Do you think that just by spending huge budgets on marketing would help to gain new customers?
If you want to grow as a marketer, you need to understand some proven techniques which had helped several organisations world-wide to grow.
What are the rules of marketing? What are common mistakes you should avoid and How? What are the best practices to be followed?
You will get the answer to these question at the end of this article. If you know how to market and sell, you have a better prospect.
In this article, i will first talk about the 11 Laws of Marketing that you should never forget. Second, we will do a comparative study of digital marketing w.r.t traditional marketing? Next, you will learn how to use the CATT marketing funnel to increase your customer base. Then we will quickly understand the concept of Integrated Digital marketing which will help in growth. Last but not the least, I will touch upon how to build a personal brand and how does it helps in marketing.
1.Understand the Fundamentals of Marketing
We all know that ISRO (Indian Space Research Organisation) is preparing for the mission Chandrayan 3.0. The launch of the mission will only be successful provided they adhere to all the science behind it. Similarly, to boost sales or acquire new customer, there has to be a science behind it — which is Marketing. As Marketing is a science, there are also certain Laws of Marketing.
- It’s better to be first than it is to be better.
What do you say when you want a photocopy of your important document? — I need a Xerox copy of this document, Isn’t it?
There are many other examples such as Jeep, Band-Aid, Cellotape, Velcro, etc. The common connection among all of them is that they where the first brand in their respective categories and tends to maintain the leadership and quite often their name becomes generic.
Most of us believe that the basic issue in marketing is convincing yours prospects that you have a better product or service. But the reality is that people perceive the first product into their the mind as superior.
This is called the law of leadership and it applies to any product, any brand, any category.
2. So what if you can’t be first in a category? Then set up a new category you can be first in that.
If you are not the first one get in the mind of the prospecting customer, you can always find a new category where you can be the first. This is called the Law of Category. Dell was not the first company to get into the personal computer space which was crowded by other dominant players. But, Dell was the first company to sell computer by phone and became a $900 million company.
3. Understand the customer and their needs first
To make a great product you need to first understand the pains of your prospects and then create a product that will stick to the mind of the customer. It is the experience that the customer gets matters a lot.
For example the ketchup bottle designed by Heinz after understanding the pains of the customer.
4. Build a Strong Brand, reduce your marketing cost
Big brands like Google, Apple, Zoom, etc. need not spend much in customer acquisition.
If you are a strong brand, you have already created a position in the minds of the customer and the prospects. You don’t have to make much efforts is selling your products.
5. Marketing is not a battle of products, it’s a battle of perception.
Everything in the world of marketing are finally the perceptions in the minds of the customer or prospect. Tata Nano was a great car in that category but the mistake Tata did was to label it as World’s cheapest car of 1 lakh which created a perception in the minds of the customer which resulted in lost prospective customer.
6. The key concept in marketing is owning a word in the mind of the customer.
“Thanda matlab? Coca-Cola” — isn’t it?
The success of a product or a brand lies in the way it registers a word in the mind of the customer. Here are few example:
2 minutes — Maggi Noodles
Long Lasting — Duracell
Safety — Volvo
Overnight Delivery — FedEx
On the other hand, it would be a blunder if two competitor try to fit identical words in the mind of the customer. FedEx whose word was “Overnight Delivery” wanted to take the word “Wordwide” from DHL but failed.
7. Marketing is to send the Right Message at the Right Time
Every Indian remembers the date 8th November, 2016. Yes, Demonetization was announced by the Indian Prime Minister. The ATMs went out of cash and all common people and business owners got worried. Here comes the digital payment app with the message “PayTM Karo”.
8. Marketing is not just the first sale but repeated sales to the same customer
Repeat sales are an example of brand loyalty. A happy customer will always repurchase the same product.
For example, I have brought almost 4 mobiles in past few years and always bought Samsung mobiles. I will never buy any other mobile even if they provide a better configuration at the same price. Same is the case of soaps and shampoos.
9. Gaining Trust is the key for customer acquisition and retention
When we start interacting with a stranger, the first thing we do is develop trust with that person. If they trust you, they would listen to you. The same thing applies in the world of marketing. Another key to success in marketing is to build the trust with your customer.
Before Patanjali launched its plethora of products in the Indian market, they first developed trust through daily morning shows on Yoga and Pranayams. Once, the trust is built, it become easy to position the product is the minds of the prospects.
10. Make sure that your customer becomes your brand ambassador
Once you have a great product and got into the minds of your customers, the customer will automatically become an ambassador of your product. They will write reviews of the product on online platforms, refer their friends and relatives, etc.
My 8 year old son is learning coding and app development from WhiteHatJr. He is happy with his learning experience and now he started promoting the same to his friends.
11. Good Marketing is all about Communication Skills
Unless you are able to communicate the message to your audience, they will not be able to connect with it and you miss a chance to enter into their minds.
The communication needs to be very simple so that every understands it clearly and able to connect with their pain areas easily.
2) Traditional vs Digital Marketing
The objective of marketing is have the maximum reach to the target segment. Based the target segment and their persona, the appropriate medium is chosen. It could be either the traditional or the digital channel of marketing.
If the marketing campaign is to target the generic masses, an advertisement on TV (which has a reach to almost 200 million homes and target 1 billion customers in India) is the best option. For example, TV is the best medium for promotions for the FMCG (Fast Moving Consumer Goods) segment.
