Let’s get into MARKETING
as it starts with YOU and Touch many Lives.
Dec 3 8 min read
So we need to do Deep Dive to know the 4 Secrets of Marketing and in due course we would Digital Marketing Meaning :
Law of Digital Marketing
Marketing is an art and science. Understanding the customer is a cornerstone of marketing. As per Peter Drucker we should understand customer so well so that the product sells itself. Marketing starts with understanding customers’ need; actually the marketing begins with a clear mindset.
Marketing is not only selling, it’s more than that as one should look it as lifelong engagement with the customer. So it should be an empathetic angle to view customers where we are putting ourselves in customer shoe and trying to understand his or her pain area and provide the solution.
As a marketer our goal should be to build a trust before any transaction. You should create a position in customers’ mind, an example would be , when we think of photocopy of a document , then XEROX pops up in our mind. So instead of selling a product to customer try to be in the customer’s mind for that product.
Marketing should not be more important than the product. A great product can sell itself even without Marketing. But instead of making a great product if you are focusing on marketing then you need to keep on doing the marketing and it’s a very tiring process. If we see the example of Japanese manufacturers they focuses on product a lot and less focus on marketing but still their products sell and they become the undisputed leader in the field of electronics.
Your customer can be your best marketer. Word of mouth marketing does not require constant marketing effort from your end and it is Organic and scalable on its own.
Advertising, copywriting ,selling are different components of marketing. Great companies like apple, Google, BMW are known for their products not for their marketing efforts.
2 . Understand the Global Economy
Let’s discuss about global and Indian economy. What is economy? As per Investopedia.. “an economy is a large set of interrelated production and consumption activities that aid in determining how scarce resources are allocated”. Demand and supply are two important concepts of economy. From theoretical perspective, economics can be macro and micro.
The average age of a country has great impact on its Economy , for example, Developing economics like India, Brazil, China has a competitive advantage over other Western countries for having a good proportion of young population.
In India huge young population is having more spending capability thus making India a big economy.
Debt creates money in the economy. The more debt an economy has the more money it can create , but in turn that would also create inflation in the system.
The way money circulates in the economy can be thought of as — we are depositing the money in the bank and the bank is again using that money to give a loan to other customer. With the help of the customers the money shifts from one bank to another bank and again they can lend the money to a new customer. So the debt creates a supply of money in the economy which in turn creates inflation. If people start paying their debt, the money supply will reduce. Central bank (Reserve Bank) likes people to be in debt to maintain money circulation in the economy, hence they reduce the interest rate to encourage debt.
In India economic diversity is huge. The top 10% of the population accumulates 80–90% country’s wealth. Around 110 million population decide the top 10% which can be called as India-One.
3. Role of communication in marketing
Communication plays an important role in marketing. Communication can be verbal or nonverbal. Using nonverbal communication, we can express a lot of ideas without using words. As the proverb says “a picture says thousand words”. Writing and speaking are two major component of verbal communication. Effective communication does not require sophisticated English. Understanding the target audience is very important for effective communication. We should understand the ongoing conversation happening in our target audience’s mind so that we can connect effectively and immediately, without initiating a new conversation.
“what goes inside, comes outside “..The habit of reading, listening to podcast, learning through online courses help you to create better understanding of subjects. It reflects when we speak or write.
Writing everyday helps to improve our muscle power for writing. Even if we are writing 200 words per day, it creates consistency and a flow state.
Also, read with a purpose and try expressing it in your own words. Read books on effective communication. One way of improving your speaking power is to speak everyday. Try to speak for one or two minutes and watch videos like Ted talk ,Josh talk to get inspiration and try to put the content in your own words. First you record for yourself then you can share it with your friends asking for feedback. Practice every day. Practice with a purpose. Either you win or you learn. Explore all opportunity of learning and make best use of it by putting it into practice.
4.Traditional vs digital marketing
Traditional marketing tool includes TV,radio ,newspaper billboard etc. The positive point of traditional marketing is it can help us reach a wider audience. In India traditional method of marketing touches more consumer base than digital marketing.
On the flip side, with the help of traditional marketing content cannot be personalized and deep marketing is not possible.
On the other hand digital marketing agency includes Facebook ad ,Instagram ads, Google ads ,website promotion etc. It can be personalized and deep marketing is possible. In terms of reach, it has much lesser reach in compared to traditional marketing but if we want to reach the affluent Indian audience, order of Hundred Million, with spending capacity and intention then Digital marketing would be the Best option.
We need to focus on few more points when it comes for Digital Marketing , let’s see in details :
DIRECT RESPONSE MARKETING:
One of the drawback of running ad is not able to measure the success ratio. It is difficult to measure whether newspaper ad worked or not so ad spend always cannot give us a meaningful way of measuring increase brand awareness or sell. On the other hand, direct response marketing helps us to capture the response for a specific ad.
Examples could be, an ad in the newspaper with the phone number may not generate leads at late night but at the same hours at night ,some landing page can very well have some lead generation option.
As per the marketingrevolution.com “the type of marketing designed to elicit an instant response by encouraging prospects to take a specific action” — important point here is to note that it’s a design which invoke responses for a specific action.
CATT MARKETING FUNNEL:
The framework consists of four components.
Once you have your niche identified the funnel helps you to reach new target audience and build wealth. Each stage is having its own significance, before transaction we are building trust with our audience it helps to build a deep bonding.
With reference to CATT framework, the marketing should be integrated. We should market our content to build attention rather than marketing for transaction. While we do marketing for attention, it makes a lot of difference because it helps audience to understand before making any transaction and they become a life long loyal customer.
BUILDING A STRONG BRAND
Don’t be the number one , rather , be the only one. Try to choose a category or sub category and try to be the leader in that.
THE POWER OF PERSONAL BRANDING
“The best known will always beat the best”. You should try to create your personal brand. It is your responsibility to market yourself as a product. Without marketing your target audience will not be able to find you however good you may be. So it’s your responsibility to build a strong personal brand. People love to interact with the person rather than one company. Your brand will help you to establish yourself as a leader in the market. Now one downside of personal branding is that it cannot be sold but again personal brand helps you to build influence and with that influence you can setup multiple company and it will be easy to grow this company because of that influence. With the help of your influence you will grow multiple businesses if you have a strong personal brand.That is the reason some person or individual have more power than the organisation they have set up. So it’s a mix of both the world where a strong personal brand helps you to propel forward and in future you can ,like a tree , create so many sub brands or company which can create multiple revenue stream.
The evaluation of personal brand includes learning new skill. Then comes practice, putting the learnt skill into work which means hands on experience. Thirdly, write about your experiences which will teach others about the same. Next comes consulting. Start working in consulting projects to gain more work experience. Fifth stage is mentoring, teaching others will help you grow as an individual and it will give a lot of insights. Mentoring is a form of consulting to a group of students. Then you can have your own startup. The entire process goes in a loop, it is called mass trust blueprint as it creates trust and bonding with your audience.
As you have invested your time to read till this line , it proves you are passionate about Marketing and would like to explore more on this.
Let’s connect to my next blog where I will show you easy steps to build your Digital Ads and how to get your clients using different Digital Platform.
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