How many of you feel bore during this Lockdown??
How many of you lose your job during this pandemic??
Due to this pandemic, every common man’s life has become miserable. Break the boredom and start rebuilt your career. You are not stuck at this point. Time is very precious, have to utilize this time by doing some work based on our interest.
Learning new technologies in this free time, helps you to restart your career, once everything is normal. What I feel is “Doing something is better than doing Nothing”.
I utilized my time and as a part of my hobby in learning new technologies, here in this article, I am going to write about the law of marketing in my opinion.
When I was in my 7th grade my science teacher used to say, before understanding a topic, we need to know 3 “W” questions. What ?? Why ?? Who ??
This kind of thinking makes me understand new things very well. Where I am completely new to marketing and before understanding every new thing the three” W “questions raised in my mind about this law of marketing.
What is marketing?
Who needs marketing?
Why do we need to know about marketing?
Basic understanding of Marketing & its Fundamentals Everybody should know
What is marketing?
Marketing is not just selling the product to the customer, as every salesman does that. It is all about targeting a set of customers and then selling your quality product to the right customer at a right time and that right customer is going to be the biggest asset to your product/ service.
Who needs Marketing?
Every business needs marketing some of them like Food, entertainment, traveling, Health care, law firms, beauty products, wellness, Home Décor, Art, Fashion, Electronics, everything needs marketing. Without marketing your product/service may not reach more people and may not generate leads.
Why do we need to know about Marketing?
“Doing business without marketing is like winking at a girl in the dark. You know what you are doing, but nobody else does.” — Steuart Henderson Britt
In the same way, to expand and grow your business, whether it is a small scale or large scale you need marketing.
If we are producing great products, it has to reach great people, marketing helps as a medium between your customers and great products.
It also helps us to build a brand and capture a position in the minds of the customers.
Facts about Marketing:
Trust can be earned but not bought.
Building trust is the first law of marketing. Be ethical and first build trust with your customers. If the customers trust you, they become a word of mouth to the next customers and this cycle goes on.
- “Marketing brings in customers, but word-of-mouth brings in the best customers.” — Jonah Berger
- At last, your marketing comes to an end, your product sells itself with trust what customers have.
- Never make marketing more important than the product. Start market research, it helps to understand what customer is looking for in the product. Make sure you design your product that fits customer needs.
- For example, your product is a mobile phone with basic features and started marketing your product. The customer buys your product and comes back with a suggestion to add new features. So accordingly you start designing your product what the majority of your customers ask you so that your product fits in it.
- Never invest more money in marketing, invest more in the quality of the product.
- Give them quality, that’s the best kind of marketing
- If the quality of your product is not good, marketing helps you to sell your product but it won’t sustain in this competitive market.
- A good product doesn’t need any marketing it can sell by itself.
- Marketing helps to create a perception of the product.
What helps you to create a strong bond with your customers??
Whatever the bond, whether it is a wife & husband, mother & child, brother & sister, communication is more important.
In the same way, good communication with your customers leads to Trust. It helps to let them know about your product and create a healthy relationship between you and your customer.
Good communication with your existing customers helps you to turn them into your lifetime customers. And these customers are going to be word of mouth for your product/ service.
How can we relate Global economics to marketing?
Don’t think that Why I jumped to Global economics from marketing??
We need to do marketing, where there is a market for your product/service. Without a market, you can’t run your business.
We all know that India is one of the developing countries, with an average age group of 27 years. All of them are going to spend their money for their growth either personally or professionally. In this expenditure, there is a lot of money circulation from one person to another person. Banks also help us to take loans, i.e., we are taking debts from banks and we return them in the form of monthly EMI’s.
In this part of money circulation from one person to other we can see a lot of money, but which doesn’t exist in reality. This is what happens in developing countries like India.
We can’t see this money circulation in Developed countries like Japan, the reason it has an average age group of 50 years in the population.
As most of them are well settled and they don’t spend much money. It means we can’t see the circulation of money in Developed countries.
That is why we all look at marketing in Developing countries like India and China.
Understanding this economics of our country shows us to target people who are interested in your product/service.
How can we do Marketing ??
Tv ads, Radio ads, Newspaper ads come under traditional marketing which is still under usage.
According to the stats, TVads can reach up to 800 million to 1 billion people.
Radio ads may reach up to 65% of the Indian population
Whereas, Newspaper ads can reach up to 465 million people.
“Nobody reads ads. People read what interests them, and sometimes it’s an ad.” — Howard Luck Gossage
Whereas, Digital Marketing helps us to reach more people who are fluent in English speaking i.e., 100million people.
Facebook Ads, Google ads, Instagram Ads are some of the examples of Digital Marketing.
