Marketing Is Science?

Marketing is all about creativity! This is a myth. Good marketing is no accident. It is a mix of both an art and a science, and in simple words, placing a product in the right place at the right time at the right person at the right price. Financial success depends on the marketing ability of a company. The purpose of marketing is to build demand for goods and services which in turn creates employment and enriches people’s lives. 

Marketing Isn't Just Selling!!!

A good marketer doesn't just sell, indeed he creates value to the brand and creates a situation where the product itself sells. Tesla spends just $6 per car on advertising which is much less than any other luxury car marketing budget. Yet the Tesla Model 3 continues to sell at three times the rate at which BMW 3 series sells.

Dr.Philip Kotler defines marketing as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures, and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving the best and its designs and promotes the appropriate products and services.”

Product Before Marketing.

Yes, you heard it right. Product before marketing. The product should shine like a diamond, should create value, and be able to sell itself. Customers of brands like Nike, Zara, and Apple act as brand ambassadors of their brands. They believe in the product and stay loyal to them. Here the product is appreciated first over marketing. Coming up with an amazing product or service involves marketing i.e. market research and developing an apt product.

Your Mouth Speaks…

Remember the last time you visited a restaurant and had had to tell your friends?

Did you watch Dark on Netflix?

Whenever you are talking or posting on social media about your experience of the product, service, idea, or event, it is word-of-mouth advertising. It is a free marketing strategy and worked best for Netflix, Coco-Cola, and Redbull. 

According to a Nielsen study, 92% of consumers believe suggestions from friends and family more than they do advertising - this shows the power of word-of-mouth advertising.

Why You Should Learn Marketing?

Marketing exists since human civilization started. Humans practiced marketing but were not aware of the term. The history of bartering existed since 6000 BC. Introduced by Mesopotamia tribes, bartering was practiced by the Phoenicians. Phoenicians bartered goods to those located in various other cities across oceans. Yes, the barter system is marketing too, values being exchanged for mutual benefit.

Marketing is a basic element of business, it has a long shelf life. Marketing gives returns in less time compared to production, R&D, construction, or investment in human resources. One can invest his time in nuances of marketing to earn his livelihood or even make fortune in it. Even during the times of pandemic, when the human race sat inside their home, digital marketing took the responsibility of connecting customers and the enterprise. 

Why Are Communication Skills Ruling Mankind?

Communication skills are the most important skill one should possess in life. We see a small baby learning communication skills from mom and it is owned only when we practice. This simply helps to express your idea, opinion, and experience to others through verbal and nonverbal communication. The chemistry between marketing and communication is like the chemistry between Cersei and Jaime of Game of Thrones. 

To become a good marketer you should first be a good communicator. It helps to deliver the concept to customers aptly and helps to build long term relationships with customers. It also opens the gate to innovation when ideas are discussed and implemented. The morale of a marketer depends on how well he can put his ideas forth and brings more professionalism in the act of business.

Digital And Marketing - Guru Shishya Parampara! 

Digital marketing is an extension of marketing using technology as a medium that makes it different from traditional marketing. But the fundamentals remain the same for both.

Traditional marketing evolved but the fundamentals remain the same. The selling techniques follow the 4Ps of marketing - Product, Place, Promotion, and Price. The common offline marketing practices are print, broadcast, direct mail, telephone, and outdoor. But these techniques are losing their shine as they are less effective in backtracking, time-consuming, measuring the results and the budget is high. These drawbacks gave birth to digital marketing which involves social media marketing, affiliate marketing, inbound marketing, content marketing, and email marketing. 

Here are some data and statistics to show the potential of digital marketing – (Source - www.lyfemarketing.com)

• More than 80% of shoppers/buyers do their research online before investing in a product/service.
• Almost 60% of U.S. adults use Facebook regularly.
• 94% of B2B marketers are actively using LinkedIn for marketing.
• Mobile will be accounting for over 70% of digital ad spend by 2019.
• 90% of B2C businesses report social media as being the most effective content marketing tactic.

CATT Funnel Framework

Want to start your own business?

How to create wealth?

CATT marketing funnel framework helps one to under the niche and start their digital marketing journey. It helps to under the market and tunes the business considering the factors of market size and its potential.

If we want to start a business, we need to identify the area where we want to explore and grow. That's called Niche. To Identify the niche, know your market, know your talent, and finally your passion. If you are very talented and passionate about an idea and its business model, if there is no market potential then no one would buy that idea – Failure. If you know the market and you have all the enhanced skills to go about it, but you don’t have passion for it – Every day is Monday Blue. So the intersection of passion, talent, and the market determines one's success and wealth in the market.

Wealth = n^CATT

n = Niche, a focused area in the broader market, wherein a person very suits.

C = Content, create useful content that has potential in the market and attract people.

A = Attention, drive attend to your business i.e. promotion which is very much essential in business competition.

T = Trust, building trust is very important in business to gain in the long term, marketing automation, and retargeting.

T = Transaction, converting your leads into sales, it is essential to generate revenue in business.

This is one of the apt strategies to elevate your business. Digital marketing helps you build your business, sustain your business, survive the competition, and build long term relationships with the customer.

Integrated Digital Marketing Framework

Digital Marketing is evolving consists of various methods and techniques – content marketing, social media marketing, SEO (search engine optimization), email marketing, and many more. It is very important to choose the right strategy at the right time at the right person to sell an idea. For example, LinkedIn is a professional site and Facebook is a personal site. When you target to sell a jacket, ads on Facebook would be more relevant than on LinkedIn. Similarly, if you are selling a B2B marketing tool, you need to target through LinkedIn over Facebook.

Personal Branding

Have you ever googled your name?

All right, coming to the interesting term Personal Branding. Person Branding is the way a person portraits himself to the world. It is like storytelling where you show your conduct, behavior, experience, and altogether your personality. You need personal branding to influence people and their decisions. The trust created by personal branding is vert strong and affluence.

The greatest example of personal branding is Elon Musk. Elon Musk is a brand that attracts credible customers and fan base through social media – Twitter. His tweets are so powerful. Tesla’s stock dropped 7% after Musk’s April Fools’ day tweet stating Tesla was going bankrupt. This shows how powerful personal branding is.

MassTrust Blueprint: It is a business cyclic process – Learn and unlearn things, Work on your ideas, Blog: write down your idea, Consult from others and learn together, Mentor: seek advice from a guru and Startup: execute your plan.