Marketing is a very misunderstood word in business, The biggest myth about marketing is mostly Advertising, Publicity & sales techniques are considered as Marketing. But these are some part of Marketing & overall marketing is much more than all of this.
Then What is Marketing?
Marketing is the activity, set of institutions,& processes for creating, communicating, delivering & exchanging offerings that have value for customers, clients, partners,& society at large.
Marketing is all about identifying, satisfying & meeting the customer needs profitably.
Actual Marketing begins after the product or services designed, produced & is ready for sales & delivery.
The right marketing approach should focus on the following:
1.Identify The Right Customer Segment:
Design develop & produce products or services which are needed by this customer segment. Knowing customer Needs, which one is correctly known customers needs they have become successful Marketer. There are 2 types of customer needs in Marketing.
- Met Needs : The needs that know already & make a product on that basis.
- Unmet Needs: These are Needs but products are not available, which needs are not fulfilled these are unmet Needs.
Good companies try to meet the needs of the customers, who are already met. While Great companies try to fulfill both met as well as unmet needs.
2.Communicate the benefits of the product & service to the customer segment by creating a unique place in the customer’s mind.
3.Deliver the value to the customer.
Fundamentals of Marketing :
The main aim of Marketing is to gain the trust of the public and send them the right message at right time. Marketing makes use of the “marketing mix,” also known as the 4Ps of Marketing.
Instead of Product focus on SOLUTION. Define offerings by the needs they meet, not by their features, functions, or technological superiority.
Instead of Place focus on ACCESS. Develop & integrated cross-channel presence that considers customers’ entire purchase journey instead of emphasizing individual purchase locations & channels.
Instead of Price focus on VALUE. Articulate the benefits relative to price, rather than stressing how price relates to production, costs, profit margin, or competitors’ prices.
Instead of Promotion focus on EDUCATION. Provide information relevant to customers’ specific needs at each point in the purchase cycle, rather than relying on advertising, PR & personal selling that covers the waterfront.
This is all about the 4ps formula in every marketing,
But Digital Deepak tells us about 5ps of Digital Marketing. They said the world has changed. Digital marketing has become the norm. And one thing that is different when it comes to Digital Marketing is that you cannot ignore the people who buy the product in the first place. That’s why they have added People to the formula which makes the 5 Ps of Digital Marketing.
So here are the 5 Ps of Digital Marketing:
1.People (added new) :
Even before the product is conceptualized, you need a community and the people will help you understand what the market needs and how you should position it.
4. Platform (Place is replaced by Platform)
Marketing is about sending the right message, to the right person, at the right time.
3 primary purpose of Marketing :
1.Capturing the attention of your target market.
2.Persuading a consumer to purchase your product.
3.Providing the customer with a specific, low-risk activity that is easy to take.
The Marketing Lifecycle :
Advertising or promotion is only one component of your marketing plan. The marketing process begins with the idea for your product & continues until that product is in the hands of a consumer who bought it. Even after a customer has made a purchase, your marketing shouldn’t end a portion of your advertising should be targeted at current customers to ensure they remain, customers, & increase loyalty.
Importance of communication skills in Marketing :
Marketing is not just about selling. It is also keeping an existing customer happy by communicating with them so that they can remain a customer for life. Good Marketing is all about Good Communication.
Communication is power. Those who have mastered its effective use can change their own experience of the world & the world’s experience of them. All behavior & feelings find their original roots in some form of communication.
”No matter what job you have in life, your success will be determined 5% by your academic credentials,15% by your professional experiences & 80% by your communication skills”.
Marketing communication helps move products, services, and ideas from manufacturers to end-users and builds and maintains relationships with customers, prospects, and other important stakeholders in the company.
Traditional Marketing Vs Digital Marketing :
The main difference between digital and traditional marketing is the medium through which an audience encounters a marketing message.
Traditional Marketing :
Uses Traditional media like print, broadcast, direct mail, phone, and outdoor advertising like billboards. From newspapers to radio, this method of marketing helps reach targeted audiences.
Digital Marketing :
Digital marketing refers to advertising delivered through digital channels such as search engines, websites, social media, email, and mobile apps. Using these online media channels.
Marketing is an integral part of every business, no matter whether it is small or big. Companies adopt different methods of marketing to create awareness about their products. However, in the present competitive times, it has become crucial for companies to get instant responses from their audience for their marketing efforts. Therefore, one of the most popular methods of marketing that is used by marketers is direct response marketing.
What is direct response marketing?
Direct response marketing is a marketing tactic that demands a quick response from consumers who are exposed to it. The goal of direct response marketing is to convince consumers to call a number, visit a website URL, or take some other desired action.
Moreover, the marketer can analyze the performance of the marketing campaign as soon as it is launched in the market. The primary purpose of direct response marketing is to “call for action” using different platforms such as direct interaction or online interaction.
Five techniques of direct response marketing :
- Use the specific call to action
2. Make a call to action easy
3. Maintain customers’ centricity
4. Create urgency
5. Personalization and targeting
Benefits of direct response marketing :
1. Accurate segmentation of customers
2. Focused on a particular audience
3. Immediate Return on Investment (ROI)
4. Trackable performance
5. Measurable results
6. Direct communication with an interested audience
The CATT Marketing Funnel :
There are various marketing funnels which many companies follow. In our DigitalDeepak internship program, the CATT marketing funnel was introduced to us.
Wealth = n^ CATT
(n) is Niche: Your success and wealth depends on the niche you choose
( C ) is Content: Create useful content that attracts people from your niche. Blog posts, videos, lead magnets, live webinar’s, etc
(A) is Attention: Drive attention(traffic) to your content using SEO, social media, paid ads, and referrals
(T) is Trust: Build trust with your audience with tripwires, marketing automation, and retargeting.
Integrated Digital Marketing :
Integrated digital marketing is a kind of engine that drove the CATT funnel.CATT framework tells us about, How an individual user goes through different stages & Integrated digital marketing tells us about, How is executed?
Integrated digital marketing is creating a unique form of expression of your brand/product in various channels used by your customers. Integrated Marketing is a strategic approach to integrating communications and interactive experiences targeting defined audiences and individuals which coordinates all aspects of marketing of a brand, including:
- Paid media (offline advertising, direct marketing, and online display and programmatic);
2. Earned media (Organic search fuelled by content marketing, PR, and online influencer outreach)
3. Owned media (including social media, on-site UX, customer service, and direct messaging through email and mobile)
Personal Branding :
Personal branding is the practice of marketing people and their careers as brands.
It is an ongoing process of developing and maintaining a reputation and impression of an individual, group, or organization. personal branding is very important to establish yourself & you have a very clear story about yourself about who you are, so people can remember you. A personal brand becomes an influencer & a brand ambassador for the companies that they run.
• The Evolution of personal brand
Here is a Framework that you can use, call it MassTrust Blueprint,& Mass Trust is what building you building trust with a lot of people.
Learn a new skill through concepts, facts & procedures. Understand the concepts. Remember the facts & practice the procedures.
2. Work :
Put your new-found skills to work. Go from practice to implementation. Implementing it in the real world will give you a better understanding.
3. Blog :
Write about what you have learned & experienced through your work. When you write, you understand it better, but you will also start building your personal brand.
Now that you a personal brand through your blog, have work experience & have learned the fundamentals, start consulting other business instead of working for them.
5. Mentor :
Mentor others who want to become like you. Mentoring will help you scale your understanding.
start your own product or service business with the understanding that you have developed about the market, the problem & your skills.
Your personal brand helps you stand out from everybody else.
The key to building a successful brand and becoming truly influential is to consistently show up and be so great at selling your story that people have to do business with you.