Marketing Formulas That Every Businessman Should Know

Did you know that marketing is the only way to become a millionaire even you have no money? Yes, you heard absolutely right. In the year 2021, we are in a growing phase in India and you should just catch the opportunity to market the product and service which you provide and you will become a millionaire.

Hey everyone, I am Nilava Majumder and I am gonna break down how to become a millionaire with the help of marketing formulas.

At first, you should choose a niche or have your own product. This is no matter what is you produce and what is the price of your product. Always remember one thing, if your niche is broad then your product price is low and if your niche is micro then your product price should be high.

With the help of the " How to make ?1 crore " diagram, you have a clear idea of what I want to say to you. If you have a product that is ?100 price then you should sell this product to 1,00,000 customers. If you have a product that is ?1,000 price then you should sell this product to 10,000 customers. If you have a product that is ?10,000 price then you should sell this product to 1,000 customers. And similarly, If you have a product that is ?1,00,000 price then you should sell this product to 100 customers. This is the basic formula to make ?1 crore.

But it is not so easy to make ?1 crore without any market research and marketing formulas.

"Before you create your product,

You should do market research. "

If you don't have market research in your particular niche then your whole production and marketing will fail. And I want to add one line here that

" Before making your product

Start your marketing."

If you do this in your business then you have much more time for marketing your product or tell the whole world about your product which is coming very soon.

Hope you understand the whole thing till now. Now we start talking about marketing formulas that every businessman should know.

Let's start with what is marketing?

There are so many definitions are available on the internet about marketing. According to me -

"Marketing is the process of getting people interested in your company's product or service."

According to Philip Kotler, "Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit".

You should check his best-selling book Marketing Management about marketing.

In India, many people think that marketing is an expense but I must tell you marketing is not an expense. It is an investment that gives you better ROI in the long run if you did it properly.

Always remember one thing -

" High brands need low marketing

&

Low Brands need high marketing".

Guys don't feel fear to compete in the market. With the help of marketing, you will be positioning your business to your target audience's brain.

Let's have an example of the Xiaomi smartphone brand. When they came in 2011, Apple and Samsung built their market as the world's best smartphone brands. But Apple and Samsung both two players are for the rich category of people in India. Because their smartphone's price was very high at that time. Apple is known for the premium smartphone which is based on IOS and Samsung is known for best android smartphone brand in the world. But as I said early both the brad was a very high price product. Then Xiaomi Came to the marketing but they did not say that they were the best smartphone brand in India or the world. But they said that "Xiaomi is low price premium smartphone brand" in India. After that many middle-class people bought Xiaomi mobiles and in the year 2021 they become the world's most selling smartphone brand.

So my dear friend, enter the competitive market but have a unique angle.

"Be the only one in a category".

Let's start with Types of Marketing: There are majorly two types of Marketing - a) Traditional Marketing & b) Digital Marketing

OR

TRADITIONAL MARKETING: Traditional marketing refers to?a form of promotion that reaches an audience offline. Companies use marketing channels such as print, broadcast, telemarketing or direct mail to engage their audience and broaden their reach.

Example: Tv ads, radio broadcasts, newspaper ads, magazine ads, banner ads, billboard ads, hoardings ads any many more.

For generic products, if you target a broad audience in India then you should go for traditional ads like tv ads.

One of the biggest problems of traditional ads is you can't measure the results properly.

DIGITAL MARKETING: Digital marketing, also called online marketing, is?the promotion of brands to connect with potential customers using the internet and other forms of digital communication. This includes not only email, social media, and web-based advertising, but also text and multimedia messages as a marketing channel.

Example: Search engine optimization, search engine marketing, social media marketing, email marketing, mobile marketing, video marketing, podcast marketing etc.

In digital marketing, you can target your potential audience and show them your marketing. You can also measure your results by the help of different KPIs.

Without any strategy or funnel your marketing is like laying a net in water without any food and waiting for fish. You should attract your fish with food. You should have a strategy for catching fish. With the right strategy, you can catch much more fish in less time.

There is a famous funnel call CATT marketing funnel in digital marketing.

CATT Marketing Funnel: CATT marketing funnel is based on Content, Attention, Trust & Transaction.

There is a formula, it is Wealth = n^CATT [ n = niche ]

Example: Suppose you have a travel agency business. So, your niche is tour and travel. At first, you should make content on travel and tourism. Not just content but good quality content that gives value to its readers. With the help of your valuable text, graphic or video content your target audience engaged with you or your business and these you building trust and at the end, when you give an offer for any tour package, many of them buy the package from you. So, this whole process is like a funnel.

