Jump the queue and get started with these “Secret Marketing Formula”
What are the 5 biggest marketing challenges faced by home sellers and women entrepreneurs while running their home-Based business?
Is your market reach limited to your residential society or WhatsApp groups?
Do you often lack the knowhow to extend the demand for your Home-based, products or services to a much wider audience?
Do you dream to grow big and aspire to reach your products and services not only Pan India but Global?
Are you stuck with the questions How?? How to Market? How to Price? How to promote?
Here’s the Secret Mix of Marketing, Branding and Economics that would help answer all your questions and help you scale your business.
A Complete guide for Women Entrepreneurs, DIY Crafters, Home Seller Artists, that Will Pay Off.
Are you ready?
Take a deep breath!! As you journey with us to take your business to the next level.
What is Marketing?
Let’s Face it, the term “Marketing” means different things to different people. For some it is a way in which one shows, how awesome their product is and why people should buy it. For others it may mean releasing an ad, or distributing brochures or even launching a promotional event. For some reasons marketing may also mean selling on a large scale.
The reality is, Marketing is the process of understanding your customer’s need and building a product that fits in. It also includes keeping an existing customer happy, building and maintaining trustworthy relationships and build a strong brand image.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.”
~ Peter F. Drucker
Now let’s look at some of the basic marketing principles.
Have you heard of the concept of “Marketing Mix"? It is basically a set of tools that help business achieve their objectives.
The 7 P’s of the Marketing Mix
Product: What are you selling? A handmade baby hairbow or a? A hand-crafted Fashion Jewelry? Home-made Pickles or Papadums or jams? Or do you own a patisserie; skilled in the making of pastries, desserts, breads and other baked goods. Whatever your goods or services may be, it is essential to fulfill an existing consumer demand. The fact remains that a great product would sell for itself. Choose a category which is in demand and become a leader in that category. Always select a small niche and gradually expand it. Enter a competitive market but have a unique angel to it.
Price: In order to arrive at the right costing for your product or services, you have to do some research based on the Market Segment you are targeting:
Ø Market Size — local\regional customers? Male\Female? Children? Age group? Knowing exactly how many potential customers are in your target market.
Ø Market Wealth — Does this market have the money to spend on your product? How much are consumers willing to pay?
Ø Market Competition — Are there many competitors? Find out how your competitors have priced their offerings. Deciding where to compete is like achieving half your success.
Ø Value Proposition — Is your USP unique enough to cut through the noise?
Promotion: Includes any kind of communication made by the business to influence people to buy their products or services. For a generic product which caters to wider audience, traditional methods like ads on television, newspapers, radios would be appropriate.
For a population which uses electronic devices or the internet, modern methods of Digital marketing can be used to promote ads on web content, ads on a podcast, email marketing or push notifications. Depending upon the kind of product or service offering, one can decide an appropriate channel to promote.
Place: ‘Place’ refers to where you choose to distribute or allow access to your product or service to the customer so that he / she can purchase it. They can either buy it from a store or online through your website or various other marketplace platforms. Depending upon the type of product you may also need to plan how much inventory to hold and where to keep it.
People: “People” are the ones who are involved in selling, making, designing, delivering a product or service to the customer. They are the backbone of any business, right from the front-line workers to the CEO. Having the right people with a right mindset is essential, because they are as much a part of your business offering as the products/services you are offering.
Process: These are series of actions that are taken in delivering the product or service to the customer. The processes should be such that it minimizes your cost at the same time maximizes benefit and value for your customer.
Physical Evidence: The attractiveness of the physical service delivery place, leaves an impact on the consumer’s mindset. A clean, hygienic and soothing environment may provide a sense of comfort and security to the customer which will make him come back for repeat business.
By Optimizing each P of the marketing mix, you can ensure that your, employees are happy, your customers satisfied and your business goals are achieved.
