This article is specially written for entrepreneurs, freelancers and Marketers. Understanding and practicing the following will help you succeed in your career. What is marketing, when/ where it starts, what all are an entrepreneur, freelancer or marketer to focus to be a great influencer in the market. You will also learn how the global economy and national economy creates an impact on your market, what is CATT funnel, why personal branding is necessary and the evolution of personal brand.
What is Marketing?
Marketing is an activity of understanding market needs, creating a product that suits the market need, communicating to the customers, selling the product to the customers, providing support and building trust with the customers to stay with you.
Where does it start and end?
Marketing is an important thing to learn to grow a business or service and it starts before you create a product/ service and does not end. This means, you should understand the market need to create a high demand product/ service and you should provide services after the sale and market continuously to make them stay with you.
Marketing is not up to selling a product, it is even after selling it. Only then the customers will purchase the product for the next time. When we buy a product, we look for the support from them after purchase. If a company does not provide services, we regret buying that product. Let’s see some examples. If we look for a mobile or earphones, we look for their service centers availability. If we purchase through online, we ensure that they give the option to return if the product is not good. Only then we go ahead and purchase. If you’re good with some brand, we usually go with them for the next time.
4 things to keep in mind while starting a business and running ads.
Focus on a specific niche. Niches should not be too broad and too narrow.
Integrated marketing is more efficient than focusing on single marketing.
Target Tier 2 cities as there is less competition and the people are with good purchase capacity.
Serve the direct response ads to know the effectiveness of the ad.
How do you get to know the market needs?
Only way to get in touch with the customers and have a conversation. There are two modes. Go and have the conversation with the people to whom you’re planning to create a product and service in person. You can run a poll campaign to know their needs.
Marketing works either way, it may grow your business or destroy your business. If the product quality and service is good then customers are going to be happy and your business grows else it works negatively.
Communication skill is the most needed skill to convey simply to the clients to make them understand the need of your product/ service. Do not confuse communication skill with the language skill. Communication skill is, you want to communicate and make them understand easily what you think. It does not require a great language skill.
Start a conversation that customers may already have in their mind. Ask possible questions to yourself and answer those. If you do not find any questions, have conversation with others (Maybe friends/ type of customers you’re targeting). Write an article describing your product or service and give a reason why the customer has to buy yours. Writing about the product or service will give you more clarity.
For example, customers may think that having a website could be costlier. So you can start a conversation like, ‘Does having a website costlier?’ or ‘Own a website at just $50’. These kinds of conversations will attract the customers.
Likewise, you should understand the global economy and national economy to make business decisions. Why do you want to understand the economy? Because the economy helps you to make decisions on where to sell a product and helps in doing product pricing.
You should also understand how money flow helps in the increase of the economy. Let’s say, you buy a birthday cake for $25 from a shop, then the shop is going to buy some raw materials from a supplier for their shop. And the supplier will buy something for his family and then it continues to many people. So, the same $25 helped many people to buy something for their lives. Let’s assume, it helped 20 people then it means the value of $25 is now $500 (20 people x $25 = $500). This is how it helps in the increase of the economy.
This is why holding money in a pocket or cupboard does not help anyone and it slows down the economy. If you have extra money then put it in a bank or invest in stocks, mutual funds or in bonds, so your money will make a profit and it will help many people.
Is still traditional marketing important?
Yes, it is. There are many companies out there displaying ads on TV, newspapers and magazines. Because, you can reach more audiences with less cost. This reaches the customers who are not active on social media and blogs where the ads can be displayed. As I said earlier integrated marketing is very important which includes traditional marketing too.
If you’re starting a business, meet your clients in person. Meeting in person gives them trust. If they are away from your location, then schedule a video call.
Choose a niche in which you are going to be the only one. Be a specialist in a niche so that you will get paid high for your services. The customers looking for high quality service/ product always look for specialists. We all know that general doctors are paid less compared to specialists (Heart Surgeons, Neurologists, Skin Doctors, etc.).
Provide some special services/ features where others do not provide the same. Let’s take WhatsApp and Telegram. WhatsApp covered almost all the internet users to chat with their friends and family. WhatsApp has a huge customer base and it cannot be replaced easily. But Telegram came with different features which was not provided by WhatsApp. WhatsApp has the group member limit to 256 members whereas the telegram app came up with 200,000 members. WhatsApp has the size limit to 16 MB whereas Telegram has the limit of 2 GB. And there are many other features that can be pointed out. Those made the Telegram to achieve a different set of audiences/ customers.
This is one of the best methods to increase the sales through organic traffic. However, implementing paid ads gives faster growth.
Wealth = n^CATT
- n – Niche
- C – Content
- T – Trust
- T – Transaction
This is the process of getting attention from a large amount of people through content and building trust with them about the brand. Once they start trusting the brand, they will move forward to buy from the brand. This is how the transaction happens.
When you create high quality content to help resolve the problem of the user, they start trusting you. As they trust you, they become your loyal loyal customers.
If you understand all the above concepts and practice, you will become a successful entrepreneur, freelancer or marketer. Without these you cannot be successful.