How do you make 1 Crore revenue in 1 year ?

I hope you are interested? If yes kindly read the below article.

In order to achieve the above numbers you should understand some basic of Marketing, how to set your financial goal. If you put all your efforts like laser focus and the simple mathematics will lead to achieve the same.

This article is part of our DDIP (Digital Deepak Internship program) week 2. We have an assignment topic is what we learned in week 2 and we need to write as an article and publish the same in linked In, medium etc., they are going to evaluate our writing skills.

I will share my knowledge on the below topics which I learned recently on Week 2.

A) The Fundamentals of Marketing:

As we all have a perception that marketing is all about creativity. However the general “Marketing based on science, Not on creativity”.

Marketing is all about creating a brand in the minds of the people. While selecting a product you should know that product is according to the needs of people. It is crucial to do market research which helps you to better understand the market needs before launching a product, and you need to find the right people for your product.

After selling your product, you need to keep in touch with the existing customers because if they are satisfied with your product then they will definitely refer it to others and after which you don’t have to spend much on advertisements. Then they will become our unpaid advertisers.

What is Marketing ?

Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.

 Father of Marketing - Philip Kotler

“Marketing is not the art of finding clever ways to dispose of what you make. It is the art of creating genuine customer value!”

The four P's of marketing

In the late 20th century, marketing thought leaders developed the concept of the “Marketing Mix,” a set of concepts and tools that help companies achieve their objectives within a market. At the core of this model are the four Ps:

Product: 

What are you selling? A shiny new business widget? A hand-crafted luxury item? Chicken tacos? Whatever it is, you’ll need to think about how to package or present it. Marketers should be familiar with all the features and specifications of the products they sell.Price: 

To determine how much your product should cost, you’ll need to do some research. Learn how your competitors price their offerings, and understand how much consumers are willing to pay.

Promotion: 

These days, marketers have many channels through which to promote their products. From radio ads to social media banners, you’ll need to decide which are right for your brand.

Place: 

Your customers need to be able to find and purchase your product. Can they buy your product online? Do they need to visit a store? Additionally, you’ll need to consider how much inventory to hold and where to keep it. These days, inbound marketing strategies rely on engaging content to bring customers to you (or your website).

B) Road Map to achieve 1 Crore

If you change the way you look at things, the things you look at will change

In order to achieve the above number we should set a deadline to reach our financial Goal.If we know our numbers with laser focused we can achieve the numbers.

Source from Digital Deepak

Let us assume you need to achieve 1 crore in 1 year to 3 years time it depends on 2 things

A)    Product Price

B)     No of Customers

There are different ways to achieve the numbers you can refer the chart.

Eg., If you need to achieve 1 crore. If you selling a product of 100 rupees to 1,00,000 customers then you are going to make 1 Crore however this is your revenue not profit.

In case if you done 2 times over where your profit margin is 50% then you can able to make 1 crore as profit.

Acquiring Customer

Eg: If you sale 100 rupees product to 1,00,000 customers and achieving revenue 1 crore and not making any profit out of them and just acquiring them at the cost of 100 rupees where each and every customer cost 100 its marketing and advertising to acquire.

Once you have the 1,00,000 customer already bought from you a product for 100 rupees In near future you sell a new product to 10,000 customer which is just 10% out of it in 1,00,000 customer buy a new product for 1000 rupees and you can make a profit of 1 crore without spend anything.

Break-Even

If you think 10,000 customers buy a product for 1000 rupees each and you are actually spending 1 crore to do and you are just breaking even. Whereas 10 % out of this 10,000 customer ie 1000 customer might buy a product for 10,000 rupees you will make 1 crore in profits but you didn’t spend any money.

This is basic mathematics to achieve the numbers in case if you like to achieve more you can modify the above chart to achieve the same. Eg If your target is 10,000 crore in a year you have a product price 1,00,000 selling to 1000 customer you are making 10,000 crore in revenue.

We should focus on customer’s satisfaction and build a brand so you will be the only choice for them. In near future we no need to worry about our product sales.

C) Difference Between Traditional Marketing and Digital Marketing

Traditional Marketing: 

 Traditional marketing is old way of marketing Technique. It refers kind of promotion, advertisement, includes flyers, billboards, TV ads, radio ads, print advertisements, newspaper ads, etc. in which companies are used in the early period to market their product.

The four phases of Traditional Marketing are Interest, Awareness, Desire, and Decision.

 Digital Marketing: 

 Digital Marketing is modern way of marketing Technique. In which we promoting, selling products and services by online marketing. It also refers to the Marketing of any kind of business through digital media and devices such as Google, Facebook, Instagram, YouTube etc.,

The four phases of Digital Marketing are Planning, Conversation, Content, and Sequels.

 Below is a table of differences between Traditional Marketing and Digital Marketing:

 Traditional Marketing

The promotion of product and services through TV, Telephone, Banner, Broadcast, Door to Door, Sponsorship etc.

 Traditional Marketing is not cost effective.

 It is not so good for Brand building.

 Traditional Marketing is difficult to Measure.

