In this article, I am going to talk about doing modern marketing techniques in the modern age.
We are going to talk in depth about marketing,
why it is necessary,
why there is so much of a hype about marketing among business owners,
basic principles of marketing which can be applied for any business in India,
Role of communication in Marketing,
Different types of marketing frameworks.
What is Marketing?
Marketing is a way of promoting and selling products of a particular business. This is a type of field study which includes market research and advertising.
Marketing is inherent part of human behavior. It is a fundamental element of our society.
You might have heard the work “Marketing” many times in and around of you. Many people think marketing as a job where you have to go door to door to the customers and sell products.
But marketing is way different than that. It starts even before you launch a product. Marketing done before starting on the product development and it is generally known as “Market Research”.
There are different techniques or tools which can be used to perform market research. In market research a company performs a study of their targeted customers using multiple methods such as:
- Online Surveys
- Phone Interviews with Potential Customers
- Observations of customer data
- Experiments and field trials
- Gamification of a product.
A company needs to do market research well before starting their product line. This is very crucial and important step to avoid huge loss in the future.
Let’s look at a scenario;
You are launching a company that can switch ON or OFF devices in your house with the help of remote control. You started working on the complex designs to develop remote control using various processors/controllers and you made it compatible with Bluetooth technology and your prototype is completely ready and functional. But you did not do the right market research of the product idea.
Later you started marketing your product and you understood that people are not interested to buy one more gadget or a device instead they will be happy if you create an application that can be easily installed into any mobile phone and they can perform the same operation sitting anywhere in the world.
Someone very well said,
“Good marketing makes the company look smart. Great marketing makes the customer feel smart.”
So, I hope you understand now the importance of marketing right!
5 Basic Principles of marketing
As there are principles involved in one person’s life. There are basic principles of marketing as well.
Marketing is the heart of your business. As your body would not function without a heart, your business also will not function well without good marketing principles. So I would say if you are a founder of your business then you must know marketing.
Most important principle of marketing is understanding your customers.
You first needs to understand your customers problems which you are going to solve using your product as a solution.
This understanding is going to make your product much stronger and more valuable.
Timing of marketing
Next principle is you must do marketing of your product to the right person which is already identified by you at the right time.
You must start preparing marketing strategies even before starting to develop your product.
You need to apply different techniques of marketing to gain Trust from stranger.
If you build this trust then that stranger is going be your permanent customer.
You need to move towards creating a brand with lot of value in it.
Once you have created a brand then you will not need to focus on so much of marketing, your brand will speak for you.
Good marketing is nothing but good communication.
Higher sales and rapid growth are going to be dependent on, how well you are able to communicate with your potential customer.
Different Marketing Frameworks
There are variety of marketing frameworks out there. We will be talking about few of them in this article.
Traditional Marketing Framework
Techniques involved in this type of marketing strategy are very well known most of you. Traditional marketing techniques includes publishing ads on a TV channels, publishing ads on a particular Radio station or even sliding in a small flyer in day to day newspaper.
In India there are almost 198 million homes which have television sets into their houses out of our total population.
So, if your product is a very generic like say an anti-acidic liquid then you can try on creating a TV ads for your product. It will reach millions of people and it is very cost effective.
Trust me, it is not true that the traditional marketing is going to end due to a more and more popular word “Digital Marketing”.
Direct Response Marketing Framework
This type of marketing is in popularity in these days. The meaning of direct response marketing is that you get an immediate response from your potential customer with the help of ads you create or marketing you do.
For example, you are an expert in Physics and you have arranged a free webinar for students of XII standard. You are providing value through the free webinar to your potential customer who are students of class XII and at the end of the webinar you are asking for participant to join your premium training for a discounted price.
This is a classic example of direct response marketing.
CAAT Marketing Strategy Framework
This a marketing framework which is being used by many digital marketers out there right now. This is a type of funnel or a framework where you convince a customer to buy your product by providing useful content.
The content can be anything you can create your own blog and write blog posts about your niche, create a youtube channel and post videos on timely basis for your viewers and even you can create free webinars.
Once you have a content ready then you can work on getting more attention to your channel or a blog by running paid ads or by performing SEO.
Once you have got enough attention from your potential customers then you can try to build trust by providing useful content time to time basis and prove them that you are expert in the field.
Then comes the transaction. Once you have provided a good amount of content for free and built a strong relationship with your customers then you can pitch in your paid products which will be premium & unique.
This is a very powerful and effective way of converting people in buying your paid products or services.
This is type of marketing where natural sales are going to happen, it means you do not need to force anyone to purchase any product. If people are convinced with your explanation then they are going to naturally buy your product or service.
We discussed about what is marketing, basic principles of marketing, and different marketing strategies popular these days. If you want to success in your business and build a very good revenue then you must be very good at planning the marketing strategy of your brand.
It is very crucial to have a website for your product and write blog around the topic. For example, if you have a business of chocolate then you must create a website and write blog posts consistently around your product like:
Is chocolate good during pregnancy?
100 different Variety of chocolate available in India.
If you write a blog around your product then it is highly likely that you start getting attention from people and SEO engines and it in turn increases your sales of main product which is chocolate.
I hope this article was worth the time spent and make sure to put some comments about how do you plan on marketing on your product? Also, you can share this with your friends or colleagues.