Have you ever wondered why marketing is considered the essence of business?
Marketing is the first step a business has to take even before creating the product. Other steps like arranging finance, procuring/producing the goods, managing the team, etc. are included much later in the process. Marketing simply does not involve selling your products but rather involves identifying the need in the market and fulfilling those needs in such a way that it creates value for them. In this article, I am going to write about the fundamentals of marketing. It talks about the basic things that an entrepreneur or a professional should know before they start marketing their product/service. For people who are working, this article will also focus on why it is important to build a brand for themselves and the steps for the same.
While different marketers, entrepreneurs, and professionals have their take on marketing; the basic principle of marketing remains the same. It refers to identifying consumers’ needs and providing value to them through different tools and techniques which stay with them even after the purchase of the product/service. The focus should be to build your customers rather than to reach your customers. For that, it is important to identify who your customers are and what are their needs. Thus, marketing is not something that you can outsource completely. Identifying customer needs and forming a suitable strategy is the job of the entrepreneur while its execution can be handled by the employees. Word of mouth is the best way to build your customers since people are more likely to be influenced by other people’s experiences.
Over a period of time, digital marketing has made a huge impact on the wealth creation for a business. It has enabled a personalized experience for the customers. For example, Spotify builds a customized playlist for their subscribers based on the songs they listen to. Though traditional marketing still proves successful for certain generic products at a lower cost, it cannot provide personalization like digital marketing. Also, sometimes it might happen that your product does not reach the target audience. In that case, the expenditure incurred on marketing is of no use and perceived as a loss to the company. For example, if a company wants to sell an electronic gadget and its target audience is Gen Z, advertising in a newspaper won’t be of much use since a majority of their target audience does not read the newspaper.
So what can you describe as an effective procedure to market your product?
CATT marketing funnel focuses on building wealth from your niche through Content, Attention, Trust, and Transaction. This depends on your niche selection. The categorization of your target audience based on their economic status, cultural preferences, political view, gender, etc. is important to determine how your product will be perceived by them in the market. Also, niche selection requires a combination of talent, passion, and a suitable market to create value for your customers.
C refers to providing content that is useful and attracts people. A content that addresses the questions and problems of your customers generally attracts more people than providing content which a marketer wants to talk about.
A refers to grabbing the attention of your audience to your content through social media platforms, SEO, and paid ads. Constant engagement with the audience through these mediums helps in building a larger customer base.
T refers to building trust for long term brand loyalty. The focus should be to build mass trust through deep marketing techniques. There are various tools for this purpose like retargeting, marketing automation, and personalized communication for different categories of leads.
The final step T refers to the transaction through the natural sales method. If the above steps have been implemented effectively, the lead will be converted naturally. By the time you reach this step, you already know who your customers are and who will buy your products.
Once you have achieved your saturation level in the market, the next step is to broaden your niche and repeat the steps in the CATT marketing funnel to achieve your objectives.
Which digital marketing tool works the best?
Digital marketing comprises various tools and techniques like content marketing, social media marketing, SEO and SEM, email marketing, paid advertising, etc. No single technique will give the best results or generate leads. It requires a holistic approach. Integrated digital marketing refers to the coordination and integration of all marketing communication tools, avenues, and synergy. It is an executional framework of the CATT funnel which focuses on driving the audience towards quality content through different methods and then generating sales. It is important to identify the stage at which your customers are; whether they are looking for information, whether they are selecting between alternatives, or whether they are about to make a purchase. The different methods of digital marketing should be used to personalize the messages your audience receives and providing suitable content to them. Once you have grabbed the customer’s attention by providing them what they want, the sales should then happen naturally.
The objective should not be to convert a lead to sales but to build brand loyalty post purchase. Brand engagement and responsiveness is the most important part to achieve that objective. For example, my personal experience with the brand Nykaa which is an online retail seller of beauty, wellness, and fashion products has been good in terms of their service and responsiveness. When I purchased my first product from their app, I was satisfied as a customer. Also, Nykaa constantly engages with their customers through social media platforms like Instagram and Facebook. When the brand is about to launch a new product, it increases customer engagement by holding contests, creating curiosity, and offering discounts on the first day of the launch. To generate more sales, it also gets their products reviewed by popular fashion bloggers and celebrities. They also offer special discounts for their prime members which drives the customers to buy more.
The next question that arises is why is communication so important?
The major objective of the communication process is to create awareness in the minds of the customers, capture their share of minds by giving information regarding what they want; and change and create an attitude in favor of buying the product. Without an effective communication strategy, it will be difficult to convey to the customers how you can fulfill their demands. Thus it should be kept in mind that your message should be simple and to the point. It shouldn’t be vague and its returns should be measurable to test its effectiveness. It should also be kept in mind which communication channel is being used and whether it is accessible by the target audience or not. The message should attract consumers in such a way that they are curious to know how a particular product will provide a solution to their problem. Thus, interaction with customers through effective communication channels is important to grab their attention and provide value to your audience.
The power of personal branding
When a person markets himself/herself as a brand, it is known as personal branding. People love to hear from other people and not companies or logos. People are inspired by the journey of the founders of the company because those are the people who have put effort into building a successful company. People would love to interact with the person so that they can learn from him and become like him. That is the power of personal branding. You have a separate identity from your company which will continue to exist whether the company remains or not. You are not just an employee of a company. You are YOU. People will know you for your talent and skills. But the downside of personal branding is that you cannot sell yourself or investors cannot invest in you. However, you can start different companies and people will be willing to invest in it, work for it because of the influence your brand has on them. For that, you will always have to upgrade yourself and work on your skills. Implement it and let people know about your skills. Keep learning by teaching and mentoring others which will help you to refine your skills. Constant efforts and practice will develop the ability to guide thousands of people who want to become like you. This is how building a personal brand will bring a sense of achievement and happiness.
In conclusion, I can say that integrated digital marketing produces a synergy effect on converting leads to sales and building wealth for your company. Your goal should be to create and deliver value to people such that the product starts selling itself. For that, an effective way is to identify the niche, provide quality content, grab attention, build trust, and enable the transaction. Brand engagement and responsiveness through effective communication tools is the key to build brand loyalty. Also, it is necessary to build and evolve as a personal brand to build mass trust. Learning new skills is the first step where you understand a concept, remember the facts, and practice the procedure. Implementing and writing about it so that you can consult people are the next steps which finally leads to mentoring thousands of people or having your startup.