 Traditional Marketing includes..

 ·        T.V.Advertisement

·        Radio.

·        Banner Ads..

·        Broadcast.

·        Sponsorship.

·        Print Ads..

Digital Marketing

 The promotion of product and services through digital media or electronic medium like SEO, SEM, PPC etc.,

 Digital Marketing is more cost effective

It is efficient and fast for brand building.

Digital Marketing is easy to Measure with the help of analytics tools.

Digital Marketing includes..

·        Search Engine Optimisation (SEO)

·        Pay-Per-Click advertising (PPC)

·        Web design.

·        Content marketing.

·        Social media marketing

·        Email marketing.

D) CATT Marketing Funnel and Frame work

This funnels for Digital Marketing how we execute the digital marketing campaigns.

CATT is a funnel through which we can learn how to increase sales and generate more wealth. It’s all based on the “niche”.

If want to succeed in life, first we need to pick one niche or category.

There is an saying "Sailing on two boats" i.e if a person keeps one of his leg on one boat and one on another, he would not be able to sail on either boats

Wealth is concentrated in one niche and we can succeed faster in one niche rather than picking so many activities at a one time.

First master in one niche and then diversify in another niche.

Wealth = n^CATT

N = Niche

C = Content

A = Attention

T = Trust

T = Transaction

[n] Niche: is a specialised or focused area of a broader market that your business serves specifically. Finding a niche differentiates your business from the competition and allows you to excel in your sector. Select your target audience.

If you want to choose a product for your niche market then you should focus on three things:

Passion+Talent+Market. You should have passion along with talent and the research of the right segment of the market.

In this method, you should first choose a niche based on which CATT funnel functions. Now let’s see what are the other terms helps to get a niche market.

[C] Content:

“Content is king.” — Bill Gates, Co-Founder of Microsoft

The Content Marketing Institute defines content as a marketing technique of creating and distributing valuable, relevant and consistent content to attract and acquire a clearly defined audience.

No matter what tactic you plan to use, marketing is impossible without great content and such is the emphasis on the first level of this marketing funnel.

 [A] Attention:

“Traffic” in technical terms is the element of the marketing funnel which relies on strategies such as SEO, SEM, paid ads, social media, referrals or emails to drive traffic towards your content.

It does not help to have great content alone; every great content writer also needs a great content marketer. What is the use of creating great content if you don’t have anybody to consume it?

 [T] Trust:

This part of the marketing funnel is involved with building a deeper relationship with your target audience. By creating extremely personalised marketing automation systems, you can hope to gain the trust of the consumers of your content to push them along to the final stage of the funnel. Build Trust with your audience with tripwires, marketing automation, and re-targeting.

[T] Transaction:

This is the stage where a lead gets converted to a customer using natural sales. A natural sale is the process by which a sale happens naturally without a need for persuasion. This is the most organic way of selling your product and a good marketing funnel can help you optimise this to the greatest extent.

E) Integrated Digital Marketing

Running only email marketing campaigns or simply doing Search Engine Optimisation will never give the dream marketing results. In a modern-day world where we have multiple ways to reach customers, why should we settle only for one channel?

People are cluttered with huge media noise around, so why will they even take action if you have one touch point between your brand and the customers?

The best way to resolve this issue is to create an integrated marketing plan, one that connects multiple channels. For instance, in the diagram below, we can picture how multiple digital marketing channels can be connected together to drive conversions for us.

F) Personal Branding : Mass Trust Blueprint

?Personal branding is the practice of marketing people and their careers as brands.

It is an ongoing process of developing and maintaining a reputation and impression of an individual, group, or organisation.

Whereas some self-help practices focus on self-improvement, personal branding defines success as a form of self-packaging.

Your personal brand is how you promote yourself.

It is the unique combination of skills, experience, and personality that you want your followers to see.

It is the telling of your story, and the impression people gain from your online reputation.

3 Personal Branding Tips

A)   Create Content With A Purpose

B)    Be Consistent, Show Up & Serve

C)   Find A Unique Selling Proposition

This mass trust blueprint provided by our mentor Deepak kanakaraju process is in building a strong personal brand

1) Learn – First learn new skills, understand the concepts practice and master those skills

2) Work – Start to implement that skill in work and start earning.

3) Blog – Start writing what you have learned and experienced through your work. We will be an expert by writing and start building our own personal brand.

4) Consult – After getting good experience in that skill, we can start consulting with companies and personal, and can earn good money by consulting.

5) Mentor – Now we have good experience in that field and start mentoring one-to-one or group.

6) Start-up – After completing above steps, now time to start a business. It will require a lot of effort to make a good business. First, try to do some side-hustle and earn some money while doing the job and try to make it a full-time business and then quit your job only once you are sure that your monthly expenses can be bear by your business.

Conclusion:

These are the few things I have learned during the week-2 of the Internship program and there are a lot more interesting things covered like Building a Strong Brand, Communication skills, importance of niche selection etc.,

I hope you all like my article and I am looking forward to stepping into the week 3 with the confidence to build myself professionally.