If you feel like your Targeted customers are more into fluent English speaking, then digital marketing is the best option.
The Drawback of this Traditional Marketing is in which we cannot do Natural sales due to lack of communication and you cannot do deep marketing also.
Direct Response Marketing
Imagine you have a quality product, which is new to the market. You are running Ads to get the leads and convert them into your customers.
But how do you know whether they are reaching your targeted audience or not?
So tracking your ads, to know whether they are reaching the right people or not is called Direct Response Marketing.
How to track??
Ex: If you click an ad on Facebook or any social Media which follows you to fill in your details or to download an eBook with your details is nothing but, we called it Direct response Marketing, in which you get a response from your customers with their details. This how we get to know that our ads are reaching the right persons or not?
CATT Marketing Funnel
Wealth = nCATT
How to select your Niche?
Everybody has their own talent and passionate about their skill. Somebody likes Cooking, Baking, Fitness, Motherhood, Parenting, IT, News, Banking, Fashion, beauty, etc.
You have to narrow down your targeted Audience, if you concentrate on multiple niches, you won’t have the right group of customers. So you have to narrow down your Customers.
Your Niche is going to be your success and wealth.
You have to be passionate and you are Talented in your selected Niche, and there should be a market for your Niche.
C – Content
Writing content on your Niche is going to be the second major task. You have to write in such a way about how you feel when you are in their place and your suggestion how you need to overcome it.
Your content should be in such a way to attract your community of people.
If your second major task goes well, you get attention from your community. To get more attention we have to do SEO and run ads on social media.
Trust is something that we cannot buy, you have to build it
Building Trust in your Audience is the toughest task to be done. To build trust Deep marketing is one of the kind, i.e., to send more personalized emails, for what they are looking for.
This will happen automatically when your content is good enough, and you get more attention by building the trust of your community.
If all the above goes well your product and service will sell naturally.
If required, we also need to have seller calls, sale webinars, sales pages, sales letters to convert your leads into your customers.
Integrated Digital Marketing
The coordination of various aspects or different modules of Digital Marketing is called Integrated Digital marketing.
The below framework shows the different modules of Digital marketing that helps to execute CATT funnels.
How to evolve as a personal brand and why it is important?
Personal Brand is nothing but you becomes a brand ambassador for your own product/services
In the process of evolving you have to learn how things are going to be done.
To learn you have to understand, remember the facts, and practice what you have learned.
After practicing, you have to work on the things that you have learned. Work as a freelancer, digital mentor, or on your own projects. But don’t stop working. This kind of work helps you to keep updated with fresh ideas and facing new challenges.
Blogging, nothing but writing, write what you have learned, and your work experience, so that people will look at your work and your standards.
Consult, If people like your blog, they start consulting you for their issues, that’s where the evolution of personal Branding starts.
Mentor, mentoring /helping others who want to become like you. A good mentor teaches you how to think not what you think.
The above all helps you to start your own business products/ services.
Building a Mass trust
This actually happens at mentoring level, you have to build trust from your customers and get more clients as well.
This shows that the cycle continues.
Your personal brand differentiates you from others.
People want to hear from people, not from your Brand.
For example, Gordon James Ramsay is a British chef, restaurateur, television personality, and writer. He founded his global restaurant group, Gordon Ramsay Restaurants, in 1997. It has been awarded 16 Michelin stars in total.
As a reality television personality, Ramsay is known for his bluntness, as well as fiery temper, strict demeanor, and frequent use of profanity. He combines activities in the television, film, hospitality, and food industries and has promoted and hired various chefs who have apprenticed under his wing.
Ramsay is known for presenting TV programs about competitive cookery and food, such as the British series Hell’s Kitchen (2004),
Ramsay’s Kitchen Nightmares (2004–2009) and
The F Word (2005–2010),
and the American versions of Hell’s Kitchen (2005–present),
Kitchen Nightmares (2007–2014),
MasterChef Junior (2013–present), as well as
Hotel Hell (2012–2016),
Gordon Behind Bars (2012), and
24 Hours to Hell and Back (2018–present)
In the mid-1980s, he worked as a commis chef at the Wroxton House Hotel. He ran the kitchen and 60-seat dining room at the Wickham Arms
Despite the restaurant’s success, a dispute with Ramsay’s business owners, who wanted to turn their restaurant into a chain, and Ramsay’s dream of running his own restaurant led to his leaving the partnership in July 1998. He has described the decision to set out on his own as “the most important day of my entire cooking career; the most important decision of my life”.
This how Marketing is important to run your business and learning Ethical Marketing helps you to build a Brand in this competitive market.