From the past few months, I have been continuously involved in the process of learning something new. So, on a breezy Friday night in the last week, I did learn a lot of new things.
Do you like to know what it is?
Would you wish to incorporate it?
Yes, I would love to share what I have learnt on that particular day because someone once said that, “Sharing is caring”. If you know that someone, please do drop a comment.
But before that, I would like to ask you a few more questions.
Are you interested in learning marketing?
Do you want to learn more about marketing?
Do you want to improvise your business?
Do you want to know about marketing your products?
If yes to any of these questions, then we are going to learn something new today.
Are you confused about so many questions fired at you?
Don’t worry, stay calm!
Let me tell you that I would be sharing with you a different perspective on marketing, which I would love to call it as “The Secret Sauce of Marketing”.
I have a gut feeling that you might have never come across these topics in such a comprehensive way.
So let’s move on to the process of learning.
Let the curtains unfurl!
“Good marketing makes the company look smart. Great marketing makes the customer feel smart.”Joe Chernov
The Fundamentals of Marketing
Many of us know about marketing in a vague sense. We do not know whether it is right or wrong. So let us discuss the fundamentals of marketing in depth.
Marketing is based on Science, not creativity
Yes, you read it right. Generally, people have a notion that marketing is all about creative advertising. But let me tell you, no that is just a perception. You will get to know as you progress reading this blog. So after finishing this blog, think for a few minutes and let me know your opinion in the comment section, whether marketing is based on science or not.
Marketing starts before creating a product
You need to understand your customer and their needs before developing a product. Developing a product and devising a marketing strategy would not fetch you a good result as the market is full of competitors.
Marketing is about sending the right message to the right person at the right time
If this golden rule is not followed, then you might fail in your venture as conveying a wrong message to the wrong person at the wrong time could cost you dearly.
Marketing is not about selling
After you sell a product you need to keep your customer happy by communicating with them often. It is always said that it is better to retain an existing customer rather than getting a new customer as the cost of acquisition would be high.
Marketing is a means to an end
The purpose of marketing is not only to capture a market, but it also involves positioning the brands into the minds of the customers.
Marketing is a game of perceptions
You might agree to this. Marketing is very much helpful for a product. But, that doesn’t mean you can sell products of inferior quality with the heavy impetus given to marketing. If you are resorting to the same tactics, then you are going to lose your customers.
Advertising and copywriting is not the same as marketing
Advertising is just a part and parcel of marketing. It only acts as a medium to communicate about your products and services. Similarly, copywriting is also a part of marketing, where you are going to have a better rapport with your customers by explaining the products to your potential customers.
Build a strong brand
You need to build a strong brand. If there are too many competitors for you in your segment, then select the sub-category where you would wish to concentrate.
For example, if someone asks you to name a few popular shuttlers in India, you would recall the names of Saina Nehwal and P.V. Sindhu. Maybe a few would recall the name of Kidambi Srikanth.
From the above example, you can realize that people hardly remember one or two personalities. Same applies to the brands as people tend to remember only the No.1 and No.2 brands in the market.
I hope that you have learnt a few aspects of marketing. So let us move on to the next concept.
Traditional v/s Digital Marketing
Due to tremendous penetration of internet in India for the past few years, you may feel that traditional marketing could become obsolete in future. But, this might be an exaggerated thought. The reason is still a huge chunk of the population have a television in their home. In addition to this newspaper has a better reach even in remote locations across India. People also tune into radios to listen to their favourite shows. Majority of the FMCG companies like Nestle, Parle, HUL; Automobile companies like TVS, Hero MotoCorp, Maruti Suzuki, Honda; retailers like Big Bazaar, More etc rely heavily on traditional marketing rather than Digital Marketing.
Now you may agree that traditional marketing will not cease to exist in the near future.
So choosing the right type of marketing depends on the kind of business that you are doing.
If you are running a local family clothing store, you may prefer running a campaign on traditional medium.
If you are running an online course, then you may prefer digital marketing.
On the other hand, if you are running a reputed e-commerce firm, then you may prefer both traditional and digital marketing.
In the first case, the target audience could be anyone irrespective of income, age group etc. This shop could cater to the clothing needs of an entire family.
In the second case, the target audience would be someone who has access to the internet. Running TV ads would be funny in this case, until and unless it is a broad-based business like Byju’s, Unacademy etc.
In the third case, the company caters to a different segment of audiences.
Before marketing, you need to analyze various aspects like the products that you are going to sell, the target audience that you are going to cater.
I hope that things are clear to you.
Let us move on to the next concept of learning called CATT marketing funnel and framework.
CATT Marketing Funnel and Framework
CATT Marketing Funnel and framework are very pivotal for any kind of business irrespective of its presence in online or not.
This funnel is formulated as W=nCATT
where W stands for wealth
n stands for niche
C stands for content
A stands for attention
T stands for trust and the other T for transaction
Trust me, this formula will have a tremendous impact on your business if implemented properly.
So, I request you to read this with due attention.
Before starting a business or freelancing, think about the niche that you would like to choose.
Do you find difficulty in selecting the niche?
Then you need to jot down different niches that you have interest in. From that list select 3 niches that are neither broad nor too narrow. Out of the three, finalize the one niche which has a huge potential where you can be a number one or only one.
After selecting the niche you need to start working on it. This is where content comes to the picture. Creation of good content is very much essential to hook the audiences. Content can be in the form of blogs, videos, infographics, podcasts etc. Most of the content fails to reach the target audience despite its excellent quality.
