Marketing is there in the world from thousands of years and it will be there for another, but why? why marketing will sustain? why marketing can’t be done through robots? and why is it so important?
Marketing is more like food than it is medicine. Marketing is meant to sustain a company’s presence. Marketing is important because it allows businesses to maintain long-lasting and ever-present relationships with their audience.
I’am sharing what i’ve learned so far about marketing through my digital mentor – digital deepak
“Marketing’s job is never done. It’s about perpetual motion. We must continue to innovate every day.” — Beth Comstock
So, now we know that marketing will sustain and it is evolving by the time and opportunities and demand for digital marketers is increasing drastically. there is lots of opportunities to build a career in marketing or digital marketing.
So, lets dive deep into marketing and here’s the things we are going to discuss:
- The Fundamentals of marketing
- Digital vs tradition marketing
- Integrated Marketing
- Personal Branding
- The CATT Funnel
- Global Economics and Marketing
- Communication Skills
The Fundamentals of Marketing
What is Marketing? Marketing is all about science, it’s just not about creativity. Marketing is all about sending right message to right people at right time. marketing is not just about selling and advertising. If Marketing is a wheel, advertising is one spoke of that wheel.
Let’s see what are the 4P’s of marketing now – In the 1960’s, E Jerome McCarthy came up with the 4 Ps of marketing: product, price, place, promotion.
Essentially, these 4 Ps explain how marketing interacts with each stage of the business.
- Product – Let’s say you come up with an idea for a product you want your business to sell. What’s next? You probably won’t be successful if you just start selling it.
Instead, you need your marketing team to do market research and answer some critical questions: Who’s your target audience? Is there market fit for this product? What messaging will increase product sales, and on which platforms? How should your product developers modify the product to increase likelihood of success? What do focus groups think of the product, and what questions or hesitations do they have?
Marketers use the answers to these questions to help companies understand the demand for the product whether people will consume it or not whether there is need of the product or not.
2. Price – your marketing team need to analyze competitor’s price or use focus group or survey. if your product is priced too high you’ll lose customers even if your product is good fit.
The pricing strategy of your organization must align with the overall goal of your organization to blend smoothly. Whether you want market penetration or skim over all this depends on your pricing strategy.
3. Place – it’s important to decide for how and where to sell your product. The margin of your profit depends on how quickly you can turn over the goods. The more swiftly the products reach the point of sale, the more likely are the chances of satisfying the customers and increase brand loyalty.
4. Promotion – Promotion entails any online or print advertisement, event, or discount your marketing team creates to increase awareness and interest in your product, and, ultimately, lead to more sales.
The purpose of marketing is to build a brand and capture a position in minds of consumers. Marketing is also a game of perceptions and product is a game of reality.
The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself. – Peter Drucker
Digital Vs Traditional Marketing
The main difference between digital and traditional marketing is the medium through which an audience encounters a marketing message. While traditional marketing uses traditional media like magazines and newspapers, digital marketing uses digital media, such as social media or websites.
Traditional marketing dosen’t mean its old fashioned or it’s useless now traditional marketing still plays a vital role with people’s live ever growing need.
when it comes to digital marketing, it is much more powerfull now and as many companies and people going online it has become more powerfull in terms of reach and conversions.
As we know social media and digital channels are rissing drastically we often undervalue traditional marketing. however traditional marketing has a place in consumers day to day life.
Traditional Marketing Channels:
Broadcasting (TV, radio etc)
Print (magzines, Newspaper etc)
Direct mail (catalogue)
Telemaketing (Phone, text message)
According to ClickZ, “Internet users now make up 57% of the global population. On average, people spend 6 hours and 42 minutes online each day. By 2021, a projected 73% of all ecommerce sales will come from mobile.”
Thats a huge amount of opportunity to do digital marketing.
Digital Marketing Channels include:
- Social Media (Facebook, instagram etc)
- Content marketing
- Affiliate marketing
- Inbound marketing
- Email marketing
- PPC (pay per click)
- SEM (Search engine marketing)
what is Integrated Digital Marketing
what is integrated marketing or say digital marketing?
integrated marketing is using multiple marketing strategies and channels to form a cohesive online approach for your business. The idea behind integrated digital marketing is that, while each individual strategy doesn’t have a huge impact on its own, when used in conjunction, you can create a more influential online presence. Here what it typically entails:
- Paid Advertisement
- E-mail marketing
- Content Marketing
- Social Media Marketing
- Sell and Convert
Personal Branding – Mass Trust
“You can’t just place a few “Buy” buttons on your website and expect your visitors to buy.” – Neil Patel
Create a Strong Personal Brand and Do Not Be No. 1, Be the only one.
In many ways, your personal brand is what makes you memorable. It is your personal brand that helps you stand out from the thousands of other people like you.
Be a leader in your choosen category and if you can’t be a leader in that category, Be a leader in Sub-category.
The secret of successful personal branding is an underlying consistency. You are trying to establish an external depiction of “you.” This means that you need to act consistently with that depiction.
The CATT Funnel
The best way to generate Leads and convert them is by using “The CATT Funnel”.
The CATT funnel is based on wealth and which depends on your NICHE Selection.
So, what is CATT? and how it is based on wealth and niche, let’s see
W = n^ CATT
here, N stands for Niche means your success and wealth depends on the selection of your niche.
And your niche is powered by the CATT funnel.
C reffers to Content. create usefull and unique content, as we know content is the king.
A reffers to Attention if you think that just by creating a great content you’ll get attention, well it dosen’t work that way you have to drive attention through SEO, social media, Paid ads and Refferals.
T reffers to Trust, trust plays a vital role in this funnel. Build trust through Trip wires, marketing automation and retargeting. follow up with your audience regularly to build trust and relationship.
T reffers to Transaction, convert your leads to customers through sales techniques.
“Content builds relationships. Relationships are built on trust. Trust drives revenue.” – Andrew Davis
Global Economics and marketing
Economics plays a big role in marketing too!
the economy affects your marketing strategy. The local economy influences how you approach consumers, while the international economic framework limits your ability to produce, ship and distribute your products through cost and regulatory constraints.
Debt creates Money, but how?
Banks create new money when people go in debt. When you take out a loan, new money is created. As people borrow more, more new money comes into the economy. All the extra spending this newly created money funds gives people the impression the economy is doing well, which encourages them to borrow even more. As the debt goes up, so does the amount of money.
So, If we need to get more money into the economy – for example, during a recession – then we have to go further into debt to the banks. This is why the government is desperate to get banks lending again: if banks start lending more, they’ll create more new money in the process, and the people who borrowed will spend this new money.
Is Communication Skills Important in Marketing?
Communication skills in marketing? yes! good marketing is all about good communication.
if you are not able to convey your thoughts effectively you can’t be a good marketer.
communication dosen’t mean you have to be excellent with your english, english is just an vehicle to convey your thougts. All you need to convey your message effectively.
The Bottom line
Marketing is a never ending process, marketing is not just selling. it is also about keeping existing customers happy by regular communication. Marketing is to deliver value and recognizing needs and wants of customer. marketing is about telling true stories effectively.
“Marketing is not the art of finding clever ways to dispose of what you make. It is the art of creating genuine customer value.”
― Philip Kotler