How to use the law of marketing to achieve your business goals?
In this article I am going to talk about how you can use the law of marketing to achieve your business goals. We will talk about the 8 major topics that you should understand that will help you in your marketing efforts. This article will be useful for business owners , entrepreneurs and marketing professionals.
“ 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.”- Peter Drucker.
Let’s understand the fundamentals of marketing. Marketing is based on science. Not on creativity. Marketing starts well before the launch of your product or service. It starts by understanding your target consumer. Marketing is just the game of building trust with a lot of people at the same time.
The purpose of marketing is to build a brand and capture a position in the minds of the consumer. Once you have a very strong brand then the marketing efforts come down.Never let the marketing become more important than your product. A great product sells itself. If you don't have a good product a good marketing accelerated the death of your company.
Digital Marketing vs Traditional Marketing :
Traditional marketing has a wider audience base. It includes TV, Radio, Newspaper etc. If a product is generic with a wide target - TV ads can reach millions at a lower cost. India has TV’s in 197 million homes out of 298 million homes. TV has a reach of 800 million to 1 billion people. The reach of digital marketing is no where close to TV based on numbers alone. The downside is you can do detailed targeting of your ads like in digital ads.
Radio has a reach of 65% of the Indian population.
Newspaper has a reach of 465 million people
Digital Marketing currently has less number of audience bases compared to traditional mediums. Digital marketing is the best medium to reach the affluent English speaking population in India with spending power of about 100 million users.
Building a Strong Brand:
Don't be the number on No.1. Be the only one.
Deciding where to compete is half your success. If you cannot be a leader in a category, be a leader in a sub-category. People only remember the number 1 or max 2. Enter a competitive market but have a unique angle.
The Importance of communication skills:
Good marketing is all about good communication.
Good communication doesn’t mean sophisticated English. It is am i able to transfer my thoughts to you efficiently is the only question to ask. Write like you talk. Always join a conversation in people's minds. Start sales copies with a question that is already running in their mind. Interact with the clients to understand more about their thinking about your product or service.
Write at least 500 words a day. Think in English.
The basis of global economics:
Every entrepreneur should learn about global economics. Make a decision in your business based on economics. A country’s economy goes up as the average age of the country goes up. Recession created strong companies and drove out the weaker companies.
Indian Economy :
India is divided in India1 / India2 / India 3.
India 1 has a total population of 110 m, 23 m household and 31 m working members. These are people residing in major cities with an average income between 5 - 6 lac per year.
India 2 has a total population of 104 m, 22 m household and 29 m working members. These are people residing in major cities or tier 2 cities doing work for India 1 with an average income between 2 - 3 lac per year.
India 3 has a total population of 1126 m, 235 m household and 460 m working members. These are people residing in small cities and villages mainly consisting of farmers and daily wage laborers with an average income between 70 -80 thousand per year.
Direct Response Marketing:
Direct response is a type of marketing designed to elicit an instant response by encouraging prospects to take a specific action. Example : Providing a phone number in advertisement or providing an instant offer digitally.
The CATT Marketing Funnel:
Wealth = n^CATT
[n] Niche : Your success & wealth depends on the niche you choose.
[C] Content : You need to create content which attracts your consumer towards you business
[A] Attention : You need to drive traffic to your content using social media and paid ads.
[T] Trust : You create trust based on quality content and nurturing.
[T] Transaction: This happens based on the trust. The sale happens here.
Integrated Digital Marketing:
Personal Branding:
The best known will always beat the best.
People want to hear from people not from brands. A personal brand becomes an influencer and a brand ambassador for the companies that they run.
The evolution of a personal brand:
Learn : Learn a new skill through concepts,facts and procedures. Understand the concepts. Remember the facts and practice the procedures.
Work: Put your now found skills to work. Go from practice to implementation.
Blog : Write about what you have learned and experienced through your work.
Consult: Now that you have a personal brand through your blog, have work experience and have learned the fundamentals, start consulting other businesses.
Mentor: Mentor others who want to become like you.
Startup: Start your own business.
Keep Repeating..
Marketing education has a long shelf life because it is rooted in human psychology and understanding the market is important for every business owner.
Marketing is the most valuable investment in a business because it gives direct returns.
The founder should be a marketer. If you know how to market and sell, you have a safe career.
And have you tried any of this marketing techniques for your business and what are all the challenges you face in marketing?
If you have read this blog post until this point, please comment and let me know about you and your challenges further.
