Have you ever wondered why lots of people think that a product needs to be created first before marketing such product to, yet no sales then they complain? What if I tell you that marketing starts even before a product or service is created. And would you like to learn the right way to market that will get you instant sales?
As a rule of thumb, marketing starts before a product is created. Marketing is all about understanding the customer and customer’s needs that lead to products that fit. So once you create the products, the products end up selling itself. But first, you should set a financial goal
Set a financial goal and create a plan to achieving it. For instance, if my goal is to make 1crore in 3 years, then I should create a plan on how to achieve it. For instance, if my target could be 1 crore in revenue for one year. In addition, you should have a write-up of yourself in the next 6 years of what you hope to accomplish. Check my dreams 6 years from now.
- 100,000 customers buy my product or service each at 100 rupees
- 10,000 customers buy my product or service each at 1000 rupees
The framework could be that my niche is not getting enough customers then I might want to increase my product price. Economically, the higher the customers, the lower the cost of the product while the lower the customers the higher the cost of the product.
- 1000 customers buy my product or service each at 10,000 rupees
- 100 customers buy my product or service each at 100,000 rupees
Once you have stated your financial goals. What is the right way to market your product or service you might be eager to learn the secret but then let us briefly look at the following so you can have an overview:
- Fundamentals of marketing or facts about marketing
- The right way to approach marketing to get instant sales
- Why invest time and energy in learning marketing
- How to build a strong brand
- Why is it important to improve your communication skills
- Global economics and marketing
- Understanding Traditional Marketing vs. Digital Marketing
- Direct response marketing
- CATT Marketing Funnel and Framework
- Integrated digital marketing
In this article, I am going to talk about how to approach marketing that will give you instant sales. We will talk about 10 major tips that you can apply in your business. This article will be useful for bloggers, professionals, freelancers, mentors and entertainment.
Facts About Marketing
Fact 1: Marketing is based on science and not creativity.
Fact 2: Marketing is a game of perception and product is a game of reality. You should never let marketing become more important than the product. A great product sells itself.
For instance, a great product with good marketing accelerates a company’s growth while a poor product with good marketing accelerates the death of the company. A great product leads to a great recommendation by people through the word of mouth
Fact 3: Marketing is not just about selling it is also keeping an existing customer happy by communicating with them so they can remain a customer for life
Fact 4: Marketing starts even before a product is created and continues even after the product is created and sold. This approach will help you build trust even with a total stranger.
Marketing aims to know and understand the customer so well the product or service fits so well and sells itself… marketing aims to make selling superfluous.” – Peter Drucker.
Fact 5: Marketing is a game of perception and product is a game of reality. You should never let marketing become more important than the product. A great product will sell itself.
For instance, a great product with good marketing accelerates the growth of the company while a poor product with good marketing accelerates the death of the company. A great product leads to a great recommendation by people through the word of mouth
Word of mouth marketing is the best channel of marketing ever
Fact 6: Marketing is a means to an end. The purpose of marketing is to build a brand and capture a position in the minds of the customers. Now let us talk about branding
The whole marketing jamboree can be summed up to this:
Right message = Right person = Right time
It has to be the right message to the right person and at the right time. For instance, a customer might have an Orchid pot plant that is not flowering and the discussion going on in his/her mind would be “my Orchid plant is not flowering,” then I would respond like this – “why is my Orchid not flowering, learn why. “
This marketing approach would save you lots of resources and time because you were not advertising randomly but rather you have the Right message been delivered to the Right person and at the right time. This form of marketing is called direct response marketing, which will be treated later in this article as you read on.
The Right Way to Approach Marketing to get Instant Sales
Enter a competitive market but have a unique angle. If you are just starting, you should enter a competitive market. Do not fear competition but have a unique angle. The higher the competition the more sales you can generate. A non-competitive market will lead to less profit because few people will be interested in the product or service you offer.
Why Invest Time and Energy in Learning Marketing
- Marketing education has a long shelf life because it is rooted in human psychology and understanding the economics of the market is paramount even for a business owner
2. Marketing is the most valuable investment in any business because it gives direct returns of investment (ROI). Everything else like production, accounting, administration, manufacture, HR is an expense
Understanding marketing is understanding business.
- Marketing is a channel for building a strong brand. And once a strong brand is built you would spend less on advertisement -The purpose of marketing is to build a strong brand and capture a position in the minds of the customers. Now let us talk about branding
How to Build a Strong Brand?
Choose a category and become a leader in that category is the no. 1 factor in building a strong brand. For example, Google and zoom have strong brand in their respective niches. Hey! Let us Google it not let us get on search engine or hey! Let us get on zoom, not online call.
Why is Personal Branding Important?
People want to hear and deal with people one on one, not from brands. For instance, if a company is trying to communicate with you will feel less important when compared to one on one communication.
For example, Digital Deepak is a bigger brand today than many digital marketing companies because it is personal and it is deep. Elon Musk has a bigger following than SpaceX and Tesla.
The best known will always beat the best.
A personal brand can give rise to many brands using his/her influence. Also, a personal brand becomes an influencer and brand ambassador for companies that they run.
The downside of personal branding is that personal brands cannot be invested in and cannot be sold.
Strong branding or good marketing is also about good communication. For further study on branding, read how to build a brand without advertising by DigitalDeepak
Why is it Important to Improve your Communication Skills?
If you want to improve the communication skills you have to write as you talk. For instance, just imagine if I am sitting next to you and you are talking to me, how would it be? That is how you should write.
Good communication doesn’t mean sophisticated English. The key question is, am I able to deliver my message to you effectively? If yes then I am a good communicator and if I am a good communicator then I am a good marketer.
