There are numerous questions that pop up when we think of Marketing right?
What does marketing mean?
How Marketing Works?
Which marketing strategy is the most effective?
Where do marketing and branding begin?
Well, the answers to the above questions have a single answer i.e ” To know, the Basics of Marketing – Its Principles, Fundamentals and the Law.”
What is Marketing?
You are creating a Product/Services that you need to sell, for that, you have to find the right customers(understand the need of the consumer), identify potential customers, make a plan, promote and sell the product or offer the service. You agree right?
Today I will talk about the factors that are needed to be a good “Marketer”, Which will be helpful for your journey from a Marketing executive to an entrepreneur!!!!
We are going to focus on Marketing Principles mentioned below:
The fundamentals of marketing
Digital Marketing vs. Traditional marketing.
CATT Marketing Funnel
Integrated Digital Marketing
Personal Branding: MassTrust Blueprint
You may be thinking why do we follow all these Fundamentals/Law/Principles to market anything? Does It really make any difference? I would say “YES”
Don’t you think whatever we do, we do it with proper planning? Whether it’s buying, studying, going anywhere out, spending money, etc. So is for Marketing.
Marketing also needs a better plan and strategy that we need to execute.
Not only to sell new products but also to hold the existing customers by the quality of our product so that our brand remains in their mind for a lifetime, by doing so we will be building trust, our place in our business/Market.
“Amazing things will happen when you listen to the consumer.” –Jonathan Midenhall
Fundamental of Marketing:
As we say the customer is the KING, the customer is the one who makes our position in the market. The success of a product depends on customer satisfaction.
Who has not heard about “Amul” – The taste of India. We all, right!! 90% of the population in India would be using Amul isn’t that true? won’t you agree with me?
Amul the brand that started in 1949 has marked its place with its high-quality products and still it continues to be the best. Isn’t that an achievement?
Building a Strong Brand:
When we buy a product we always want the best. And as per our view, the brand defines the product. There are many brands in the market but we always prefer is No.1. Why? Because of the trust in the BRAND. Building a brand is easy if we think of a product from a customer perspective.
What does the customer need from your product?
Why your brand is better than others? The USP(Unique Selling Proposition) of your Product.
There should be a mission behind your brand.
Let’s take an example of “Starbucks” the world’s largest coffeehouse chain sourcing and roasting the highest quality arabica coffee in the world.
Their mission is :
“To inspire and nurture the human spirit–one person, one cup, and one neighborhood at a time.”
One might think twice before entering a competitive market, but entering a competitive market with unique ideas can lead to success.
It creates awareness of the brand.
Find the competitor’s weakness or what are they missing on, build your product making their weaknesses as your strength.
Build a strong team.
Let’s take an example of Netflix:
By offering an app for the Apple iPad, iPhone, and iTouch they maintained an outstanding competition in the market.
For best network conditions it uses adaptive streaming with Machine Learning that adjusts the video quality to minimize buffering.
Digital Marketing vs. Traditional marketing.
When we talk about Traditional marketing we mainly use brand awareness tools like T.v advertisements, newsletters, classifieds, magazines, radio. We use traditional marketing to promote the product in its initial stage.
We used to see salespeople coming door to door to present their products.
Well, let me explain to you what and how Traditional Marketing works,
Come let us look at some examples:
Suppose you have a product ( A Watch with multi- functionalities) and you want to sell it. Traditional Marketing focuses on 4 P’s of Marketing
Product ==> Watch (Need of the consumer, Who needs such type of watches?)
Price ==> The selling price of the Product (Value of the product)
Promotion ==> How to increase Brand Awareness, What strategy should we follow?
Place ==> Distribution Channel that we must use.
Digital Marketing has a wide range of tools and techniques involved like Blogging,
Content Writing, Email Marketing, SEO, Affiliate Marketing, PPC, Social Media Marketing etc.
What do you think is the best way of marketing? Traditional or Digital Marketing?
