Leaders way of Marketing
Have you ever wondered why some companies and leaders excel in promoting their products and rule the market? What is that secret formula that not many people talk about? Let us find out in this post.
It may sound a cliche but good marketing is no accident, neither it is all about creativity. Marketing is more than just creativity, it is a blend of art and science. It is about understanding the psyche of consumers and communicating the brand value to the best interest of the target audiences.
No matter how great your product is, it would not sustain in the market if there is no demand for it. Any financial success of a product often depends upon its ability to communicate its value to the consumers in an effective way, such that people realize the need for a product in their life, that your company can offer.
The biggest hindrance to any business would be the lack of thoroughly understanding the consumer’s need. If you have all the confidence and profound market research about the problem that your product can solve, and ease the life of your target audience, then all you need is great marketing practices to boost your business.
So here the biggest question that arises, is how to understand consumers better in the first place? Let us find out in simple steps.
1. Find your niche market
Not everyone likes the same ice cream flavour or the same movie genre. There are differences when it comes to people. There are differences in their personalities, differences in their choices, and also their ideologies differ. That is why a company should segment its pool of audiences by their psychographic and behavioural differences to select the best segment they can serve with their competencies.
After you segment your audience, the next important step for you is to find your niche, i.e. your target market. You need to find your target market that aligns with your market offerings and grab the opportunity by studying them and their pain points.
So what lies next?
After you segment and find your target market, the next big challenge is to position yourself as someone who can satisfy the needs of your target audiences by solving their problems.
For example, Taylor swift produces songs that narrate a story that mainly targets English-speaking teenagers (67% of them being female) whereas the target audience of bands like Linkin Park is young adults (18–34) who like to listen to smooth rock.
Here, Taylor has positioned herself as queen of pop music and Linkin Park as the Kings of smooth rock (debates are welcomed in the comments).
Another such example could be cars.
Porsche targets buyers who seek excitement and pleasure while driving, whereas Volvo builds cars for those whose №1 priority is to be safe while driving.
That doesn’t necessarily mean that Porsche is not safe to drive, or driving Volvo is not a pleasurable experience.
What differs here is the pain points of a different set of audiences and the marketing strategy to position themselves differently in the market.
2. Developing connections with the customers
To develop long-term relations with the customers, you should answer certain questions before developing marketing strategies.
Let us understand with an example.
Suppose you own a laptop manufacturing company then the right questions that you should seek to answer are: Who buys a laptop and why? at what price they are willing to buy it? What features are they looking for? Where do they go shopping?
Seeking answers to these question can help you build a rigid marketing strategy that will help you gain more customers as well as understand them better.
3. Adopt Social Listening skill
With an example, you may understand it better.
Your friend owns a bakery shop (Because you own a laptop manufacturing business, check above) and he/she is probably the best in the market. You hear few customers in your friend’s shop talking about how delicious his/her pastries are, but the price could be revised so that they can enjoy the delicacies more often. You communicate this to your friend.
He/She then builds up a survey and finds out that indeed there is a scope to revise the price.
Well, this is what social listening is. You were the listener, similarly, social media helps us in social listening, but in a wider scope.
We live in an era of the new economy, where many people are using the internet to share their views, give feedback, or provides new ideas for improvements.
Internet is a boon to marketers. As a marketer, now you understand your customers better as you analyze, understand, and track their conversation about your product or your competitor’s. You can then develop strategies from those insights.
Who knows, maybe you will outperform to be the №1 in your niche, by actively social listening to your dear audiences.
4. Communicate well with your customers
Marketing is not just limited to the sale of a product it starts well before creating a product. It is a continuous process and lasts as long as the business exists.
A brand needs to have its online presence to reach the customer and all the queries of customers should be considered.
You need to continuously communicate with them over social media and by adopting direct marketing techniques to achieve a personalized communication with your prospects.
The best way you can serve your customers is to join the conversation in their head, and often people converse about their thoughts and feelings over different social forums such as Quora, Twitter, Reddit, etc.
You can start with:
- Social media mentions
- Relevant hashtags
- Talks on current trend and fads
- Social media mention of your competitors
Tip: Communicating is easier when you don’t complicate it. The secret of effective communication is to write as you speak, and then you can be sure that it will be understood by others. Of course, if you are not a dreamy writer, in that case, your niche is different.
After learning about the basics in marketing, let us move towards new marketing trends.
Let us begin with the debate on Traditional Marketing Vs Digital Marketing.
Traditional Marketing Vs Digital Marketing: Which one is winning today?
Traditional marketing consists of conventional techniques to communicate about a brand. Much of this is taken by various research done in the marketing field as well as research conducted in the field of psychology.
Traditional Marketing is advertising on print media such as newspapers and magazines, placing advertisements on radio or television, or printing a large hoarding that is strategically placed in a location to attract the right buyers.
And it worked pretty well as expected until the world moved ahead and the large public pool shifted to the era of the digital economy.
As the audiences shifted so did the marketing practices. Companies after following the trend, have now moved their marketing practices over the internet, using social media such as Facebook, Twitter, Instagram etc. and community forums, such as Reddit, Quora, etc.
Marketers still pay an advertisement fee whenever their internet advertisement is clicked by a prospect. We call it Pay Per Click (PPC)or Pay per (PPM) million as well as Cost per million (CPM) or Cost per Click. (To know more about these terms, check out my post dedicated to Digital Marketing concepts)
And this briefly explains what Digital Marketing is.
Digital marketing is cost-effective as compared to traditional methods and it can reach your audience faster as well as connects you directly with them globally. Analyzing that your marketing practices are in fact paying you back in terms of sales, is much more realistic when you adopt digital marketing practices.
