Marketing in India: A Tale Fast Changing!
Evolution of Technology has been significant in the last 2 decades where the way we consume content has changed drastically. It is curious yet exciting to delve into the concept of progressing ways of Marketing which focuses more on trust and psychographic aspects of the users to create an everlasting impression but more so to connect with them individually and resonate to there beliefs.
To put simply, we are surrounded by marketing but the ways we have progressed to consume the offerings of marketing has reasonably changed like digital marketing, affiliate, blog posts, social media to name a few. Even though the classic ways of marketing like TV commercials and Newspaper print ads are still prevalent but its impact is diminishing by time as today people are more keen to be offered a tailored solution rather than generic.
India as a country has varied variety of people and has always been known for its diversity. But what happened in the last 2 decades that all International companies and brands are fast pacing to grab lions share in their particular segment of product offering? The country which was never given a stage to feature, has come full board with tech hubs, luxury International car brands, retail brands, exclusive food and beverage brands etc.
With over 400 million people in India termed as Millennials (born after 1982) , they account for the 46% of nations workforce. (report by Morgan Stanley)
With Total population of United Kingdom to be 67 million and 328 million of United States of America (censes of 2019 by Statista), can you figure it out the chunk of educated, tech savvy and headstrong individuals of over 400 million in India? It is a deliberate attempt of expansion by international companies to claim their stake which will have far greater impact on them than rest of the world. The revenues which they can make from catering to this audience will be much higher and most importantly the trust of this audience once achieved, will lead them to greater heights which is why the altered ways of marketing are adopted by companies to successfully target and accommodate to this group.
Even though the digital space in marketing is galloping quick to gain attention and acceptance of the user, the traditional ways of marketing are still important as they offer emotional reconnect through immersive experiences by magazines which one use to read 10 years back or recalling the memories attached to certain commercials played on TV or radio. This is what turned to be double edge sword for the companies as on one side they are able to create longer lasting memories but on the other hand, they are unable to measure the conversions which are of significant importance when companies have to calculate the return on investment which is made for certain category of marketing initiative.
And thats where digital marketing reflects its superiority in terms of targeting and measurement on investment. However reduced retention of recall and bothersome at times, they do have certain glitches which needs to be taken care of.
India recorded 560 million internet users in 2020 and it is expected to grow to 650 million by 2023. Consistent increase in Internet penetration in India to 50% in 2020 which was 27% 5 years ago. Source: statista.com
The way forward for companies is definitely Digital and that is obvious considering the above facts. Which is why a combination or mix of both traditional and digital is opportune where one can establish themselves both on horizontal and vertical facet of customer segmentation. It will provide a company with brand recall, retention, targeted approach, measurable results and successful conversions.
Lets discuss about the Funnel system in Marketing with certain degree of Global Economics
World economy or Globals economy are referred to as systems that include all economic activity within nations and between nations, including production, consumption, economic management, exchange of financial values and trade of goods and services.
A country’s economy grows as the average age of country goes up.
It’s a fundamental concept of advancing age in direct relation to higher taxes paid which will resultant enhance the scope of countries economy as a whole. Believed to have higher degree of production & consumption of both goods and services by the countrymen will direct timely collection of taxes and create an overall conducive environment for the Nation to grow and that will also make the residents grow better.
The CATT funnel system in Online marketing is the well researched and formulated system which drive sales to online business.
CATT stands for:
Content Attention Trust Transaction
Before starting to implement CATT funnel, it is important to find your Niche. Invest considerable time & resources to find your particular niche which you plan to cater to as that will resonate your values which you will offer through your product or service. Its rightly said that:
“Choosing a right niche, is half the battle Won!”
Lets look at the CATT individually:
- Content: Creating value driven content is the basis of any offering. With varied variety of tools available to offer your curated value driven content to your customer, you can use blogs, videos which suits best for your type of niche. With all these mediums, you are anticipating the user to consume value-driven content which makes him/her feel satisfied.
