“People don’t buy what you do, they buy why you do it.” — Simon Sinek
Today, in this digital era, every business is focusing on the digital media too much to market and sell their products & services. But sometimes, businesses are losing focus on the basic marketing concepts and they are focusing too much on the digital tools & techniques. As a result, they are reaching to the customers, but they really cannot sell the products and eventually, they are losing leads. There are too many reasons for this.
In this article, I will talk about the importance of learning basic marketing concepts before focusing into the digital marketing tools & techniques. So, this article will be useful for all the marketers, freelancers, bloggers, entrepreneurs, students, market researchers and every other person who are passionate about marketing and digital media.
This Article is for DIGITAL DEEPAK INTERNSHIP PROGRAM. And as a part of the internship batch, I am sharing my knowledge and learning for these below topics.
Why to learn the basic Marketing concepts first?
Digital media is a very dynamic field and no digital media is stable forever. What today is there, there is no guarantee it will be there for always. As an example, If you learn Facebook ad and become a master of it, there is no guarantee that Facebook will be there always as a digital marketing channel. So, It is not very useful to only master the digital media tools and techniques. Rather, one should first focus on the basic marketing concepts. Because whatever will happen, the marketing fundamentals will not change. Marketing is all about understanding the human psychology, economics, and the market itself. A human brain should be involved in this to understand and strategize the business based on these above key components. And a digital marketer can be successful only when he understands the marketing fundamentals to use the digital marketing tools effectively.
THE LAW OF MARKETING
Marketing is not about creativity; marketing is about science. Marketing starts before you develop your product and it continues even after you sell the product.
Here is why:
The basic flowchart of marketing:
1. Study the market: Before entering the market, one should study the market very well and understand the economy.
2. Choose your niche segment: Based on the market components and their knowledge, one should choose their niche segment. (“How to choose the niche” is described below.)
3. Understand your customer needs: after choosing the niche, you should understand the exact needs of the customers to develop the high value product.
4. Develop your product: according to the need and the problem, you should develop the solution for their customers, which is the product of your business.
5. Market the product: After developing the product, you should market the product very well to let the customers know about it.
Right message -> Right Person -> Right time, In the marketing it is very important to send the right message to the right person at the right time.
6. Sell: Once the customers know about the product which can solve their problem, they will buy that product from you.
Sell the Solution, not the product, if you are well known about the problems of your customers, do the marketing for the right solution you have for them. Once they come to know that you are the person who can deliver the solution , the trust automatically builds up and then you can sell your product easily to your customers.
The Product would sell itself, if you already understood your customer need and based on that, you have developed a product, you need not to market it too much. The product will sell itself.
7. Nurture your customers: After selling that product, it is very important to maintain a good customer relationship so that they come and buy again and become a loyal customer.
Marketing is a game of perception
The selling depends on people’s perceptions of a product. And the marketing helps to build that perception. A good marketer can build the positive perception easily by his skills. But here is a catch.
When you do great marketing for a low-quality product, people will buy initially because the perception for that product is very positive to them. Once, they start using it and they do not get back any value from it, they won’t buy the product again. And because of their negative reviews the business will eventually collapse. In the other hand, a grate product will sell itself once people start using it. And because of the value they are getting from that product, they will become loyal to that product and the brand. So, it is important to focus to more in the product you are selling rather than marketing it.
STUDY THE ECONOMY FIRST
For a marketer the knowledge of basic economic concepts is very important. As a marketer, you should understand, how demand and supply theories work, how the economy works in the time of recession and inflation. There is a concept called law of diminishing returns which explains how the resources can be allocated to maximize the ROI (return on investment).
There are some useful facts to boost your knowledge about the economics:
- When the average age of the country goes up, economy sees a upward growth! (The current average age of India is 27). When the average age goes up, means more people tend to spend money for their family and future. So, the economy also starts booming.
- Debt create money! When people takes loan, the banks charge interests from them. The more people take loans, the more interests will generate in the banks and eventually it will grow the economy.
- During the recession, only trusted companies will survive! Whatever will happen, people won’t stop paying for the necessary thing from their trusted companies. So it is necessary to make loyal customers for the companies. For that you should focus on high value products.
IMPORTANCE OF CHOOSING A NICHE
The Market is big, and the Indian market is growing very fast. If you want to be successful in this market, you need to focus on a particular segment first.
Why to choose niche?
There are so many market leaders exists in different segments. Let’s take an example of Digital Marketing. In the Global Market, there are so many great digital marketers who are leading the market. Same in India also. There are already big names who are the market leaders. If you want to enter in the market as a Digital Marketer, it will be difficult for you to compete with them and capture the market share. But there are so many opportunities to enter in the market as a SEO expert, or a social media expert etc. Or, you can choose niche within a niche also. E.g., SEO for Healthcare companies, Social Media expert for travel industry etc. You can easily enter into that niche, capture the market and become the leader. Later you can always diversify your business in the horizontal level.
No need to be the no. 1 always, you can be the only one in the market. For that, you need to pick your niche very strategically.
How to choose a Niche?
Now, the biggest question is how to choose your niche segment. Follow the below strategy to choose the niche effectively.
