Reasons why marketing and business fails !

Lots of people start their business but fail because of lack of guidance and they don’t follow marketing fundamentals.

They don’t have communication skills.

They don’t know how to reach their specific audience.

In this article we are going to learn about fundamentals of marketing, CATT marketing funnel, digital marketing vs traditional marketing and personal branding.

“Because it is its purpose to create a customer, any business enterprise has two — and only these two — basic functions: marketing and innovation.” — Peter Drucker

We are going to learn some basic concepts of marketing and some general rules that we should keep in mind.

So if you are willing to start your business and want to become an entrepreneur you are in the right place.

So let’s start:

Fundamentals of marketing

Marketing is the process of exploring, creating, and delivering value to meet the needs of the target market in terms of goods and services potentially including selection of a target audience.

At first glance, marketing even a single product or service can seem like an enormous challenge. You understand the value of your offering — but how do you show it to consumers? And how can you ensure they actually pay attention to your message? Creating a successful marketing strategy is all about getting to know your audience, analyzing consumer behavior and acting on it appropriately.

Marketing starts before creating the product. Product will be built according to the needs of the customer.

When you create a high quality product then marketing is not needed. A great product will sell itself.

Let’s take an example- Hennes & Mauritz AB is a Swedish multinational clothing company which is popularly known as H&M.

H&M produces high quality clothes and gets to the point what the public needs, otherwise only producing high quality clothes won’t make them the world’s biggest clothing brand.

Marketing is about sending the right message to the right person at the right time. We need to find the person who needs our product and show them at the right time. We need to know the customer’s needs.

Purpose of marketing is to build a brand and create a good position in the customer’s mind.

Selecting a good niche is a task.

A niche is the area of expertise in which you will specialize. Let’s take an example

“Gamers” is a catch-all term that contains a variety of subsets: mobile gamers, PC gamers, console gamers, table-top gamers — the list goes on. There are more than 2.3 billion active gamers across the globe, and nearly half spend money on their hobby, amounting to an industry worth $137.9 billion in 2018.

Shazim Mohammad launched his online store, Glorious PC gaming race with products specifically aimed at PC gamers. It becomes a 7 figures business that basically runs on auto-pilot.

Communication skills

Good marketing is all about good communication skills. Good communication means simple english which is easy to understand.

Write like you talk. Understand your target audience very well.

It does not care about vocabulary and grammar. Am I able to transfer my thoughts to you effectively is the only question to ask.

Digital marketing vs. Traditional marketing

Traditional marketing

Traditional marketing is more about bringing attention to your product and service in hopes they can be convinced to purchase.

Traditional marketing is the form of reaching the audience offline

It is the best way to reach the audience which are not socially active.

example ; through television, newspaper, radio and all other medium that are offline

PROS

Impactful and easy to understand

A billboard or a TV advertisement is a normal part of most people’s daily life.

Printed marketing materials are more permanent

If you have advertised in times of India it will be there until the newspaper is recycled.

CONS

Often expensive

If you are a brand and want to be famous among people you need funds for the advertisement or poster.

No direct interaction with the consumer

Unlike social media marketing, you’re more or less in the dark about your audience’s reaction to your marketing efforts.

Digital marketing

Digital is the obvious choice for many reasons: optimal reach, price, speed, flexibility, etc. Digital marketing uses every touch point of your daily use of the internet to reach you.

PROS

Easy to measure your campaigns

On the flipside to traditional marketing, the specifics of digital marketing tracking is exceptionally in depth.

Makes clever targeting possible

If your product is a gaming product you will target a particular audience.

CONS

Digital ads can be deemed as annoying

Sometimes ads become annoying for the customer.

Less permanent

They are less permanent and can be easily ignored.

Digital marketing efforts like Google ads, banners, promo emails or social media ads can have a temporary character.

In my opinion both are valuable and have their place.

CATT Marketing funnel

Wealth = n^CATT

{n} — Niche- Your success and wealth depends upon the niche you choose.

{C} — Content- Create useful content that attracts people from your niche , blog, post, lead magnets etc.

{A} — Attention- Drive attention to your content using SEO, social media, Paid ads, and referrals.

{T} — Trust — Build your trust with your audience with trip wires, marketing automation and retargeting.

{T} — Transaction — Convert your lead into a customer with a natural sales method.

Marketing is not only about selling. It is also about keeping existing customers happy by communicating with them so that they can remain customers for life.

Integrated digital marketing funnel

Integrated digital marketing is a method of engaging customers and prospects with your company or brand that combines all parts of marketing communications to work together and assist the customer along their journey of awareness to loyalty and advocacy.

It includes digital advertising sales promotion, public relations, direct marketing, and social media as well as customer support and customer relationship management.

A proper business all topics to be covered.

Personal branding and Mass trust blueprint

Personal branding is very important to build trust and reputation among your audience. They have an insight of who you are, what you do and how you can serve them.

Elon musk has a bigger following than space X and Tesla.

The steps to start your personal brand are as follows:

  1. Learn — Learn new skills through concepts, facts and procedure. It’s the first step of personal branding. Understand the concepts and practice the procedure

2.Work — Now you have learned new skills so you need a job. Work as a freelancer or get a job to gain experience and you will know the idea of work. You need to practice what you have learned.

3.Blog- Start writing what you have learned and experienced and give your public a deep clarification of what you know about your skill.

4.Consult- So now you have your own brand through your brand. Instead of doing a job or freelancing try to tell people how it’s done. Try to get a consulting project. Now you consult people so they will pay you now because now you are a brand and now you have your own experience in your field.

5. Mentor — Mentoring others will get you to understand your concepts better. Mentor others who want to become like you.If blogging is level 1 of clarity, then consulting is next level of clarity, mentoring is a whole new level of clarity.

6. Startup- Now start your own product and service with the understanding you have developed.

Summary and conclusion

In this article we have learned the law of marketing, CATT funnel, integrated digital marketing, finding your niche, mass trust and personal branding.

Start practicing your new skills . implement the things you have learned

Try to get a job or do freelancing

Work on your own projects and create your own brand and try to explore the world.

In this world marketing will never end.

EAT>SLEEP>LEARN>REPEAT>IMPLEMENT WHAT YOU HAVE LEARNED

All the best.

Want to know more about digital marketing?

CLICK HERE

For niche selection visit this blog.

For best skateboards visit this.

This article was a part of the Digital Deepak Internship Program. I really appreciate Deepak sir for his efforts and valuable words.

Link to DigitalDeepak.com if you want to. And you can mention that this is part of the Digital Deepak Internship Program. If you want to get people to apply for Batch 19, link to https://deepak.me/internapply

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