Do you know diamonds that are very expensive and valuable in the present day were not rare and valuable before the early 1940s? So what made it so valuable and expensive in the present day? The answer is “Marketing”. The marketing campaign by DeBeers to sell diamond engagement rings with the tagline “Diamond is Forever” changed the fate of the diamond industry. This shows how important is a good marketing campaign for a business to flourish.
In this blog, I am going to share my experiences on how to create a successful marking strategy for a business. We will be learning some basic art of marketing concepts which are important for growing the value of your business and establishing a trusted brand among your customers.
Before I start my Blog, I want you to remember this line for the entire Blog, “Product is the King”. Most people think that no matter the quality of the product, you will be able to sell the product if you do the marketing correctly. But this is absolutely false, you may be able to sell a few products with viral marketing, but your sale will dip in long term and ends finally. So, remember that marketing starts before the creation of products.
The Law of Marketing
Many people think marketing is creativity. The one with creativity can only do good marketing. I don’t disagree completely with it but marketing is actually based on science, and when it is science it is based on data and facts rather than your creative mindset. Marketing starts with understanding your customers’ problem and their needs to solve the problem. Marketing is about conveying the right message to the right group of customers at right time. The main purpose of marketing is to capture a position in customers’ minds about the niche you are doing business on and create a brand.
When your customer is happy, your customer will start to market your products. Now your customer will be your influencer marketer, your customer will be your brand ambassador. Word of mouth marketing is the best channel of marketing one can have. This will boom your business in no time. Product is the key but a good marketing strategy helps your business to convey a good perception of your product to your customers. Advertising, Copywriting, and Sales are the components of Marketing.
How do we build a strong brand?
We have heard many times that you should build the brand of your business. Branding is very important for the business. So, what actually is branding or brand? A brand is actually the image customers have of your business or products on their minds. It’s the marketing concept that helps your customers identify your products or company.
For instance, if we want to search for something on the internet, “Google” comes to our mind. When we think of the operating systems on pc, Microsoft windows comes to our mind. Here, Google and Microsoft are the brands, which have created an image in customers’ minds in their particular niche.
You must be a leader in the niche you are doing business on. There will be competition in any niche but you must be the leader in your niche. If you cannot compete in your category, catch a subcategory and build your presence in customers’ minds. It’s on you, how you can create your value in the market. For eg: Google as a search engine, Zoom as a video conferencing tool, and so on.
Traditional Vs Digital Marketing
Traditional Marketing, as well as Digital Marketing, are equally important to your business depending on the nature, budget, scale, and customer base of your business. If you have generic audiences for your product Traditional marketing will have a better reach to a huge customer base at a low cost. But if you are in niche products and need to reach only a particular group of customers then Digital Marketing is suitable for you.
Let me point out the difference between traditional marketing and digital marketing.
- Traditional: Newspaper, TV Ads, Banners, Billboard, etc.
- Digital Marketing: Social Media, Website, E-commerce, Email, etc.
- Traditional: Generic Audience
- Digital Marketing: Niche Audience
- Traditional: Requires a huge budget
- Digital Marketing: Can start with a small budget
- Analysis and Analytics
- Traditional: It is not possible or very difficult to analyze the data in real-time
- Digital Marketing: You are able to analyze and track your data in real time and make changes to it easily
- Communication Approach
- Traditional: One-way communication
- Digital Marketing: Two-way real-time communication
The CATT Marketing Funnel
Marketing Funnel is one the important term in marketing. In simple terms marketing funnel defines the journey of customers from knowing the presence of your products or service to buying it. It’s about creating trust base on your customers about your products or service. Here I will be talking about the CATT marketing funnel and how it helps to create wealth with your business. The wealth creation formula on the CATT marketing funnel is wealth = n^CATT, where,
- n stands for Niche: Choose your Niche wisely, your success depends on your Niche.
- C stands for Content: Create meaningful content that helps to attract your customers. Create blogs, graphics, videos, and other multimedia content to showcase your products and services.
- A stands for Attention: Drawing traffic to your site or content using social media, SEO, email, and so on. Until and unless you bring traffic to your content you cannot convert your leads to sales.
- T stands for Trust: Create a suitable environment for your customers, there is no alternative for good customer care. Build trust with your customers.
- T stands for Transaction: Finally, you need to convert your audiences to your customers. Sales are the ultimate goal of the marketing funnel.
Integrated Digital Marketing
There are many entities in Digital Marketing. There are social media, websites, paid ads, content marketing, Email marketing, and many more. Hence, Integrated Digital Marketing means combining all the platforms and running your digital marketing campaign simultaneously.
For the perfect digital marketing campaign, we should have a perfect blend of all the components of digital marketing based on your needs and budget.
The power of Personal Branding
The stock price of an American company named “Signal” reached an all-time high when Elon Musk just tweeted “Use Signal”. So what made him one of the most influential personalities in the world? The answer is simply Personal Branding. Elon Musk is not just a name, it has become a brand. People don’t trust the company in which Elon Musk has invested, people trust Elon Musk. Now, when he invests in any new company, his personal branding will make the new company successful without the company doing its own branding. This is enough to illustrate the power of personal branding.
We know the power of personal branding but why we do actually make it happen? It’s probably not that easy process, but if you want to succeed in life no task is easy for you. Here are a few points to follow for building a personal brand.
- You need to learn new skills and be an expert in your niche.
- Implement your learning into real-world work. Don’t fear making mistakes, learn from the mistakes and understand the ways of solving them.
- Write about your learning, your work, your experience, your mistakes, and how you came out of it. This will help people remember you when they are stuck in a similar problem.
- Teaching and consulting others is the best way to enhance your learning. The more you consult, the more you will be getting expertise in your niche.
- Mentor other people who have similar interests as you. You don’t need to be perfect on the topic. Anyways you know more than the people who want to learn from you.
- Start up your own business and products. Now as you are the well-known person in your niche, your products will be trusted by your audiences as you have built trust in their mind already.
Learning is not easy, personal growth is not easy, and building your brand is not easy, but you have the ability to choose what you want from your life and how you want your growth. I hope this blog will help my readers to understand the basics of marketing and personal branding. If you have any suggestions as well as queries, you can mail me at email@example.com or comment below.