How to Get More Results Out of Your Marketing?
Is Marketing always about selling? Or it means just the promotion of goods and services with those creative ads and slogans? I believe marketing is much more than that. Marketing is a means to an end. What do you think?
All the aspiring marketers out there let me tell you having a strong grip on the fundamentals of marketing is very important.
As mentioned by Seth Godin, ‘People do not buy goods and services. they buy stories, relations, and magic.‘
If you want to read one article on marketing, read this one. In this blog, I’ll walk you through:
- Fundamentals of Marketing (Is marketing a science or creativity and category leadership)
- Marketing Economics
- Importance of communication skills
- Traditional vs Digital Marketing
- CATT Funnel or a Wealth Funnel
- Integrated Marketing
- Personal Branding
Is Marketing a science or creativity? Is the question that always remains unanswered but by the end of this section, you’ll realize that marketing is more about science than creativity.
People with no or little knowledge about marketing mostly think that marketing Is about creativity. Yes, they are right in their way because as said, you learn from what you see. The creative ad slogans and products captivate consumers’ attention in such a way that they don’t notice the psychology behind creating those ads.
Marketing starts even before creating a product. It starts with getting into the shoes of customers and understanding their needs so well that it leads to building a product that fits the consumer market and sells itself.
For example, IKEA noticed that people wanted good furnishings at substantially lower prices, it created knockdown furniture. Similarly, Google recognized that people needed to more effectively and essentially access information, it created a powerful search engine with organized and prioritized queries. These two examples demonstrate very clearly, why it’s critical to understand human psychology so well that the product sells itself.
Sending the right message to the right person at the right time becomes an essential part of marketing so that customer feels a direct connection with your brand.
Marketing is not just about selling the product/service with those creative ads, it’s about customer retention (keeping the existing customers happy so that they remain a customer for life) it’s about customer recall, it’s about developing mass trust (a most important asset), and it’s about creating perceptions.
John Miller said, ‘Knowing who your customers are is great but knowing how they behave is even better.’ And that’s why understanding the fundamentals of human psychology becomes important.
People always remember no.1, Right? Such as the 1st person to go on space or 1st woman to climb Mount Everest and they hardly remember no.2 or no.3.
In the same way, marketing is also about becoming no.1 in a particular category and not just no.1 but the only one i.e. acquiring category leadership. Brands like Colgate, Uber, FedEx, WhatsApp have become verbs because their positioning is so strong in the particular category.
If I could think of the best example of a category leadership it’s in the telecom industry. If we look at the telecom industry which was flourishing with competitors like Airtel, Vodafone, etc. And it was really difficult for a new player to enter this aggressive market but Reliance Jio carved out its space so smoothly in this competing market because it came out with something unique which addressed the people’s needs i.e. free internet.
Often people perceive that entering into a competitive market is not feasible, and that’s where they go wrong. Entering the competitive market but with a unique angle is half the battle won. And if you cannot be a leader in the category, be a leader in the sub-category.
And Reliance Jio is the best example. It’s just like from being zero to hero.
Economics Behind Marketing
Marketing begins with understanding economics. Economics is a subject that studies money, basically how money is generated, consumed, and transferred. While marketing is an art that uses economics to sell goods and services.
Marketing elements like trust, influence, attention, customer retention are all built on top of economic fundamentals such as the competition in the market, conditions and actions that lead the consumer to spend money.
For every business owner, it becomes important to learn economics because it can help them to allocate their marketing resources and create products/services with respect to developments in the economic climate.
Communication Skills in Marketing
Good marketing is all about good communication skills and it all starts with writing. Writing gives you clarity, improve your thought process, and make you a good communicator. Good communication skill does not mean complex or sophisticated English and vocabulary. Your message should be clear, concise, and should be able to transfer your thoughts effectively.
When it comes to message delivery, don’t start a new conversation. Join the conversation in people’s minds. Follow the trends and conversations to be ahead in the market
For example, when Vodafone and Idea rebranded to VI many brands created content around that VI moment just to be ahead in the market.
Traditional Marketing VS Digital Marketing
In today’s day and age, we keep on hearing that digital is the future, and we not only just hear but we also observe the paradigm shift from traditional to digital. The only difference between traditional and digital is the reach and medium to send messages. Traditional marketing uses mediums like newspapers, TVs, or magazines and digital marketing uses mediums such as social media, Google, or FB ads.
Most of the marketers think that Digital marketing is to be handled differently than Marketing. And to market their brand online, they end up focusing more on digital factors such as SEO, Google Ads, FB Ads which sometimes might don’t give them the results they perceived for. Because they forget that digital is just the medium through which marketing is done but the concepts/theories are the same as traditional marketing. Digital marketing reach might be less than TVs but the results are instant and personalized.
