Let us know about the Marketing of a product, build personal branding and get the right customers and become a leader in our category.
Hi, Do you like to create your own personal branding? Do you like your products and services to reach several customers based on personal branding and get a huge business lifetime? Then, how to do it for your product and services thru Digital Marketing?
Here we go one by one in-depth to understand better on Marketing aspects.
WHAT IS MARKETING?
Marketing encompasses the strategies and tactics brands use to promote their products and services to consumers. Marketing even a single product or service can seem like an enormous challenge. You understand the value of your offering to customers thru proper way so that they pay attention to your message.
To become successful marketing process, work on various marketing strategies in the following ways:
- We need to conduct market research thoroughly.
- Be aware of currently, where your company and brand are, for which level, the company can be expanded to?
- Write a brand summary for submitting to clients which strengthens the ability of the company when compared to competitors.
- Identify the target audience using market segmentation.
- Analyze the market scenario, create marketing objectives, strategy by listing the tactics & how to implement for executing the plan.
- Prepare the overall budget, set the goal based on the market scenario, get the leads from the targeted audience, convert it to sales, then monitor and review the total marketing and sales done.
We are going to cover the following factors while doing the marketing.
LAW OF MARKETING:
- Marketing is a science and cannot be happened by creativity. Marketing cannot happen by overnight.
- Marketing starts when you develop an idea for a product or service. Before launching a product or service, it starts with understanding the customer and their needs. You must decide what you are selling, how many options are available, and how it will be packaged and presented to consumers, and the product that fits the customer needs.
- Marketing is not all about only selling the products. It is also about retaining the existing customers keeping them happy by frequently communicating about the products even after the sale to them.
- Once we have created a good personal brand in the market by building trust, marketing is not necessary further because trust is already created in the market and all the customers consider our product as and when necessary for them.
- Peter Drucker said that “The aim of best digital marketing to know and understand the customer so well the product and service fits him and self itself…. The aim of marketing is to make selling superfluous.”
- Take PayPal, for example, focused on relaying a simple message to a specific market. The purpose and benefit of its services are well-known and clear in the minds of the right people/customer. Paypal has created a useful product and built a brand in the market. Currently has a customer base of hundreds of millions of accounts, of which 179 million are active. In 2015, almost 5 billion e-commerce transactions occurred using PayPal.
Now, PayPal does not require any further marketing as it is doing well.
Marketing is about sending the right message, to the right person, at the right time.
Marketing is a game of perception and also an initial starter of the product. We need to focus on the quality of the product and ensure that customers are happy with us and remain in the minds of customers. The product once reached into the minds of the customers, the products will get sold by themselves as it does not require any further marketing. Never let marketing become more important than the product.
Word-of-mouth marketing (WOM marketing) is when consumers talk about a company’s product or service to their friends. It is the best channel for marketing. WOM marketing is one of the most powerful forms of advertising as 92% of consumers trusts their friends over traditional media.
Copywriting, sales, and advertising are alone of the components of the marketing. Marketing not only just helps people to discover the product, but also gives good perception about the product.
Market segmentation is a concept that splits the entire market into narrower subsets of customers with comparable flavor, request and preference. A market segment is a small unit of like-minded people in a big business. One business section is completely different from the other. A market segment is made up of people with comparable concerns and thinking along the same lines. Below table itself explanatory regarding marketing segments.
4 Ps OF MARKETING:
“Marketing Mix,” a set of concepts and tools that help companies achieve their objectives within a market. At the core of this model are the four Ps:
Product: You’ll need to think about how to package or present the product. Marketers should be familiar with all the features and specifications of the products.
Price: Find out how your competitors price their offerings and understand how much consumers are willing to pay and determine the cost of the product.
Promotion: Marketers to decide thru which channel they can promote their products right from radio ads to social media banners which are right for your brand.
Place: Your customers need to find and purchase your product. Can they buy your product online or visit a store? You will need to consider the inventory part of the product and its storage.
IMPORTANCE OF COMMUNICATION & HOW TO IMPROVE IT.
- Good marketing is all about good communication. If the product is good, manipulation techniques thru marketing are not necessary for selling products.
- To ensure the right thoughts are transferred to the customer while selling the product and the customer is able to understand the communication.
- The written communication must be as if we are talking to customers and understand the target audience very well.
- To improve communication skills, keep writing more and more consistently which will be fed in our mind and our writing skills and speaking skills will increase rapidly. Writing in a book slows down the thought process and hence gives clarity.
Economics is a social science that deals with the production, distribution, and consumption of goods and services. Studying economics enables us to understand past, current and future models, apply them to societies, governments, businesses and individuals.
Every entrepreneur should be aware of global economics. The MD / CEO of the company must be able to take decisions based on economics.
India Nominal GDP: $2.94 trillion-India GDP (PPP): $10.51 trillion. India is the fastest-growing trillion-dollar economy in the world and the fifth-largest overall, with a nominal GDP of $2.94 trillion. India has become the fifth-largest economy in 2019, overtaking the United Kingdom and France.
DIGITAL MARKETING VS TRADITIONAL MARKETING
PROS & CONS OF DIGITAL MARKETING & TRADITIONAL MARKETING
Other Important Inputs on Traditional and Digital Marketing
If your product is a day to day life-based product or generic product then to get a large reach traditional marketing is the best option at a very low cost. Ex Ghadi Washing powder, Parle-G biscuit, Dettol, etc.
Data collected from Wikipedia — TV has a reach of 800 million to 1 billion.
Data collected from Financial Express — Radio has a reach of 65% of the Indian population.
Data collected from Business — Newspaper has a reach of 465 million people.
