Do you have a product rather a brilliant product and it’s not selling?
Or are you someone who doesn’t know what is digital marketing.
Let’s try to understand all this in a capsule.
First things first marketing is here to stay, it always was and it will. Without marketing businesses can come to a standstill. How can you use marketing for a product. How can you define a marketing strategy. Let's see this with the help of an example. You have a brilliant product and you want to make 1 crore by selling it. Doesn’t it look impossible to achieve when you just read the sentence. However with the right thought process and funneling it will look achievable. Let’s see how.
In order to make 1 crore you can use any of these 5 approaches.
pic credit: digital deepak
To 100,000 customers sell the product for Rs.100/-
To 10000 customers sell the product for Rs.1000/-
To 1000 customers sell the product for Rs.10000/-
To 100 customers sell the product for Rs.100000/-
Either or of the approaches can fetch your dream goal ,however what matters here is the planning and approach towards achieving it.
We all have lots of ideas and we all know that there is a certain demand for it. Some of us also have plans. The thing is having multiple ideas and plans wont work unless you define a niche.
So what is a niche? It is a specialized segment of the market for a particular kind of product or service. e.g. yoga. So instead of just saying you specialize in yoga you say you cater to the 30+ age group mainly females and help them develop their flexibility. This will help you define your target audience ,get their attention and make better strategiesze better.
Let's do some fact checking on marketing.
Marketing is a science and not creativity.
Marketing starts with understanding customer and their needs eventually leading to creating a product that fits.
Marketing is about the right message to the right person at the right time
It is not just about selling but also about keeping existing customer happy and also to keep them for a lifetime.
The objective of marketing is to build a brand and capture position in the minds of customer.
Marketing is game of perceptions never let marketing become more important than the product.
Product is more important and helps get customers.
Advertising, copywriting and sales are various components of marketing.
pic credit: thefoundercoach-david-bailey
Few Brownie Points about Marketing:
Choose the area of work carefully.
Define your audience.
Lastly be the numero uno in the chosen area.
Unlike other departments marketing has immediate ROI
Marketing cannot be outsourced since it requires thorough knowledge of the product in detail.
Understanding business and marketing is equally important.
Knowing marketing and selling can make a great career option coz once acquired can help others also.
Importance of Communication Skills
Good marketing is about good communication.
Good communication means able to express and not just correct grammar or language.
More on Communication Skills:
Write regularly and establish a consistent habit
Write to connect with the audience. It should look like you are having a conversation. This will help in content creation in the future.
Writing helps those who aspire to be digital mentors
Improve conversationalist language by reading or watching shows which will help you to connect better with the audience.
Importance of Understanding Economics
Knowledge of economics is good. It will help one understand various important points like: demand and supply ,observing the growth chart of country will tell you the prospects and market trend helping you decide where to invest, age and economy go hand in hand which can help define what audience to target, inflation, recession, debts and its overall impact on self and country Decision making is better with knowledge.it helps understand .India and China are developing countries which is a good sign for budding entrepreneurs.
Few Good Books to read on Economics 101 Alfred Mill, Currency Wars-James Rickards , Capital- Thomas Piketty.
CATT Marketing Funnel
Wealth = n^CATT
Success/Wealth depends on the niche selected
Once you know your niche create content supporting it.
Content: should be useful for people
Attention : should attract people
Trust: build trust using marketing automation and retargeting tools
Transaction: convert your leads into customers with natural sales methods
how to choose a niche:
Combination of talent market and passion, the sweet spot where all of this meets is niche
In a nutshell, Digital Marketing is the need of the hour and is fast becoming an essential skill to learn.
Now is the best time to invest and earn benefits in the long run.
I hope my article has given you an idea in a nutshell about marketing.