How Law of Marketing made me a Better Person
Marketing is an Science not a Creativity.
In the article i m going to Talk about How Law of Marketing evolved in Individual and Professional. As we will discuss about tips to add Law of marketing in personal Branding. And this article will be very useful to young Entrepreneur who like to start business in Online with very less investment by finding the right target target audience.
In My MBA When i choose my specialization as marketing, Everyone advise is to its Sales Job, where you have to wear a Tie and carry a bag and have to knock everyone door and please them to buy the product. In my Native Language their is one Proverb about Tie “ Kaluthula Tie vayula Poi” It Mean the Person who is having Tie in the neck tell lie in the mouth.
Fundamentals of Marketing:
Marketing is not just about sales. It Science where the marketing starts before Product comes. Best Marketing Company or Person who will Understand the Needs of his target audience will make a product or service accordingly. This way Marketing works in Positive way.
Marketing having Negative face, where the Product Innovated and trying to bush the people to buy. This way as the Sales person has to use many manipulating word to convene the Client and at last client will not be happy. He or she started blames everyone as his manipulating words lost the power in short while.
The Best Way of to do marketing is to “ Make a People to reach you, instead of you reaching the people”. What ever comes to you without searching people consider that us a junk. For example we come across many ads in a day, as hardly remember of them . But if we search and it reflects , that ads mite make many impact on the searcher and supplier. This Principle works for the Google Search engine. That why the Google is holding major share of the market.
Marketing Never Goes out of Fashion. As its reflect to people in different shape and perception depend on the particular person view and professional . Just for the House wife, Marketing mean Just Advertisement. For a Small Scale Industry who is i tyre 2 and 3 City will tell its just sale. For Youngster its a profession with heavy pressure, as major people feels this and assumption of many people as its true too. If you ask the Executive who is having 10 years plus experience, he will its multitask role, as you have to learn many sector and interesting.
Marketing is just a Perception and it can be changes any time. But your Product is rooted in Reality. So if you are entrepreneur never ever compromise in quality of the product or service.
If you are husband or father, Your Look consider as a Marketing (perception about you) and you are not spending quality time with them and responsibility are not done (Service Quality ), then automatically you are considered as Irresponsible person neglecting the look of you, same time Farmer who is supporting his family to feed them any extent , he is well respected by normal people (its service matter not marketing). Something applies for wife and other roles. We can talk and create view about us, but if we become weak in Execution , people will start loose trust and respect on you.
Your Customer are your Brand Ambassador. Where the User can be the best person to tell about product or service experience. In Past people start believe the product if the known person or celebrity shown with product via TV or radio advertisement. But now a days its not working as people started believe that celebrity are promoting the product not using them. So many companies are started their promotion via end user experience. Like Colgate and some medicine ad which is related knew pain, shared by look of end user. If the same message shared by some of their family or friend, where the believe will be ore then 90%.
The Best Marketing for any Product or Service is word of mouth. Many Company think in initial state that after the Transaction done or product sale, their responsibility is done. But Actually responsibility starts double on that time, as this person trusted you and the company company have to retain that trust for long time. People generally trust who is been reality on practical. For example in Automobile sector, some models are having some issue in Airbag as soon as the producer here this, they recall the models for the change, its shows they are accepting their mistake and try to improve from that. It creates one more further deep relationship with that brand and company.
Even its works on relationship with friend, family and lovers too. If who ever accept the mistake and try to solve , come out fro their mistake , people accept them instead of avoid the mistake and blaming he others for the issue.
Brand Building is something very Interesting when its comes to start up. As first step they have to choose the sector where they ant to position them self. Do not be the No 1, Be the Only One.
Example : You want to Target E commerce Industry, As Its having many Sub Category too. Daily Grocery Like Long Shelf Life Product, Short shelf Life Product (Flowers, Milk), Direct Manufacturer.
Concentrate on the sector ho is having more money flow s that you can paid and that sale profit can be used for the other sector which is need a investment to support. Example if you want to support farmers of tier 3 city, Initial stage support the Tier 1 City farmers who is having more money flow. So the profit of that investment can be shared with this farmer initial stage as they can not investment in initial stage.
People Always Remember No 1 major as even the no 2 almost near too. Its people psychology and general be behaviors of majority of people. For Example who is First Prime Minister of India can be remembered 80% people as Jawahallal Nehru. If we ask them who is second Prime Minister of majority of them not aware. Same time if we ask who is first women or scientist to become prime minister, then people can easily tell Indira Gandhi and Dr. Abdul Kalam. Because they are from Sub categorized by people as a Women and scientist.
In My career in Marketing makes the Huge different when its understanding my environment and Individual. Marketing is like a investing in something which is never get down. Like general term if you invest in Land, it never goes down. As marketing Knowledge is something having long shelf life and its never goes out of fashion. Same time Marketing can not be done by Automation as only done by human. So its can be respond back by people as per their mind set and understanding the opposite part perception.