If your target customers are connected with Radio, TV, Newspaper then traditional marketing will give you fruitful results.
Similarly, Digital marketing also has almost 100 million reaches in India. If your targeted customers are from the affluent English speaking population of India then Digital marketing is the best option for you.
THE nCATT FUNNEL
Mr.Deepak Kanakaraju whose personal brand is Digital Deepak who is top in Digital Marketking in India has introduced the powerful marketing funnel called as The CATT marketing funnel.
A marketing funnel describes your customer’s journey with you. By evaluating your funnels, you can potentially drive greater sales, more loyalty, and stronger brand awareness.
This funnel is based on wealth which is totally based on a selection of a niche.
One formula is used here to describe the funnel.
Wealth= n^ CATT
where n= niche which you choose
Here everything is based on your niche which you choose. Because according to this formula your wealth is directly proportional to your niche. Your success success and wealth depend on your niche.
Here C stands for Content:- Your attractive content always attracts from your niche and creates wealth for you. Ex YouTube Videos.
Here A stands for Attention:-To get high traffic or engagement with the help of SEO, Social Media.
Here T stands for Trust:- Build trust among your audience with the help of automation.
Here T stands for Transaction:- Convert your leads into a customer with the help of sales techniques.
INTEGRATED DIGITAL MARKETING:
Integrated Digital Marketing is the combination of all the digital marketing methods. Investment of time, energy, and money all are used to build up an integrated digital marketing process for your business.
This diagram explains everything that how to do the best content marketing, SEO, paid marketing, social media marketing, email marketing, sell, all are connected to one another. This CATT framework executed with the help of integrated digital marketing. Because the CATT funnel is very linear. So I can say that the integrated digital marketing framework is just like an engine that drives the CATT funnel.
The benefits of integrating your Digital Marketing
- Brand Awareness: When marketers integrate the means of communication, they can easily build brand awareness.
- ROI: Creating a consistent marketing plan is the key to achieving a higher and faster ROI (Return Over Investment).
- Conversions: you can enhance your conversion rates with an integrated plan.
- Brand loyalty: A great way to generate loyalty is to position your brand consistently on the mind of the customer.
DIRECT RESPONSE MARKETING
Direct response marketing is a marketing tactic that demands a quick response from consumers who are exposed to it.The goal with direct response marketing is to convince consumers to call a number, visit a website URL, or take some other desired action.
If you watch television in late hours, you must have seen he most popular forms of direct response marketing. The infomercial allows entrepreneurs access to consumers who might want to buy their products.
During an infomercial, the person who is pitching the product mentions the call to action several times over the course of the program. A phone number or web address often appears on screen at all times, and viewers know exactly what they need to do to buy the product.
Other examples of direct response digital marketing could include hosting webinars, running search ads, creating a podcast, and hosting a Twitter chat. Each of these digital channels allows you to create an offer to which your audience must immediately respond.
MASS TRUST — POWER OF PERSONAL BRANDING
- Begin with learning a new skillset.
- Put it to practice by working in the real world, as an employee or freelancer. Putting your learning to practice leads to a practical understanding.
- Blog about your experiences. Writing solidifies your learning and will help you to build your personal brand.
- Based on your experiences and knowledge, provide consultation in your field and be paid to advise.
- Mentor others who are on a similar path as you. Teaching makes you delve deeper and scale your understanding.
- Build your own startup company.
Even when you have a startup, you still can learn and follow this cycle to build another brand. The evolution of personal branding is an ongoing process. It never ends.This is the beauty of this Blueprint.
All in all, I would say that marketing is not all about selling but it’s about fulfilling the needs of customers and also maintaining healthy relationships with them. Personal branding creates trust in you and your product for your customers. The better you communicate, the better you connect to your audience.
Your personal brand is how you promote yourself. It is the unique combination of skills, experience, and personality that you want the world to see you. It is the telling of your story, and how it reflects your conduct, behavior, spoken and unspoken words, and attitudes.
You are your greatest asset as a marketer and your relationship with your customers is the thread of connection to be cultivated at all stages of the buyer’s journey.
The technologies, software, and advertising channels we use as marketers will continue to evolve, but the core concepts of marketing are based on the timeless principles of human relationships.
It is an intrinsic human need to connect with others. But before you arrive at the stage of paying for a product or service, you need to be able to trust the person or brand.
So how can you earn this trust?
It can be earned with time, consistency and delivering genuine value.
To improve your personal brand-build on your communication skills, know who you are and have a clear story and personalize your marketing communication.
We need to improve our skillsets and expertise to be in a constant state of evolution. Keep learning to grow. Therefore, we need to develop a system by which we can keep challenging our growth curve.
“Products are made in the factory, but brands are created in the mind.” — Walter Landor, Founder, Landor
“Your brand is what people say about you when you’re not in the room.” — Jeff Bezos, Founder & CEO, Amazon
There is a saying that “The best known will always beat the best”.
NICHE SELECTION AND MARKET ANALYSIS
A niche is a known, focused, specific and targeted area that you serve particularly well. It is small (and the smaller the better).
Carving out a niche market and positioning yourself as the go-to brand for a specific audience not only establishes your credibility over competing generalists but also results in a more focused business.
If you’re racking your brain trying to think of your first product idea, starting with a niche is a great place to begin. The key is to identify a niche market that you can master and has a viable audience of customers.
You Can Use to Find Your Niche by identifying your interests and passions, identify the problems, research niche’s competition, determine the profitability of your niche and finally test your idea.
Backlinks for this blog :
- https://testbook.recruiterbox.com/jobs/fk0uqz3/- Program Associate – Intern