So it becomes important for a marketer to understand the scope of digital marketing.
In layman’s language, Digital marketing is marketing done online i.e. digitally.
So back to our original question, which one is winning today?
Of course, we require both. And the right question that should be asked is:
How to utilize both traditional marketing and digital marketing practices to attain maximum benefit for a (your) brand?
Let economics explain you.
The figure highlights two strategies. You can either increase the price of your product (left to right in the figure above), or you can increase the number of customers you can sell to (right to left trend in the figure above).
Hence you can spend in grabbing the audience via print ad when your target group falls in a specific category, example: people of a certain age who do not use social platforms (kids or elder population), so the communication can be through hoardings or newspapers, T.V etc.
Whereas for young adults, digital platforms are boons.
You can adopt either of the strategies to attain maximum profit, all you need to do is remember what value you are providing to the market and persona of your ideal prospect, as well as where to find them (Digital, Traditional or both platforms).
After further research make sure you also understand the target groups “willingness to pay” for your product. Map your customers and competitors customers, understand the market shift and trends and be updated.
As COVID-19 have increased the importance of digital platform, let us learn how leaders are still leading digitally.
The integrated digital marketing framework for leaders
Integrated digital marketing framework is a conglomerate of different methods. It is important to use the full potential of each contributor in the framework. But before that let us understand each keyword.
- Content Marketing:
Content isn’t the king, it is the Kingdom.
The more quality content you produce, the more it will help in your brand awareness and contribute to trust-building. Make sure the content you are producing is relevant to what you offer i.e., relevant to your niche. Content could be a video, a blog, social media creatives, etc. Make sure your content follows the “Tripple E” principle of Engage, Entertain and Educate your target audience.
- Social Media:
Narrowing down the content aspect, social media is much more focused and reachable to those audiences who have the potential to be your future customers. It is essential to use the power of social media as it is the greatest tool for digital marketers to connect and engage their audiences and communicate persuasively.
Search Engine optimization makes you visible over search engines such as Google and Bing. It helps you to be noticed by your potential target group and provides you better opportunities to sell in your niche, compared to a business that does not optimize its online presence and is lost in the jungle of myriad similar businesses.
- Paid Advertisements:
Just as in traditional marketing practices, an advertiser needs to pay for advertising on Television, over the internet they pay for advertising on social media such as Twitter, Facebook, Instagram, Youtube, etc. They also can utilize Google Ads which is on a bid-basis. Here you pay Google to appear on top of the result for a particular keyword. (as shown in the picture below).
Undoubtably email is the most reliable communication tool for marketers. It helps your target audiences to recall your product or services or helps your prospect to know more about you. More personalized email can bring wonders to your business as it connects with your prospects and increases the conversion rate.
- Sell and Convert:
“All’s Well That Ends Well” if you are generating sales that suggest that your marketing practices are going in the right direction. All you need to do is.. well.. keep up the good work.
Do you know all this can be briefed if you knew the secret formula that leaders always remember?
Let me introduce nCATT which is the formula of attaining wealth, also known as the nCATT marketing funnel.
As the figure above instructs you that all the components here are interdependent.
- [n], here represents niche as we discussed earlier. Your success, to a larger extent, can be determined by the niche you choose. A niche market is a segment of a larger market that has its own unique needs, likes, or identity that makes it different from the market at large. Niche is that area where your passion, your skills and an opportunity exists and overlaps.
- C stands for Content. “Good content is not storytelling. It’s telling your story well.” — @MarketingProfs. After you decide on your niche, you need a content strategy to reach target audiences. To begin with, it is simple, have a plan and purpose for every social media post or article that you publish. Make a purpose-time table and abide by it.
- A attains for Attention: Creating content sometimes gets tricky but it is much more difficult to get your audience attention. Internet is cluttered with information and if you don’t select the right medium to reach your target audiences, then all that creativity might be stuck with you forever. Use the integrated marketing framework (discussed above) to grab the right audience for your business through the right social media platform.
- “Content builds relationships. Relationships are built on trust. Trust drives revenue.” — Andrew Davis. You probably guessed that here T represents Trust. You can build trust by listening to them, establishing a personal bond with them, and above all understand them and solving their problems.
- T here suggests Transaction. When you find your niche, develop a content strategy, grabbing their attention and successfully gain trust by solving problems of your audience, you are all set for a change where your audience converts into your customers.
Tip: Remember the figure, it is a continuous process, a wheel to successfully drive your business ahead, towards the destination.
Let us move on to the last aspect but the most important factor for the longevity of your business.
I will start with some intrinsic thought-provoking exercise. Think and answer to yourself.
Do you have enough passion to reach that pinnacle of your desire?
How do you want people to perceive you in your journey?
In this world of capitalism, not only the brands are favourites, but the people behind them matters.
The pioneers, the leader, the thinker, the creator, they matter.
You matter, more than your lawful entity.
And therefore personal branding is important.
It is how you market yourself (in a good sense). It is about your beliefs or your altruistic personality, your reputation, your motivation, your never give up attitude. They all are valued (even monitory)and have an impact on your business.
One such example of the importance of a personal brand is given below (notice the highlighted part).
Another question that comes to mind could be how to improve your “personal” brand like leaders?
We are humans, we adopt new skill-sets and constantly improve our existing skills. Learning is life long process that demands change.
MassTrust is a framework that explains a cycle that you go through in your lifetime as a learner.
Every leader is a learner first.
This explains the above argument that learning is not limited to “going to school”. The picture below will help you understand the cycle of MassTrust.
After all, people do not do business with companies but with the people they like and the people they trust.
This may be the end of this article but the beginning of new leaders.
Be the leader, lead the name. Your Name.