This can be sorted out by driving the attention to your content by optimizing it for a search engine, leveraging the social media, through paid clicks, email listing etc.
After getting the attention of your audience, you need to build a relationship with your audience, which should result in trust. This can be done effectively by tripwires, marketing automation etc.
If done with all these factors, then transactions with your audience will happen for sure.
With strict adherence to CATT framework, you can do wonders in your business and earn crores of rupees.
The next topic that I would like to introduce would be about Integrated Marketing Channel.
Integrated Marketing Channel
What is integration?
Yes, you have guessed it right. Integration is nothing but an amalgamation of different components together to make a single entity which is beneficial for all.
Now, you might have started thinking about, what we are going to integrate into a marketing channel?
Excited! Aren’t you?
Coming to Integrated marketing channel, we can observe that there are instances where good content fails to reach the audiences (Remember, I had mentioned this earlier).
For content to reach a niche audience it needs to be optimized. Doing optimization might not be sufficient for your niche. You might need to run paid ads for your content or the product that you are selling. You should also create social media profiles and feature your content in it and maybe run ads if you have a product to offer, which could be free or come with a price.
Coming to your product, you might need to retarget your audience. This could be done with the help of Email as there are high chances of your target audiences going through it. Therefore we can say that integrated marketing channels are a better option than relying on a single channel or doing things separately.
You might be wondering that what could be the relationship between CATT framework and Integrated Marketing Channel.
CATT framework helps you in making wealth; while Integrated marketing channel helps you in getting the attention of your audience (attention is a part of CATT framework).
I hope that you have connected the dots.
Are you willing to learn more?
Thank you for showing interest.
The next concept that I would like to introduce is about Personal Branding.
You may be wondering, that why should I do personal branding?
The answer is simple. Personal branding is very important because people want to hear from you and not from the brand. Only you can communicate with the people and not the brand. If you build a personal brand, people would be very enthusiastic about the brands that you are going to launch.
For example, people would be very much enthusiastic about what new product or service would be launched by Mukesh Ambani through his flagship brands.
Building a personal brand could be an uphill task as it takes its own time. But the beauty of having a personal brand is that it cannot be invested in or sold out to anyone.
By developing your personal brand, you can create your brands for business and those brands could have a better reputation as you are going to be its brand ambassador.
How to build a personal brand?
The answer is simple. You need to undergo evolution.
How to undergo evolution?
This evolution is also a long term process. But, it is not a tedious process.
The first step in the evolution is all about learning.
What are you supposed to learn?
You are supposed to learn a new skill through the basic tenets of learning like concepts, facts and procedures.
What are the steps to learning a new skill?
By understanding the concepts, remembering the facts and putting the procedure into practice.
So let me make things simple for you, as I go on explaining the other steps of evolution.
What will you be doing with the newly learnt skill?
Yes, you are right!
You are going to put it into work.
So let me tell you that the second step of evolution is nothing but work. Here, you are going to practice your newly learnt skill and implement it in your work. By putting it into work, you are going to get practical exposure in the real world.
The third step of evolution is called the blog.
Blogging involves writing about what you have learnt, just like what I am doing currently.
You can also write about your experience at work.
This is one of the important steps in building a personal brand because you understand things better, as you write.
After building your personal brand by blogging, you can move on to the next step.
The next step that you need to carry out is to consult.
To provide consultation, you need to build your brand through blogging, have work experience and also should learn the fundamentals.
This is the stage when you begin consulting your clients, instead of working for them.
After getting some exposure in this stage, you can move out to the next stage.
The next stage is to mentor others.
Here you are going to mentor people who are interested in becoming like you. Mentoring would not only help others but also you. It helps you to understand many things which you are partially or not aware off as you are creating content for your people who are seeking mentorship from you.
Congrats, we are in the last stage of evolution i.e. start-ups!
If you have following all the previous steps with very much interest, this step could be a cakewalk for you.
Here, you are going to create products and services to the problems lurking in the market by understanding the market and leveraging your skills.
If you incorporate all these steps, then no one is going to stop you from becoming a billionaire.
This six-step model, which I have explained just now is also called as MassTrust blueprint.
“Do the right thing as marketers to build trust.”Jon Dick
Building trust is very much an aspect of marketing. You might fail to maintain the trust if you only concentrate on marketing at the cost of the product’s quality.
Fundamentals of marketing, CATT framework, Integrated Digital Marketing framework, and Mass Trust Blueprint for personal branding are very much important concepts for marketing.
Learning only these might not be very helpful for you. In addition to this, you may need to have a basic knowledge of Economics. Selection of niche also plays a pivotal role for you.
I am very thankful to Digital Deepak for bringing all these topics to my notice and explaining it clearly.
Even like you, I am yet to implement these concepts. But, I would be implementing it soon.
Before leaving, please do have a peek at the further reading section.
This article is a part of the Digital Deepak Internship Program. If you want to apply for Batch 5, click on https://deepak.me/internapply
- Economics 101: From Consumer Behavior to Competitive Markets–Everything You Need to Know About Economics by Alfred Mill
- Currency Wars: The Making of the Next Global Crisis by James Rickards
- Capital in the Twenty-First Century by Thomas Pikett
- Scientific Advertising by Claude C. Hopkins
- Confessions of an Advertising Man by David Ogilvy
- The Greatest Salesman In the World by Og Mandino