Are you interested in marketing ?`
Wanted to get familiar with marketing and its terms ?” Marketing is a contest for people’s attention “Seth Godin
This article gives you a brief explanation about what marketing is and terms, which helps us to get a clear idea of what marketing is, even for those who don’t have any idea about marketing.
Here we are going to learn about Fundamentals of Marketing, Digital vs Traditional Marketing, CATT Funnel, Integrated Digital Marketing and Personal Branding.
From these topics we can understand easily about Marketing. This article will be more useful for beginners who wish to learn about Marketing.
Let’s discuss about these concepts with some real time examples.
Two best friends Sudha and Radha are interested in jewellery making. So they decided to go for the classes in order to explore new ideas in jewelry making during their semester holidays. Few years later Sudha started her own jewelry shop and Radha joined a business school to gain additional knowledge to start her own business. Sudha’s jewel shop was attracted by every one in their locality, but the reach of the product is only limited to a few members, so she could not extend her business further. But Radha with her knowledge of marketing she spent some amount of money for advertising her products through social medias, blogs etc., and she also designed different types of products based on customer needs that made her jewellery shop very familiar within a short period of time. This one made Sudha realize how marketing and customer needs are important.
Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably
Marketing is both consumer and competitors oriented. It starts with consumers and ends with consumers satisfying their needs.
Marketing involves researching, promoting, selling, and distributing your products or services. Sending the right message to the right people at the right time is all that it takes to market your product effectively.
Marketing starts even before a product or service is on the table. One must understand the customer’s needs and deliver the product that the customer wants. Market research is a critical part of the job because if your product does not have a market for it to sell, it won’t sell. Hence, having a buyer’s perspective is extremely crucial.
Marketing of a product is based on quality. Fundamentals of marketing is a galaxy like which the planets revolve around the sun, the world of marketing revolves around these concepts.
According to E. J. McCarthy, the 4 Ps of Marketing is a simple formula for identifying and working with the essential elements of your marketing strategy.
A product/service is what you are trying to sell. It is aimed at solving a problem for the customer based on the customer’s requirements. Designing products involves features, functions, uses that are capable of exchange or use, usually a mix of tangible and intangible forms.
Price simply refers to how much you change for the product. It is also referred to as the formal ratio that indicates the quality of money, goods, or services needed to acquire a given quantity of goods or services. It is the amount a customer must pay to buy your product.
The place is important where you want to sell your product. It is also called Distribution which refers to the act of marketing and carrying your products to the consumers. Sometimes it used to describe the extent of market coverage for a given product.
The marketing manager must understand the customers’ characteristics and buying habits. You have to understand your customer’s needs and develop the right product.
Digital vs Traditional marketing
The significant difference between the traditional and digital is the medium through which audiences encounter the message.
While one uses traditional media like magazines, pamphlets, newspapers while others look for digital spaces like social media, youtube, search engines etc.
Traditional marketing methods like publishing news leaflets nowadays consume more time for our product to reach everyone and also people are not interested in it.If you want to reach for millions of audiences or to target a specific set of audiences, or want to deliver a personalized message, delivered at the right time, then the digital medium seems to be a better option.
Developing apps concerning all needs of customers and advertising through youtube,whatsapp,facebook. It minimises the cost for marketing and saves our time, it also helps to promote our product worldwide within a short period of time and low cost.
The Digital Marketing space on the other hand is actively leveraging the internet in the hands of people to communicate actively with the customers through multiple touch points and effectively engage them for a long time.
CATT Marketing Funnel
“ If you try to become everything to everyone, you will be nobody to everyone ”
That is why, focusing on a niche is important. In order to build a brand you must need to know who your customers are. Once you have found your niche, you can now focus on providing good service during the process of converting your readers into your loyal customers. This Framework which gives a good idea about this marketing funnel, is the CATT Marketing Funnel.
You need to make quality content that is value driven and publish them on any platforms like your blog, social media, youtube channel. Remember that this is the widest part of the funnel. Readers entering into the next stage of the funnel or not will be based on the quality of your content. Therefore, you need to make it as informative as possible.
Once you have your content ready, you can now focus on getting more traffic to your content using SEO, Social media, Paid ads and referrals. Since there is so much content online, you can get more creative ways to draw your customers’ attention.
You have to build Trust with your readers so that they buy your product/service and become your customers. This step often makes use of tripwire marketing i.e., for the first time offering a product to the customer at a low-cost with the intention of selling a more expensive product later. You need to maintain good relationships with your readers through email, keep them bound.
If your readers have reached this far, you can now announce your product/service and get the number of sales counting. That your readers would be a loyal customers.
Integrated Digital Marketing
Integrated digital marketing is, as it sounds, the integration of multiple marketing strategies to form a cohesive online approach for your business.Integrated digital marketing focuses on making the best possible impression at every interaction when your audience comes across your brand.
Content is the backbone of integrated digital marketing. Acting as a team leader, it makes the best use of all the channels through the combined marketing campaign.
- Content marketing is all about attracting visitors through your good quality content. This itself isn’t enough as an individual marketing element. You can make use of SEO or social media marketing to make best use of it.
- Social Media, SEO and Paid Advertising does the job of fetching more traffic as the effective way of marketing is through word of mouth. If you make one customer happy they will share it on their social media, talk out loud about your services and get you more customers. SEO is further about your ranking being on top to have highly paid keywords.
- Email marketing will help your visitors build trust in you. It feels more personalized. As if you are talking to your visitor personally. This feels more like a one on one sale to your visitor.
- Sell and Convert – this step is about the sales you make and converting your visitor into a loyal customer.
“Your brand is what people say about you when you’re not in the room.”Jeff Bezos
Personal branding is how you promote yourself in the particular field. It is the unique combination of skills, expertise, experience, and personality that you want the world to see you. You use your personal branding to differentiate yourself from other people.
Personal branding is the image to see the people who you are. It can be a combination of how they look at you in real life, how the media portrays you, and the impression that people gain from the information about you
Stages a brand has to go through:-
- Learn: Learning a new skill,concept and methodology. Understand and remember the facts well.
- Work: Put your learned skills to use.
- Blog: Write about what you learnt. This will become better at it.
- Consult: Once you know your work well, you have to work for some clients and get enough experience enough, start consulting. Tell them what to do. You don’t have to do that for them.
- Mentor: You have learnt many things through your work and you have good experience, start helping others to become like you. Become a mentor and teach them. This way you will take your understanding to the next level.
- Startup: You can now launch your own product/service based on your understanding and skills.
I would say that this article emphasizes the importance of marketing and the need of customers for all kinds of products/services . Marketing is not all about selling but it’s about fulfilling the needs of customers and also maintaining healthy relationships with them.” You can’t sell anything if you can’t tell anything “Beth Comstock “