Are you interested in generating more wealth ?
Is there a success formula for marketing?
Why yes, there is!
Wealth = n^CATT
Let’s break that down, shall we?
- [n] Niche
The success of your endeavor, whether it’s a blog, freelance business or a company, hinges on choosing the right niche. It requires you to find the intersection of your Talent, Passion & Market opportunity.
Your niche will drive all your efforts and define the longevity of what you do. As we may experience, our motivation and purpose directly impact the consistency of our endeavors and the fulfillment we experience.
We can add another dimension to this by looking at the Japanese concept of IKIGAI, meaning “a reason for being”. It explores the intersection of four things — what you love, what you’re good at, what you can be paid for and what the world needs.
2. [C] Content
“Every piece of your content should be excellent,enough that customers are compelled to share it.” Joe Pulizzi
Once you’ve decided on your niche, it’s time to build on your content strategy. The next step is to create useful and valuable content to attract your audience into your funnel. Your content assets include blog articles, videos, lead magnets, live webinars, ebooks, and other resources.
Pro Tip: Don’t compromise on quality.
But getting them into your funnel isn’t the end of it. You need to nurture them and create a lasting relationship which will be beneficial for both in the long run. The inbound marketing methodology can help you do just that.
Inbound marketing is a business methodology that attracts customers by creating valuable content and experiences tailored to them. While outbound marketing interrupts your audience with content they don’t always want, inbound marketing forms connections they are looking for and solves problems they already have. (HubSpot)
3. [A] Attention
“A wealth of information creates a poverty of attention…” ― Herbert A. Simon
So, you’ve put in the hard work and created great pieces of content. But who’s reading it? Thus, leading us to our next plan of action — promote your content on the right channels and drive traffic to them.
Here are some things you can do to achieve that:
- Optimize your content for SEO so you rank better on search engines.
- Share your content on your Social Media platforms which have a relevant audience segment.
- Use targetted Paid Ads to boost your reach and bring in new customers.
- Attract new customers through referrals and word-of-mouth (WOM).
4. [T] Trust
“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.” — Warren Buffett
Earlier in the article, we spoke about human relationship principles that are built on the basis of trust.
So how can you earn the trust of your audience?
Here, the most important thing to remember in your marketing communications is that you’re engaging with a person on the other end. By knowing your audience, understanding their needs, solving their problems, and engaging with them in a personalized manner – you can build that trust.
Techniques such as marketing automation, retargeting, deep marketing, etc. can enable you to implement your strategy seamlessly and customize your interactions.
The flywheel model:
To further illustrate, we can have a loook at an interesting flywheel model developed by HubSpot which is centred on growth as part of their inbound methodology. It takes you through the cycle of engagement with the customers at all stages. This process builds momentum in the funnel where the delighted customers become brand ambassadors for your product — thereby attracting new customers through referrals, user-generated content, and word-of-mouth. (Read Article: What is Inbound Marketing?)
5. [T] Transaction
“The aim of marketing is to make selling superfluous. It is to know and understand the customer so well that the product or service fits him and sells itself.” — Peter Drucker
When you’ve established trust by delivering genuine value to your audience, you will be able to turn leads into customers easily. This can be termed as the natural sales method. But converting someone to a sale is not the end of your relationship with them. The funnel continues with post-purchase and re-purchase engagement.