Make your Dreams come true with a unique fundamentals of marketing and Economics

 

Is your marketing strategies not working? Do you think your company is not doing well? Are you not able to find clients? Do you struggle with marketing strategies? Do you think that this is not right time to spend on marketing? do you think marketing is costly? 

If answer of any above question is yes then this article is for you. Answer of all these questions lies with in you and your surrounding. There would be many around you who have made their Dreams come true.  They don’t have a magic wand, they have the knowledge of Fundamentals of marketing and Economics to grow themselves with the growing and demanding market. There are examples around you who might not have ample of funds to stand industries but using these fundamentals; they have set up mile stones at present.

In this article we will focus on:

 

·         The fundamentals of marketing

·      Digital marketing vs. Traditional marketing.

·         CATT Marketing Funnel

·         Integrated Digital Marketing

·         Personal Branding: MassTrust Blueprint

We often take marketing as selling or advertising. It is true that these are part of marketing. But marketing is much more than advertising and selling .In fact marketing comprises of number of activities which are interlinked and the decision in one area effects decision in another area.

Marketing is much more dynamic and has a wide spectrum than selling and has a fundamental difference. As selling is all about the interest of seller whereas Marketing revolves around the need and interest of buyers along with interest of seller.

Selling is about making promotion for existing products. Marketing on the other hand starts with existing customers and potential customers and work as activity of meeting the needs of the audience by producing and providing those services and products that fits.

In my opinion Marketing is the science of dedicated research, understanding Psychology and the need of targeted customer and the science of creating customers interest in your products and services. Marketing involves various steps of researching, promoting, making clients, selling, and sustaining valuable clients.

Marketing starts a lot before producing a product or services by researching their audience, building their marketing strategies and determining to.

·         Whom to target ( the targeted audience)

·         When – (right time)

·        Where – (The right product needs to be in the right place for the people to find it and buy it.)

 Law of marketing is all about:

·         It’s about measuring and analyzing.

·         How many prospects do you reach?

·         How many people read your message?

·         How many do you convert to buyers?

How much can they spend?

To illustrate the number of activities involved in marketing lets take example of Bicycle

Bicycles are intended to get the rider from one place to another. But there are wide range of models from which one has to choose. They are designed in different sizes, colors, with special features, with different frames for men and women and with or without gears. Trekking cycles have large knobby tires, and the tires of racing cycles are narrow. Kids want more wheels to make balancing easier; clowns want only one wheel, to make balancing more interesting.

1.   Analyze the needs of people who might buy a bicycle and decide if they want more or different models.

2.  Predict what types of bicycles like handle bar styles, type of wheels, weights and materials different customers will want and decide to which firm will try to satisfy their need.

3.  Estimate how many of these people will be riding bicycles over the next several years and how many bicycles they’ll buy.

4.    Predict exactly when these people will want to buy bicycles.

5.  Determine where in the India these bicyclists will be and how to get the company’s bicycles to them.

6.    Estimate the price they are willing to pay for their bicycles and if the firm can make a profit selling at that price.

7.    Decide which kinds of promotion should be used to tell potential customers about the company’s bicycles.

8.  Estimate how many competing companies will be making bicycles, how many bicycles they’ll produce, what kind, and at what prices.

9. Figure out how to provide warranty service if a customer has a problem after buying the bicycle.

BRANDING

Branding is a process in marketing where we try to build the good image of the product and services in the mind of the the customers and try to make a presence in the market to retain the customer loyalty.

If you can’t be first in a category, find a category you can be first in.: The first step in successful positioning is to find a category, or   “sub-category,” that you can be first in.  Best to promote the brand in sub category, rather than the promoting it in main category: “instead of being in race with market leader or competitive brands, you should be in race to be market leader in categories.” 

You should aim to be a leader in a category.  E.g.:-Nike is not the leader in the shoe category but predominantly leads in the sports shoe category. Also, everyone knows the first man in space Yuri Gagarin but also remember the first Indian man went to space Rakesh Sharma.

You need not be the first in the market to lead, but you should be the first name that comes to people’s minds when they need something. Become first in the mind of the customer E.g.:- Google is not the first search engine but Google is the first name that comes to mind while we think to search for information. Similarly, Maggi is the first brand that comes to our mind for instant noodles.

