Marketing Strategies to fuel your Business Growth
Are you looking to start a new business or Do you want to fuel your current business through unique marketing solutions?
Then we are here to help you -We are “Team Digital Deepak” providing our helping hands to escalate your business to the next level
Source: Digital Deepak.com
Let’s dive deep into the following concepts of marketing
What is Marketing?
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, services to create exchanges that satisfy individual and organizational goals
American Marketing Association
Why you should learn marketing?
Marketing is Fundamental to any business as well as it has a long shelf-life (alive for 1000 years). Marketing is related to human psychology ,understanding economics and market and conversation with humans. Wherever human to human connection is involved it can create wonders so marketing should be your forte as it helps to create relationship with the customers
Why you need to start marketing even before identifying your product/service?
Marketing research is the function that links the consumer and customer to the marketer through information — information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and improve understanding of marketing as a process.
Here are the 6 steps by which a consumer passes before buying the product which proves that marketing starts much before the product launch. It starts at the level of problem recognition where you know the customer and their needs so well that you create a product/service that fits best in the market
Source:Shanepatrickjones.com
Marketing is the core concept before starting your product/service, while selling your product or service and even after purchase of products and services. After buying the products or services word of mouth marketing influences other customers.
Let us learn top strategies for Marketing:
The Laws of Marketing:
Marketing is based on science not creativity.
Sending the right message to the right person at the right time is the essence of marketing.Example:In Covid Pandemic sales of Pulse oximeters and infrared thermometers increased as there was high demand(TRUE DEMAND) but there was also increase in sales of products like immunity booster drinks as their marketing campaign was very strong(DEMAND CREATED IN THE MINDS OF CUSTOMERS).
Marketing is not just about selling but it is also keeping an existing customer happy -The catch here is to have a good quality product. Immediate ROI can be seen with the marketing. It is a means to an end as the purpose of marketing is to build a brand and capture a position in the minds of consumers.
Marketing capsule consists of advertising, copy writing and sales. It is a game of perception as the product is rooted in reality .
Marketing can sell a low quality product for short-term only. IN the long run a high quality product is needed to create wonders with marketing ,for example: Apple sells premium phones and people have trust over their products so the company does not require to focus on marketing .
Communication Skills in Marketing
Communication is just how well you connect people in their minds and how well you are able to transfer your thoughts. You will be able to connect well by practicing good writing and speaking skills. It should drive attention of the people through the uniqueness in your content.
There is a misconception that Good communication means sophisticated English and vocabulary.
There are several examples where marketing is done without sophisticated language- All the national health mission advertisements are done in Hindi or sometimes in a local language pertaining to that area which proves that it should be simple and easy to understand the message behind the advertisement
Is Marketing and Sales the same thing?
Nope ,Marketing capsule includes advertising, copywriting and sales. Marketing starts before launching the product whereas sales start after product is at it’s finishing stage.
So, marketing is much more than sales.
Why building a strong brand is essential?
ISO brand standards add that a brand “is an intangible asset” that is intended to create “distinctive images and associations in the minds of stakeholders, thereby generating economic benefit/values.”
Initially you should choose a category and become a leader in that category. If possible you should be the number 1 in your category or subcategory .There are several examples where the brands have become verbs like Xerox, Google and Zoom .
Always have a differentiating feature while establishing your brand.
Example: Digital Vidya vs Digital Deepak
Both the companies are focussed to provide digital marketing training and the differentiating feature is personal branding in Digital Deepak which makes it more popular and impactful
Example- Narayana Hospitals — Their differentiating feature is to provide low cost, high quality healthcare services accessible to all.
Global Economics and Business:
Every entrepreneur should learn about global economics as all business will flourish depending on the economy of the country as well as global economics.
Marketing drives a consumer economy by promoting goods and services and targeting consumers most likely to become buyers. Higher sales for a business that employs successful marketing strategies translate into expansion, job creation, higher tax revenue for governments and, eventually, overall economic growth.
The purchasing power of a country depends on the average age as those currently in their mid-teens to mid 30s are estimated to have more spending power than any other age group. In India average age of the country is 27 Years which leads to higher purchasing power of the customers and higher business opportunities. In India opportunities can be tapped in India 1 and the money earned through profits in India 1 can be used to develop business in India 2 and India 3(Classified according to Sajith Pai)
Source: Sajith Pai
Recession always drives out weak companies and strong companies exist in a turbulent market. Here is a table of content showing how economies can affect the level of marketing ,financial planning and business.
Traditional Vs Digital Marketing
The differentiating feature between the traditional and digital marketing is the mode of communication.
While traditional marketing uses magazines,newspapers,billboards,TV and radio, digital media uses social media and websites, mails etc.
