Marketing concepts for the aspiring new-age digital millionaire

In this article, I am explaining few concepts of Marketing, Finding Niche, and building wealth using few frameworks. If you are an aspiring millionaire, this is something you should definitely not miss!

What is Marketing?

Good Marketing makes the company look smart. Great Marketing makes the customer feel smart. — Joe Chernov.

Let’s take the example of TATA Nano. This is a really great product suiting the aspirations of Middle class and lower-middle-class consumer, who doesn’t want to own a second-hand car. Leaving aside the technical glitches, TATA had positioned the car as “cheapest”, which hurt the feelings of an Indian consumer. Even though it would have been a luxury for families who just owned a scooter or any two-wheeler for years, studies suggest that owning the cheapest car would also hurt their social status.

Importance of Communication in Marketing

“You can’t sell anything if you can’t tell anything”.

The need for clear communication!

The product has to be communicated in the most simple yet understandable manner for the end customer.

The Power of Word of Mouth Marketing

“The secret to marketing success is no secret at all: Word of mouth is all that matters”.

The power of Word of Mouth

However, to get there, we need an initial set of customers. As Digital Deepak says, to have a snowball effect, you need to have the initial base of customers. So that’s where the marketing does the real work.

What is “Digital” Marketing?

Digital Marketing

When it comes to Digital Marketing there are a lot of facets to it. Digital Marketing is not only about creating an Ad on Facebook or Instagram and promoting it. It is not only Search Engine Optimisation to rank the website at the top of Google search. It is not about generating hundreds of thousands of leads and promoting your products or services through email marketing. Digital Marketing is the entirety of it. If you have a closer look, everything is connected. Although everything that we do must translate to money through sales at the end of the process, no stone must be left unturned in undergoing every part of the digital marketing process. Here is a framework by Digital Deepak, that clearly explains the entire framework of Integrated digital marketing.

Integrated Digital Marketing

Riches are in the niches

“You can’t be everything to everyone. But you can be something great for someone”.

Riches are in the niches

In similar lines when it comes to business, one has to be rock solid in a particular domain, and the business has to be known for that. If you take up a particular segment of the industry and think of a brand that serves it, then that’s the best according to you. That means that the brand is unique and has a niche value proposition and that’s the reason you are remembering the brand. Let’s take an example of

  1. OTT — you could think of Netflix.

2. Best phone maker — perhaps Apple.

3. Best audio Book company — may be Audible

4. Best song streaming company — may be Spotify.

So, if you consider each segment, there are many more competitors, but it’s important to have your own unique angle to it. Let’s take the example of Netflix. They bring the best of the world’s TV series right in front of you. Apple — No one can beat their user interface and security. Audible — vast collection of audiobooks. Spotify — has the best algorithm that suggests your Music discovery.

How to find your niche

Finding your niche

Creating Wealth with your niche

Wealth = n^ CATT

NCATT Framework

I’m quoting an example of how this works from our clothing brand, Anveshana. One of our niche(n) products is customized Family twinning outfits. Our target audience is Male or females who are aged 25+, married, and having children. The first step for us is to tell the world what we do. So naturally, we need to build the product base and fill our social media accounts with pictures of various products that we do. That’s what we have done here on Instagram. The other things ways we are also planning to do are posting videos, doing live webinars, etc., This is nothing but building content ( C ). Now, we need to make people aware of our product and services. This is done by grabbing their attention (A) by driving traffic to your social media pages and website using tools such as SEO, Social Media Paid ads, etc., However, it is not necessary that people shall buy once they immediately visit the page. They need to believe in the brand. This is done by creating Trust (T). One way to go about it is to create a product at a lower price to get an entry. Once they see your quality, then perhaps they shall order the main product. So we have come up with entry-level priced “Western Kurtas”. The other way is to collaborate with influencers who are well known and this builds social trust. The next step is the transaction (T), where using natural sales methods, a prospective lead is converted to a customer.

In this way, we intend to build wealth by focusing on our niche following the process of CATT for every niche product of ours.

Getting numbers right to make your desired money

Importance of Personal Branding

These days, more often it is the people behind the brand that gets the face value. Let’s take the example of Elon Musk. He has become so powerful that his tweets influence the markets. Their personal brand is valued very high. Let’s say if someone like me is coming up with a startup idea. Then it is a whole lot of work for me in raising money, reaching out to customers, etc., It is not the same case with Elon Musk or Jeff Bezos. A single tweet from them will do the work. So that’s the power of personal branding. Although these people have gained image value through their years of work, there is a blueprint that everyone must follow. This framework is coined by Digital Deepak as Mass Trust Blueprint for personal branding.

MASS TRUST Blue Print for Personal Branding

நீ என்பது உடலா? உயிரா? பெயரா?

மூன்றும் இல்லை — செயல்.

The meaning is that “You are neither defined by your body, nor your life, nor your name. It is your action and what you are capable of achieving is what defines you” So it is imperative for anyone to build the core skill set and what you are able to achieve with that.

MASS TRUST Blue Print for Personal Branding

This is achieved through Learning. Once the skills are learned, it has to be implemented through any real-world work or personal projects. Once you start documenting your learnings, that’s when it gets ingrained deep in the brains. This is done through blogging and this also helps you to reach out to more people who will get to know more about you. This will result in more opportunities such as consulting. People start to pay for your knowledge, which otherwise will take a lot of time to figure out how to do it. Once you become a consultant, it also means you have the authority over your subject and now you can start mentoring other people to get trained. At this level, your subject knowledge is at the expert level and you can put this to use by creating products or services(Startup) which people will start to buy that will generate recurring revenue. While this completes one cycle of MASS Trust Blueprint, however, please note that learning is a continuous process.

As the saying goes by,

“The illiterate of the 21st century will not be those who cannot read and write, but those who cannot Learn, Unlearn and Relearn”. — Alvin Toffler.

“Think Big, Start Small, Act Now”. Great people never shied away from trying. If you have been thinking of starting a new project, this is the time. All the above tips on Marketing, Digital Marketing, Finding Niche, nCATT, MASS Trust would be an eye-opener for you. If you think this article truly added value to you, please leave a comment on what you thought and I would appreciate a true and honest comment.

This article has been written as a part of the second assignment of the Digital Deepak Internship Program.

Mission One millions Jobs @ 2040