- In marketing, if you break the fundamentals,
no matter how much effort you put in,
you will not succeed.
Hey, I'm Neil Patel and today,
I'm going to break down my four
marketing strategy principles,
and how you can market anything.
Before we get started,
make sure you subscribe to this channel.
That way when we release more marketing tips,
you'll get notified.
Question for you.
Do you know the four main marketing principles
that you need to follow?
If you do, leave a comment down below with yes.
If you don't, leave a comment below with no.
And if you don't, no worries.
I'm going to share them with you in this video.
The first principle is you need to have
clear goals for your marketing.
What is your goal?
Is it more visitors?
Is it brand awareness?
Is it more sales?
If you don't what you're optimizing for,
you won't know what you need to do in marketing.
For example, it it's brand awareness
it's all about eyeballs and getting traffic.
It's about sales.
It could be about creating a conversion funnel,
a lead flow, adding up sales, down sells.
If it's about profitability,
it could be about cutting costs on your marketing
and figuring out how you can get less traffic,
spend less money,
but make sure you're in an optimal position,
where you're not paying too much for marketing
and your profitability goes up.
The second principle that you need to follow
is you need to understand your target customer.
If you don't know your target customer,
no matter what you do, you won't do well.
Let me share a story from a company called Diamond Foundry.
What Diamond Foundry does is, they sell diamonds.
And these are man-made diamonds.
They still meet all the same requirements
that a diamond that you would find in the Earth,
and a human eye can't tell the difference
and even if a diamond specialist
looked under a scope, they won't see any difference.
But here is the difference.
Diamond Foundry can produce that diamond
for pennies on the dollar versus having people
go mine for them and find them in the field.
So Diamond Foundry decided that they wanted to
sell these diamonds at a truly affordable price
to help people out.
Can you guess what happened to their revenue sales?
It tanked.
Do you know why?
No one wanted affordable diamonds.
They felt that if something was affordable,
it wasn't going to be good.
Even though, that's not true,
that's what their customers believed.
Their business started growing
and it grew really fast and things started to work out.
Can you guess what change they made?
They increased their prices.
They made more sales
by charging more money for their product.
In other words, if you don't know your customers.
What makes them tick.
What makes them buy and why.
You won't grow your sales, your traffic
or accomplish any of your goals.
And you won't find this out
by just looking at a Google Analytics Screenshot.
You got to talk to your customers.
Get to know them.
Meet them in person.
Do coffee with them.
Survey using tools like SurveyMonkey.
Whatever it may be, by talking with them
you'll get more insights so you can keep adjusting them
and do better over time.
The third principle that you need to follow
is you need to have something that differentiates you.
If you don't have anything
differentiating you from the competition,
they're just going to look at price, quality, reviews.
It's not going to get people to go to you.
The moment you differentiate yourself,
you can do so much better.
A good example of this is Apple's expensive,
but the reason I pay for a MacBook or an iPhone
is because all the devices work so well together
and they do the main things, that I want, really well
in a simplistic way.
So the key is not just to be another me too player
and have nothing that differentiates you.
You need to figure out how you can make yourself stand out.
And you may not know this right away.
You may have to interview people.
Talk with your potential customers.
You have to figure out what your competitors aren't doing
that you could be doing.
All these things will help you figure out
how to differentiate yourself.
The last principle.
I know they say marketing's moving
to an omnichannel approach.
I even say that.
It's true.
But you need to focus your efforts at one channel at a time.
Handle one channel.
Do really well at it and then expand into two channels.
Once you do well in two channels, then go for three,
then four and then five.
But if you can't get one channel right,
what makes you think
that you can do all seven or 10 or 20 at once?
You need to have laser focus.
And you were trying to figure out
what channel you should do first,
because you probably picked a channel
that you're really good at
because that's giving you the best odds of succeeding.
You can also look at your competitors
and see what's giving them traffic.
You can put your competitors domain name
into tools like Ubersuggest and it'll show you
what's getting them their traffic
and that will help you determine
what channel to focus on first.
If you need help growing your business,
getting more traffic,
check out my ad agency Neil Patel Digital.
If you enjoyed the video, like it, share it.
Leave a comment below and I'll answer it.
Thank you for watching.