The above diagram explain how to choose the niche. You should choose the intersection part of your talent, passion and market. Suppose, you are talented in something and you are also passionate about it, but there is no market for this niche. Then you will not get success, people will not be interested to buy from you or listen from you.
Similarly, if you have passion for something and there is also market for it, then also you will not get success. Because you will be unable to perform, somebody with talent and passion will get the market.
Lastly, if you are talented in something and there is also a market for that. Then, initially you will make money but eventually you will get tired because you are not passionate about it.
So, it is very important to find your niche based on these above factors.
Make one crore fast!
The business should always focus of its revenue. And there are so many ways one can make 1 crore as early as possible. You can set a timeline and the amount you want to make and can strategize the business according to the below structures.
It’s not always important to sell your own product to generate revenue. You can be a freelancer or an affiliate marketer and sell other’s products too to make the money.
Try to focus on the revenue generation of the company you are working for. If you can generate enough revenue for the company, you can always charge your commission from them.
WHY THE COMMUNICATION SKILL IS IMPORTANT IN MARKETING?
To convey the right message to the customers effectively, communication skill is must. Here, one should not confuse between communication skill with the language skill. Nobody is going to judge you based on your English vocabulary in the marketing space. Good communication means, transfer your thoughts to the consumers effectively.
Here are some ways you can develop your communication skill:
- Write like you talk to your friends
- Watch English sitcoms (E.g. The Office. Friends, Fawlty Towers etc.)
- Write a lot (Try to write 500 words every day. You can write down about the day, about your thoughts or anything you like.)
- Read books/articles/blogs (Try to read at least 2–3 pages every day.)
- Listen to the podcasts and audio books
Here is one tip to start an effective communication with your customers!
Do not start a conversation at all, join one! This means, there is always a communication going on in customer’s mind. Once you understand that and read the mind of your customer, you can easily be a part of it.
E.g. There are people who looking for a weight-loss diet solution. But they really can’t do it because of lack of motivation or might be they don’t know how to start, or they might think healthy can’t be tasty. When you read that mindset and join the conversation like “Are you looking for a healthy diet for weight loss? “. Then then your target customers will be enthusiastic to listen more from you.
TRADITIONAL VS DIGITAL MARKETING
Though most of the businesses are leaning towards Digital marketing for its cost effectiveness and larger reach, in some cases traditional marketing works best. When someone wants local reach or the product is for village people mainly who does not have the internet access, then it is best to go for the traditional marketing methods. Here are some major differences between Traditional and Digital marketing:
WHAT IS DIRECT RESPONSE MARKETING AND WHY IT IS IMPORTANT?
Direct response marketing is marketing tactic which demands quick actions from the consumers. The marketers use this method for upselling the product or taking any quick actions by creating FOMO (Fear of missing out) in the consumer’s mind.
The main characteristics of Direct response marketing are:
- Faster lead generation
- Targets niche audience
- Quick response rate
- Lower cost
CATT MARKETING FUNNEL
CATT marketing funnel is a linear funnel. It stands for:
C = Content
A = Attention
T = Trust
T = Transaction
The formula of this funnel is n^CATT. Where n stands for “niche”.
This funnel says that, to grow your business you need to go through these steps. You must have strong contents for your business first, Then, you need to get your customer attentions by performing various marketing methods (explained later). After that you need to gain the trust of your customer and finally, you need to make the selling.
CONCEPT OF INTEGRATED DIGITAL MARKETING
Integrated Digital Marketing is the concept to use a right blend of each of the Digital Marketing components to generate the optimal revenue.
It is the right mix of every digital marketing components in order to perform the above CATT funnel.
In this concept, you need to have strong contents which you will sell to the customer to get their attentions. To get the customer attention, you can perform SEO, Paid ads and Social media marketing. And to gain the trust, you can do E-mail marketing. Then transaction (selling) will happen automatically.
THE IMPORTANCE OF PERSONAL BRANDING
Lastly, it is most important to make your own personal brand. Position yourself so well, so that people can relate to you and trust you. In the future when you will develop your business, people will listen to you. They always want to hear from you not from a brand logo. When they will feel that they are talking to a person rather than a team of people form a business, they will be interested in you and your product more. Project a clear and transparent story of yours in front of your customers so that, they get a clear idea about you and your brand. Inspire them and build a strong connectivity with them.
The Concept of MassTrust!
Build trust for your brand by following the above MassTrust blueprint. Your journey starts form learning phase. After getting sufficient knowledge, you can start working for a company to get more practical knowledge. After that, you can start you own blog to become master and build more confidence. As a next step, you can be consultant which will give you more confidence and knowledge. Lastly, you can start your own company.
This blueprint is a cycle because, even if you own a company, the leanings never stops. You should keep learning new thing and keep implementing your knowledge by continuing the next steps.
The key takeaways form this above discussion are:
- You should master basic marketing before focusing on Digital Marketing
- Study of economics is must to be a good marketer
- The importance of choosing your niche and how to enter the market
- Traditional vs Digital Marketing
- Why Communication skill in important in Marketing and how to improve it
- CATT marketing funnel and the concept of integrated Digital Marketing
- Importance of personal branding with MassTrust Blueprint