How to Build an Empire with Marketing and Personal Branding
Do you want to know how to build an empire with marketing and personal branding? Here, We need to understand how the work marketing for our products and services, the vital economics for our business, and how it will help it is? How to make our personal branding?
If you want to know all the answers to these questions, you are in the right place.
All three aspects are necessary to understand to build an empire.
First, we are talking about Marketing, the fundamental of marketing. It’s vitally important to understand the fundamentals of marketing.
Then, we will talk about economics. It would be Indian economics.
Last, we will talk about personal branding and CATT Funnel, Niche and Mass Trust.
Let’s start
What is Marketing?
Marketing consists of all individuals and organizations’ activities of creating, promoting, and delivering customer satisfaction.
Marketing is complex.
It girdles thousands of different strategies and tactics organizations use to products and services for driving profitable customer action. Marketing is based on science, not creativity.
Marketing starts before creating a product; it begins with understanding the customer and customer’s needs, creating a product that fits.
Marketing Research
Marketing Research is gathering information and a better understanding of the market to sell the products and services. To survey the target market and get opinions and feedback from consumers about interest in their products and services.
Segmentation
- Demographic Segmentation: Gender, Age, Income, and Occupation
- Psychographic Segmentation: Social Class, Lifestyles, Personal Characteristics
- Geographic Segmentation: Nations, States, Regions, Cities
- Behavior Segmentation: Knowledge, Use, and Respond.
Marketing Mix Process
- Product (Nature of Product): A product or service these items are offered for sale. It can be a physical product, virtual or online services. It is what a company wants to sell. These may include quality, personality, positioning, range, features, style, packaging, options, brand, sizes, labels, varieties, service and accessories, warranty, and guarantee — all these factors relating to actual product and service visible to the customer.
- Price (Value for the Product): The price variable includes all the factors associated with a product. It is not only a price list of products or services. The following decisions should be made; pricing strategy, suggested retail price, volume discounts, wholesale pricing, cash and early payment discount, allowances, payment options and periods, and credit terms.
- Place (Distribution): Place deals with the places and distribution aspects of the product. The following decisions should be; distribution channels, type of trade, location at trade, order processing, warehousing, inventory management, transportation, and coverage area. These things are how and what are the products available for the consumers.
- Promotion (Advertising): Promotion is a type of communication between the seller and the buyer. Every organization needs to promote their products or services to make available a product and make the consumer aware of it. The following decisions should be made; social media advertising, communication advertising, public relations, personal selling.
Marketing is about sending the right message, to the right person, at the right time.
How can you develop trust with people?
- To build a brand and capture a position in the minds of the consumers.
- A great product sells itself. The product is rooted in reality.
- Advertising is one of the components of marketing.
- Copywriting is one of the components of marketing.
- Sales are one of the components of marketing.
Marketing is all about targeting; it is not about selling, happy by communicating with them.
Economics the way you understand it
What is Economics?
Economics comes from two Greek words, ‘eco’ meaning home and ‘nomos’ meaning accounts.
Economics is the social science concerned that studies how people interact with the production, distribution, and consumption of goods and services.
Understanding the Indian Economy
When you can invest in India, then do you have a chance to invest in other countries. Other’s can also invest in India, and that’s why we hear FIIs( Foreign institutional investors) investing in India.
According to our GDP, we are the 6th largest economy globally, but if we see the Indian economy as per Purchasing Power Parity (PPP), we are at 3rd rank.
Purchasing Power Parity (PPP)
The theory measures different areas’ prices using common goods or goods to contrast the real purchasing power between different currencies.
Let’s understand PPP with the help of an example-
1 Burger in the US costs $10, so do you think that the same burger quality will cost RS 730 in India, just because 1 USD = 73 INR approx. The answer could be No.
If one burger costs $10 in the US, then will it cost RS 10 in India? The answer is No.
If one burger costs $10 in the US, then the same burger pizza will cost you around Rs 200 in India.
So, PPP = 200/10, which is equal to 20. It means 20 is the PPP factor of USD against INR.
In actual $1 = 73 INR approx, but in reality, the PPP is 1:20 and not 1:72 between them.
Another Example: A company offers you a salary package of 1 lacs USD in the US (approx 73 lacs INR). The same company offers you 30 lac INR in India as your salary package.
Which offer will you choose?
Let me help you to choose a better option.