Let us get a better understanding of both types of marketing with differentiating features
TRADITIONAL MARKETING:
1.Mode of communication-Traditional like TV,Radio,Billboards,newspaper,magazines
2.Reach-Limited number of sources
3.Cost-Expensive as it involves recurrent expenses
4.Analysis & Feedback-Difficult as once the add is published its difficult to catch hold of each and every customer
5.Interaction-Difficult
6.Return on investment- Return on investment(ROI) can be seen after a long duration
7.Statistics-
1. Newspaper has a reach of 465 million people
2. Radio has a reach of 65%of the Indian population
3.TV has a reach of 800 million to 1 billion people
DIGITAL MARKETING:
1.Mode of communication-Digital like social media ,websites,blogs,emails etc.
2.Reach-Wide number of sources and they all are interconnected.
3.Cost-Cost effective
4.Analysis & Feedback-Easy analysis as interaction is very easy through blog or email
5.Interaction- Easy interaction with personal touch through Emails and whats app groups
6 .Return on investment- Return on investment(ROI) is visible within a short time span
7. Statistics:
1. Digital media has 100 million users
2. 57% of businesses have acquired a customer through their company blog.
3. 78% of Internet users conduct product research online.
The number of marketers who say Facebook is “critical” or “important” to their business has increased 83% in just 2 years.
Ultimately both marketing types have their benefits and disadvantages. The key is to understand what works best for you and your specific marketing needs. You will also need to understand your target audience and consider your budget. If a product is generic with a very wide targeting, TV ads can reach millions at a low cost.
Integrated Digital Marketing
Integrated digital marketing combines all the marketing mediums so that they complement each other through a single and unique form of expression. In simple words it is like telling your story in the same manner to get connected to your customers. I know it sounds difficult but trust me it can be really simple, all you have to remember is to channelize it in a proper way and your business will grow exponentially
Each Component in the flowchart serves a unique purpose:
1. Content- Content is the core component in this flowchart as it drives relevant traffic, build trust and also engage audience. It proves that high quality content is the driving force for integrated marketing
2. E-mail Marketing-This helps in re targeting customers ,follow up and also engage them in your content. It gives a personal touch among all the other components
3. Search Engine Optimization- It is the process of optimizing your online content and use keywords so that search engine ranks your website .This will again generate a huge traffic and create leads.
4. Social Media-It uses social media platforms like Facebook,Twitter,Instagram,Youtube ,Pinterest and snap-chat.Social media analytics can be used to analyze reach,engagement and sales on social media.
5. Paid ads- Marketers pay the owner of ad space in exchange for use of that space.Several categories of paid ads are PPC (pay-per-click) ,pay-per-impression(PPI) and display ads.It helps to speed up the process by displaying ads on the sides,tops or bottom of web pages.
CATT Marketing Funnel
Wealth = n^CATT
{n} stands for Niche — Niche selection and audience selection is very essential for your success.You should always choose a niche with hungry market.You must choose a niche where you have a passion and talent and also there is a market for it
[C] stands for Content — Content is the king so always focus on creating unique and useful content in your niche
[A] stands for Attention- Always be ready to draw traffic to your content through various mediums like SEO,Social media,paid ads and referrals.
[T] stands for Trust- Trust is a scarce resource and needs to be build over time.Trust can be gained by providing good quality services or products and meeting the customer’s expectations.It can be done through Trip wires,marketing automation and re targeting
[T] stands for Transaction- Convert your leads into customers with natural sales method.
CATT is a linear funnel which shows how an individual goes through different stages whereas Integrated digital marketing framework drives the CATT funnel.
The Evolution Of a personal brand
You are your own brand ambassador .Marketing and business works on human psychology ,in personal branding human to human connection is made whereas in the company branding a logo or a company is talking to the customers which does not create a great impression in the minds of customers
Pros of Personal branding:
1. Better interaction and human connection
2. A personal brand can give rise to more and more brands under its own umbrella
3. People tend to forgive a person more easily than a company or organization
Cons of Personal Branding:
1. Another company cannot buy or sell a personal brand company
Stages of Personal Branding:
Learn- Learning is a continuous process so you should always try to learn new skills through concepts, facts and procedures. You can learn new skills from a mentor, coach or internet.
Work-You can start working as a freelancer or on your own project. Implementing your skills can better strengthen your learnings
Blog- Write about what you have learned in your blog. Writing is a good exercise for your brain as well as it develops good communication skills. It becomes the foundation in your branding journey
Consult: After blogging you can easily start consulting with the work experience gained in the previous stages.
Mentor-Mentoring someone who wants to become like you helps to scale your understanding to a whole new level.
Start-Up — Launch your own product/service business with the understanding developed in the previous stages,thereby adding value to more people .
Conclusion
Marketing is a tool ,when used properly can increase your business growth in multiple folds. It is the vital connecting link between business owners and consumers. You can use various strategies explained in the article according to your business acumen.
Niche selection is the most important criteria for your success whereas personal branding can create miracles in your business as well as life .A mix of traditional and digital marketing can be implemented according to your business strategies.
A well framed marketing strategy promotes holistic development.
Please feel free to give your valuable feedbacks
We as Team Digital Deepak can help you in your marketing strategies.