Understanding the power of CATT marketing funnel and frame work:
So, what do you understand by Marketing Funnel: It describes the different stages a customer goes through, right from the stage of looking at your website for the first time, subscribing to your email list to reading your emails and leading up to their purchase? It is also known as the buyer’s journey.
The winning formula is Wealth= n^ CATT
Where ^ denotes the power, where your niche (n) will be successful with the correct multiplication of the CATT.
N = The Niche or in other words specialized or focused area that your businesses can serve to differentiate themselves from competition. Your success and wealth would depend on the niche that you choose.
C = The ‘Content’ that you create that attracts people from your niche, like blogposts, videos, live webinars, podcasts etc.
A = The art of driving (traffic) ‘Attention’ to your content by using SEO, referrals, paid ads, social media, lead generation etc.
T = The ‘Trust’. Once you drive attention you need to build trust with your audience/ customers with the help of tripwire offers, marketing automation and retargeting. This is a more personalized way of communication with the target audience.
T = The ‘Transaction’. Converting leads into transaction through sale.
Completing the entire funnel is the secret formula to create wealth. Always remember that the effectiveness of your CATT funnel determines how much wealth you can create. Selection of the niche is the key to success.
How to select a right niche?
Niche is a combination of three major factors Talent, Market and Passion.
Ø What Are Your Personal Strengths, Skills and Talents?
Ø Are you passionate about those skills and talents?
Ø Is there market for the skills and talents?
When you get that perfect Venn diagram that aligns your skills and passions, with a strong demand in the marketplace that can be translated into a significant income that is the right niche for you to grow and evolve.
What does Integrated digital marketing framework mean?
Integrated digital marketing is, the integration of multiple marketing methods for a comprehensive online approach for your business.
Lot of businesses focus on one or max two methods of digital marketing. But in order to grow exponentially one can use an integrated approach of all the components like a well-oiled machinery which works efficiently through the effective coordination of many channels together.
Some of the channels of digital marketing are
Organic search, Search engine marketing (SEM), Email marketing, Display advertising, Social media, Videos, Events, Speaking Engagements, Websites, Blogs, E-Books, White papers, etc.
When you use all these methods in an integrated way the output will multiply the effectiveness of each component which would get you better results from your digital marketing efforts.
Do you aspire to build a Powerful Personal Brand?
Personal branding is the key to success.
“The Best known will always out beat anything….You have to be known to be successful. Showing up over and over again is the only way to become top of mind of your consumers” ~Grant Cardone
When you stand out in your industry, people take note of yourself.
Consumers want to see a person and not a logo behind a brand.
Highly Visible Experts attract more attention.
Market yourself in a way that people know your brand from your stories of Who you are? How you started? Where do you want to go from here? For. E.g. Elon Musk has more fan following than his brand Tesla or SpaceX.
Personal branding will help you influence many more sub brands and great opportunity to grow and expand.
Mass Trust Blue Print Concept: Evolution of Personal Brand
Mass Trust Blue print is all about how one’s personal and professional brand evolves.
There are 6 different career evolution:
Learn: a new skill through facts and procedures
Work: Put your newly acquired skill to work by implementing and practicing
Blog: Build your personal brand through writing. Express your learnings and experiences through blogs and build a personal branding.
Consult: Once you have developed your personal brand through blogging and you have learnt the fundamentals, sell your advice based on your experience and learnings.
Mentor: Mentor others and enhance your skills and understanding to a next level.
Start-up: Start your own product or service with the understanding that you have developed about the market, the problem and your own skills.
The evolution of personal branding is an ongoing process. This circle of evolution never ends.
Learn — Work — Blog — Consult — Mentor — Start-up — Repeat
The Mass Trust Blueprint will help you build your own personal brand in your own niche.
To sum it up….
”Make your marketing so useful, people will pay you for it.” ~ Jay Baer
Thank you, for your time to read this article, We’d love to hear from you on your experience after following our guidelines and tips. Do drop in your comments and suggestions.
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This article was posted as part of an assignment for Digital Deepak Internship Program : https://deepak.me/internapply
