Marketing is actually a game of perceptions. It is not just about creativity, but also it is based on science. Marketing is a type of covalent bonding where you build relationships with customers, brands and other stakeholders.
Setting up our financial goals helps us to determine our short and long-term objectives and creates a balanced plan to meet those objectives.
Let us assume that we have to make 1 crore next year. Then our financial planning can be of like targeting 1 Lac customers and selling them our product at Rs.100. We can target 10k customers and sell our product at a price of Rs.1000.
But what if we target only 100 selected customers and sell our product at a price of 1 Lac. It might be looking difficult but once you have selected your preferable target audience, then no one can stop you from earning 1 crore rupees.
Most of the people think that advertising and promoting a product is called marketing but it is not like that.
Marketing starts before creating the product. It starts with understanding the customer and customer’s need that leads to creating a product that fits.
Marketing is a horizon where psychology, science, design, and data meet each other. Marketing is not just about selling. It is also about keeping an existing customer happy by communicating with them so that they can remain a customer for life.
As Peter Drucker said it very clear that, 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.
There are many forms of marketing but word of mouth marketing is the best channel of marketing ever.
A great product sells itself. The product is rooted in reality. Never let marketing become more important than the product.
Building a strong brand is important to compete yourself and stay at the top position in the market. Choose a niche and become a leader in that niche. Deciding where to compete is half of your success. People don’t remember the second person who climbs the moon. Thus it’s very important to discover your category and if you cannot be a leader in your category, be a leader in a subcategory. People remember only the No.1 or a maximum of 2.
Marketing is a subject which will never expire. In this growing technology, robots and artificial intelligence is booming the world and replacing humans from different workforces and sectors. But no robot can do marketing because the main reason is that robots don’t feel emotions, they can’t connect with stories and perceptions and thus marketing education has a long shelf life as it is rooted in human psychology and understanding the market need emotional connect.
Marketing has a very vast history and it existed since the dawn of civilization since the first market squares appeared in their first villages.
Marketing is the only subject which gives a direct return. No other sector gives immediate ROI. Marketing allows the opportunity to examine that process alongside the integration of design, promotion, and branding thus every entrepreneur should learn marketing.
Good marketing is all about good communication and a better understanding with the audience always helps one to know about their problems by emotionally connecting with them.
Language is not a barrier but one has to be clear with his/her thoughts and transfer opinions effectively. Understanding the target audience is the very first stage in marketing.
Marketing is a vast subject and thus every entrepreneur should aware of everything that impacts marketing.
Global Economics helps one to make decisions in business based on economics. Thus, it’s important to learn about the basics of global economics.
Debt creates money. But how? For example, Let us assume that If you take a loan of 10 lacs from a bank and deposit it in another bank they can loan that money again. More dept in the economy is equal to more cash(inflation). When people start repaying Debt, the money supply shrinks and the central bank reduces interest rates to encourage Debt.
Recession is always the best time to launch a company. By finding out the problems in society, one can fulfill the demands effectively. Recession creates strong companies and drives out the weak companies out of the market. Every marketer should be aware of India’s Wealth Analysis and have an idea of where and how to invest money?
Most people in Tier-1 cities of India can easily afford products of high range but the quality of the product must be effective enough so that product sells itself. Around 100 can million people(with an average of 5 people per household) live in Tier 1 cities in India and it has around 20 to 25 million online Shoppers. Thus, your target customers with buying power will be around 30 to 50 million until 2025.
Target customers are concentrated in the top 10 cities and they mostly speak English.
Before digital marketing, we used to do traditional marketing and use traditional media like magazines and newspapers.
If a product is generic with a very wide targeting, TV ads can reach million at a low cost. It has each of 800 Million to 1 Billion people.
The reach of digital marketing is nowhere close to TV based on numbers alone. Radio has a reach of 65% of the Indian population and newspaper has a reach of 465 million people.
Most of the people who run ads do not know if the ad works or not. And here comes the concept of direct response marketing.
In this growing 21st Century Era, Digital Marketing using Psychological aspects has become the need of the hour. Designing plays an important role in Marketing. If you want to get Return on Ad spend then you must focus on the user experience of a landing page as well as of home page of your website.
According to MarketingEvolution.com, “direct response is a type of marketing designed to elicit an instant response by encouraging prospects to take a specific action. Marketing executives in big companies (and in ad agencies) run branding campaigns that do not give specific and measurable results. An increase in brand awareness is not miserable.
The CATT marketing funnel describes that our wealth is equal to n to the power of ‘CATT’.
Wealth = n^CATT
[N]Niche = Your success and wealth depend on the niche you choose.[C]Content = Create useful content that attracts people from your niche.[A]Attention = Drive attention (traffic) to your content using SEO, social media, paid ads, and referrals.
[T]Trust = Build trust with your audience with tripwires and marketing.[T]Transaction = Convert your leads into customers with natural sales methods.
Selecting out a particular niche is very important to grow your personal brand. Your niche is the intersection of your talent, passion, and market requirement.
If you are talented at something but you are not passionate enough, then you can’t build a strong brand.
To build your personal brand, you should know how to create an effective content.
The Integrated digital marketing is the integration of multiple marketing strategies.
Start establishing yourself as a desirable expert in a particular niche. People trust other people more than they trust bands. Create content, Express values, and do it with passion. Develop trust among the audience as they feel like they know you personally. People connect with stories, more than facts. A personal brand becomes an influencer and a brand ambassador for the companies that they run.
The evolution of a personal brand starts from learning and ending up with a startup where you start your own product or service business with the understanding that you have developed about the market, the problem, and your own skills.
AND AS STEVES JOBS SAID, STAY HUNGRY, STAY FOOLISH! And Keep on exploring the world. Focus on your personal brand and Keep learning because the more we learn and execute, the more we understand the concepts effectively.