The first thing is customer engagement:
In the traditional way, if we advertise the product in a newspaper we are not aware whether the person will have a look at it or not but in digital we get to know about each and every impression, and clicks.
By traditional Marketing, small companies may not reach the audience beyond the local boundaries due to expensive ads. But if we take digital marketing we can reach the audience even with a small budget.
Measuring the ROI: As Traditional marketing has a wide range of audiences it is difficult to track the ROI as there is no specific tool to measure. But if we take digital Marketing each and every money spent and gets tracked.
The CATT Marketing Funnel :
Have you found your Niche? Niche? Well, what’s that? Oh, are you wondering what Niche is? Are you known for something? if you are known for some product/ services that product or service is your “Niche“. For a business to run it is important to know your Niche.
And Niche plays a vital role in building Success and Wealth.
Wealth = n^CATT
Well, CATT stands for Content, Attention, Trust and
Content: As we know Content is the king. Content is an eye-catcher for the audience. Good content portrays our product.
Attention: Once the content is created we should focus on how that content has to reach the audience but using social media and SEO techniques we have to drive traffic to our content.
Trust: To Build trust with the audience making them feel they haven’t took the wrong decision in choosing our product/services by sending automated emails and re-targeting.
Transaction: The goal of our business is to get the lead, and that lead to a customer. By continuous nurturing customer relationships might also increase your leads.
Integrated Digital Marketing :
A single channel would not be that effective when we market something. One must implement different techniques for great results. Integrated marketing is a simple marketing plan by which we can reach our targeted audience. By evolving technologies in this digital world, there are numerous techniques like SEO, Social Media Marketing, Content Marketing, PPC.
SEO focuses on optimizing our webpages and make them reach a higher position in the organic search in Google. By doing keyword research and competitor analysis and working on Off-page and On-Page SEO concepts will acquire great results when the customer tries to search for anything related to our keyword.
Social Media Marketing:
By promoting a business on Facebook, LinkedIn, Twitter, Instagram. It helps to boost the performance and increase the brand awareness as it is reached to the targeted audience.
Relevant content is what everyone is looking for. A clear and high-quality content builds trust with the customer and to build a lifelong relationship with them. Content in the form of video, blog, newsletter no matter in which form but it should be “relevant”. Content in the form of a story interests everyone, a technique that helps the audience to visualize.
PPC advertising (Pay per Click) :
This advertising method involves cost, marketers pay the advertisers when every time people click on the ad link. It also includes display advertising and affiliate advertising.
Email Marketing :
Email marketing is one of the most popular types of digital marketing. Emails help to develop stronger relationships, attract more website visitors. It is a powerful marketing tool. Reaching the right people at the right time is most important while marketing and email marketing is the best way.
Your identity is your personal brand. Your personal brand is how you promote yourself. Personal Brand is which you create with your own skill, creative thinking, and experience. It helps in building a meaningful connection and a loyal audience.
MassTrust Blueprint – by Deepak Kanakaraju
The master brain behind this blueprint is the CEO of Pixeltrack – Deepak Kanakaraju and the best example of personal branding who started the Digital Deepak Internship Program helping people to become digital marketers.
Above is the MassTrust Blueprint. Steps for building a personal brand.
1. Learn: The first phase is learning. Learning new skills, understanding the facts, and planning.
2. Work: Implementation of newly learned skills. Master yourself in the field.
3. Blog: Lessons learned and the experience gained should be noted and framed as a blog. Writing improves your thought process and helps in building a personal brand.
4. Consult: Giving expert advises and helping others to grow their business
5. Mentor: Mentor people to become like you. It also helps to enhance your knowledge to a new level.
6. Start-up: Once you expertise in that field its good to start your own product or service business by building your own personal brand.
Starting a business is easy but to take a position in a market one must be very proficient about the marketing he does for his product or service. Marketing increases the value of the product.
“Our jobs as marketers are to understand how the customer wants to buy and help them do so.” – Bryan Eisenberg
If you feel this blog gave you some tips about Marketing do let me know by your valuable comments.