Traditional Marketing V/s Digital Marketing
There are various medium of marketing one can use to promote their brand, product or service like Magazines, newspaper, television, Radio, billboards, filers, industry events, trade shows, Social media,  Paid advertising, Online stores, Blogs,  Emails,  Video and many more. we can broadly categorize them as Traditionally marketing and digital marketing.

Traditional marketing refers to any type of marketing that isn’t online. These traditional marketing channels include:
·         Magazines
·         Newspapers
·         Catalogs

·         Television
·         Radio
·         Telephone
·         Billboards
·         Fliers
·         Industry events
·         Trade shows

Some of the traditional marketing strategies that marketers use are:

·         Telemarketing
·         Broadcasting

·         Face-to-face meetings

·         Door-to-door sales

·         Direct mail

·         Print advertising
·         Networking
·         Referral marketing

Digital marketing involves promoting your business to audiences online. With digital marketing, you use Internet marketing channels which include: 
·         Social media
·         Paid advertising
·         Online stores
·         Blogs
·         Emails
·         Video

Here are some popular digital marketing strategies that marketers utilize: 
·         Search engine optimization (SEO)
·         Web Design
·         Email marketing
·         Social Media Marketing
·         Content marketing
·         Pay-per-click (PPC) advertising

With digital marketing, you can reach audiences on a global scale. You can market your products and services locally, nationally, or internationally for a little to no cost compared to traditional marketing means.

Digital marketing helps you reach people more precisely. You can define your ideal buyers by age, gender, profession, income, preferences, interests, and behaviors and create content that gets the attention of your audience. 

With advanced targeting, you can identify who you show your content to so that your content makes the most impact.

CATT Marketing Funnel: A Way to Increase Business. Wealth =n ^ CATT

Where ^ denotes power. Where your niche (n) will be successful and powerful with the CATT you will apply.

N = stands for Niche. The unique no.1 offering you have for your audience.

C = stands for Content. Create useful content, blogs, emails, videos, podcasts, webinars, posts, and much more to generate leads.

A = stands for Attention, pulling traffic to your content through social media ads etc.

T = stands for Trust. Personalize your communication in emails.

T — stands for Transaction. Convert leads into customers.

You must create relevant content (C) in the form of blogs, webinars, videos, etc to make your product visible to your niche.

You must bring attention (A) to your content using SEO, paid ads, social media, etc. 

You must build a relationship of trust (T) with your niche

If you have done all of the above that’s when the real transaction (T) will happen. 

If you focus on the CATT formula, then you will definitely make a lot of wealth. The more you focus on the CATT funnel the more wealth you make.

Integrated Digital Marketing Concept

Integrated digital marketing is a way of engaging your client with your company or brand that combines all parts of marketing communications works together. Integrated digital marketing communications include advertising, sales promotion, public relations; direct marketing, and social media as well as customer support and customer relationship management

Personal Branding (Mass Trust Blueprint)

When we talk about "personal branding" we are referring to establishing and promoting what you stand for. Your personal brand is the unique combination of your industry expertise, skills, experience, the kind of person you are and what you stand for, and experiences that make you. Effective personal branding will differentiate you from other professionals in your field.

Branding yourself is not a once-and-done deal. You can’t do it for short time and then call it quits. It’s an ongoing process of developing and managing your image through social media, content marketing, public speaking and other tactics. 



Let me talk about evolution of personal brand using Mass Trust Blueprint:

There are six steps in the evolution process

1. Learn: You learn new skills through understanding the concepts, remembering the facts, and practicing the procedures.

2. Work: You have to implement your newly learned skills at work. By implementing these skills in real world would help you to master them.

3. Blog: You should always try to put all your work and experience in the form of a blog. When you write, you understand it better; you will also start building your personal brand.

4. Consult: You have become a personal brand by writing a blog. It’s time to start consulting other people or businesses instead of working for them.

5. Mentor: Now, You can mentor others who want to become like you. Mentoring others will increase your understanding of that topic to a new level.

6. Start-up: It’s time to start your own product or service business with the understanding that you have developed about the market, the problem and your own skills.

When we talk about brand building or mass trust then exceptional example to imitate is Digital Deepak who after running successful blog on motorcycle for 3 years started practicing digital marketing by associating with many known brand later after understanding niche market he started digital Deepak to impart knowledge to people about digital marketing. Where people charge in thousands to lacs to teach, he is on other side is providing paid internship so that one can learn and earn through Digital Deepak internship program..