“Marketing”, Did that word sound familiar or have you ever come across this term?
Let me give you 2 simple cases which you would have encountered in your day to day lives; when the words Marketing/Sales were mentioned.
Case 1: Often you would have wondered what these guys in formals are doing going around the street and eventually come to your doorstep. And when they do, you realize they are there for marketing/selling their product or service to you. Often you would ignore them or request them to leave or at the most buy the product or service if interested.
Case 2: When you are browsing through Social media (Facebook, Instagram etc,) or Ad’s on Television/ promotions on Email, you would have come across a product/service/online course etc. being promoted on these mediums. When you further look into it or check it online it would involve promoting a product or service that is being offered to you.
In both the above cases, you might be confused between the terms sales and marketing. In simple words sales refers to the activities that lead to selling of product or service and marketing is the process of getting people interested in the product or service being offered.
The agenda of this article is to provide an insight about the basics involved in marketing and how it would help one understand the concepts better. Anyone Interested in learning about Marketing would benefit from reading this article. This article would also be helpful for beginners, professionals, freelancers and anyone wanting to be a digital marketer / blogger.
1. The Fundamentals of Marketing
“What is Marketing?”
“Marketing is the art and science of persuasive communication.”– Dave Kerpen, Chief Executive Officer, Likeable Media
If I were to ask you what marketing is, you would think of them as some sort of selling or advertising. Yes, marketing simply means promotion. It’s a process where one gets to know the needs of the customer or creates interest among them. This understanding of their needs translates into a product or service that fits their requirements.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” — Peter F. Drucker
- In Marketing we all know that the customer is the key. A product or service is developed based on the customer’s needs.
- It is very important to keep an existing customer happy by regularly having interaction with them. This would mean sending the right message to right person and at right time.
- The purpose of Marketing is to build a brand through which the trust of customers is maintained and their loyalty kept for life.
- Marketing helps build brands through great experiences. These experiences will ensure customers not only know about the product but also create an impression about them. The customers in such case will themselves be the ambassadors for the product or service.
Communication is very important to succeed in many aspects of life. People with good communication often enjoy good relationship with their friends, family and customers. Good Marketing is all about Good Communication. Better communication leads to better understanding of the needs of customer.
Good Communication does not always mean that one has to be very proficient in his English vocabulary. What is important is whether you properly convey your message to the other person or not. If the consumer is unable to understand about your product or service then it would be of no use even if the product is great as it would be difficult to sell them anything.
Hence it is very important to improve your communication skills to interact with the customer. Some of the methods to improve your communication skills are:
- It is very essential to listen to what others have to say. Only then you could provide a good answer that shows that you have properly listened to what was said.
- Writing is another way of improving your communication. The more you write the better would be your communication and also your speaking skill.
- Engage yourself in reading good books, watching good movies and interact with like minded people.
- Maintain a positive attitude and smile when speaking to people as this will display positive attitude and people would in turn respond positively to you.
- Use appropriate words to convey the right message.
2. Digital marketing vs. Traditional marketing
For any business to succeed it is not only essential to choose a proper market place or product, but also to ensure it is properly advertised or marketed to the customer. Choosing the right marketing method is important as it involves catering to the needs of the public along with meeting the goals of the company by utilizing the budget set for marketing / advertising.
In this section we are going to learn about the traditional & digital marketing methods and the differences between the two methods.
Traditional marketing refers to the marketing method that can be used without the Internet or the type of marketing that isn’t online. Examples of traditional methods are:
- Ads on Magazines, Newspapers, etc.
- Television or Radio commercials
- Postcards, Billboards and fliers
- Telephone calls and Text messages
It’s the marketing method which uses internet or electronic devices such as mobile, laptop etc to communicate with the customers.
Some examples of digital marketing methods include:
- Website content
- Social Media Posts
- Content marketing
Digital marketing vs. Traditional marketing: What’s the Difference?
The main difference between the Traditional and Digital Marketing is the mediums through which the message is conveyed to the customer. Some of the differences between Traditional Marketing and Digital Marketing are:
- Interaction with the consumer is less in traditional marketing as compared to digital method which offers different platforms (social media, email etc) to communicate with the customer.
- Traditional methods take weeks/ months to get results whereas the Digital Marketing provides quick results and they are real time as well.
- The target audience to traditional method is limited to local customers/ audiences whereas the digital methods grab the attention of the customers worldwide.
- Digital Marketing provides paper free documentation (Soft copies over websites) as compared to traditional method which involves hard copies of products/ services.
- Traditional methods are expensive as it involves printing, radio/TV Ads that are costly. Digital marketing is less costly as everything would be online with very minimal or no cost at all.
Both types of marketing have their own advantages and disadvantages. It is important to understand the marketing needs of the company, the budget and the target audience to decide on the correct method to choose from. However, people today increasingly prefer the digital methods over the traditional ones because of the numerous advantages that it offers to the consumers/buyers as compared to the traditional method.
