Are you a business owner who wants to know how marketing helps businesses? 

Are you the one who needs to build a compelling product and service?

Do you need a brand and want to make your brand most known in the market?

Do you want to become the only one in the market and rise above your competition?

Do you need customers and want to make them trust your brand and make them lifelong customers?

If you have a yes to all these questions, then you are in the right place to get familiar with the ‘Marketing Pill’ for a Successful Business.

So let’s jump straight into the Agenda of the content:

• The fundamentals of marketing: And why learn marketing.
• Digital Marketing vs. Traditional marketing.
• Direct Response Marketing
• CATT Marketing Funnel
• Integrated Digital Marketing
• Personal Branding: Mass Trust Blueprint
• Importance of communication skills
• Economics

By the end of this blog, you will have a clear idea about whether you have to take the ‘Marketing Pill’ or not. So come on guys, let’s start the conversation:

Table of Contents:

The Fundamentals of Marketing And How Marketing helps Businesses

Marketing starts before creating the product. It begins with understanding the customer and the customer’s needs which leads to creating a product that fits these needs.

And if you know how to market and sell then you have a safe career. It is about sending the right message, to the right person, at the right time.

It is not about selling at all rather it is about keeping a customer happy and Communicating with them so that they can remain a customer for life.

“Building Trust is the Goal”

Trust is a very scarce resource today, it means to an end and the purpose of marketing is to build a brand and capture a position in the minds of the customers by developing Mass trust.

Marketing has a long shelf life because it is rooted in human psychology and will never go as old-fashioned.

Marketing is the most valuable investment in a business because it gives direct returns.

Everything else like production, manufacturing, HR, accounting, and Administration, is an expense that doesn’t provide immediate ROI.

Marketing is a game of perceptions. The product is rooted in reality. Never let marketing become more important than the product.

So an entrepreneur has to understand the customer first and then make a product.

A  great product sells itself. A great product converts your customer into brand ambassadors.

“Word-of-mouth marketing is the best channel of marketing ever”. You need a great product, but marketing not just helps people discover the product, but also has a good perception of the product.

Marketing is the “Backbone of a Business” because understanding marketing means understanding the Business.

It mainly aims at knowing and understanding the customer so well that the product or service fits him and sells itself. In simple words, “marketing aims to make selling superfluous in the market”

In short, we can say that marketing focuses on customer needs which begin before production and continue after sales. Therefore marketing is an integrated approach for a long-term perspective in which the customer comes first then the product.

Digital Marketing v/s Traditional Marketing:

The difference between digital and traditional marketing is the medium through which an audience encounters a marketing message.

While traditional marketing uses traditional media like newspapers and radio, digital marketing uses digital media like social media and websites.

• Traditional marketing generally has a wide range in India, therefore if the product is generic with a very wide range of targeting- TV has a reach of millions at a low cost.
• In India TV has a reach of 800 million to 1 billion people. And the reach of digital marketing is nowhere close to traditional marketing.
• Digital marketing is the best medium to reach the fluent English-speaking population in India with a spending power of over 100 million.
• Radio has a reach of 65% of the population and newspaper has a reach of 465 million people so traditional marketing is best for generic products.

 

Traditional marketing doesn’t allow direct interaction with customers, whereas digital marketing offers a higher level of engagement and interaction.

Whether through social media comments or email messages, your targeted audience is constantly connected with you through various digital marketing channels.

Digital marketing may be replaced traditional marketing but not right now. However, digital marketing is a necessary supplement to every marketing strategy.

Plenty of companies have found that their return is not merely where it used to be when traditional marketing was the only option.

Direct Response Marketing:

Most people who run ad campaigns do not know whether their ad works or not.

Direct response is a type of marketing designed to elicit an instant response by encouraging prospects to take a specific action.

Direct response advertisements must trigger immediate action from prospects since the goal is to generate leads quickly.

In contrast to traditional marketing, which aims to raise brand awareness and promote brand image long term, the direct response shows ROI immediately. (marketingevolution.com)

Some examples of direct response marketing areas are:

• An ad in the NewsPaper with a Phone Number.
• A late-night infomercial with a phone number to call and order.
• An ad leads to a landing page with a lead form.
• A sales page with a product with a link to purchase the product,

CATT Marketing Funnel:

In digital marketing, the CATT marketing funnel is a framework by which most digital marketers perform marketing. So let’s understand this framework:

• Wealth=  n^CATT
• (n) Niche: your success and wealth depend on the niche you choose. You have to choose a niche where the market has more demand, you have to analyze your product and services, select an audience, and target the market. So you have to select a suitable niche to attract people to your business. In choosing your niche you have to combine your talent, passion, and market to achieve success in the market.
• (C) Content: once you selected your niche then you are going to create content that attracts people to your niche like blogs, videos, lead magnets, and live webinars.
• (A) Attention: you need to drive attention traffic to your content using SEO, social media, paid ads, and referrals.
• (T)Trust:  you have to build trust with your audience through tripwires, marketing automation, and retargeting. for trust-building, you have to direct communications with your customers personalized.
• (T) Transaction: once you build trust then you have to convert your leads into customers with a natural sales method. So you don’t have to push your audience for sales because you have already builted trust with your audience.