Below I can show you a Niche finding diagram.

In digital marketing, you have a choice of different channels and you should choose the right channel to market your business. I mostly prefer omnichannel marketing. You should not depend only on one channel for your brand marketing. In single-channel marketing, there are many restrictions that you face I you do this mistake. There are lots of digital marketing channels are available in the market. You should integrate them according to your business need.

Integrated Digital marketing:

There are so many digital marketing channels are available in the market like social media, email, search engines, paid ads and many more. You can integrate all these channels in the form of a funnel and start digital marketing. Below I have a diagram of Integrated Digital Marketing.

Example:- Let's have a real-life example of integrated digital marketing. All of you know Neil Patel. He is a famous digital marketer globally. If you notice carefully his marketing efforts then you will show that you also doing integrated digital marketing as well. I am to going to break down this below.

Youtube - He is putting so much value in his youtube videos and help us to learn and do digital marketing. 100 of 100 out of his videos he not just mentioned your tool Ubersuggest but he shows us how Ubersuggest solve that particular problem. This is a very good example of content marketing. After watching those videos so many people directly going to Ubersugest and he gets traffic.n ty

Search Engine Optimization - Neil really works on his website neilpatel.com and optimise it for SEO. If you search on google " how to do SEO " then you will see Neil's website is in top position. He has done SEO very well on his website, that's why it ranks on Google for that particular keyword and he gets traffic.

Email - Neil Patel always promote his blog articles and youtube videos on the email. He has a long email list for his target audience. When he published a new blog he emails or a new youtube video, he emails his subscriber with that article or video link with some copy writhings. After that his subscribers open and read that mail and going to his blog or channel. when his subscribers going to his website by his email he gets traffic and that also increase his website's SEO and that is the same as youtube also.

Social Media - Neil Patel also doing social media marketing very well. He gives his audience very good quality information with the help of graphics and videos and building a brand. When he gives some information on social media with graphics or videos, he always tell his tools name that called Ubersuggest and put a link on the caption as well and people also going his website from social media.

In this example, I show you how Neil Patel doing his integrated digital marketing.

I must tell you something when we discuss social media marketing. You should that Youtube, Facebook, Linkedin, Twitter, Instagram are all of the social media platforms and there are so many active daily users. With help of social media marketing, you can create an image of yourself and become a brand. I should tell it Personal Brand.

Personal Brand: In nowadays personal brand is a very good digital marketing technique to market your product or service. When any person represents his expertise and what value he gives to his audience like a company and if that person is day by day more famous in his or her niche industry then we must tell that person a personal brand. Digital Deepak Is a personal brand. He has a digital marketing agency called Pixel Track Digital but everyone doesn't know he is an owner of pixel track digital. Everyone knows him as Digital Deepak and he is a leading digital marketer and trainer in India.

Personal branding is really very important for your business nowadays. The personal brand of any business is like Brand Ambassador. People trust your business because of your personal brand. Personal brands make communication easy between a customer and a brand. That creates trust. After the trust is created then the audience will buy or take your product or service definitely. This trust, I call Masstrust. In below iI will show you the Masstrust BluePrint.

Example: Digital Deepak is a personal brand. He gives us so much valuable content free of cost on social media platforms. That's he was build trust. When he launched his Digital Deepak Internship Program, people join his program without spending any ads. That is the power of personal branding.

NOTE:- If you are a digital aspirant and want to learn digital marketing by doing practical works and earn a stipend or real cash just click this link and register for the Digital Deepak Internship Program Batch 15.

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Conclusion:-

I am very glad you read this till the end. Hope whole this article help you to understand the fundamentals of marketing and how marketing works in the business.

? Market research is very important before creating a product.

? Marketing starts before the product.

? Word of mouth promotion is more effective.

? Understanding what is marketing.

? Don't be the best in the market be unique in the market.

? Understanding traditional marketing and its pros cons.

? Understanding digital marketing and its pros cons.

? Why should choose our niche.

? How to integrate all digital marketing channels and market your business.

? How does funnel makes it easy to sell your product and service.

? Personal brand helps you a lot to build trust and increase trust.

That's it for this article. Hope it helps you in your business or profession.

Please comment down below what is you learn from this article and how are you feeling about digital marketing?