The Only Laws Of Marketing Resources You Will Ever Need
“ MARKETING IS NO LONGER ABOUT THE STUFF THAT YOU MAKE, BUT ABOUT THE STORIES YOU TELL”
— SETH GODIN
In this article, I am going to talk about my understanding of the summary of Marketing in WEEK 2. Here we learned about the fundamentals of marketing, Global Economics, Digital Marketing vs Traditional Marketing, CATT marketing funnel, Integrated Digital Marketing, and Personal Branding.
Why The World Would End Without Marketing-
Fundamentals Of Marketing-
Many small business owners start a company based on the product or service in which they are expertise.
Focusing your efforts on creating a good product is the key to success. As you are in the business of marketing money and the way you handle the financial part of your business is as the quality of the product that you sell to get success. so take the time to set a financial goal and monitor it to set your business meets the goal.
“A good financial plan is a road map that shows us exactly how the choices we make today will effect our future” — Alexa Von Tobol
How To Set Your Financial Goals Could Help You With The Game Of Thrones-
“Help 1,000 students to crack their Olympiad and Competitive Exam by applying Vedic Maths tricks by 2025”
Suppose I will sell products (online Course) to 100 customers with a product price of Rs 20,000 each in a year, I will make Rs 1 crore revenue in 5 years.
Increasing the product price with fewer customers is easier to sell products.
so in a narrow niche Quantity of suppliers and service providers will less.
Laws Of Marketing-
Marketing is based on Science and not on creativity. As marketing is about sending the right message to the right person, at the right time. Before creating our course product, we should start marketing. so that we can understand our customer’s choices and needs. It will help us to create which type of products that the market needs.
“Good Marketing makes the company look smart. Great Marketing makes the customer feel smart. -Joe Chernov
Some of the Laws of Marketing taken from the book “ The 22 Immutable Laws Of Marketing by Al Ries and Jack Trout” are-
- Being first in the market is better than having a better product.
- Marketing is not about the product but about the perceptions.
- If you can’t be the first in a category, set up a new category. you can be first in. For example, who was the third person to fly the Atlantic Solo? You think you don't know but, you know it was “Amella Earhart”. but she is better known as the first woman to fly the Atlantic Solo. Maths is a broad niche, so I choose Vedic maths tricks for Olympiad and Competitive exam as the micro-niche.
- It is better to be first in mind then it is to be in the market place.
- Overtime categories divide and become two or more subcategories. Market start with one category but like Amoeba, it divided into subcategories.
Entering a competitive market-
Customers get more options when the competition is strong in the market.
for example, As Samsung has branded out so many products. So why customers would pick up another brand. They might buy every product from Samsung itself.
Why One should learn Marketing-
Marketing the medium between producers and the consumers. various jobs are available such as
Sales
Advertising
Product Development
Direct marketing
and Digital Media
The better you understand your customers the more valuable is the product or service, you offer to them. If you know how to sell and market both, then you have a better and safe career.
“ Communication — the human connection is the key to personal and career success”-Paul J Meyer
Why Communication is Important in Marketing-
- Good marketing is all about good communication.
- If you can communicate your idea and thoughts well, the customer can trust you.
- In order to improve communication, then write more. The more you write, the better you speak.
How Basic Of Global Economics could help you win the Game Of Thrones-
Global Economy refers to the interconnection of worldwide economic activities that happens between different countries.
- when the Average age of the country goes up, the economy also goes up. (Average age of India is 27 years)
- Debt creates money- Money is created to inform of debt. Bank creates money in form of loans. As people take loans, more new money from RBI comes into the economy. All extra created new money funds show people the impression of the country’s economy is doing well, which encourages people to borrow more. As debt goes up, the money also goes up.
- During a recession, Production, consumption, unemployment shrinks the economy of a country. People save more and interest rates also fall. bank’s profit margin shrinks.
Traditional Marketing Vs Digital Marketing
In Traditional Marketing, Newspaper Ads, TV Ads, Radio Ads are highly costly. You have to pay on the basis of allotted slots. But Digital Marketing is budget-friendly and even new entrepreneurs can afford this.
Ads in TV, Radio, and newspaper comes with a limited time duration. but we can see everything i.e number of visitors, in which time more number of visitors visit per the particular time and day, conversion rate and bounce rate.
The traditional advertisement is limited to a certain locality but digital advertisement reaches out to the entire world.
Direct Response Marketing-
“ Do not…… address your readers as though they were gathered together in a stadium. when people read your copy, they are alone. Pretend you are writing to each of them a letter on behalf of your clients”. — David Ogilvy
It responses by encouraging prospects to take a specified action.
It can be found in all forms of advertising, TV commercial, magazines, newspaper ads, radio, websites, and online ads.
Every direct response ads include clear to action i.e subscribe to our newsletters when someone visits a website, share images/articles, download free Ebook, sign up for mailing lists, etc.
CATT Marketing Funnel-
Wealth= n^CATT
where ^ is raised to the power
n=Niche according to which you choose to get your customer
C=Content, Create useful content for your blog, website, video, and podcast
A=Attention, Drive Attention to content using SEO, Social Media and Paid Ads
T= Trust, Build Trust with your customers with Tripwire, and Automation
T= Transaction, Converts leads into customers.
CATT marketing funnel describes how your customer will involve with you on your whole journey of marketing.
Before creating the course product, we should start marketing so that we can understand our customer's choices and needs.
Niche Selection-
“ Anybody who is trying to learn to do marketing is you have to niche yourself down to a specific industry …. If you pick something, be the best at it” - Brittany Thompson
How to Find your Niche-
- Find your Passion and interests
- Identify the problems you can solve in the market needs.
- What type of questions people are asking?
- Research what problems or questions they have, find out from Quora, FB group, What's App Group, Forums, or you can post the google form asking about which type of questions they want to learn.
- Research the keywords combination on google auto-suggests, Semrush, Ahref, Keyword explorer, and google trends.
Integrated Digital Marketing-
This engages customers with your company or brand that combines all parts of marketing communication such as sales promotion, advertisements, etc.
Personal Branding-
“ Branding is what people say about you when you are not in the room”
- Jeff Bezos
Personal Brand is how you promote yourself according to market needs. It differentiates you from other people. it is the image that people see of you.
without skills, no one can build his/her own personal brand.
Learn- Learn new skill what the market demands. understand basic concepts and go deeper with practice.
Work- What you learn, implement it through work i.e in your career, blogs, or own project to the market that gives you more understanding.
Blog- write more which helps in understanding the concept and then write in your blog what you learn from various resources.
Consult- Now you learn, you have work experience and your personal brand through your blog. Now start consulting other businesses.
Mentor- Mentor other people through your course content. this will help your understanding to a new level.
Start-Up- Start your own product or service that you have developed about the market needs.
IMPORTANT LINK-
Apply for Batch 8 Digital Deepak Internship Program
Recommended Books-
Economics 101 By Alfred Mill
Currency Wars By James Rickards
22 Immutable Laws of Marketing By Al Ries and Jack Trout
Capital By Thomas Picketty
Adweek Copywriting Handbook By Joseph Sugarman
Conclusion- Marketing is very important for our career and business.Because we promote ourselves better according to the market be it getting a good job, clients for our business.
Most important, always create great products and don't focus much on marketing as according to Bill Gates, Content is the king
Thank you so much for reading this article.
This article is a part of the Digital Deepak Internship program. Finally thanks to Deepak Kanakraju for his Internship program which helps me to write such a long article.
