In this article I am going to brief you about what I learned in the 2nd week of the digital Deepak internship program.
Learn why marketing is the safest career option, the law of marketing, the fundamentals of digital marketing and why digital marketing is more about marketing rather than digital. You will also learn how to set your goals and how to achieve your target of making Rupees one crore.
Law of marketing
Marketing is a centuries’ old science that’s ingrained in the human psychology. It is an ongoing process that starts even before creating the product. A product should be created keeping the needs of consumer, in mind. Marketing doesn’t end with sales and is a long-term continuous process that exists before, during and after the sale is completed.
You cannot abandon your customer after making the sale, as his feedback is necessary to develop the product further, so that the product fits well and keeps the customer happy so that he remains loyal for a lifetime. If a product is developed in such a way it would not require cumbersome, continuous selling and it would sell on its own.
Marketing is about building Masstrust with your audience.
Quote_ “the aim of marketing is to know and understand the customer so well that the product fits him and sells itself. The aim of marketing is to make selling superfluous_ Peter Drucker”.
Marketing should not be the priority over the product. It’s the product that we should focus on, as a good product makes its customers its brand ambassadors and sells through word of mouth.
Advertising, sales, copywriting are various components of marketing.
Marketing helps discover the product and form perceptions about it.
Building a strong brand.
The first step is niche selection. A niche should be based on your talent, passion and market. It’s wise to enter a competitive market and acquire a unique position in it.
You should aim to be the only one in the niche rather than just no.1 and should focus on going deeper first and expand later when saturation takes place
People only remember the number one in a category therefore if you cannot become the leader in a particular category, choose a sub category, instead and become a leader in it.
Why learn marketing.
Marketing has withstood the test of times and has remained relevant even in the fast changing technological advancement. It would continue to be the safest career in the coming times of Artificial intelligence and would never get obsolete
Marketing is something that everybody has to learn at some point in his career and more so for entrepreneurs. A founder of a company should have strong fundamentals in marketing since it cannot be completely out sourced.
Marketing is the investment that gives immediate and direct results and also the best return on investment.
Importance of communication skills
Marketing is all about having good communication skills. Communication is the ability to transfer you thoughts/ideas in the most effective manner. You should be able to communicate the right message to the right person at the right time.
Writing is an essential skill you need to develop in order to communicate with your audience. You should be able to write like you talk in order to connect well.
To develop your writing skills you should write a lot as it gives you more clarity on the ideas you write about
You may watch English comedy shows and think more and more in English.
Importance of knowledge about economics.
Marketing strategies should be based on the purchasing power of your audience. You need to understand the global and national economies to be able to position your product in the right market that has enough customers having the capacity to buy your product. India is a developing country and it’s the best market to position yourself in and more & more global companies are entering India every year considering the immense potential. The majority of Indian population is young (average age being 27years) and growing and therefore it’s needs and spending power are sure to expand overtime making India a huge hunting ground for international brands.
Traditional marketing vs. Digital marketing.
Traditional mediums include television, radio, and newspaper. They should be used if your product is generic and caters to the larger segment of the population. Whereas, if your product is aimed at affluent english-speaking class the recommended medium is digital. (Some data- television has a reach of over 800million, radio reaches 65%population, and newspapers reach 465 million people, whereas digital media has a reach of 100 million)
Furthermore, digital marketing may be considered mostly as direct response marketing which is hugely measurable and trackable and is designed to elicit instant response by encouraging prospects to take specific action.
CATT marketing funnel and framework
CATT stands for content, attention, trust, transaction.
Wealth=niche^CATT; this is the formula to create wealth.
First you have to select a niche to focus on, it should be narrow enough to let you develop a strong distinct identity.
The second step is to create relevant CONTENT around your niche and it should be informative, engaging and useful. The various forms of content are blog posts, webinars, videos and lead magnets
Then you have to drive traffic to your content in order to grab ATTENTION through SEO, social media, advertisements etc.
Next comes TRUST , you have to make the most of the attention you get from your efforts through deep marketing, personalized communication & marketing automation etc.
The final step being TRANSACTION is the most crucial. You should be able to convert the leads into paying customers by way of sales pages.
A niche should be comprised of three components in order to be successful.
Integrated digital marketing framework
You should develop a comprehensive approach towards digital marketing and take all the components together in an integrated manner. Trying out separate pieces is not going to make you successful.
The following diagram shows how the various parts are correlated and should be combined together
Power of personal branding
You have to market yourself for letting people discover you. If you want to survive in the competitive market you need to create a strong brand presence because studies show that the best known always beats the best. It’s also true that people want to hear from people and not from brands. Personal brand becomes influencers/ambassadors for the companies they own
Evolution of a personal brand
In order to develop Masstrust in your audience the personal brand needs to continuously evolve through a process as shown in the diagram below
After having a clear view of the concepts narrated above its time to set your goals. My goal is to earn one crore rupees in a timeframe of two years. To achieve this I will have to choose a strategy based on simple mathematics. One way is, to sell a rs.10,000 product for which ill need to sell 1000 units. On the other hand if I choose a product valued at rs.1,000, ill need 10,000 sales.
The barchart shown below depicts the various alternative strategies that can be adopted to reach the target
Economics 101- Alfred Mill
Currency Wars-James Rickards
Capital in the 21st century-Thomas Pickety
Scientific Advertising-Claude C Hopkins
The adweek copywriting handbook-Joseph Sugarman
Confessions of an advertising man-David Ogilvy
So, this is what I learned in the second week of Digital Deepak Internship program. I have formed a gist of all the key elements. I hope you find it useful and informative. You are welcome to leave your comments. You may expect such content from me in the future as the course progresses.