Fundamentals Of The Marketing
what is marketing?
In simple words, marketing is to promote the product and services with various strategies and tactics to the consumers.
Marketing is one of the most important departments of any company, whether to promote their product and services to the consumer or to build a brand. In both ways, marketing plays an important role.
Marketing is a very broad term, so we might forget the main purpose of marketing. The main 4P’s of marketing is very important to remember and they are Product, Price, Promotion and Place.
- Product — Marketing alone is not enough for the company to grow, therefore the product needs to be very good. Remember a great product sells itself.
- Price — Coming to this we need to understand very well about the product and decide the price of the product. But before that we need to research the competitor’s price offering and also we need to do deep research that how many customers are willing to pay for the product.
- Promotion — When the Product and price is the ready promotion of the product comes next. The company needs to have many marketing channels for the promotion, but the company needs to decide which marketing channel will be the best. If the product is great then the customer will turn into brand ambassadors. Word of mouth is the best marketing channel ever.
- Place — Customer needs to find the product or services provided by the company. The company needs to decide where to keep the product whether offline, online or both.
Traditional marketing vs Digital marketing
Traditional marketing is old fashioned, where marketing is done through newspapers, magazines, billboards, radio and television. Whereas in Digital Marketing product or services is promoted by online marketing such as social media or website etc.
Traditional marketing can be very impactful for people since it can reach lots of people at once. Therefore it gonna be expensive as well.
In traditional marketing, it is very hard to measure the metric as there won’t be any direct interaction with the customer but the marketing can be memorable for the customer.
Digital marketing brings lots of engagement which is measurable and can target the people who are particularly interested in that product or service. Therefore it is not expensive. And also digital marketing is efficient and fast for brand building.
Ultimately both are having their advantages and disadvantages. We can choose accordingly in terms of our goals are and who we are targeting.
CATT Marketing Funnel
Wealth = n ^ CATT
Success and wealth depends on the niche (n)
n — represents a Niche.
C — represents the creative content, blogs, emails, videos, podcasts, webinars, posts, and more to generate leads.
A- Attention to our content to drive traffic into our blog, videos using SEO, PPC etc.
T — represents Trust or building trust with the audience
T — stands for the transaction. Converting leads into customers with natural sale method.
We can see that to make wealth niche is important to find out to start a business.
Here are some ways to find your niche. Below is the Venn diagram to explain it.
Niche finding is the combination of Talent, Passion and Marketing.
By looking Venn diagram, if we have talent and passion but no marketing then we will be struggling artists. People won’t be knowing our products and services since there is no marketing for them.
And also if we have Pasion and Marketing but no talent again we can’t bring out our product and services to the customer since we don’t have talent or skill.
And last if we have Talent and Market but no passion then the point will come where people will exhaust and can leave the company or work because people don’t have passion for their work.
Therefore we need all the combinations to find our best niche. We can use this Venn diagram effectively to find our niche.
Integrated Digital Marketing
In Digital Marketing there are different methods and approaches to deliver the product and services to the customer. Some of the methods or approaches are as follows.
- Search Engine Marketing (PPC)
- Search Engine Optimization (Organic Traffic)
- Email Marketing
- Social Media Marketing
- Digital Display Marketing
- Content Marketing
These approaches complement each other and when we use a combination of these approaches then we can grow our business exponentially.
For this to understand let’s look at the diagram below.
Now let us understand Integrated Digital Marketing through this diagram or picture.
We can see that content is the most important method compared to other methods. So that’s why it is also called Content is King. But again that doesn’t mean we need to focus only on content. Integrated Digital Marketing makes use of all the methods their strength and produces the 10X result when we use individual strength.
For ultimate sale and conversion, all the methods are important as you can see in the above diagram.
Personal Branding: MassTrust Blueprint
A personal brand in simple words is to promote yourself. A personal brand helps us to stand out from everybody else. It is the unique combination of skills, experience, and personality that you want your followers to see.
Let us understand the evolution of personal branding or Mass Trust Blueprint.
In the blueprint, we can see the following process or we can say the evolution of personal branding.
Before anything, in a personal brand, we need to learn a skill through concepts, facts and procedures. We need to have skills.
Now we have that skill to grow our brand but we need to work on that skill each day. In another word, we need to implement that skill in the real world to have a better understanding.
The blog has become an important thing to reach out the people. So it plays an important role in developing our brand. Whatever we know we can transfer that knowledge or experience through writing form, in doing so we will be developing our brand as well.
Since we have now our own blog and have skills and experience in a particular field now we can do consulting with other companies rather than working for them.
Mentoring will help others in doing so, we will also learn. Consulting we can do 1:1 but mentoring we can do in the group therefore we can increase our presence as well.
Now the time comes that we can do our own startup with the understanding that we develop through the above process. By this time we will have knowledge about the market, the problem and we will be having that skill to solve it.
This is all we need to follow to be successful in marketing, your personal brand and connecting with your customer with your great products or services (niche). If you find this article helpful and you may think that it will help others as well then do share this article with your friends, family and on different social media.
And I want to thank Digital Deepak to makes us understand this concept very easily. You all can see Digital Deepak blog posts as well.
Thank You ONCE Again Everyone For Reading This Article.:)