Any Sector will take their own time to gives return. But Marketing give immediate ROI. Same time any company if they want to cost cutting they never compromise the marketing employees counts, so your position also very safe. Marketing sector are the first come and last out sector in all the profit relate professional.
Communication is one of the major role when its come to Marketing. Communication mean not just meaning about Sophisticated English, Just replying or communicating to other party to make them to understand. Majority of the people are interest to lien to conversation which can be understandable. Considering the fact of major medium language is English.
If you are reading this blog and taking notes mean you are communicator who can make others to understand.
Always Join with the Communication in People Mind. So you can get attention of the people. and also its will be communication , where it can create opportunity to understand other person. so at last the communication will have good review and impact.
Generally when you are preparing for the presentation online or offline, first write down you point using pen and paper, it will makes your nervous alien your thoughts. If you read better, you can write better .Writing can make your thought clarify. Writing slow down your thought process and give you the clarity. Always think in English.
If any Entrepreneur want to choose the major key decision , they should aware of Economics. As this decide about Long terms perception and performance of the market. Purchasing power of the person decide about income and their expense. As the Average age of country is 25 to 30 Then the market is having very good forward for 10 Years. As this advance will give reasonable growth to the sector. Current average age of Indian is almost ~27 (Data is shared from Digital deepak Internship Class). It will take almost 10 year to reach to 37 as the daily birth will not have much impact on the average life.
Financial goal Plan to make an 1 Crore:-
If you want to Make an 1 Crore in the Developing Countries like India, Here are the Investment Plan you can make to see to the possibility. As this way of presentation makes to believe and confident about target and it shows the possibilities.
Above Image First representing Targeting Huge Sector of People by keeping the price as low as so that the volume of the customer will be more. Where this way we mite not get more returns, but we can create Trust towards our Product or service. Where the Turnover will be almost 1crore (100 / Price x 100000 Customers).
Next Cycle Increase the Product Price and Re-target the same sector people where the possibility of conversion will be 10000 out of 100000. Where the return customers will be just 10%. As we already create the Trust, here we don’t need to spend much to create marketing and awareness.
Same way in the third sector increasing the product quality and price further to 10000 rupee, from 10000 customers story 1000 customer, where the return customers is again 10%. So the third sector we can get good profit out of 1000000. Last our Most trust able sector , where we will be increasing the Price of Product from 10000 to 100000 and similarly the customers are target from 10000 to 1000. where here we will be not spending much on conversion, as we already create the deep trust with this clients. Like How we believe BMW and Volo for their nishe. (Volvo — safety, BMW- Driver Pleasure)
When the tough situation comes, we will come to know the real people value. Same its applicable for the Economics sector as the market toughness will clean the market who is not having very strong base. As you can see many start up close at the time of economic down time. Same time who having very strong base and proper measurement on their growth will have positive impact.Recession create the strong company.
Generally Everyone think India is big Market and Product or service can hav huge demand. Basically In India Buying Power of the People is very less and almost the Population of the California of US. As we are the second Largest populated country, still we have this concern.If we segregate the Indian Market to 3 part as India 1, india 2 and India 3.
India1 Sector are 31 Million, its almost 6% of the population who is working member and 23 Million household On and average per capita income i8800.
India 2 sector are the people are who is having 3000 per capital income , where the working member is 29millioo.
Remaining people all comes under the india 3 sector, as we need huge investment to target this sector, as they can not afford. As we have to concentrate more on other sector and invest that profit will make positive impact on country performance and organization development.
Same time some of the data will give some surprise, as the Amazon prime subscriber is almost 10 to 15 Million. 20 to 25 million online shoppers.WiFi and laptop accessibility increasing daily and its creates huge different on market performance.
As this is the right time to penetrate in Tyre 2 cities as the awareness about Mobile and laptop usage started more. As this will be used for the farmers benefit. Same time the people are now more comfortable and price friendly for online purchase. As farmers also can be ship to door directly from farm and some time can be charged premium too.
Digital Marketing Vs Traditional Marketing:-
If our Product are service is not under Generic Base the TV, Radio,Newspaper ad is best choice as the reach will be very wast. Almost 197 Million Household own Tv, Its average of 4 to 5 Person per Home. TV is having reach of 800 Million to 1 Billion People. This No is not even close to digital marketing activities. So Traditional marketing have their own advantage .
Here are few downside of Traditional marketing are:-
- No personalized Communication
-No Deep Trust Marketing
- Natural sales can not happen.
Direct Response Marketing:-
Immediate Response of the Executive will guide or assist the lead to take decision about purchase , that is called Direct Response marketing.
For Example, we can see many pamphlet of offer and deals to reach them immediately with their contact no. Its Direct Response Marketing. Advertisement on TV for weight reduce and seasonal products sales, where we can see their contact number even on Informal Time.Its also direct response advertisement.
WEALTH MAKING FORMULA — THE CATT FUNNEL
Wealth is not something you can create in short. Its something creating the system to work for you, instead you working for the system. This way without even your present wealth can be created in long time.