Therefore n^CATT is the formula for wealth creation in digital marketing.

Integrated Digital Marketing:

An integrated digital market means the integration of multiple marketing strategies to form a cohesive approach for your business.

Here in the above model, you have to use various strategies to form a cohesive approach by using paid advertising for the marketing of your content which boosts your content on social media and other platforms, and you can use emails for personalized communications with your audiences to build trust and then convert the leads into transactions. You also use email marketing for generating traffic to your content.

Therefore integrated digital marketing provides cohesiveness to your business which helps to generate leads and sales in the business.

Personal Branding: Mass Trust Blue Print

Personal branding is a conscious and intentional effort to create and influence public perception of an individual by positioning you as an authority in the industry.

You have to elevate your credibility and differentiate yourself from the competition, to ultimately advance your career, increase your circle of influence, and have a significant impact by building a strong brand.

Do not become the No. 1 instead be the only one. Choose a category and become a leader in that category.

Deciding where to compete is half of your success. If you cannot be a leader in a category then become a leader in a subcategory.

Power of Personal Branding In Marketing:

• Best known will always beat the best
• People want to hear from people not from brands
• Elon Musk has a bigger following than Space X and Tesla
• A personal brand can give rise to many brands from his/her influence
• A personal brand becomes an influence and a brand ambassador for the companies they run.
• A personal brand cannot be invested in and it cannot be sold.

Evolution of  a Personal Brand: Mass Trust Blue Print

Learn: learn a skill through concepts, facts, and procedures, and understand the concepts. Remember the facts and practice the procedures.

Work: Put your newfound skills to work. Go from practice to implementation. Implementation in the real world gives you a better understanding.

Blog: write about what you have learned and experienced through your work. When you write, you understand it better, but you will also start building a personal brand.

Consult: Now that you have a personal brand through your blog, have work experience, and have learned the fundamentals, start consulting other businesses instead of working for them.

Mentor: Mentor others who want to become like you. Mentoring will help you scale your understanding to a whole new level.

Startup: Start your product and service business with the understanding you had developed about the market, the problem, and your skills.

Importance of Communication skills:

Good marketing is all about good communication skills.

Good communication doesn’t mean sophisticated English.

Good communication doesn’t care about vocabulary or grammar.

Am I able to transfer the message to you effectively is the only question to ask?

So write as you talk. Join a conversation in people’s minds. Understand your target audience very well.

Write a lot. The more you write, the better you can write(and speak also). Writing slows down your thought process and gives you clarity.

For a better understanding of English and any other language, you can watch stand-up comedy shows, listen to podcasts, and again read a lot. You can watch The Office, Seinfeld, Friends, etc.

Economics:

Economics plays an important role in entrepreneurs’ life. It helps them to make decisions in their business based on the current economic situation prevailing in one’s country.

A country’s economy goes up as the average age of the country goes up.

Economics is a wide and interesting concept, here you are going to learn about fiat currency and the Banking system.

In economies of scale, the banking system of a country is responsible for the creation of money under the guidance of the Central bank of a particular country.

The money created by a banking system is known as fiat money.

In simple words, we can say that ‘Debt Creates Money’. If you take a loan of Rs 10 lakh from a bank and deposit it in another bank, they can loan the money again.

Through this simple process, fiat money creates value in the economy. Therefore, more debt in the economy is equal to more cash in the economy, which leads to inflation in the economy.

And when people repay their debt, the money supply shrinks. So here comes the role of a central bank: it maintains the balance in the economy by controlling the money supply in the economy by regulating the banking system of a country.

A recession always creates strong companies and drives out the weak ones from the market.

For better knowledge of economics, I recommend you read the following books:

1. Economics 101
2. Currency Wars
3. Capital by Thomas Piketty

These books are  recommended to me by my mentor, Digital Deepak

In the end,  I hope that this post helped you learn about the composition of marketing pills. So come on and use marketing as a pill for your business and make it unexpectedly profitable. You can also share your views on marketing and tell me if you find marketing pills good or not.

Good Luck.

Cheers,

Manthan

PS: (Just click On this to get Ultimate Approach to Social Media Marketing.)