Marketing is the lifeline of every business or startup, we can say it’s a foundation of any future brand or empire.
Marketing gives a kick start to any business or startup to build his position in the market but it doesn’t mean that marketing has to do once in a lifetime to build a brand or for a successful business. It’s an ongoing process with your business growth.
Do you know ??
why many startup’s, businesses & entrepreneurs got flunk in his journey towards a successful business?
Why most of the Entrepreneurs fail to make his own brand, even they have a good business plan & vision?
Why big brands suddenly disappeared from the market, even after serving for many years?
Why best products are fail to acquire a market , even after that kind of products are well in demand?
Why ? Why? Why?
I know, you have the answer of the above questions, you will say the product would be costly, the company has not advertise the product properly, marketing was not done effectively or product quality was not up to the mark..bla, bla bla…!
I agree with all your answers or some other similar kind of views about the failure of the brands , products & startup’s. There are many things behind the success & failure of any businesses / startup’s /entrepreneur’s .
And that is called “ Law of Marketing”
Marketing is based on science, not on creativity.
Marketing gives a kick start to any business or startup to build his position in the market, and later on the product & services offered by them make their brand more trusted & popular gradually. Marketing is very important & essential wheel of every startup & business, then sales , advertisement and branding are the spokes of that wheel (Components of the Marketing) which we will discuss later.
Fundamentals of Marketing-
The purpose of the marketing should be crystal clear. Marketing is the essential activity which includes deep research & analysis about the customer’s need, behavior & sense the market trend , also includes some other factors like demographic data which can be collected by surveys, public polls etc.
Marketing starts before creating a product, after understanding the customer needs & trend, product creates that fits.
Marketing is not only selling the product or service, it is also about keeping the customer happy by communicating them. So that they can remain your customer for lifetime.
Marketing creates interest & awareness between the customer’s about the product/brand/services which the company is going to offer. The purpose of marketing is to build a brand and capture a position in the minds of the customer’s.
A great products converts their customers into brand ambassadors. A word of mouth marketing is best & last long channel of marketing ever.
“ Marketing’s job is never done. It’s about perpetual motion. We must continue to innovate every day.”
– Beth Comstock
Why Learn & Mastering Marketing
In the success of any business, marketing plays a vital role. Marketing is the game of perception , which rooted in human psychology. And it cannot be replaced by any Robot, Machine, Artificial Intelligence.
People love to hear from human , not from any machine. And therefore marketing & sales has the long shelf life which cannot be replaced with any technology.
Marketing is about sales, communication & economics, which one has to understand if he want to grow his brand & business for long run.
As you have seen many big brands suddenly disappeared from the market even after having a big market share or position.
Do you know WHY??
Let’s take an example of “ NOKIA” — Why NOKIA failed in India, even it had been leading in Indian mobile market???
Nokia started business in Indian market in 1994, from then till 2007, It had been leading Indian market. It had been popular for providing low cost mobile phones catering to the needs of low income consumers. However, it failed to sustained in the Indian market even after having a good market position.
NOKIA, failed to understand the change in trends and ignored the changing demand & need of the consumers. Therefore resulted it has the unstable position in India after 2007. And after that we all know that what happened with such a trusted & popular brand.
Marketing is the most valuable investment in the business because it gives a direct return, where no other department gives direct return to the company or business whether it is a HR, Accounts, manufacturing , production department etc.
Marketing creates trust, interest, awareness and curiosity about the product & services offered by any business or company. It generate leads which further can be converted into sales.
Components of Marketing
- Advertisement is one of the component of the marketing.
- Sales is one of the component of the marketing.
- Copy writing is also one of the component of the marketing.
Understanding of Global Economics & Marketing
Every entrepreneur or business owner should learn the basics of global economics. They should consider the economics & government policies before making decision, this will help them to identify the future scope of their business, best market place globally or inside the country and about the demographic data, which is really essential & important to capture the market share for any business and it will help businesses or startup’s to plan their strategies , for the survival of their business in the recession period or any circumstances as created now a days due to this pandemic.