With the help of the PPP formula of 18, you will know that you will be able to buy goods and services worth 18 lac INR in the US, but you are already getting 30 lacs in India. So getting 30 lacs INR in India is much better than getting 1 lac USD in the US.
When you know the basic concepts of economics, then it becomes easy for you to make decisions.
Inflation: Inflation refers to the rise in the prices of goods and services in an economy over time. Debt creates money.
Recession: Recession creates strong companies and drives out the weak companies out of the market.
The 3 class in India
India-1, India -2, India -3
India 1: having clustered, well to do family, high education, who can communicate in English.
India 2: Serving class, who delivered, working in shops, and annual income approx 2 lacs in a year. They are comfortable communicating in their native language.
India 3: They are 88% of the workforce and mostly living in villages. The average income is approx 50k to 60k in a year. It is the bulk of the entire country.
You need to understand your target audience and provide your products and services.
Which Produces Better ROI? Traditional Marketing or Digital Marketing
In today trends are changing very fast from traditional marketing to digital marketing. The companies have now shifted to digital marketing to promote their products and services.
What is Traditional Marketing?
Traditional marketing is the means of any marketing that isn’t online. Traditional marketing is marketing channels, like billboards, printed media, telephone, direct mail, etc.
It is easy to reach out to local consumers with this method.
Traditional marketing provides a hard copy of product and services documentation, which the audience can read repeatedly.
In this marketing, very little communication between the marketers and consumers. It is not flexible for both.
Sometimes marketers can’t assume where the Ads targeted or not with the right audience. They can’t get analytics properly for their ADs.
Traditional Marketing cost is costly as it involves TV, radio, printing, and other advertising types.
In traditional marketing methods, the company must have waited for a week or months to understand the outcome from the ADs.
What is Digital Marketing?
Digital Marketing is the use of the Internet to reach the target audience. Digital Marketing advantages are to right engagement, measurable, targeted audiences, potential, less permanent, and continuously evolving audiences.
My digital mentor (Mr. Deepak Kanakraju, Digital Deepak) introduces the 5Ps of Digital Marketing -
People, Product, Price, Platform, and Promotion.
The platform is the new place in digital.
And without putting people first, you can not create a product that fits.
- Digital Marketing lets you reach the targeted audience from all over the world.
- The physical presence is not at all required. The digital medium allows the marketer to get a finite number of a targeted audience easily.
- Digital platforms describe softcopy over the website, email marketing, or through videos.
- Digital marketing offers many digital platforms like websites, videos, e-commerce, mobile applications, etc.
- Digital marketing is less costly than traditional marketing.
- Digital marketing gives quick results.
- We can easily get real-time marketing results.
- Digital marketing promotes two-way communication, and that helps to satisfy the customers.
Digital Marketing advertising through channels, like
- Social Media Marketing (Facebook, Instagram, Quora, etc.)
- Content Marketing
- Website
- Email Marketing
- Affiliate Marketing
- Google Ads
Social Media Marketing: Social media marketing uses the social platform to connect with the targeted audience to build your brand and convert it into sales. It involves publishing great content on your social media profiles, listening to, analyzing your results, and running social media advertisements.
The leading social media platforms are Facebook, Instagram, Twitter, LinkedIn, Pinterest, and YouTube.
Content Marketing: Content marketing is a form of marketing that focuses on delivering highly valuable and relevant information in content to a specific audience.
To target a specific audience based on their needs, pain points of the audience.
- Create: Create the content and then promote the product or service on blogs, websites, and articles, and many more.
- Gather the information: Gather the contact information from E-newsletters, e-books, webinars, and surveys after creating content and collect the information.
- Interaction: We will need to convert the audience with phone calls, consultations, and assessments, after all the process is completed, we send them a request for a proposal.
Email Marketing: Email marketing is a digital strategy that helps you connect with your target audience to promote your brand and increase sales.
Affiliate Marketing: Affiliate marketing is the process when you promote other’s company products as per your interest in the product. It is performance-based marketing in which the company gives you as per their commissions’ norms and conditions.
Integrated Digital Marketing
Integrated Marketing Process Flow (Source: Digital Deepak)
Integrated marketing is a method of creating a plan that contains all of the engaging consumers with your brands.
Integrated marketing is a method of engaging consumers with your company or brand that combines all marketing communications to assist the customer and their awareness of loyalty and advocacy.
These communications include content, email marketing, social media, SEO, paid to advertise, and sell-convert.
Content: Content is the king of the digital medium. Without content, we can not attract visitors, and visitors do not understand your products or services. Content provides the values of your brand, which you provide to the customers.
