7 Freaky Ways of Marketing Which Can Save You From Getting Fired!
Are you afraid that your Business is at risk? You have learned everything about marketing and still not getting the right strategy? Do you want some tips to save your business?
If you have answered “yes” to any of the questions above, then this article will change your life. Here I am talking about some reasons why you are struggling with the issues.
In this article, we are going to talk about Marketing Fundamentals, funnels, and a lot. By the end of this article, you will have a clear idea about marketing and how you can save yourself from getting fired.
Let’s Begin!
1. Set your financial goal
Do you know how to set a financial goal? Now, I am going to tell you how to make ₹1 crore in 2 years? Isn’t it excited!
Let’s take an example, If you have 1,00,000 customers and you are selling a product of ₹100 then you are going to make ₹1 Crore in the next 2 years. This going to be revenue, not profit but imagine that you make it 2x over when your profit margin is 50% then you will be making ₹1 Crore as profit. And do something where you acquiring customers organically without having to spend for it.
When you look at this graph, this a basic mathematics, and your possibility to make ₹1 crore becomes more achievable. When we think about ₹1 crore it seems like a very big number and we think about how I am going to achieve it but look at this graph these 4 scenarios show how you can achieve your goal.
- 100 Rs * 1,00,000 Customers = 1 Cr.
- 1000 Rs * 10,000 Customers = 1 Cr.
- 10,000 Rs * 1000 Customers = 1 Cr.
- 1,00,000 Rs * 100 Customers = 1 Cr.
So, this is how you make ₹1 crore in revenue, you have to acquire these customers by spent ₹1 crore to make ₹1 crore for 1,00,000 customers do advertising to acquire them and once you have these 1,00,000 customers who have already bought something from you it will make a chain next time you get 10% customers from 1 lakh customers who buy the product of ₹1000 then you will be able to make profit out of it.
2. Fundamentals of marketing
If you want to be in business you have to know how to market yourself and you have to know how to do it well. A lot of people think a good product is all that matters that if you build a product people will come on their own.
This is NOT TRUE!
A lot of company has a lot of success just due to their marketing strategies Apple, Nike a notable example.
Using effective marketing, you can anchor your product in your customer's minds, and turn them into loyal fans. That’s all business really is at the end of the day, understand people’s psychology.
For effective marketing, you have to know the law of marketing which will gonna help you in your business.
- It’s better to be first than it is to be better.
If you’re the first one in the market you’re already a step ahead of the rest. The law of leadership applies to any industry, any product or service, or any brand.
People always recognize the product that got there first as the leader in the market and the better product and marketing is a clash of perceptions, not products and services.
“Marketing is battle of perceptions, not products.”- Al ries & Jack Trout
- Two companies cannot own the same word in the prospect’s mind.
Picking a unique word that applies only to you, comes the law of exclusivity, which basically states that you should not try to take over a word that is already taken.
If the word is already “owned” by your competition, and already in the “mind” of prospects, it's highly unproductive to try to take over that word — no matter what efforts you take or how much money you spend.
Example: Burger King could not compete with their major competitor McDonald’s when they tried to take over the word “fast.”
- In the long run, every market becomes a two-horse race.
In the beginning, when you carve your way into a new category you may be on a ladder with many rungs.
But eventually, the ladder will turn into one that has two rungs, with the top two companies competing for market share. This is true for every market.
Examples: Microsoft and Apple. Coca-Cola and Pepsi. McDonald’s and Burger King.
- There’s an irresistible pressure to extend the equity of a brand.
When a company is running successfully, it may decide to take a line extension, which basically means, taking its brand name and putting it on a new product that it plans to put out in the market.
This could eventually lead to a successful, profitable brand that is focused on one flagship product or service losing money over more offerings.
The key is to be the best in your niche, and not try to be all things to all people. Less is always more.
To address new markets, create a new brand, rather than extending the equity of your current brand into the new market.
- Successful programs are not built on fads, they are built on trends.
A fad is a brief surge in fame for any product, that has a short lifespan. Think of fad diets, clothes, and toys.
Trends, on the other hand, can go on for years. For example, instead of a fad diet, the trend of eating healthy organic food is sure to go on for much longer.
So, if you’re faced with a business that seems more like a fad, the best thing to do is to dampen it out and stretch it, to make it more of a trend.
3. Traditional vs Digital Marketing
The discussion regarding the efficiency of digital marketing and traditional marketing continues. A lot of people think that digital marketing has been taking over traditional marketing. The marketing arena is changing after many of the Newspapers going digital.
Traditional marketing has fallen over the years because of smartphones. People find digital gadgets a lot more user-friendly. Hence, marketers have changed their targeting techniques and switched to digital.
Traditional marketing
Traditional marketing has many facets. For instance, it includes magazines or newspapers, business cards, posters, brochures, and billboards.
Another meaning of traditional marketing is when people find your business through a reference or network and start buying your product or service. It is a conventional form of marketing your brand, which helps to reach an audience with offline modes of advertising.