Wealth Formula = n ^ CATT
n = Niche Market which you choose. ( wealth depend on the Niche you choose)
C — Content
Create Useful Content that creates attention towards your niche product or service. That Content should give Interesting fact and relatable information for their reader so that it will create more attention towards the content.
Create the Traffic to the Content using different tools like SEO, Social media ad. This attention will start making the trust seeds on the reader.
Sending them en Email which their tips and tricks which can be used for their professional or personal life improvements.
T- Trust :-
Build the Trust with Audience which helps them to take decision towards transaction. Re targeting the Target customer can led t the Mass trust Marketing, where target audience will be ready to invest as soon as they come across the product or service which is their search.
As we created a proper funnel for the process, here the transaction can be happen by Natural Sales. As we dont need to do any cold call or email, s this happen by automatically, that's called its Natural stage of sales.
If you see above wealth formula, the Niche decides about the growth of the wealth. So choosing the right Niche is very important.
Here are the three part should cover for your Niche:
If your are have Talent and passion for your niche but that Particular Product or service dont have market. Then you can sell that, as no demand in Market.
Example: Pizza Makes in Tire 2 and 3 cities, as people are not interest in these food habit and they can not afford.
If you have Passion and Market, if you dont have talent then again you can cannot make sales, as the talented person will make better performance then you.
Example: The Person who is having word of mouth best market for his performance, can make better sale then you.
If you are niche having Talent and Market, No passion then again its short term growth. In long terms one one who is having Passion competitive will make you down.
So your Niche should cover this 3 sector.
Integrated marketing means Integrating the marketing Channel to Process the Wealth Formula. Many organization just to one or Two marketing activity and start telling no sales happens. Its true, every sector is having own strength and weakness. when we integrate together, then one to another compliments each other at at last it creates the Mass trust for the Transaction.
-We have to Create Content which should create interest and the information should be helpful for the reader to connect to their needs.
- Content can be promoted via Paid advertisement and make the reader to visit the blog to read the content to make an Trust.
- Same way email also can be collected via Paid advertisement and re-targeting can be done via Email marketing, this way we can get to know who is opening the email and what we will be lead conversation possibilities.
- SEO can be done for the Content and visit will read the content and google will rank our website and recommencement, as its having two way process. Email marketing also lead to Blog and where as many reader reaches to the blog the google search position will increase.
-Via Social Media Reader will visit your page and it can be shared with other if they find its useful and interesting.
Content Marketing is the Leader and remaining tools are Team member who support Content to reach to the Target Audience instead of behaving each tools separately for the Leads. This way we are communication to the clients related to their needs and desire then explaining about it and build the Trust.
As this above cycle we are not asking them to do Transaction in initial stage, we are explaining our self and creating attention and trust . so in the last stage the Natural SALES Transaction is happening.
Power of Personal Brand:-
“ Personal Brand means what People say about you when you are in that room”
Personal Brand something you have o inform to the world that “I m good at this”. Until unless you tell no one going to find you.
People want to talk to people not on the logo.
That’s why personal Brand always very important for every individual in spite of Business.
Personal Brand always into Personal touch which will lead to deep trust and which leads to personal connect to the person. Individual person life story can be well connect with People to make their trust go into deep.
As we can see many successful organization founds Personal brands are one of the key factor for their company success. Narayana Moorthy , Sudha Moorthy are the people part of the Founder team still as they are having very good reach about their perosnal brand, People are only aware of their name if any one remember Infosys.
Personal Brand can not be invested as its perception and individual name. But that perosnal can rise many other brand using his or her influence.
Evaluation of Personal Brand:-
Learn New Skill using Concept, Facts and Procedure. Concepts should be understand well to stand out of crowd and relate that understanding Concept to fact to make people to Believe. And Practice this procedure for the long time.
As personal Brand can be created in long term with consistency effort.
Here are the four steps which I found via Digital deepak Intership:
As per our previous discussion about Wealth formula, choose your Niche which should compile the Passion, Market and Talent.
Put tht new Skill into Work. Implements in the Real world, This will give you better understanding. This can be a Job or Freelancing or your own project.
Write about what you have learned and experienced through your work. When you write, you will understand it better and also you will start build your perosnal brand. After the Blog apply your learned skill into real world , which will make you to move one more level high inter of understanding.
Consult: Now you are having Personal Brand through your Blog. Have a Work experience and have learned the fundamentals.. Start consulting other Business instead of working for them.
Mentor: Mentor Other who want to become like you. mentoring will help you scale your understanding to a whole new Level.
Blogging (Clarity level 1 )→ Consultation (Clarity level 2)→Mentor (Clarity level 3)
Start Up: Start your Own product or service Business fro your understanding of your market Problem and your solution towards by using your skill sets which you created.
Choose your Niche Market and Understand your Target Market and start your Personal Branding towards your Target audience , Invest in Good Quality of Content for your target audience. Use the Different Marketing tools integrated way to reach your target Audience. What ever you learn, try to do make an blog on it and teach to others to reach to the next level understanding.