Social Media: Social media is a major part of digital marketing. It helps brands to get the most authentic and honest feedback from visitors or customers.
Email Marketing: It is an accurate method to connect with your market. You can send the information about your product or services to the subscribers with the permission of them. If we have subscribers, email id’s then we know that they are our potential customers.
Search: Optimizing your website content to help to reach potential customers. Search Engine understanding your customers, products, services, and location helps your website place on the first page or maximum second page because any visitor is not searching for their needs more than two pages. Top SEO Tools.
Ads: Digital advertising includes pay-per-click (PPC) on google ads. We can display ads, video ads, blogs, and websites.
Strategic Digital Marketing Steps in the Customer Journey
The Importance of Communication Skills
Communication means transferring information to produce greater understanding and having strong communication skills to endorse in all aspects of life. It falls between personal life to professional life.
How to Improve Your Communication Skills
- To become a good communicator, you have to be a good listener first. So, be a good listener. Watch English movies, comedy shows.
- Write as you feel you talk to the people or a person.
- Think in English.
- Be confident, maintain your eye contact, body language, and talk with concision.
- If you disagree with the boss, co-worker, employer, friend, or anyone, it is essential to understand their point of view and what they want to say instead of trying to put your thoughts on them.
- Respect what others say and understand their points. It is an important aspect of communication. Do respect to others.
The CATT Marketing Funnel
CATT marketing funnel is a model for building your personal brand. Once you build your personal brand, everything becomes easy. You can use your personal brand to become an affiliate marketer, a freelancer, or a mentor.
WEALTH = n^CATT
- [n] Niche: Your success and wealth depend on your niche. It is all about your talent and how passionate about your work.
- [C] Content: Create useful contents that attract people from your niche. Solve their problems from your blog, understand their needs. You can do this blog, videos, social media posts, webinars, books, etc.
- [T] Trust: Build trust with your audience with tripwires, marketing automation, and repetitive engagement. Hook the users or audience by subscribing to an email list, following on Twitter/Instagram, and Facebook pages to like and follow, and YouTube subscribers.
- [T] Transaction: Convert your leads into customers with the natural sales (you have to target the audiences) method and show them your offers.
Offer * Niche = Result
combining offer and Niche = Result.
Offer + Need = Result
To help persuade the convenience of the people.
How to Choose the Right Niche
It is all about your talent and passion; after that, you see the market of a particular Niche.
Talent: You need to know in which area you are good. If you are confused, then ask family members, friends, and people who know you.
Passion: If you have talent in particular, but you have a passion for that. It would help if you carried your talent with passion together.
“Without passion, life is nothing.”
Market: When you confirm your talent and passion, that would be your niche. Now, it’s time to search in the market about your niche and how it will work.
All these things need to understand, and finally, you find your niche.
The Power of Personal Branding (Mass Trust Blueprint)
Personal branding becomes an influencer and a brand ambassador for the companies that they run.
Visibility is necessary to market for yourself. People want to hear from people, not from brands.
Downside: A personal brand can not be invested in, and it can not be sold.
Upside: Influencer is significant.
The Evolution of Personal Brand
- Learn: To learn new skills — concepts, facts, and procedures. Understand the concepts, remember the facts, and practice the procedures. Learn & Practices.
- Work: Implement in the real world for better understanding. You can start work as a job, freelance, own projects.
- Blog: Write about what you have learned and experienced through your work. When you write, you understand it better, but you will also start building your personal brand — the best way to take notes or build a community on social media.
- Consult: Start consulting other businesses instead of working for them and giving advice on an hourly basis or record the call so you can advise them later through call or email.
- Mentor: Mentor for other people.
- Startup: Start your business or service to understand the market have to develop and the skills. Scale your services or products, hire the team members, and leverage your expertise.
No one can tell your story so tell it yourself. No one can write your story so write it yourself.
Conclusion:
Marketing is essential for your company or personal branding. It would help if you were visible to the market.
Understand the economy, and how it will help to make the right decision.
Discover who you are, develop an image, and make it consistently visible both in person or through the digital medium to provide value for your visitors.
Learn new skills, work on it, do a job, freelancer job, etc.
Create a blog to help people solve their problems through blogs, and understand their needs.
Consult businesses and services like lawyers, and doctors, mentoring the people, and then starting your business and launching your products or services.
Thank you, and I appreciate your staying on this page.
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