Marketing - The Inevitable One

Overview:

1.      Fundamentals of Marketing

2.      Digital marketing vs. Traditional marketing.

3.      CATT Marketing Funnel

4.      Integrated Digital Marketing

5.      Personal Branding: Mass Trust Blueprint

“There is no Luck, Only good Marketing”

In simple words Marketing is a tool which will help your products or services to get sold in the market. Marketing has evolved itself into a vast concept over a period of time, it emerged in the mid 1950 after Production and Selling concept.

Marketing was referred as mere selling in its early stages which was called “Marketing Myopia” by Theodore Levitt. Now without good marketing business cannot survive and it is even important to adopt to changes because the concepts have remained the same but the way of execution has changed.

In this article I will be writing about basic fundamentals and laws of Marketing, this will help in strengthening your basics and understanding why marketing is important. So let’s get started.

1.      Fundamentals of Marketing.

Product: What are you selling?  There should be a product in the first place it might be in physical or virtual form. Marketers should be familiar with all the features and specifications of the products they sell.

Price: To determine how much your product should cost, you’ll need to do some research. Learn how your competitors price their offerings, and understand how much consumers are willing to pay. There are different factors that affect pricing and the marketer should always keep in mind the product while fixing price.

Promotion: These days, marketers have many channels through which to promote their products. From radio ads to social media banners, you’ll need to decide which are right for your brand. Promotion will help in getting more customers since the awareness will be created which will reach huge mass.

Place: Your customers need to be able to find and purchase your product. Make it easily accessible so that it’s easily bought.

2.      Digital Marketing vs Traditional Marketing.

What is Traditional Marketing?

Traditional marketing refers to any type of marketing that isn’t online. This means print, broadcast, direct mail, phone, and outdoor advertising like billboards. From newspapers to radio, this method of marketing helps reach targeted audiences.

There are a few disadvantages to traditional marketing. First, businesses have little to no interaction with the consumers they are selling their products to in real time.

Some marketers also see traditional marketing as unreliable. You can’t edit a print ad once it’s out. So, if you recorded the wrong percentage discount on that sale radio ad you recorded, you can’t change it.

Offline marketing

1.      Enhanced offline marketing

·        Electronic billboards

·        Digital product demos

·        Digital product samples

2.      Radio marketing

·        Radio commercials

·        Show sponsoring

3.      TV marketing

·        TV commercials

·        Tele-shopping

·        Super Bowl commercials

4.      Phone marketing

·        Cold calling

·        Text message marketing (giveaways, coupons, loyalty programs)

·        QR codes

What is Digital Marketing?

Digital marketing is any marketing a company conducts online, such as paid social media ads, email marketing, and PPC advertising. Digital marketing has become wildly popular due to the cultural, technological, and societal shifts happening around us.

As the world becomes more digital, the way we market has evolved. Digital marketing is cost effective when compared to traditional marketing and also digital marketing helps to build direct relationship with customers.

Digital marketing

1.      Search engine optimization (SEO)

2.      Search engine marketing (SEM)

3.      Content marketing

4.      Social Media Marketing (SMM)

5.      Pay-per-click advertising (PPC)

6.      Affiliate marketing

7.      Email marketing

3.      CATT Marketing Funnel

Wealth = nCATT

Where,

n= niche (hungry market)

Selected niche should be a combination of Talent, Market and Passion. Niche should not be neither too broad nor too narrow. There should a potential in the selected niche.

C= Content (Blogs, Webinars)

After you select a niche you have to design a content focusing your Niche, it should be attractive, creative and unique. Content should be clear and concise and should not make the customer feel irrelevant. It should reach people with medium like Blogs, webinars, social medias.

A= Attention (SEO, Paid Ads and Referrals)

There are many products in the market of the same kind. Example: If we want to buy a soap there are many brands in the supermarket and people end up buying soap which is more attentive. With the use of SEO, Paid ads and referrals business can drive customer’s attention.

T= Trust

It is really important to build trust because there are many fake products in the market and customers may not buy your product hence trust can be built by providing ratings and comment section etc.

T= Transaction (convert leads into customers)

Transaction is the final funnel. We have to convert leads into sales and for that to happen a customer has to go through all the above funnels. Here the lead turns out to be a customer and buys the product for a price.

4.      Integrated Digital Marketing Framework.

Integrated digital marketing is a combination of Paid ads, Email marketing, SEO, Content Marketing, Social Media, Sell and Convert. CATT funnel works on the basis of integrated marketing. Business cannot expect revenue only by running SEO, Content Marketing or Paid ads etc., there has to be a strategic combination of different types of digital marketing.

Business can invest in paid ads and create attention and then insist people to subscribe to email newsletter where they can access the content through search engine optimisation and people access content through social media and post on their account and finally this develops trust among people and conversion of leads into sales becomes easier.

5.      Personal Branding

Personal Brand is the brand created by an individual for himself, personal branding is a really good tool to reach out to people because it created a social relationship hence while companies running ads or any promotional activity use celebrities who themselves are a brand. The process of personal branding involves finding your uniqueness, building a reputation on the things you want to be known for, and then allowing yourself to be known for them. Ultimately, the goal is to create something that conveys a message and that can be monetized. The drawback of a Personal Brand is you cannot sell it.

Sometimes a personal brand can be stronger than that of a company. Example : Mukhesh Ambani is stronger than Reliance, Ratan TATA is stronger than TATA, Digital Deepak is stronger than Pixeltrack. This will be a great advantage because people will invest when these people having good personal brand approach them because people believe they will bring them profit which can be referred as Mass Trust.

Golden rules for Personal Branding as per Forbes.

1. Have a focus.

2. Be genuine.

3. Tell a story.

4. Be consistent.

5. Be ready to fail.

6. Create a positive impact.

7. Follow a successful example.

8. Live your brand.

9. Let other people tell your story.

10. Leave a legacy.

Conclusion:

Through this article we have learnt about Marketing Fundamentals, how marketing has evolved from Traditional to digital, CATT model and Personal Branding. Marketing concepts have been rooted in the human psychology hence marketing will exist until humanity exist but the tools of marketing may change not the concepts.

 This article is a part of Digital Deepak Internship If you want to get people to apply for Batch 5, link to https://deepak.me/internapply

Hope you enjoyed my article and let me know your opinions in the comment section below.