Fundamentals of Marketing an Entrepreneur Must Know
Are you an entrepreneur wondering about the importance of Marketing in your new Startup?
Are you exploring options to enhance your brand value? Or even looking at measuring your brand impression?
Are you looking at options to increase your visibility on Social Media? Or contemplating should I use social media tools at all?
Marketing is one of the key factors for the success of any business. An efficient strategy for marketing focused on customers can be a deciding factor for the growth of a business. Even if your product/service is of great quality, you would not be able to reach the prospective user without effective marketing.
In this article, “ Fundamentals of Marketing an Entrepreneur Must Know ”, I have endeavored to answer all the above questions for you and even more.
If you are an entrepreneur, planning for a start-up, this article will be definitely beneficial for you.
What is the Law of Marketing?
It would be interesting to know the fact that Marketing is based on Science and not on creativity. Marketing starts before creating your product/service. Effective marketing starts with understanding the customers better and the needs of the customers. If you develop a product/service based-on customers’ need your marketing becomes easier. Marketing is all about sending the right message to the right person at the right time.
Often it is understood that marketing is all about selling, but it is much more than that. It is also retaining the clients who availed your service and sustaining them throughout. As mentioned before, Marketing starts before the product/service is conceived, during the period of the transaction and even post-transaction. Marketing is also maintaining the relationship with the clients and transforming them as ambassadors of your product/service. Building trust with the target audience is one of the most important fundamentals 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 game of perception. A product/service is rooted in reality. Never allow marketing to become more important than your service or product. Focus on the quality of product/service and the product or service will sell itself or the effort for marketing would be much easier. Great product will convert your customers to brand ambassadors.
Why you should master the Art of Marketing
Learning Marketing is an ongoing process and continuously enhancing your marketing skills would help you to achieve success in your business to a great deal. As the market trends and behavior keep changing, the entrepreneur has to be constantly updating his insights and expertise in various areas of this domain.
Building trust with the target audience is one of the major focus of effectual marketing. The goal can be accomplished only by consistent efforts to exceed the expectations of the clients. The brand should be able to capture the minds of the customers and they should recall your brand whenever they intend to avail the service or buy the product.
For example “Google” comes to the mind of a person when he/she thinks about a search engine.
Marketing — One of the Most Valuable investments
Marketing gives you direct returns and hence it is one of the most valuable investments you can make in a business. All other expenses in the business do not provide you an immediate ROI. An entrepreneur should not ignore his active role in the marketing process as it is the major aspect that brings in revenue to the business. As the business leader, you should have reasonable competency in the area of Marketing, generation of traffic and selling.
The Importance of Communication Skills
Effective communication is one of the inevitable components in the growth of an organisation. Communication has a vital role in all the aspects of the business including Marketing. An entrepreneur should possess excellent communication skills to have his vision effectively transferred to his associates and subordinates. Also, competence in communication skills will enable them to be more convincing while marketing their product/service. Hence, you as an entrepreneur should always give the effort to master the skill. Business communication is so important in creating effective campaigns, persuading the target audience and influencing them to take a decision to make a purchase.
Global Economics and Marketing
Every marketer should have an understanding of global economics. Entrepreneurs who have a fair idea about global economics end up making the right decisions based on the global trend and economic development/forecasts. Global events can affect your business negatively or positively. Perception of how the markets are reacting to global events and currency exchange rate variations will help you to structure your business towards growth.
Digital Vs Traditional Marketing
Digital marketing ensures superior customer engagement and interaction. Target audiences are instantly connected through various digital marketing platforms. Brand building and customer relationship building are achieved more easily. Traditional Marketing can’t assure direct customer interaction
You can measure the results in digital marketing and plan your further marketing based on the results. However, in the case of traditional marketing, this is not feasible. Also, digital marketing reaches volume or area is not restricted as in the case of traditional. Digital Marketing also provides a better ROI vis-à-vis Traditional.
However, we can’t underestimate the potential of traditional marketing. If your product is more generic, you need to employ traditional marketing as well. In some of the areas in India, the reach of Traditional marketing is much higher than Digital.
The media through which you would want to do the marketing depends upon the target customers of your product/service.
The CATT Marketing Funnel
A marketing funnel depicts the journey of your customer. Marketing funnels map route from the beginning stage of learning about your product/service, conversion and beyond.
The marketing funnel helps you understand the steps to be initiated to influence consumers at certain stages. Careful evaluation of your funnel will enable you to drive enhance sales and build stronger brand awareness.
Wealth Created =n ^ CATT
N — stands for Niche. The success of your business depends upon the ‘Niche’ you choose. Based on the need of society, you are entering the market as a solution for their problems. Being focused on your Niche is the key for you to be on the track. Niche is a combo of Talent, Market and Passion.
C — Content. Subsequently, you create content to attract your target audience. The content can be in the form of videos, blogs, webinars etc which will help you to generate leads.
A — Attention. Bring prospects to your content by way of SEO, Paid Ads, Referrals and Social Media etc.
T — Trust. Build trust with your clients attracted to your content through marketing automation, personalised emails, retargeting etc. You would not be able to convince your prospects to be your customers until you win their trust.
T — Transaction. The transaction is accomplished by the natural sales process. In the previous stage, if you have been able to win the trust of target customers, who are in need of your service, you convert them as customers.
Integrated Digital Marketing
If you employ the Integrated Digital Marketing model, every platform will work complementing each other to make the marketing more effective. Paid Advertising, Email Marketing, SEO, Social Media all bring the prospects to the content. The CATT funnel is executed through digital marketing.
Personal Branding
Make the world known that you are good at something which they require. Personal branding is important to give visibility for the services through you. Human beings would always like to communicate with another person. Personal branding helps you bring about your identification to the people who are looking for the services you provide. You can build your Personal Brand by:
· Master a specific skill
· Have a good practice on the skill
· Promote your skill
· Teach your skill to others
· Talk about your skill
Conclusion
Learning the Fundamentals of Marketing is one of the most essential criteria for any entrepreneur. To be effective in marketing you need to be a consistent learner. Finding your ‘Niche’, the combination of your Passion, Talent and Market is a major component of achieving success in your business.