3. CATT Marketing Funnel
A Marketing Funnel is the path the customer takes with the product or service which eventually results in him/her buying it. Consider an example of the steps the customer would go through before he could purchase a product on a website.
- First they have to visit the website.
- Second they have to view and select a product.
- Third they have to add the product to the cart.
- Finally they have to purchase it.
In this section we are going to learn about the CATT marketing funnel and the framework involved in it. The CATT Marketing funnel is explained by the below formula:
Wealth = n^CATT
Wealth –The purpose of the funnel is to generate wealth and success which depends on the selection of Niche.
n – Niche: The service or Product you offer to the customer.
C – Content: It is the content that drives people to you and your business through your niche. Ex: Blogs, Videos, Live Webinars etc.
A – Attention: It’s about attracting customers to your content through social media, paid Ad’s and referrals.
T – Trust: It refers to building trust with your customers through regular communication and Interaction.
T – Transaction: It is about initiating a transaction with a customer who is aware of the product/service you offer and trusts in the same.
This process of wealth generation through CATT model is depicted through the below diagram.
From this formula it is evident that selection of a niche is very important in marketing to generate the desired wealth and success.
The important traits required for selecting a correct niche are: Talent, Market and Passion. Consider the example of a Kid who wants to be a Cricketer and represent India.
- Firstly the kid should have the interest to become a cricketer (Passion).
- Secondly he/she should consider the scope and future of cricket in India (Market).
- Lastly he/she should have the necessary skill to become a cricketer (Talent).
The kid in this case can become a cricketer only with combination of above traits. She/he cannot succeed with only one or two of the above traits.
4. Integrated Digital Marketing (IDM)
Integrated Digital Marketing (IDM) as the name suggests is the integration of all the digital marketing tools. CATT depicts on how the individual user goes through different stages of marketing Funnel and IDM is the framework used to execute it.
The below diagram shows the different digital marketing techniques that are involved in IDM. All these techniques are interrelated to each other.
This is how the process works in the IDM:
- Quality content is prepared and shared on Social media channels like Facebook, Instagram etc.
- Paid Ad’s are used to drive more traffic to your content which boosts the momentum to marketing.
- Paid Ad’s, SEO and Social Media channels are used to garner attention from potential customers to your product or service.
- In Email marketing users are added to the email list and quality services are provided to them over mail.
- Finally we sell our products and services to the customer and thereby make profits through it.
People usually tend to use only one or two methods of IDM to achieve a success. But individual method does not have much impact on its own, as compared to different techniques used collectively which would result in a good marketing campaign.
5. Personal Branding: Mass Trust Blueprint
What is Personal Brand?
“A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.” — Seth Godin
In simple terms, Brand is something that exists in the mind of the customer. It is a sentiment or a feeling that is created on the basis of communications with the company or an individual.
Consider the example of the Health Drink Boost. Everyone knows that this drink is now endorsed by Virat Kohli. The hindsight here is that Boost does not need to spend much on Ad’s as the Brand name of Virat Kohli itself will draw customers to the health drink. In other words a personal brand becomes the influence and ambassador to the products or services they promote.
The Evolution of Personal Brand
Personal branding can be better understood by the Mass Trust Blueprint. It is the framework used to explain the concept of evolution of the personal Brand. The below diagram depicts the blueprint for Mass Trust.
- Learn: It is essential to learn a skill to be updated with latest trends. It is important to understand the concepts and practice the skill learnt.
- Work: It’s necessary to utilize the skill by implementing it through a freelance work or job. Only hands on experience will give better understanding of the concept.
- Blog: Expressing your thoughts and experiences through blogging or writing will help you understand the concept better and in the process also builds your personal brand.
- Consult: Once you gain experience through blogging and work, it is good to help others through consultation rather than working for them. Example: Freelancing.
- Mentor: It’s a form of guidance to anyone who wants to follow in your path. Mentoring helps not only enhancing your understanding but also open new avenues in the form of business opportunities.
- Startup: Having gained knowledge, experience and understanding of the market through your skills, you can now start your own business and cater to the needs of the industry.
What was learnt?
- Importance of Niche Selection.
- Basics of marketing and the role of communication in marketing.
- Difference between Traditional and Digital Marketing.
- Wealth generation through CATT Marketing Funnel.
- Integrated Digital Marketing and the techniques involved in it.
- Importance of personal branding and evolution of personal brand.
- Beginners interested in pursuing a career in Marketing need to further learn about the concepts mentioned in this article by referring relevant books, attending webinars, starting to write articles etc., to gain more understanding of the topics.
- Entry level professionals, freelancers and business owners can attend workshops; join internship programs, do blogging/ freelancing to develop expertise in their respective domains.
- Consultation, Mentoring can be carried out by anyone who has gained experience to help others interested to learn
I hope that you all enjoyed reading this article and appreciate your patience in reading a lengthy article. Kindly comment your views about this article as your feedback would be helpful in improving my writing skills.
If you are interested to learn more about the basics of Digital Marketing and other related topics, Kindly refer to the below articles.