered if not all.
So let us get started…
Who doesn’t want to be rich? Every action taken in every stage of our lives is directly or indirectly focused on earning money right?! Even your goal to master marketing is related to earn a lot of money!
That is why I feel each one of us should make a financial goal before starting any career.
- How much amount of money you want to earn?
- What is the time period within which you want to earn that money
- Finally, how will you earn that money?
To give you clarity I will like to share with you how I earned my first 1Cr.?
This chart is an example showing if your product price is Rs.100, you need 1Lac customers in order to make 1Cr in revenue, For the product of Rs.1000 you need 10k customers and so on…Now looking at it from making a funnel perspective.
After connecting the funnel and the graph you can see that in every stage we are converting 10% of the customers from the previous stage with zero acquisition cost as we have already spent 1Cr in customer acquisition in the first stage itself. This way you will be able to convert sticky customers and by creating value in each stage through marketing you will also succeed to make the customers pay higher by communicating the value behind your product.
Don’t worry if you don’t have 1Cr. to spend on acquisition cost, you can spend whatever amount you can in the beginning and then increase it depending on the revenue you earn. With this framework and consistency, I am sure you will be able to meet your financial goal.
Now as I talked about communicating value, how do we do that? Communicating value is all about MARKETING!!.
The concept of marketing started from the day when humans learned to exchange goods and created a marketplace. In the 1400s the first printing press was invented that printed letters on metal and wooden blocks which gave birth to flyers and brochures. All the functions such as operations, Finance, etc wouldn’t have a meaning if the customers are unaware of your product and the value it will give them which brings me to a very important question,
Q. Why should we spend our time and energy on learning marketing?
- Marketing is a psychologically embedded science which on applying strategically has created the framework of every business (however small or big) to have ever existed making the most valuable investment.
- Every founder is a lifelong marketing student because the concept keeps evolving, no matter how many marketing agencies you hire to run your business you need to be a marketer yourself!
- So if you know how to market and sell congratulations, you have a safe career!
Talking about psychology all of us have heard about the Law of attraction and have heard stories about how it can transform people’s lives well then let’s find out about the “LAW OF MARKETING”
Q. What is the Law of Marketing?
- Marketing is not a battle of products, it is a battle of perceptions. Apple, Coca-Cola, Nike, these are all basically marketing companies
- To ace, the game of marketing you need the send the right message, to the right person, at the right time using Advertising, copywriting, sales, these are a few important components of marketing
- Creating value-Communicating value-Delivering value, the three main pillars which don’t just help in converting sales but also to build long last relationships
Some people believe that marketing is about manipulation but this line of thought is very much incorrect. Marketing turns into manipulation only when your product is weak. Always remember that a great product will sell itself and word of mouth is the best channel!
Q. Why being a good communicator is the first step to being a good marketer?
- People with good communication skills are known to be the voice of the company. They have the power to influence people’s minds with their words and make a connection with customers
- To be a good communicator, you don’t necessarily have to speak sophisticated English, just the basics will do as English is a global language but Knowing good English is not a guarantee for success but good communication sure is. Our prime minister himself likes to speak in Hindi in most occasions but he is known as one of the best orators in the world
- Your gestures, body language, problem-solving skills are what will make you connect with your clients. As we saw one of the three pillars is “communicating value”, if you are unable to do that all your efforts will go in vain
- Also reading books and writing articles can improve your communication skills.
Now after learning the basics of the global language of communication, it is very important to have knowledge of global economics because you have to make decisions related to your business and knowing economics will act as a catalyst in the process
Q. Did you know that debt creates money? (Global economics)
- Every country has its own unique economy that runs on various factors so to select one a target market for yourself it is important to study the economics of that country
- India, for example, is a very good market to start your business. India is a young country so the household expenditure is more compared to countries like Japan having an old population. More the purchasing power, the economy propers more
- Yes, Debt creates more money in the economy because debt creates more cash in the economy leading to inflation. And when people start repaying the debt the cashflow decreases, therefore, governments decrease the interest rates to encourage people to take more loans to again increase cash in the economy
- We saw many companies collapsed during this pandemic so in the times of recession, only the companies having strong fundamentals and good knowledge of economy will survive
Q. Which card to play when? (Traditional Vs Digital Marketing)
- Traditional marketing even today has more reach than digital marketing. FMCG, Pharmaceutical companies, etc still find TV as the best medium to advertise because the reach for rural India is still TV
- Even though the concept of Digital Marketing has been around for quite some time now, the penetration rate is very low in rural areas as compared to radio, TV, and newspaper
- Only a certain set of products and target audiences can be reached using Digital Marketing. It has its own advantages over traditional marketing
- In digital marketing, we can choose the eyeballs whom we want to show our Ads, do personalization, etc.
