Hey friends , I want to ask all the teachers ,businessmen , and agency owners. Are you worried about the dwindling sales in your business ? Post covid, majority of the business owners are worried that their sales which were visible before covid are not returning even though the restrictions have been lifted. Where have all the customers gone ? Here is your answer – Online .
During covid many business were forced to shut . Be it schools , offices , Gym owners and all the types of business . While some found alternatives and some managed, some were forced to wind up.
But there were a segment of people which increased their business by a huge margin. These were people who took there business online. For example in teaching ,there were schools which started online classes, coaching institutes which started their online classes, payment systems were digitalized via phonepe and Google pay, people who used to go to movie theaters started subscribing to Netflixhttps://www.netflix.com/in/ and Amazon Primehttps://www.primevideo.com/.
People started shopping online , meeting started to be hosted on platforms such as webexhttps://www.webex.com/ and zoomhttps://zoom.us/. And some of them have become so used to the online lifestyle that it has become the new normal.
I have also realized that my business also need to be there where people actually hang out ,which is online . Some startups in the digital space have become unicorns in India ,like Nykaa , Zomato Paytm, and a lot more. I have also started learning digital marketing and I have enrolled in Digital Deepak Internship programme .
But some things don’t change, like fundamentals of marketing .Marketing is based on science and not on creativity.
Marketing starts before creating the product not the other way round . Marketing includes selling and has various components such as creating a perception of the product or service in the minds of consumers who need the product. Market research also needs to be done before starting the business https://nmrguides.com/starting-out-with-market-research-description/
Digital marketing has reduced the cost of acquiring the customer to a large extent but it is also limited . It purely depends on the advertiser who are the targeting and which medium they choose for their product. I have also written a blog on digital marketing.https://sidworld.in/digital-marketing-in-india/
Before we understand Marketing, we have to decide what is the product or service which we intend to sell and who be will be target customers . In traditional marketing , a different audience is targeted compared to digital marketing Tradational marketing means advertising in radio , television and newspapers which will reach a completely different audience. These are the middle – class people with average income. If we target via digital marketing like Facebook ads, Google ads, Instagram ads ,it will be targeted to a different audience compared to traditional marketing .
If we have clarity of product and the target audience both, we can scale our business easily which is the basic purpose.
There is also a funnel called CATT marketing funnel which helps agencies in finding the right product mix and ensure that it reaches the right target audience. It is defined as Wealth = n ^ CATT
n is the Niche which one specializes in.
C is the Content that attracts people from your Niche
A means Attention .In online marketing drive attention to your content via SEO, Social Media ,Paid ads and refferals
T is the Trust which one builds with your audience with trip wires ,marketing automation and retargeting.
T is the Transaction which the customer does after following the natural sales methods.
Integrated Digital Marketing Framework is a system which is designed in such a way that all the different components of digital marketing such as email marketing, paid advertising, seo , and ads on social media complements each other and helps one another in bringing even more customers .
Personal Branding is also equally important. People tend to remember people instead of brand . They feel more connected or secure and trust builds automatically. That’s the reason companies hire celebrities to endorse their brand . Sometimes a person becomes a influencers to such a extent that they become brand ambassador for the companies they run.
In marketing ,whether offline or online ,one thing is more important to remember,i.e. The importance of communication skills . Good marketing is all about good communication . If you are able to communicate your message to the concerned person properly ,there is a high chance he will purchase from you .
Today, the market has changed dramatically. I am not saying that offline marketing will be closed forever but some business have been hampered and they should make some changes in their business model so that their revenues increases . They can take their existing business online also . Or give their customers the option of ordering online also. Take the example of restaurants. They have the option of dining out also and take away also from zomato or swiggy. Both options are available . Similarly the restaurants which do not have the zomato option will lose out customers to their competitors who have the delivery option.
I also have a agency. I have become sub- broker of Motilal Oswal Financial Services . But I am doing business offline . There are many problems in acquiring a customer offline.
For example take an example of a 50 year old man who wants to invests 20 lacs in a fixed deposit . He goes to a bank and says to the bank manager that he wants to invests 20 lacs in a Fixed Deposit . The managers tells him that you will only get 5 % rate of interest in a Fixed Deposit , instead he can invest in a debt fund of mutual fund scheme which will give him 9% returns . The old man agrees within 5 minutes. As a agency owner ,I also have the same mutual fund agency ,and I also could have invested the amount in the same scheme, but people have trust in the bank more than in me.
In business acquiring customers online is cheaper than through offine mediums. The most important medium in digital marketing is through google ads snd facebook ads and email marketing
Please comment whether you liked the article or not and way in which I can improve .
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