As a Part of my Digital Internship, I’ve attended a Session on The Law of Marketing. This has helped my understand the fundamentals of marketing. Marketing is based on human behavior.
My mentor shared something interesting called Learn->do-> Teach.
It reminded me off the way we use to learn from friends just before exam and write the answer really well. A Lot of importance was given to Goal setting and how to break down the financial goal helps. Inspired me to Set a goal of making a minimum 1crore as saving.
Gettting Started on The Law of Marketing:
Marketing a Science as opposed to many who think its about creativity. Marketing starts before creating the product. The product needs to be from a customer’s point of view. We need to define the Product-Market fit.
“Marketing is about sending the right message, to the right person,at the right time.”
Marketing is not about selling,but keeping the customer right through the lifecycle. From pre purchase to post purchase through customer service, creating repeat customers.
Marketing funnel is very important, it helps us build Trust amongst our consumers. We can build the trust through consistent and constant communication.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself… The aim of marketing is to make selling superfluous.” – Peter Drucker.
Marketing is about creating a perception about a product and this is rooted in reality. A very well thought out product creates evangelists who inturn use and make others to consume your product and this is very powerful.
Advertising,Copywriting and even sales for that matter can be subsets of Marketing.
How much ever we speak about Marketing, the key to success is the product itself.
Branding – A Strength.
This is personally very fascinating for me as I’m personally a brand freak.
“Do not be the No.1 Be the only one.”
It’s a lot about positioning. As a part of the discussion, the beauty was to be not bogged down even if we are not No.1 is to find a suitable niche amongst the same category.
Marketing,Sales and Branding are very Important Skills.
Fundamentals of Marketing:
There are major 4 fundamentals of marketing are
1. Know Your Target. -
2. Educate on your benefits.
3. Craft a strong Call to Action
4. Measure, Monitor, Log, Report and Learn.
Importance of Communication skills:
Good Marketing is about good communication.
Good communication is not great language. Good communication is about making the other person understand exactly what you want to convey.
Vocabulary and Complex sentences may confuse our reader.
One of the tips that was shared was to – “Write like you talk and write a lot”
We need to break away from thinking in our native tongue and look to think in English which helps build our English proficiency.
The Basics of Global Economics:
Every Entrepreneur should learn about Economics as it helps get a much more clear definition of an opportunity in a Market.
A lot was discussed on how the average age of a society, creates a lot of churn and boom in the market.
The Next Interesting was on How Debt Creates Money. It’s a very interesting concept to understand, how loans today are entry based to boost the economy. Key concepts of how interest is linked to managing inflation and how the governments and central bank intervene to keep a check on the same.
It was wonderful to learn how India is a big mix of Mexico,Philipines and Sub-Saharan Africa excluding SA from an Economic view.
Understanding Traditional vs Digital Marketing:
One of the most widely used marketing tools is through Television Ads as the help reach millions at the lowest cost. India has TV’s in 197 Millions out of the 298 million households. This is a mind boggling figure, as most house holds have 4-5 individuals and that is a source to reach anywhere from 800 million to a billion people.
Digital Marketing penetration is nowhere close to TV.The segmentation Digital Marketing provides segmentation that helps to reach the affluent English speaking population with a spending power which is approximately about 100 Million users.
Radio has a reach of 65% of the Indian Populace although this is very segmented to varied consumption across the country.Newspaper is also heavily consumed and the reach is about 465 Million people across geographies.
Direct response Marketing:
This helps us to track the ROI on the marketing spend. The Direct Response Marketing is very useful to Startups.
“Direct response is a type of marketing of design to elicit an instant response by encouraging prospects to take a specific action.” – Marketing Evolution.com
Some examples:
An ad in the newspaper with a phone number to call.
A late-night infomercial with a phone number to call and order.
An ad leading to a landing page with a lead form.
The CATT Marketing Funnel
Wealth = n^CATT ( n=niche)
[n] Niche — your success and wealth depend on the niche you choose.
[C] Content — create useful content that attracts people from your niche. Blog posts, videos, lead magnets, live webinars.
[A] Attention — drive attention (traffic) to your content using SEO, Social Media, Paid Ads, and Referrals.
[T] Trust — build trust with your audience with tripwires, marketing automation, and retargeting.
[T] Transaction — converts your leads into customers with neutral methods.
Integrated Digital Marketing
This is a technique of doing marketing in such a way that everything is interconnected to each other.Integrated Digital Marketing
The Evolution of Personal Brand – A 5 Prong approach:
· Learn
· Work
· Blog
· Consult
· Mentor
· Startup
Learn — Learn a new skill through concepts, facts, and procedures. Understand the concepts. Remember the facts and practice the procedures.
Work — Put your new-found skills to work go from practice to implementation. Implementation in the real world will give you a better understanding.
Blog — Write about what you have learned and experienced through your work. When you write, you understand it better, but you will also start building your personal brand.
Consult — Start Consulting other businesses instead of working for them.
Mentor — Mentor others who want to become like you. Mentoring will help scale your understanding to a whole new level.
Startup — Start your own product or service business with the understanding that you have developed about the market, the problem, and your own skills.
This a continuously evolving process.
I hope this blog was useful. I look to keep adding information as I go further in the program. I will do my own research on the same and add some more information. Stay tuned!