- When it comes to digital marketing people have a notion that only doing paid Ads I’ll be able to sell or only doing SEO is enough. Digital Marketing has to be holistic for you to convert your leads. Each piece is like a piece of the bigger puzzle and by joining one end to the other can you complete the entire picture. Don’t forget to interlink your Digital Marketing channels as shown only then will you be able to convert your leads and create long term customers.
6. A common point of measurement of the success of your Ad in both Traditional and Digital Marketing is Direct Response Marketing
Direct response marketing is an action taken by the marketers to measure the reaction of the people seeing their Ads. For example, adding a point of contact in the newspaper, an infographic to call and enquire or a link that takes you to the landing page. This will give you measurable results and also you can estimate your sales.
So far we saw how to set a financial goal, brushed up our marketing concepts, saw the importance of communication, learned how to choose traditional marketing and digital marketing to advertise our products, and also how to measure the responses using Direct Response Marketing.
The next step is to select your niche. Which is that specific area you want to be a master of? Sachin Tendulkar is the God of cricket, you want to be the God of what? So let’s go ahead and select that niche for ourselves
Q. What Factors to consider while selecting a Niche?
- Now to start with your business or blog/vlog you need to choose a niche (A specific product/audience category you want to target).
- For eg. Digital marketing, Affiliate marketing, Food blog, Travel blog. These are all examples of Niche. Niche selection is extremely important because it helps you to differentiate yourself from others and mark out a target market for yourself.
3. So your talent clubbed with your passion and a suitable market can be added to make your niche. So for eg. I cook really well and I am also very much passionate about cooking but I cannot choose it as my niche as the competition is extremely high, even though the search volume is also high but I will have to take extreme efforts to make it rank also the cooking space is kind of saturated. So choose a niche where the market has high search volume but low competition aligning to your interests and passion and you are good to go!
A good niche will certainly have a high rate of profitability. So the next step is to see how we can create wealth through our niche using the CATT Marketing Funnel.
Q. How does the CATT Marketing Funnel work?
This model is the acceleration button for your niche. Let us study each factor that will contribute towards generating wealth
The Formula: Wealth= n^CATT
- [n]= Niche: As I explained above success and wealth will depend on the type of niche that you will choose
- [C]= Content: Create content to attract audiences from your niche by creating blogs, videos, live webinars, etc
- [A]= Attention: Bring attention towards the content that you have created using SEO, Social media, Paid Ads
- [T]= Trust: Create trust through Tripwires using Email drip campaigns, Marketing automation, retargeting
- [T]= Transaction: Finally convert your leads into customers using sales techniques
Putting this Framework in action wealth can definitely be created!
But apart from all the knowledge, you gain and the frameworks that you put in place the biggest Asset that you have is your own self. Yes, you got me right!
Marketing is one of the areas where I feel AI cannot completely take over. Marketing is about being Humane, it is about using and targeting the 5senses which is not present in any AI technology. That is why when it comes to Marketing, humans will always rule and that is why Personal branding is the next Future. People who focus on personal branding will survive in the long run.
Q. Why Personal Branding is so important?
- Your company brand is fine but your customers will bank their money on your name, they will trust your words, they will want to have a relationship with you on the basis of your credibility and not some lifeless entity (your company).
- You can start new brands using your own name and be your own brand ambassador. For eg.People know Elon Musk and bank on his name more than his companies (Spacex, Tesla), people know Republic news channel because of Arnab Goswami.
Q. How Personal Branding is evolving?
These are so many doors that you can open for yourself. You no more have to work to fulfill other people’s dreams, its time you work on your dream!
- Learn: In the beginning stages learn, learn, and learn. In fact I would say never stop learning because the market is continuously evolving
- Work/Freelance: You can find a job for yourself where you can learn a lot of things at the expense of the company or start freelancing and implement your learnings on your client projects
- Blog: Side by side you can run your own blog. Promote your content, bring traffic to our website and create an income source for yourself
- Consult: After gaining a few years of experience you can consult companies
- Startup: Start your own dream startup/agency
I hope this has been a good reading experience for you and you have found some answers or direction towards your goal as I had promised in the beginning.
Again like my previous article, this is also a part of the DigitalDeepak internship (digitaldeepak.com). I am extremely glad that I could have helped you even a bit with whatever I have learned so far. Let’s take this journey of knowledge together