As we all know that due to this pandemic covid-19, many startup’s, small & medium businesses are struggling for it’s survival. Many people lost their jobs due to this recession or may be more happen until the vaccine not launched into the market. Even many well established companies are also in trouble because of this pandemic & country wide lock down declared by Government in past months. This sort of recession or circumstances can appear anytime in future, but if entrepreneurs & business owners have a good understanding of global economics then they can understand the market trend & customer needs very well and can easily take concrete decisions for the growth & stability of their startup’s & businesses.
As per the financial experts, the facts & figure says that after this covid- 19 India will emerge as fastest growing economy . And the many reasons support this statement-
- Average age of Indian population is below 25–27, which means India has the advantage of young working population.
- Young working population & low wages also attract companies to establish their manufacturing plant in India.
- Low corporate tax, deducted from 30% to 15 %, which is the lowest tax rate as compared to China & globally.
- China’s working population age is already in a peak and in few years they will turned to old age.
- India has a large population, which leads high consumption & demand of the products.
- World wide countries are making distance from China, and looking towards India as global manufacturing hub.
(Above figures are randomly collected from public sources & internet search.)
All these factors shows the bright future of India, and it’s large population is also an advantage in the present time. Which attracting the global manufacturing companies , because obviously,if the population is large then the demand & consumption will be high.
Digital Marketing Vs Traditional Marketing
Traditional marketing- Traditional Marketing is the simply an offline marketing, like print media, newspaper, bill boards and some broadcast. If the product is generic then companies use TV ads to reach to large audiences or customers in a very low cost. In traditional marketing it is easy for businesses to reach to every kind of category customers (Rural & Urban), through medium of newspapers, radio & most popular TV.
So traditional marketing is also going in the present Era simultaneously with Digital Marketing.
Digital Marketing- As we all know that Digital Marketing is so much popular globally, and after this pandemic all the businesses are on online platform, those who are not in Digital platform, they are definitely struggling for their profits & might be for survival.
Digital marketing is the best medium to reach to the population who communicate in English & have a good spending power. Digital marketing provides a great platform to businesses or startup’s and companies to reach to maximum number of customers by identifying according to their need, behavior and demographic conditions, not only inside their country even worldwide.
Through digital marketing anyone can start his own business by just with the help of his laptop/desktop computer & a internet connection. So imagine how powerful is the Digital marketing or Digital platform , it’s just like a dream comes true.
Even I could also reach to you through this blog post which I have created on Digital platform. Isn’t Awesome right?
CATT Marketing Funnel
Now lets understand first, what is the funnel? You might be heard this word many times if you know about the digital Marketing or learning digital marketing. Funnels are not a big rocket science it’s just like the process & strategies, also called sales strategies, where some steps has to follow to convert their leads into transaction (sales).
Now understand the CATT marketing funnel.
Wealth = n^ CATT
(n)= Niche (Area of interest, passionate about something or something in which you are good than others and can teach them very well)
About niche, we will discuss later, I will tell how to select your niche. Now just concentrate on the process of CATT funnel.
“C” Content : First thing keep in mind that you have create a useful & valuable content for your target cutomer, according to the are of your interest, also called Niche. You may serve the content by Blogging, social media post, video content , lead magnet & live webinar etc.
“A” Attention : Now after making your content you have to work on traffic or attention of your target customers on your content. To drive traffic you can use different tools & methods of digital marketing like SEO, Paid ads, Social media, email marketing, Drip email marketing & Referral’s .
“T” Trust : Now the very important thing to keep in mind that you have to build a trust between your customer & your brand, you have to communicate with your customer to make them happy customer. So that they can be remain your customer for life. You can do trust building by trip wire, Re-targeting, by providing valuable content through emails in regular intervals.
“T” Transaction : By following the step by step process, now you can convert your leads into sales with natural sales methods.
How To Choose The Right Niche
As I told you we will discuss about the Niche selection, I already gives the hint about what is niche. Niche is the area of expertise, interest, and passion of any individual, where he can do better or can teach better than others. Now the question comes in your mind, how to find my niche?