- Attention: Next step is to gain attention of the user which you can create by offering your curated content to bring them to your blog or website and eventually increase traffic on your personal site and blog.
- Trust: Offering continued value driven content with regular intervals build trust with your users. It is imperative to hold attention by sharing well crafted content.
- Transaction: Once the user has built trust and faith in your product or service, next step of transaction or conversion is executed swiftly. But your endeavour doesn’t end here but its important to stay connected with your customer with timely curated information and loyalty benefits.
Until now we have understood the scope of Marketing in India, relation between Traditional and Digital marketing, Global economy in brief and CATT Funnel system which is of paramount importance to all marketing efforts.
Let us discuss one more concept which holds significant importance to be used along with CATT Funnel to get the maximum out of any Marketing initiative and that is Integrated Digital Marketing.
To simply put, Integrated Digital Marketing means a strategy that blends all marketing campaigns namely Search, Social Media, Paid advertising, Content Marketing in well defined way that it gives the user holistic connect and creates lasting impression without any interruptions.
The heart of any campaign is its Content so focus on your curated content and market it with SEO and Social media. While doing so, engage paid advertising for better viewership in front of your targeted audience. Once the user starts to engage with your content and comes on your Blog or website, seek there Email address for better connect and timely distribution of information with which you can create trust and rapport with your content and services offered. And when all your initiatives come together in SEO, Paid advertising that the user looks at online, Social media posts, your trust and authority over the user grows and you will be able to sell and convert your audience into satisfied customers.
To understand more about the Integrated Digital Marketing concept, you may check this link:
Do you know the way to Success for a Startup? Its Mass Trust.
Quote: “an estimated 90% of the Startups fail”
But If you follow the below cycle then the chances reduce significantly
This cycle is presented by my mentor Digital Deepak and he has explained simply yet intuitively about the stages one should go through to create Mass Trust which will lead to successful Startup.
Stages in the Mass Trust Blueprint are as follows:
Learn: deep dive into the skill you are learning and do regular practice of the same. This will lead you to encounter errors and results which will help you hone your skill.
Work: Do not shy to work as a fresher once you start learning a skill. Work with other startups or individuals, experience your mistakes, learn from them and keep creating valuable knowledge through experience for self.
Blog: Write about what you learn, as writing makes you remember more. This activity will help you shape your ideas in well crafted manner. You can explore further by writing quality content on your skill and create your Personal Brand.
Consult: Interacting with other people with the enthusiasm of helping and sharing will help you gain trust of others and make yourself better on your skill with each passing day.
Mentor: With Trust achieved in your personal brand, you can mentor other individuals who are trying to learn that skill and enhance your Personal Brand to Authoritative Personal Brand. By this, you will be able to guide others in profound manner.
Startup: Dedicated approach to learn, practice, errors, mistakes, re-learn, practice harder, working and helping others have lead you to create Trust in them and with that Mass Trust you can start your own company to offer your services to other individuals or companies.
If someone can implement the above cycle before planning for a startup, then the relativity of success scales much higher than otherwise.
To conclude, let us reiterate what all we have discussed in this article and how do they all come together for Marketing and its changing perspective.
Technology playing a vital role in todays world has changed the scope of Marketing in India in last 2 decades. From rising young working class to higher internet users and more significantly the shift from traditional to digital marketing. Certain concepts of both when used as a mix do create a unique product and better choice for a marketer. Later we discussed about Global economy and CATT Funnel system which is used for every online business to find the leaks and deliver paid customers. Later we discussed about the Integration of various Digital marketing channels to come together as one and offer a seamless and memorable experience to customer which is the need of the hour. And last by not the least, we discussed about the Mass Trust concept which when utilised efficiently can lead to far greater results for any Startup or Business as the process is well crafted for every stage.
“As Practice makes Perfect, I cannot but make progress; each drawing one makes, each study one paints, is a step forward” Vincent Van Gogh
To conclude, keep learning, keep practicing & keep sharing as these 3 steps will lead you to Success