Have you heard of marketing? Yes, most of us have heard of this word. However, there are many wrong interpretations on this as well. Some people say it is advertising, some say brand promotion and some even go extra mile in saying it as synonym of visiting market. 🙂
Before we go into the good understandable definition, I would like to add that marketing is good not only for sellers or business houses, it is very crucial for buyers as well. How? I will jump on to definition and will come to that point later.
Marketing is an activity of promoting & selling products or services.
Marketing, this small word is the need of every business in the world. A business house which has got this word sorted & implemented properly, is successful and rest are the past. If marketing is done in right way for right product and to right person, then not only the seller but also the buyer get what (s)he needs. At this point when both sides are happy with what they have got through marketing, I call it OSCAR and this award goes to both the parties.
Marketing, create a product & start selling?
Wrong…it actually starts even before creating the product. Key point is to understand customers, their needs, gaps and then the product, out of this research, would sell automatically. Not only selling is important, but it is also essential to communicate with them after sales, to build trust & helpful in retaining them for life. You cannot sell bad quality product with great marketing plans. If product fails, your marketing would collapse too. Deepak Kanakraju use a term #MassTrust for this.
Great product converts your loyal customers into brand ambassadors.
Marketing, which most of the people think is only advertising, is actually based on science. Purpose is to build a brand & make a strong position in customer mind. It is to send right message to a right person at right time. If selling a hair product to a person who does not have it, then marketing is not going to yield any result. This point will come up in later section of Traditional versus Digital Marketing
Strive for building a brand which is not the No 1 instead it is the only one, which is addressing customer needs and if this is not possible try to achieve this position in sub category like demography etc. Chose a category & become a leader. Build a strong brand by becoming a brand people love.
So should I learn marketing to be successful or should I hire one?
You must remember, marketing starts before product launch. Launching a product with proper research is part of marketing. If you don’t have the skill then product is not going to address customer needs and is not going to sell. Founders are the first marketer of product and it can never be fully outsourced. Marketing experts come later in the picture
Apart from this, benefits of learning this skill are
This skill has long shelf file as it involves understanding of market. Market trends do not change overnight. It is most valuable investment because it gives direct returns.
Right Person at Right Time
I am a vegetarian and chicken restaurant near me keep sending their menu leaflets through the door. Am I going to dine in there ever? Answer is big NO.
Do they know my taste habits my preferences or ever they asked me if I am checking their leaflet? Do they get any information on how many leaflets get converted into actual sales? If gets converted, how can they connect with customer again to get feedback etc? All these questions remain unanswered to them and this way of marketing is called Traditional Marketing, where we just do promotion without knowing the other side. And as said, Oscar is only if both ends are happy, seller and buyer.
Traditional marketing is also limited to local area with very limited reach and is just one way communication.
As with real life example above, it is quite clear than traditional marketing methods have serious limitations and does not promote quite healthy relationship with main stakeholder which is customer, lets move on to another approach which is “Digital Marketing”.
Why I chose Digital Marketing?
Lets change my neighbor non vegetarian restaurant owner mind to switch to Digital Marketing and see how that will work instead of going into definitions.
- First step would be to identify potential customers by doing market research. For example, how many around the restaurant are non vegetarian or have interest in non vegetarian dishes. It could give them significant number of potential customers.
- Next step is to create marketing campaign, that will give me option to chose only those filtered customers who have non veg liking as mentioned in point 1.
- Launch a campaign with form, funnels, subscription etc. that in area that is much larger than leaflet or pamphlet distribution area and target only those who have similar taste.
- Show that advertisement to those limited people and ask them to subscribe or enter their details for some freebies when they visit restaurant.
- Once they subscribe or give their details, list of potential customer grows and this way Direct response marketing works and yield optimal results. In this way, a cold lead is generated and that could convert into warm lead or customer with the help of Drip Marketing.
- If sale happens, then restaurant can easily identify customer journey from being cold lead to warm lead and to happy customer. Further to that, communication with customer is next big way to retain him or her for life.
Benefits of Digital marketing are:
- It let you reach targeted audience all over the world.
- As all communication & marketing details are provided to customer in Digital way, customer can access it anytime and anywhere.
- Digital marketing provides channels for 2 way communication between sellers and buyers and this feedback helps to improve.
- This is less costly that traditional approach.
- It gives quick results and give results in real time
- With results coming quickly, it gives user to change strategy quickly unlike traditional approach taking lot of time to yield results.
CATT Marketing Funnel
One of the other way to boost sales is through Content Marketing. A very effective marketing framework is CATT mentioned by Digital Deepak. And if you master this then wealth is (Wealth = n^CATT)
- n – Niche : Segment of customers or behavior you want to target
- C – Content : Useful Content to attract people through Blog, Lead, Magnets etc.
- A – Attention : Accomplished with SEO, Social media, Paid Ads, referrals etc.
- T – Trust : Build it with personalisation, Trip Wires, Marketing Automation, Retargeting
- T – Transaction : Convert Leads into natural sales
Choose niche that is not too big not too small but one where you are passionate about and has those skills and that has scalable market as well.
Good content is something which needs to be innovative and useful to readers. Once Content, Attention and Trust is built then transaction is not the issue which is your first sale, end result. And here also once transaction is done, keeping interaction alive with customer would help retain him or her.
There are various ways of Digital marketing and each has its own pros and cons.
- Email Marketing : Sending mails about new products and making them aware of existing features of products
- Social Media Marketing : Showing ads while users are hanging out for friends
- Content Marketing: Creating useful content and bringing users to read/watch that and showing ads in between.
- Search Engine Optimization: SEO implementations to rank on top in search engine
As all these have some drawbacks, it is better to use all of them in integrated way so that features of one fulfil drawbacks of another. Here comes the concept of Integrated Digital Framework.
Here is the closed loop functionality, create a good content and do the SEO, Paid Ads and Social Media Promotion. This will bring quality content close to your potential customers.
It will get you the good subscriber base and if content is good then list would grow eventually. This list could contain many of future sales. Once customer acknowledges the good content, and then consistent email campaigns on further products is done properly it will then lead to sales without paid campaigns.
A single way of marketing is not going to yield desired results, instead this integrated framework would help achieve long term benefits.
Personal Branding: Mass Trust Blueprint
When you are best in doing something and is unknown to all then who will take your services. Best known will always beat the best. People want to hear from people and not brands.
When you build your personal brand, people start believing in products associated with you. Recent rise of Influencers on Instagram has shown that people their with mass followers are selling beauty products to online gambling apps. They have build themselves as brand who is creating content and then sellers are using those personal brands to sell things.
In case of blogging personal branding involves.
- LEARN: Learn new skills through the concepts, facts & procedures. Understand concepts, remember facts & practice the proccedure.
- WORK: Whatever you learn, implement it and master it. Put your skills to work.
- BLOG: Write your learnings and experince you have gained through failures, your personal brand starts building up.
- CONSULT: Start consulting other businesses instead of working for others. Give these services to others. .
- MENTOR: Mentoring others will help you build your understanding & increase your knowledge over the subject.
- STARTUP: Finally, you can build up your startup and grow your business much easily.
Here we end this Oscar in marketing which ends up in building a brand specifically personal brand and create 2 way healthy communication between sellers and customers. Implementing these marketing strategies would help businesses win Oscar and customers win as well.
Thanks to Deepak Kanakraju & Team…