Traditional marketing may have evolved over the past few decades, but the fundamental aspects remain the same. The selling techniques that we use today heavily rely on the infamous four P’s of marketing: product, price, place, and promotion.
Digital marketing
Digital marketing or online marketing refers to the marketed related work that a business does through the Internet or an electronic device such as a mobile phone.
Any business can leverage digital marketing to reach out to its target market, connect with prospects and convert more of them into customers/clients. Everything from search engine marketing to Facebook marketing comes under digital marketing.
As long as technology is evolving, digital marketing continues to grow. Digital marketing includes social media platforms, websites, and YouTube videos.
Digital marketing is quite similar to traditional marketing but just uses digital devices. It is a form of inbound marketing, and its main aim is for customers to find you.
4. The CATT Marketing Funnel
Do you want to grow your online business?
If yes, you’re on the right blog.
There is a framework called CATT Marketing Funnel that can help you analyze the impact of your product or services on Internet users.
CATT describes how your products or services are working in the Internet world.
It depends entirely on your niche.
Your niche is the deciding factor in your growth of wealth in the business.
Wealth = n ^ CATT
Here n stands for Niche. Your achievements and wealth depend on the niche you choose.
Content: Everything you do before selling a product or service is to create content and tell people that their product or services can solve your problems or help you with something.
Content can be in the form of blogs, short videos, webinars, articles, etc.
Attention: After creating content, it's time to get the attention of a serious internet user who really needs your product or services.
There are some signs you’ll notice that you are gaining attention eg, share, comment, retweet, stories, followers.
Trust: This is a very important phase. Trust among people is a very important part of digital marketing.
After attracting user attention, you create an atmosphere of trust with your user. You can do this by testimonials, good results from the previous user.
Transaction: Now people trust you, it is time to sell tour products or services. Convert them into transactions.
This CATT marketing funnel and framework helps you find out where you are lacking for not having enough transactions.
5. Integrated Digital marketing
Integrated digital marketing is, as it sounds, the integration of multiple marketing strategies to form a cohesive online approach for your business. Here’s what it typically entails:
- website development
- search engine optimization (SEO) and search engine marketing (SEM)
- content marketing
- social media marketing
- Email marketing
- paid advertising
The idea behind integrated digital marketing is that, while each strategy doesn’t have a huge impact on its own, when used in conjunction, you can create a more influential online presence.
Integrated digital marketing is most certainly the best way to build an online presence, but don’t get caught up in how cool the term sounds and don’t fall under the impression that it’s a special offer at specific firms. Almost all marketing these days, digital especially, has a great deal of integration involved.
6. Personal Branding
Before I start I want you to look at the picture and answer one question.
Do you see the picture clearly?
Okay! now tell me, which umbrella do you see?
Is it the yellow umbrella? Yes, everyone will see the yellow umbrella first!
Because it is Recognizable.
The umbrellas in the picture are the products available in the market. The yellow umbrella is a branded product. whereas the black umbrellas are the unbranded products.
In the market, we always notice the product which looks different from the other products. This entire concept of differentiating your product from a similar type of product to your competitors is known as Branding.
The evolution of the personal brand
Learn: Learning is a basic concept you can learn whatever you want and explore your ideas. Learn a new skill through concepts, procedures, and facts. Remember the facts and practice the procedure.
Work: After learning, put your newfound ideas to work. Go from practice to implementation. Implementation will give you a better understanding. Your work can be Job, Freelancing, or project.
Blog: Then you can go ahead, and write about what you have learned and experienced through your work. When you write, you not only understand it better, but in the process, you also build up your own personal brand.
Consult: Now that you have your personal brand through your blog, and you can reach out to people, you now already have work experience and have learned the fundamentals. And you go ahead start consulting other businesses to grow instead of working for them.
Mentor: Mentor other people who want to become like you. Mentoring will help you scale your understanding to a whole new level. Create mentoring programs and teach other people they might be students, professionals, or entrepreneurs who want to use your methodology.
Start-up: Start your own product or service business with the understanding that you have developed about the market, the problem, and your own skills.
7. Communication skills
It’s no secret that communication is an essential part of every successful organization. However, it’s important to note that communication plays a specific role in your business. Good communication always targets good marketing, marketing is not manipulation it’s all about communication.
It involves various activities that are performed by businesses in order to sell their goods and services to the customers.
Marketing is principally about communication. Communication is the only key through which the marketers can spread the word about their products to the customers.
To improve your communication skill write a lot, the more you better write, the more you better speak. Watch English series which you like and think in English as well.
Conclusion
Marketing is important for every business but the more important is how to use it effectively. Digital marketing is taking over traditional marketing. Marketing is about understanding customer psychology that is why Artificial Intelligence will not be able to replace marketing.
In this article, you have learned a lot about marketing, and hope you will be going to apply these ways in your business. Keep the focus on your brand, marketing fundamentals, and communication.
I have learned all of these from my mentor Digital Deepak. If you like this article then don’t forget to give your feedback.