I met a friend of mine (An Entrepreneur) over a cup of coffee. It was an exciting day! Especially after being locked at home for more than a year due to COVID-19 pandemic. We chit-chatted for some time and through the course of our discussion he said, “I haven’t focussed on Marketing for my business because I feel marketing is about pushing / falsely leading people to buy a product/service irrespective of whether the customer wants it or not.”
Is it True?
Unfortunately, most Business owners have this misconception about Marketing. Some people think Marketing is Sales, and few others consider Marketing as an unnecessary expense and hence are hesitant to spend on it. I am pretty sure that you are aware of this insane Brand called “Apple” ” Have you ever thought about why a Brand called Apple (A Name nowhere related to the kind of product it sells) is most sought after by people across generations? It is due to Marketing! So then,
What and Why of Marketing?
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself… The aim of marketing is to make selling superfluous.”
– Peter Drucker
Marketing is a broader term. Briefly,
- Marketing starts even before product creation (or) company establishment and continues ever after that! It starts with either selecting your Niche or understanding the customer and the customer’s needs (Both unknown and consciously known needs) that leads to creating a Product / Service that fits in. Eg: Apple’s first launched iPhone, smartwatch, and Ear Pods are all Innovative products born out of this Process.
- It is not just about selling, it is also about keeping an existing customer happy through our products and services (Customer Experience).
- It is about creating awareness among the public about your Brand and the products you offer. i.e., ensures sending the right message to the right person at the right time.
- It helps to build Trust in the Brand.
- Marketing is the best investment a company can make. It gives a faster ROI than any other department within the Organisation.
So now we know what Marketing is and why we need it. Here comes the most crucial part,
How to do Marketing?
The wealth and success of a Business depend on the Marketing Mix a firm strategizes to market its goods and services. The 4Ps of Marketing Mix are,
- Product (or Service)
Photo Credits: Gliitterz
In this article, we will be looking at Niche and Promotions more elaborately.
Niche (Product/Service selection):
We saw that marketing starts with either selecting your Niche or understanding the customer and the customer’s needs (Whichever comes first). This helps in determining the product/service the company would provide.
Photo Credits: Gliitterz
As in the Image above, a combination of these three elements plays a key role in determining the Niche to work at / start a Business. They are,
Market – There are several opportunities across Industries/sectors. However, not everyone who starts a business/work is successful in it. The most successful group of companies are those which initially focussed on one product/service area(Niche) within an Industry, stabilized the growth and then diversified into other fields.
Here comes the need to know about two other Elements, which help to determine the market and niche.
Passion – passion is an innate interest/encouraging feeling which helps you to overcome your inner fear/hurdles when doing something. It is a natural feeling that can’t be learned or acquired but is always present within you.
Eg: When we ask kids what they want to become, they give different answers depending on what they are passionate about like wanting to become a Dancer, Racer, Actor, Doctor, Cricketer etc…
Talent – we have seen thousands of people giving auditions for Talent shows, super singers and many other programs out of passion. However, only a few are successful in getting through the different levels of competition. What differentiates them? It is their Talent relative to their competitors.
Promotion is that part of Marketing the general public notices the most. Every company has to focus on 3 Key areas to run a successful promotion.
- Marketing Funnel
- Integrated Marketing Approach
- Building a Personal Brand
Marketing Funnel & Framework
- Content: Content is the basis of all promotional activities, Traditional or Digital Marketing. You need to create valuable and relevant content consistently to attract your potential customers.
- Attraction/Attention: Retain their attention through different types of content (Text, Image, Video etc…. ) through Social Media, SEO, Paid Ads etc…
- Trust: Build Trust at every Interaction in their customer journey by providing the best customer experience
- Transaction: Convert your leads into customers using sales methods.
Integrated Marketing Approach:
Marketing is classified into,
- Traditional Marketing and
- Digital Marketing
As the name indicates, Traditional Marketing has been in the field for a long time. It involves marketing through mediums like
- Banner culture
- Offline Events etc…
Digital Marketing came into play with the birth of the World Wide Web (WWW). Today Digital Marketing involves a wide range of platforms like
- Social Media (FB, Instagram, LinkedIn, Twitter etc…)
- Paid Ads on Social Media
- Search Engine Optimization (SEO)
- Search Engine Marketing (SEM)
- Email Marketing
- Mobile Marketing Eg: WhatsApp, Mobile Apps
Businesses never had a more accurately targeted reach before Digital Marketing. However, businesses can’t negate the need for a Traditional Marketing strategy which is cheaper, especially when the product is generic with a very wide target. Eg: Toothpaste and soaps are used by people of all age groups irrespective of gender.
Successful Businesses have been able to have an Integrated Marketing Strategy (Traditional + Digital Marketing strategy) in their promotional activities. To know about our Services -> Services and if you want to connect with us -> Contact Us
Why is Personal Branding Important?
People want to hear from people and not from faceless objects. (On a lighter note, can you imagine how frustrated you become when you have to resolve an issue with customer care by interacting with an IVR for more than a minute or two).
A personal brand becomes an influencer, and people tend to trust a Brand more when they know about the goodwill of the person behind the Brand. Eg: Elon Musk Dogecoin had more immediate attraction than any other Bitcoins in such a short period.
However, one needs to be aware of the Downside of it. Just one public negative remark can badly impact the Brand behind the face.
we have seen how marketing is an integral part of a successful Business and the key areas to look at in all promotional strategies. Are you still sceptical about the role of Marketing in your business? What are some of the difficulties you face in your Marketing activities? and What are the best practices that made your business a step ahead of others? Do feel free to comment below!
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