This week,
we had a lecture on Introduction to Marketing by Mr. Rachit Dayal, Founder and
Managing Director of Happy Marketer. He covered some interesting marketing
basics which we can hopefully use for our final project.
He started
off by talking about Brand Recall. Brand Recall refers to how quickly a user
associates a brand with a given product category, which shows how recognized
the brand is. For example, when we think
of soft drinks, Pepsi and Coke are the first names which pop into our mind. He
said that our application should aim to achieve a certain level of brand recall
for it to be successful, which can be achieved with a well-planned marketing
strategy.
In order to
achieve brand recall, it is important to differentiate our applications from other
similar products. Hence, he emphasized on identifying a few Unique Selling
Point (USP) for our product. Some USP’s he mentioned were Uniqueness, which are
applications offering unique functionalities not offered by any other
application, Quality and Availability.
Next, we
went on to identify the target audience for our application by studying
demographic information, behavior and interests of our potential customers. This
will allow us to create a more well-defined marketing plan, which is useful
since we have only a few weeks to market our products.
Lastly, he
talked about the Marketing Funnel, which represents the customer’s journey in 3
stages: Awareness, Consideration and Conversion. Awareness draws users to use
the application through marketing campaigns. Consideration identifies potential
customers and sends them targeted content. Conversion is the final step where a
prospect makes a decision to purchase the product and converts into a customer.
Using the concept of Marketing Funnel will allow us to retain as many customers
as possible after the initial onboarding.
Since our
group is doing an external project, we do not have to come up with our own
marketing plan. However, today’s lecture gave me an introduction to the concept
of marketing which I hope to explore further and apply to other projects I will
work on.
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