If you see the above graph, it’s pretty easy to notice that the more your product costs, the lesser customers you need to make a profit of 1 crore.
But you should also take note of the fact that the higher your product price is, the more difficult it is to get customers to invest in the first place i.e it is easier to get 10,000 customers to invest in 1000 rupees products compared to 1 lakh rupees products which require only 100 customers.
Hence effective marketing is necessary to increase your reach to the customers so that you can scale up your revenue. It’s not just about advertising your product, there’s more to it. And that’s why you need to know fundamentals first :-
First, remember this one line forever, “Marketing is not based on Creativity.”
Yes, Marketing is rather strategic. Marketing starts before the product is even manufactured i.e before creating any product, you first need to know what customer really desires to invest in. A simple method to know that is taking surveys, and keeping an eye on the trends.
Just being aware of the consumer’s needs is enough to give you an idea on what product you want to build according to it and how exactly it will be beneficial to the consumers.
Moreover, you should take an approach to Direct Response Marketing i.e to make sure the marketing or advertisement is working and actually reaching to customers. This is done by ensuring instant feedback in the form of phone calls or emails etc.
“Never let marketing be more important than the product.”
It is important to know that a great product sells itself. A Great product needs Great understanding of the customer. The aim of marketing is to just make selling superfluous. That is why you must create a product in such a way that the customer will buy it at first glance. That’s why you need to make high quality products.
Secondly, marketing is about building trust i.e if product quality is low and marketing is high then the people will eventually know that product is a scam and marketing will just accelerate the downfall of the company.
Hence, keep the quality at best and customers will eventually turn into brand ambassadors! That will build company trust and the product will sell itself without any need for marketing.
What is CATT?
CATT is the formula for effective marketing and selling. To expand this more, we shall look at this in steps-
1.) [n]Niche :
Your success and wealth depends on the niche that you choose. Make sure to only choose one category and focus on it only. For example, if your niche is Machine learning, then only sell products based on that category. If you have multiple categories that might confuse customers. Choose your category according to your talent and passion, and keep an eye on the market for it as well.
2.) [C] Content :
Create content around your Niche by using Blog posts, Videos, lead magnets, etc. You need to get clear on Who your Target Audience is and what type of content resonates with them. Also to try out new ideas to get feedback and accordingly generate more content. It’s important to write down your ideas regularly.
3.) [A] Attention:
Now drive attention to your content using SEO, Social Media, Paid Ads, etc. Make sure your advertisement is in alignment with your product and your communication is effective and simple.
4.) [T] Trust :
Build trust with your customers with Trip wires, regular content, newsletter, Marketing Automation, etc. Try to stay connected with the existing customers as well as the new customers so that they can always come back to your content.
5.) [T] Transact :
Convert your leads into customers using the Natural sales method, you can use your trust to leverage and transact with customers. Conduct webinars, sales calls, sales pages etc.
Some people complain about the sales not being up to mark even after marketing. So Why does this happen ?
People usually won’t buy your product until they trust it and know its benefits to them. The trick is to rather advertise your free content rather than your product so that customers will first trust you and know your content and intentions and then radiate towards your product, eventually buying it.
Next most important thing you need to know is how to create a BRAND FOR YOURSELF.
This can be done through company or else there is a more effective way called:
Personal Branding: –
“The Best known will always beat the Best”
FYI. Elon Musk has more following than SpaceX and Tesla.
People want to hear from people, not from brands. Hence if you create a personal brand for yourself with a large following, whatever new company or product you will create, people will buy it blindly all because they trust you.
But How to make people Trust you ?
Learn : “Learn in such a way that you can teach others.” Try learning new skills as well and keep being updated.
Work : Work on that skill and implement it. Try experimenting and gain more experience on those skills.
Blog : Now share the knowledge with others. Writing also makes you understand better.
Consult : With your experience you can also start to consult people.
Mentor :You can also mentor people in large groups which will upscale your brand trust.
Startup : Finally when you acquired all the knowledge and have trust in your skills. You can go for startups and sell your products and services as well as come into collaborations with others.
Hence to conclude this very detailed blog, whether it is marketing or selling or mentoring, the most important thing which will give you success is your authenticity. As long as you are true to yourself, people will always trust you. So be yourself and create your own reality.