Fundamentals of Marketing. Well let’s get started with…
Tags: Personal Branding, Digital Marketing, Traditional Marketing, Market, Niche

Well let’s get started with understanding what is marketing and its importance?

Fundamentals of Marketing:

What is Marketing?

“Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with other”. — Philip Kotler

Let’s start with some basic marketing principles.

The 4Ps

Place — The distribution strategy of the product. Where will consumers buy your product or service? Retail stores, Trade shows, Events?

Product — Where does your product fit in the market? How long is its lifecycle? Is there a wide enough target audience?

Promotion — How will potential customers hear about your products? What advertising methods will you use?

Price — The pricing strategy. What is the perceived value of your product? Will your target audience pay this money? Will this be profitable enough? Could supply & demand cope?

Importance of Marketing:

· Marketing Generates Revenue, by generating sales & thereby profits.

· Marketing helps decision making process (what, when & how much to produce, store or transport).

· Helps change management & innovations.

· Marketing helps to achieve, maintain and raise the standards of living.

· Marketing Increases employment opportunities.

· Marketing increases national income.

· Helps maintain economic stability & development.

· Link between producer & consumer.

· Removes imbalance of supply & demand by transferring surpluses.

· Helps create utilities of time, place & possession.

Traditional Marketing Vs Digital Marketing:

The key to a great marketing campaign is to find the right balance between traditional and digital. Both play an important role in a marketing strategy.

Let’s get to the specifics and define the differences between digital marketing and traditional marketing and their pros and cons.

What is Digital Marketing:-

Digital marketing is the process of marketing the products, services for increase sales and brand awareness via electronic media like computers, laptops, tablets, smartphones and internet

What is Traditional Marketing:-

In simple words marketing done though the mediums not connected to internet in other words marketing done, through print media, banners, pamphlets, brochures, catalogs, TV, Radio is called as Traditional marketing. The complete promotional or marketing strategy which takes place through these mediums is called as traditional Marketing.

Pros of Digital Marketing:-

· Maximum Exposure

· Community Building

· Cost Effective

· High Engagement

· Measurable and refine strategy

· Viral

Pros of Traditional Marketing:

· Communication in Reality

· Selling happens by Meeting

· Short term result

Cons of Digital Marketing:-

· Time consuming

· Not in Reality communication

· Not accessible

Cons of Traditional Marketing:-

· Costly

· One Way

· Hard to Measure

· Hard to Measure

In this era, consumers are relying mostly on digital platforms for doing research and purchasing an product.

CATT Funnel in Digital Marketing

Let me tell you what CATT basically stands for

· C — Content

· A — Attention

· T — Trust

· T — Transaction

This is the most used funnel method in marketing online to drive sales to an online business.

How CATT works?

Before following the CATT Funnel, you need to choose a niche and we covered it in the “Fundamentals of Marketing” that Niche selection should be on the priority and to be chosen on the basis of your Passion, Talent, and Market need.

“Remember, choosing a right niche is a half battle won.”

Step 1: Content

After selecting the niche, you need to make quality content that is value-driven. You can provide quality content through blogs, videos, or in infographics forms which will provide the user with full information and help him/her make an informed choice in the market by consuming your quality content.

Step 2: Attention

The second step is to grab the attention of your user and you can do it by sharing your quality content on your social media channels that will drive traffic to your blog or youtube channel.



“Following” is made slowly by the trust.

Step 3: Trust

After having your user’s attention, you need to build good relationships with your readers. You should re-target them once in a while to hold their attention and give them value-driven emails.

Step 4: Transaction

Following each step right, you can make the sales now effortlessly. Users are not waiting for your premier services which will result in profit for you.

What mistakes do people make?

People without giving value-driven content or building trust, they try to sell their products in the market directly and fail. This is the reason why you should follow “The CATT Marketing Funnel.”

Integrated Digital Marketing Framework

What Integrated Digital Marketing means?

Integrated Digital Marketing is a mixture of:

1. Preparing quality content and sharing that quality content on your social media channels.

2. Then, getting people from social media channels and driving traffic to your blog,

3. Adding users to your email list by providing quality services over e-mail,

4. By doing advertising over social media and running ad campaigns to attract more like-minded users which may like your services,

5. By doing SEO to increase the presence of your blog over the web and over the search engines. SEO also helps in making your blog authoritative, and

6. Finally, making profits by effortlessly making sales through affiliates, premier products, and services.

Personal Branding & Mass Trust

You need to decide what you want to show to the world, your product, or your personal brand?

Personal Brand?

Game of Thrones is a product but very few know the creator of the GOT Series. BMW is a company but very few know about the owner.

This is the most important question for you. Do you want to market your products or your Personal Brand and that only you can answer?

How to build a personal brand?

1. Build expertise by mastering a skill.

2. Practice your skill daily.

3. Become the skill.

4. Promote your skill.

5. Teach your skill, and

6.Talk about your skill.

Evolution of a Personal Brand

Let’s understand “Personal Brand” by Mass Trust Blueprint:

1. Learn

whatever you learn, you apply. By applying, you get a result. A good result or a bad result but you get a result. Put that result in learning and preparing better.

2. Work

learning from your mistakes, you work and put your skills on a test daily. You work for other startups or work as a freelancer to get real hand experiences of the market.

3. Blog

Now with the learning’s and experiences of working in the market, you can write on your blogs and teaches your users about what works and what not works. This is where you build your expertise as a “Personal Brand”.

4. Consult

With consistent blog writing, you learn more and you guide more. You guide people through your courses and webinars or with one on one interaction online.

5. Mentor

Mentorship is now taking your consulting one step ahead. It helps you become an “Authoritative Personal Brand” in the market. You can now teach to “masses” or even run your own start-up.

6. Start-up

while you put consistent efforts in building your “Personal Brand” through consistent work, mentorship, and consulting, you can now set up your own start-up and provide services to Big Businesses.

Example of A Personal brand

Elon Mask, Owner of (Tesla, SpaceX & more) is more famous than his own products. Elon Musk net worth in 2020 is 10,450 crores USD.

Conclusion

Marketing Online is all about dedicating yourself to one niche and practicing it daily. At the start, you can experiment with what’s for you and what’s not for you. But, after you find your gold, don’t look back and start building your own online business.

You can start via:

· Own Blog

· Online Marketing Internship

· Online Marketing Job

· Freelancing

Working for free to gain some experience at the start.

Thank you for taking out your time to read the article.