So, it’s simple, just ask few question to your self.
- What is the one thing or work which you can do anytime or anywhere without feeling it as like work, even if you will not be paid for it.
- Write your hobbies on a paper, it can be multiple, and then sort list the hobbies which can be monetized or you are good in that to teach others.
- And imagine if you have a lots of money at present then what you would have been doing with that.
Hope this will help you little bit to get an idea about your niche or may be you will find it now.
Integrated Digital Marketing Framework
As many people learn digital marketing and just start implementing it in their business or services, without considering the framework of digital marketing, called Integrated digital marketing.
People learn S.E.O (Search Engine Optimization)and start implementing it’s strategies on their websites to rank it on top list in google. but fail to optimize and get leads.
People learn Facebook marketing and run ads to target their customers, but not get the good R.O.I ( Return on Investment).
They do email marketing but result comes not satisfactory.
And many more things digital marketer do to grow their businesses & capture their customers.
Do you know why they fail to get the good returns from it, even they are good in SEO, Email Marketing etc. Because they do all the things separately. And that is not the right way to get good results, one should keep in his mind that all digital marketing tools & methods are integrated with each other it is like a machine engine where one gear support other to move on. See the below image you will understand little more about the working of Integrated digital marketing.
Integrated digital marketing is the framework for an individual to know how to execute the tools & methods into the funnel.
Importance Of Communication Skills
Good communication is also an art, which can be learn by practicing , the more you write the more you will learn & see the improvement in your writing communication and this will help you to speak well also.
Good communication also helps to share your thoughts with your customers and this leads to good marketing, where you build a trust with your customers.
Good communication doesn’t required good english with heavy vocabulary, it is just mean to communicate with your customer’s & make them understand.
And very effective tool of writing is “write like you talk”. Always try to write in simple words as you use in your conversation with people. It connects you with people more deeply & build a trust & authority.
Power of Personal Branding
Why one should focus in creating a personal brand, because technology may change, skill can be changed, demand of the product can be changed in future but person can not be changed or replaced by anything or by any technology. Your are the biggest asset of yours.
- Personal brand can create many big brands by his/her influence.
- Best known is always beat the best.
- Personal brand can be the brand ambassador of their company or product /services offered by him.
- For example Digital Deepak is the biggest personal brand today as compared to many digital marketing companies. Because it’s personal & it’s deep. If you want to know about Digital Deepak Internship Program then visit here “DDIP Program“
- People always love to hear from person, not want to listen from brand or logo.
- Elon musk, has the biggest fan following as compared to his Space X & Tesla.
- Personal brand helps you to achieve more and helps to generate high income or revenue from your brand/business/company.
Evolution of Personal Brand
Learn: Learn new skills, understand the facts, concepts & procedures. Implement it by understanding the concepts, remember the facts & practice the procedure.
Work : Go and work on your new learned skills, from practice to implementation. Work = Job/Freelancing/ Own projects like blogging website.
Consult : Now after working on your skills, practices & implementation on your own personal brand like your blogging website and having a experience, you may go for consulting others without doing work for them, just guide them how to do the things.
Mentor : You may mentor others those you like to learn from you or influenced by your personal brand, it will help you to understand more whatever you have learned in your success journey.
Start up: Now you can start with your own products & services which help others, which you have been created by your own experience considering all the problems, needs & requirements of your customers.
In this article I have tried to put some light on different marketing components & fundamentals and how important they are for the success of any business/entrepreneur. Below are the few points which has discussed in the whole article in detail:-
- why to learn marketing skills.
- How economics helps in better decision making.
- why communication is important & how to write effectively without using very heavy vocabulary.
- What are the important digital marketing funnel framework & how to integrated digital marketing tools & strategies.
- Why personal branding is important & what are the power of personal branding.
- How to become a personal brand
I will highly appreciate your valuable comments & feedback about this article. This will help me to serve you better & improve my content.
Stay tuned with me for upcoming articles about “Digital Marketing”.