IF YOU READ ONE ARTICLE ABOUT MARKETING, GLOBAL ECONOMICS AND PERSONAL BRANDING READ THIS ONE

Do you know how marketing keeps changing our daily trends?

During 2000's we have seen so many ads from Television, radio, newspaper and banner ads.Nowadays, most of the people spend their time online. That's why digital marketing evolves and is also one of the booming sectors too. But, most of the marketing activities are based on human activities and human psychology.This article is all about the basics of marketing, global economics and personal branding. This article will be useful for entrepreneurs, freelancers, marketing professionals and people who want to do their own personal branding.

Now lets see about the law of marketing, global economics and personal branding in the basics and detailed manner.

My perspectives on marketing how we do and what it should be needed:

Marketing is all about science.Not based on creativity. Because, marketing is understanding about the consumer's needs, wants and demands based on human psychology. Before starting to create a product, people should understand the customer needs through market research.Where, products or services should be launched based on segmentation, target and positioning. Marketing is all about conveying the right information to the right people at the right time.It is not only the process of selling the products/services to customers but also it requires customer retention more than customer acquisition.

A quality product or service itself speaks more than your marketing skills.Because, when your product is not in a better quality, the time and money spent on marketing activity is full of waste. So before starting marketing, bring quality products or services.

Why should learn marketing skills? A very important skill to learn

Actually, every entrepreneur should learn marketing.Because, entrepreneur is the sole responsible for the company as well as offering good quality products or services.The entrepreneur of the company becomes the marketer too.

If people believe your product or services are in good quality through word of mouth. Customers become loyal customers and also become brand ambassadors of your own product or services.

For every company, marketing is the primary and important activity. Because, we have invested our money in HR, finance, production and operation. But these things cannot increase our ROI. But, marketing can bring more ROI than the expected one.

Can you remember this product and ad jingle? If not, see the explanation.

During the 1980s, Nirma washing powder was launched. Before that, people have used only detergent bars for washing clothes. When Nirma washing powder product was launched, it became a new transformation in the market. Actually, this product performed very well for washing clothes and was also affordable even for low income families too. The ad jingle for this product is very famous.The jingle, "doodh si safedi Nirma se aaye, rangeen kapde bhi khil khil jaaye, sabki pasand Nirma."Before bringing ads to media, it performed well through word of mouth.Nowadays, Nirma becomes a famous brand and also one of the leaders in the market.

IMPORTANCE OF COMMUNICATION SKILLS IN MARKETING

Actually, in marketing communication skills are very important one. You need to talk more and more. Even if you are good at writing skills, marketing is the best career option too. The more you write, the better you can write(even can speak). When you start writing, talk as you write. Then people also get influenced through your writing skills.

PEOPLE CAN START INFLUENCING OTHER PEOPLE THROUGH THEIR BETTER WRITING SKILLS. IF YOU ARE NOT GOOD AT TALKING WITH OTHER PEOPLE

How understanding Economics can help in improving your business?

Before starting your business, understand the economics based on your market industry. Whether it is developing or not. We can come to a marketing conclusion through the knowledge of economics only. Economics provides solutions that we have only limited resources but we have to provide for unlimited wants and needs.The Indian economy has become one of the biggest markets to produce and sell. That's why we have increased Foreign Direct Investments in recent years.Recent days, in the pandemic situation we have seen increased rates of inflation. The current rate of inflation is 7%. In simple terms, inflation is the rate of increase in prices within a given period of time.Even for our daily commodities, we have seen increase in prices because of inflation.Start pricing your products based on quality and current inflation rate.There are some phases of business cycles:

1. Contraction(recession)- It is the toughest period for the economy to grow.It ruins all the weaker companies and brings more stronger companies. Currently, The Indian economy experiences this cycle.
2. Trough- The most tough period to grow your business and also economy.
3. Expansion- Best cycle to invest for your businesses
4. Peak- Where you can see the development of industries.

MAKE YOUR INVESTMENT DECISIONS BASED ON BUSINESS CYCLE.

Digital marketing Vs traditional marketing

• Traditional marketing can be done through TV ads, newspaper, radio, banners ,flyers and brochures. Digital marketing can be through only online like google ads, facebook ads, SEO , Social media marketing, You Tube ads etc.,
• Money spent on traditional marketing is more. Money spent on digital marketing is less. In traditional marketing, we can spend more money but sometimes we can't achieve the expected ROI. In digital marketing, we can spend money based on our budget, but we can achieve the expected ROI.
• In traditional marketing, we cannot measure the marketing effectiveness of the campaign. In digital marketing we can measure the marketing effectiveness of the campaign through analytics tools.
• In traditional marketing we cannot customize your ads based on consumer's expectations.In digital marketing, we can customize your ads based on consumer's expectations.
• Anyone can do digital marketing based on our budgets. But, anyone can't do traditional marketing based on our budgets.Because, the average rate for spending ads on newspapers (especially in front page) spend on lakhs. The average rate for spending ads on digital marketing spend on thousands.

CATT Marketing Funnel

WEALTH= n^CATT

• Niche: Our goal is defined only through our niche based on our own interest or area. Mainly achievements and money depends on the niche we choose.
• Content: Creating more useful content to our audience that attracts people based on our niche. Blog Posts, videos, lead magnets and live webinars are the best sources to create content.
• Attention: Increase attention to your content through SEO, social media, paid ads and referrals.
• Trust: Build trust with your audience with marketing automation tools. Through deep marketing, we can customize and personalize your ads based on customer's interest.
• Transaction: Convert your leads into customers with natural sales methods.

Integrated Digital Marketing

In integrated digital marketing, content marketing is a leader and Email marketing, SEO and paid ads etc., are team players. Each segment in integrated digital marketing has its own strengths but when we combined together, it has a snowball effect and also multiply the reach, engagement and ROI of the products/services.Without a great content, other areas of integrated digital marketing never works out great.

CONTENT IS KING. KING IS CONTENT.

THE POWER OF PERSONAL BRANDING:

Don't want to be the No1 in the market. Be the only one. Even for personal branding we require skill set. For example, actors and singers have their own personal brand.Because they require a certain skill set.

In Tamil Nadu, Vasanth and co is one of the largest home appliances chain store in Tamil Nadu. This company launched first time Tamil Nadu about wholesale selling of home appliances. The owner Vasanth Kumar became a personal brand for Vasanth and Co. So, people believed him through his way of personal branding and started buying his products.

Bill Gates has 55.4 million followers in twitter than microsoft and other product pages.

CONCLUSION:

I learned from this article that anyone can do marketing, anyone can learn Economics and anyone can do personal branding. I am an introverted kind of person. But, This kind of learning makes me to step further more in this career.

don't feel hesitated to start something new. Start now and start today.

I hope this article will be useful to you in some ways. Do like, save and your comments are always welcome.