Law of Marketing – you need to know.

Transaction

We have all gone through the concept of Law of Marketing, but were we able to connect the dots?

Was the concept theoretical?

Did we have a feeling that it cannot be used in the real world situation.

Want to read another article on this concept ?

Allow me some of your valuable time, let me assure you that you would find things in a different light. Light which can help us all.

Does having flashy creatives subscribe to the concept of Law of Marketing?

Well to start with Law of Marketing is not about creativity it is a Science. These lines are borrowed from my Mentor Digital Deepak, I am part of his internship program.

Law of Marketing is based upon many driving forces each connected with each other. It’s about timings, goals, Brand, how to enter a competitive market, why it’s important to know about economics, both Global and National. Why do we need to understand traditional and digital Marketing?

Hope know I have your attention, sorry I had to rush through some of the key topics so as to grab your attention.

Know as I have your undivided attention let try to put all the pieces together.

Thanks for Your Attention 🙂

Let’s start with the concept of timings, when do we start Marketing, after we have the product or before we have the product design. Let’s look at apple, the company came into picture when computers were already there. But they lacked in esthetics, ease of use. Marketing for Apple started at this point. Steve Jobs saw the need for a product which was user friendly, good to look at. So marketing starts with capturing the requirement of users.

Having said that we cannot forget the famous quote of Henry Ford “If I had asked people what they wanted, they would have said faster horses.”. So it’s important to capture exactly what the people want.

After Addressing WHAT, we move on to the goals, WHEN AND HOW Much. Here we freeze goals, timelines, Financial Goals. There is a Quote “An idea whose time has come”. If an idea / plan is not put to action within as certain period of time it would lose its relevance. Every Concept has to sustain itself financially. So a clear roadmap should be there. We need to sell this much by this time and at this price. Every THIS in the previous line needs to be clearly identified. Every Goal must be SMART – Specific, Measurable, Achievable, Relevant, Time-bound

These days we hear, lets connect on Zoom Call. Find this strange, there are many players who offer video conferencing or meetings but we mention ZOOM, even if we have Google / WhatsApp Call. This is known as Branding; Zoom is not identified as company it is identified as a Product. Xerox means Photocopy, it’s a Company but still we refer this as a product. Because of this strong branding they become the first choice. Half the battle is won for them.

In the fiercely competitive market it’s important to figure out which war has to be joined. Companies should have a unique angle to stand out. For example, in SEO we do not go for keywords that have strong competition. We select our own war, where we can be effective, economical, and get good results.

Finding your own Niche. This is the concept we start with while planning to enter any market. We should be able to figure out the war we want to participate in. Here we take the help of Talent, Market, Passion. We look for a common area in all the three fields.

Niche is the area of a market where we are fit. It may a category or a sub-category and a mix of sub-category. For Example, Volvo is a car, known for safety, so safety is their niche. It is a clearly identified area for them. BMW is identified with comfort. These automobile manufacturers are clearly identified because of certain qualities. This is known as Niche. Its plays an important role.

In India we have TATA Motors, they are identified as strong automobiles plus they are manufactured as per Indian conditions so are conducive to Indian roads plus can be serviced locally they need not go to expensive service stations. These Niche Points helps a lot while selling the product.

After this we move on to Economics. Looks like a misfit.

Economic helps us to identify the markets. Growing market has lot of scope, would be easy to penetrate.

We need to have a 360-degree view of things.

We need to know which section of the population has how much buying power. This would help us in pricing, brand positing.

While looking at Economics we need to look at Global Market as well as the national market.

For example, in Automobiles we need to look at the source of fuel. How the cost of Fuel would be impacted Internationally.

We also need to look at Export Import Balance and tariff. These would have a deep impact on the demand and supply as well as pricing. These factors have a far reaching impact on consumers buying power and choices.

Another important concept we need to understand is difference between Traditional Marketing and Digital Marketing. Please note we have to address a very complex feature, Human Mind Set. We have to very carefully select the medium, mode of communication and language.

Before selecting between Traditional Marketing and Digital Marketing we should know their reach, utility and what we plan to achieve. We cannot overlook any one of the method without evaluation. Generally, it’s a mix of both but we should be very clear. What goal each one is supposed to achieve.

For example, within Traditional Marketing and Digital Marketing there are many strategies / methods. Like Lead Generation is an important feature in Digital Marketing, aim is to get contact information and them follow-ups. But if my product is generic and low cost in nature, then I should not go for lead generation. I would use Traditional Marketing and Digital Marketing for visibility, promotion. We would have TV, Radio ads along with Facebook / Google / Instagram presence. Please note the selection of the platform would depend upon the product. I have mentioned them purely as examples.

Digital Deepak has introduced as concept of CATT marketing Funnel and framework. Here C stands for Content, A for Attention, T for Trust and T for Transaction. CATT sums up the approach for successful digital marketing campaign.

What is the importance of personal brand? People believe in People, Apple would always be identified with Steve Jobs. So it’s important to have a strong personal brand.

What needs to be understood is that things do no operate in Silos, you must have noticed that there is a chain Benefit of one concept is passed on to another till we get a transaction. This is known as integrated digital marketing framework.

A good content would not be the single source of success, it would be contributory, would get us attention, after that Trust would be build and then Transaction.

A good Niche along with SMART Goals, good timings, Great Branding, use of economics to everyone’s advantage. All would contribute to success,

Please review my Video https://youtu.be/C3XOi1Nu7h8