Don’t create a new conversation rather you should join the existing conversation in your customer’s mind. People already have conversations going on in their mind, so instead of you starting a new conversation go ahead and join the conversation.
If you do this the right way you would end up having the customer’s undivided attention. For instance, the conversation in your customer’s mind might be my orchid plant is not flowering then you can join the conversation by saying how to care for an orchid plant to flower.
Joining a conversation is a strong communication skill that you should put to use
Global Economics and Marketing
Every entrepreneur should learn global economics because it helps in decision making in business and the nation’s economy.
A country’s economy goes up as the average age of the country goes up. When starting a market most especially at the beginner’s level, it is best to focus on developing countries rather than developed countries because they have a more active workforce.
The average age of a country tends to be her active working force with more spending power. Developing countries have a more active workforce when compared to developed countries. In developed countries, their active workforce is minimal and depleting.
Debt creates more money in the economy. For instance, if you deposit 10 lakhs in a bank, say bank A and bank A takes 1% as cash reserve ratio and loan out 99% to a client to buy a car. The automobile will deposit the cash in bank B. The bank B takes 1% and loan out to a client to buy a bike, and the cycle keeps on going.
You will notice that the 10 lakhs will 10X circulate in the economy. If people start paying back their loans the economy start shrinking. To avoid this, the central bank will lower its interest rate to encourage people to take a loan.
Recession creates strong companies and drives out the weak companies out of the market
Understanding Traditional Marketing Vs. Digital Marketing
If a product is generic with a very wide targeting –Tv ads can reach millions of people at a low cost. Ex. Apple product
Indian has TVs in 197 million homes out of 298 million homes with an average of 4 to 5 members per household. Tv has a reach of 800 to 1 billion people
Radio has a reach of 65% of the Indian population –source: Financial Express
Newspapers have a reach of 465 million of the Indian population –source: Business Standard
Disadvantages of Traditional marketing
- You cannot personalize your marketing
- You cannot do deep marketing
- No natural sales
Unlike Digital marketing which is the best medium to reach the affluent English speaking population in India with a high purchasing power of 100 million users
Direct Response Marketing
Most people who run ads do not know if the ad is converting or not. If you want to track sales you cannot run Tv ads or radio ads
Marketing executives in big companies and ad agencies run branding campaigns that do not give specific and measurable results except that it will increase their brand awareness. But Increase in brand awareness is not measurable
Direct response is a type of marketing designed to elicit an instant response by encouraging prospects to take a specific action. If I am running direct response ads, I will be asking you to give a response like fill a form, download an eBooks, and provide your email address so on. In this way, I can track the number of people that are going to buy my product or service.
For example, an ad in the newspaper with a phone number to call or an ad leading to a landing page with a lead form or a sales page with a product and with a link to purchase the product is an example of a direct response ad.
CATT Marketing Funnel and Framework
Wealth (W) = n^CATT
n = Niche. Success and wealth depend on the niche. In the niche, you are going to solve people’s problem. Don’t go about everything rather have a unique angle in a competitive market
C = Content. Content is your asset that is going to attract people to your niche
A = Attention. Drive attention to your content using SEO, Social media, Paid ads and referrals
T = Trust. Build trust with your audience with marketing automation and retargeting. Converse as if you are talking with your audience one on one
T = Transaction. Convert your leads into customers using the natural sales method. Once you create good content, drive traffic to your content and build trust with your audience then sales will happen naturally
How to choose the right niche?
You need a combination of Talent, Passion and Market
If you are talented and passionate about a niche but no market you will feel overwhelmed at some point because you are not seeing the result of your hard work. Again if you are talented and you have a market in your niche but no passion, you will make little money and at some point, you will burn out and so on.
Integrated Digital Marketing
A lot of people approach digital marketing in such a way that each marketing platform is treated separately. For instance, a lot of people do only SEO and expect sales but nothing happen or Social media marketing and expect sales but still nothing happen because they approach each marketing platform separately not as a framework.
Marketing framework step by step:
- Run paid ads to your content and get people to your email list. You are asking for attention rather than payment
- Publish new content and send it to your entire email list and share on social media. From an email list or social handle, people will get back to your content and share your content
The Mass Trust Blueprint
Learn: learn a new skill through concepts, facts and procedures. Understand the concept and remember the facts and practice the procedures
Work: Put your newfound skills to work. Go from practice to implementation. Implementing it in the real world would give you a better understanding
Blog: Write about what you have learned and experienced
Consult: Now that you have a personal brand through your blog, you also have work experience and have learned the fundamentals, start consulting for other businesses instead of working for them
Mentor: Mentor others who want to become like you. Mentoring will help you scale your understanding to a whole new level
Start-ups: start your product or service company with the understanding that you have developed about the market over the years. Integrate your challenges and your skills
Marketing is all about understanding the customer and customer’s needs that lead to products that fit. So, marketing starts even before a product is created and continues even after the product is created and sold to build trust and convert them to a customer for life.
For instance, a customer might have an Orchid pot plant that is not flowering and the discussion going on in his/her mind would be “my Orchid plant is not flowering,” then I would respond like this – “why is my Orchid not flowering, learn why. ” This marketing approach would save you lots of resources and time because you were not advertising randomly but rather you have the Right message been delivered to the Right person and at the right time.
A lot of people do only SEO and expect sales but nothing happen or Social media marketing and expect sales but still nothing happen because they approach each marketing platform separately not as a framework. For you to be a good marketer you must have a framework.
Choose a category and become a leader in that category is the no. 1 factor in building a strong brand. For example, Google and zoom have strong brand in their respective niches. Hey! Let us Google it not let us get on search engine or hey! Let us get on zoom, not online call. Strong branding or good marketing is also about good communication.
Any questions? Leave a comment
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- The ideal version of myself stating my financial goals