The CATT Marketing Funnel
Do you know there is a formula for creating wealth? Wow! that’s amazing, right? Every aspiring marketer has heard about the AIDA model(Attention, Interest, Desire, Action) or 4p’s of marketing(product, price, place, and promotion)and might have even used it in some way but ever heard about the CATT funnel(Content, Attention, Trust, Transaction). CATT Funnel is a framework that defines how an individual user goes through various stages and understanding the CATT funnel is all you need to create wealth i.e. Wealth= n^CATT.
- N(Niche)– First and the most important step towards creating wealth is choosing the right niche. Choose a niche with a hungry market, a market where people have problems and they are looking for solutions.
- C(Content)– Create valuable content based on the niche you’ve chosen that attracts people towards your business such as blog posts, videos, podcasts, etc.
- A (Attention)– Drive attention towards your content using SEO, Paid ads, Social media, and Referrals.
- T(Trust)– Create trust amongst your consumer by sending them very personalized messages using marketing automaton or by retargeting them.
- (Marketing is all about the game of attention and trust)
- T(Transaction)– Convert your leads into customers with natural sales method.
But where to invest to create this wealth? In the following chart, you’ll see that India’s population is concentrated in 3 parts.
After reading to this graph, I hope it gave you a clear idea of where to invest? So, you’ve to create the products/services for the part that has the money i.e. India I, and then use those profits to serve the wider segment i.e. from India I to India II and to India III.
The Concept of Integrated Digital Marketing
The CATT funnel execution involves the process of Integrated Digital Marketing. Integrated Digital Marketing is all about taking into consideration all of the digital factors (social media, paid ads, email marketing, SEO, content marketing, sell and convert) and not just one to see the desired results.
Integrated Digital Marketing not only provides you effective results but also saves your time. Because integrated marketing relies heavily on brand identity to create one strong singular message, this saves resources that would have been wasted trying out other random/scattered strategies.
But how do we execute our CATT funnel through integrated digital marketing?
We create content based on the niche we have chosen——- We drive attention through Paid ads/Social media/SEO——- We build trust through Email Marketing——- And then sell and convert (Transact).
Role of Personal Branding in Marketing
People want to hear from people, not from brands. Agree? If one day instead of Elon Musk, Tesla or SpaceX started communicating with you, how would you feel? You feel a connection with the brand when the CEO of a specific brand communicates with you. Here, just consider a hypothetical situation if you received 2 emails in your inbox- one is hey, this is Sundar Pichai and the other is hey, this is Google. Which one you’ll react to? Of course, the 1st one, because a personal brand is so powerful that it becomes a brand ambassador for the companies they operate.
But there are pros and cons of everything and so of a personal brand.
Pros: A personal brand can give rise to many other brands from his/her influence. For example, Earlier Arnab Goswami was editor-in-chief at Times Now and now he started his news channel i.e. Republic World. He built his brand with his bizarre style of conducting debates. And now he turned a personal brand into a company and company grown by itself.
Cons: A personal brand cannot be invested in and cannot be sold. Like, investors will not invest in Arnab Goswami because he is a personality, not a company.
As Warren Buffet said, ‘Personal branding is how you prove to the world you’re worthy of their trust and partnership. Personal Branding isn’t bragging. It’s not being narcissistic either. It’s your opportunity to share with others how you use your talents to serve them.‘
And I completely agree with him because if you are an expert at something, until and unless you’ll not tell the world and will not market yourself nobody will discover you.
Evolution of a Personal Brand
But how do you build a personal brand? Well, the evolution of a personal brand starts by learning a new skill through concepts/facts/procedures. You understand the concepts, remember the facts, and practice the procedures.
Then it goes by putting your new skills to work. Implementing it in the real world will not only give you a better understanding but also an authority in that subject. And after you put into work, you write about what you have learned and experienced through your work. And when you work and then write, your content becomes unique. (And here the personal brand starts building).
Then you start consulting other businesses instead of working for them because now you have work ex and a personal brand. You start mentoring people to maintain a grip on the subject and master it daily. And then you build your startup/product/service with the understanding you’ve developed about the market.
It may look like oh! wow this is easy to do, just these 6 steps. But It takes planning and consistent action to execute and build an accomplished personal brand.
The myth that you had about marketing that it is just about selling I guess it’s no more a myth now. Marketing is science, Marketing is economics but marketing is also an art which will never go out of style. Marketing is the most valuable investment in the business because it gives direct and instant returns. Learn marketing not just for business or a company but also to create a personal brand.
Marketing seems like a though job but when you have a robust hold on fundamentals of marketing, it becomes easy to pursue that art.
Did you discover anything new after reading this blog? If, yes, then tell me in the comment section, what it is?
Do read the articles by Digital Deepak, I am sure it will enhance your knowledge.