The other popular traditional mediums for wider reach are newspapers, magazines, radio, billboards, etc.
There are several unconventional medium for promotions such as exterior of City Buses, Auto Rickshaws & Cabs, train stations, bus stands, and so one. You can get the complete list here.
Whereas, the digital marketing is best medium to reach the population those are attached to the online platforms through mobile, tablets, or computer and have a moderate spending power. They can be targeted through email, websites, various social media platforms (like FB, Insta, Linkedin, Twitter, Whatsapp, etc) as well as video hosting platforms like YouTube.
One of the advantage of digital marketing is you can personalize the message as the persona of the target audience.
Every Marketing campaign, whether traditional or digital should have certain Call to Action (CTA) in order to measure the success the of the campaign. This is called Direct Response Marketing.
Following are the some of the ways you can track your campaign:
a) A Phone Number To Call
b) A number of send SMS
c) A link to a Landing Page to Capture their contact details
d) A QR code to scan and download a mobile app
3) CATT Marketing Funnel
CATT marketing Funnel is a framework that helps in lead generation and customer acquisition.
The formula is as follows:
Wealth = n^CATT
where n is the niche that you select and the success depend on that.
Your niche is the market that you would target.
Once you have done with your niche selection, next you need to focus on the [C ]i.e Content. You need to create content which are informative, actionable, meaningful, interesting, and engaging. This will help to attract people from your niche. Content can be in any form like blog posts, videos, podcasts, webinar, etc.
Your content should be able to drive [A] Attention. You need to find various ways to drive attention to your content. It can be through SEO, Paid Ads, Social Media, Referral, etc.
Next you need to build [T] Trust with your audience. There several way to do that. The first one is trip wire. A tripwire is an irresistible, low priced discounter offer just to convert an audience into customers. For example, there are several video creation tools that are offered at just $67 one time cost showing as a limited time offer. Deep marketing, Marketing automation and re-targeting campaigns are the alternate ways to gain trust.
Finally, when the trust is build you need to convert your audience into customer a.k.a [T] Transactions. If the targeting right and trust is built, conversion will happen naturally.
Therefore, the niche you select along with the effectiveness of your content, trust and transaction will determine the wealth you will build for yourself.
So, how do you select your Niche. A niche is a conjunction of 3 parameters: Talent, Passion and Market. If you have talent and passion, but there is no market it is of no use.
4) Integrated Digital Marketing
There are various components of digital marketing — Content marketing, SEO, Email Marketing, Paid Advertisement. The ultimate aim is sell and convert prospect to customer. However, if you try to do just a single activity it will not lead to conversion. All components need to be smartly integrated together to get the best result. For example, your SEO should help in getting prospects to your lading page and capture the leads. Simultaneously, they should be re-targeted with emails and social media ads.
Similarly, when you publish a content blog or podcast, the same should be pushed to the search engine as well as an email trigger should go to all contacts in your list.
This takes care all activities of the CATT funnel. Therefore, an integrated digital marketing results in better chances of conversion.
5) Build your Personal Branding
If you want people to reach out to you, you need to build a strong personal brand. If you are best in something, people should know that. They should be able to you as a person and connect easily with your stories. The great industry leader like Elon Musk, Ratan Tata, Neil Patel, Sundar Pichai are known by their own personal brands that they have created. Everyone has their own stories that inspires others to follow them and trust them. They have more followers on social media than their respective organisations.
Another good example is Digital Deepak who had become a big personal brand in the digital marketing space in India.
If you have a strong personal brand, you become an influencer for the domain they work and also become a brand ambassador of the company they own or gets associated with. In addition, it also gives you an authority
How to develop your personal?
Building a personal brand is not an overnight process. Nor can it be done by paying. You need to develop it over a period of time. I will talk about a framework which can be adopted to build your personal brand. It is a 5 stage process — Learn, Apply, Blog, Consult, Mentor
Learn: You first focus on learning a new skill. You understand the concept, recall the facts and procedure and practice them extensively. This will help you to master the new skill.
Apply: Next step is to apply whatever you have learnt into to a real job or a project. This will help you to apply the concepts and procedures in a new situation for every implementations.
Blog: The world will get to know you expertise by reading the blogs that you write. You write to write your case studies on how you helped in solving a business problem in a real situation. The more you write more people will know about you and your experience. You also need to create certain demonstrable asset of your work and showcase it to the world through your blog.
Consult: Now that you have developed the knowledge and enough expertise through your job and publicized your brand through your blogs, the next step is to start consulting others. You will now get paid for your expert advice you give to them to help them solve their business problem. This will make you authoritative.
Mentor: Finally the stage will come where you have to start mentoring other and make them become like you. This will help you to scale up to a new level to get better clarity of the subject. In addition, the people you mentor in turn will help you to boost your personal brand.
So, let me quickly summarize and reiterate the key point discussed. To become a successful marketer, you should have good understanding of the Laws of the Marketing. You learnt the comparison between traditional and digital marketing and how they can be used wisely to reach your target audience. In digital marketing, you need to integrate the various channels to get better results. Next, we learnt how to select your niche and the CATT marketing funnel to increase your wealth. At the end, we learnt how to build your personal brand and use the same to grow as a marketer.
- The 22 Immutable Laws of Marketing — Al Ries and Jack Trout