The fundamentals of marketing
Marketing involves all the actions a company takes to attract customers and maintain relationships with them.
Marketing is the act of driving profitable customer action. It includes all the techniques and strategies the organizations uses to position their products and services in the market and motivate the target audiences to make a purchase.
Marketing is an ongoing process. It does not end with sales. You have to constantly interact with your customers and build a relationship with them.
Marketing is more about relationship building than just selling a product to the customers.
Digital Marketing vs. Traditional Marketing.
Traditional marketing refers to all the marketing activities that are not online. This includes print ads in magazines or newspapers, brochures, posters, hoardings. It also includes commercials on radio and TV. Each and every marketing activity which does not use digital ways to promote their brand is traditional marketing.
Another form of traditional marketing is when people find your business through word of mouth, reference or network and start buying your product or service.
Advantages of Traditional Marketing
· Longevity.
· Finding ads in newspapers, magazines or on hoardings is easy.
Disadvantages of Traditional Marketing.
· Reaches only the local audience in case of print and display ads.
· In some cases, results cannot be measured.
· Expensive as compared to digital marketing.
· Traditional marketing is one way and static.
Digital marketing
Digital marketing is the way of reaching the customer via the internet. Digital marketing includes using email, social media, websites, blogs, banner ads, YouTube videos etc. to reach your audience. Digital marketing is similar to traditional marketing but just uses the digital medium. Online marketing is a form of inbound marketing, and its main aim is for customers to find you via digital channels.
Advantages of Digital Marketing
· Increased brand awareness.
· More inbound traffic.
· Higher conversion rates.
· Customer satisfaction.
· Improved brand loyalty.
· Cost-effective.
Why Digital Marketing
· Results are easier to measure.
· Digital marketing campaigns can reach a lot of people.
· One can tailor their campaign as per the audience.
· Engaging way of reaching your audience.
· There is direct contact between the business and its audience.
· Two-way communication.
Understanding the target audience their behaviour, needs, preferences, problems, challenges. Finding a solution to their problems and addressing their issues forms the base of marketing. It is called consumer research which is a part of marketing and hence marketing is also known as a science as it is an in-depth study of the mind, behaviour, perception, attitude and much more of the target audience.
The key to further boost and market our niche, apply the CATT Marketing Funnel to create wealth.
CATT Marketing Funnel
Wealth = n ^ CATT
Where^denotes power. where your niche(n) will be successful and powerful with the CATT you apply.
N — stands for Niche. The unique offering you have for your audience.
C — stands for Content. Creating content that helps your audience and solves their problems.
A — stands for Attention. The ways of bringing traffic to your content.
T — stands for Trust. The process of building trust with your audience.
T — stands for Transaction. Converting leads into customers.
CATT funnel is about your target audience journey with you.
Marketing actually starts even much before you make the product. The first step of marketing is to identify your audience and their needs.
Then you need to create a product that meets the needs of the prospect.
You need to ask yourself a few questions.
Who needs this product?
Where can I find my prospect?
How much are they willing to pay for the product?
How is the product going to help them?
Will they buy the product once or will they keep buying it again and again over the duration of a month, year and so on?
Once you have clarity about these questions, half of your work is done.
The core of marketing lies in understanding your audience and their needs. If your product can give a solution to your target audience problems then marketing will become easy and the product will market itself.
Marketing requires a close understanding of what people want, the way they think and how the product and services can help them move them from their current state to their desired state. This is why artificial intelligence can never replace marketing.
Marketing is about understanding consumer psychology. Once you have the answer to all your questions you will get clarity of your niche.
The best way to find your niche is to know three things.
1. Do you have a talent or a skill?
2. Are you passionate about that skill?
3. Is there a market for the skill that you have?
If the answer to all your questions is yes, then that is a niche that you can monetise.
The picture below will help you understand more in details.
When it comes to the selection of niche, four major broad niches are covering the majority of the searches on the Internet.
1. Health
2. Wealth
3. Relationships
4. Arts
Within each of these niches, there are hundreds of sub-niches and micro-niches. You can also read the article “Top Niche Market Ideas (With Meaning and Examples in India)”.
Integrated Digital Marketing
Integrated digital marketing is a method of engaging customers and prospects with your brand that combines all parts of marketing communications to work together and assist the customer along their journey of awareness to loyalty.
Digital Marketing or Online Marketing consists of the following
· Email marketing
· SEO
· Social Media marketing
· Content marketing
· Paid advertisement
· Selling and conversion
Personal Branding: Mass Trust Blueprint
Personal branding is the practice of marketing self as a brand. Personal branding is the face of the person for that particular brand. There are countless brands in the market which are known by their owner. For e.g. Tesla is known by Elon musk.
It is an ongoing process of developing and maintaining a reputation and impression of an individual, group, or organization.
Your personal brand is how you promote yourself.
It is the combination of abilities, experience and character that you want your followers to see.
You Build Trust with the People Who Matter.
When it comes to doing business with someone online, people research an influencer or brand before doing business with them.
People start to feel like they know you, especially before they spend money or do business with you.
That is one of the reasons why personal branding is important.
It is one of the ways we can build relationships with people across the globe.
Consistency is one of the most important factors in building trust with someone.
Your personal brand helps you to stand out from everybody else and create your unique identity.
If you want to begin a start-up there is a Mass Trust Blueprint to follow. First of all, you have to learn and acquire new skills then work in a company with the acquired skills. Then you can write a blog with the combination of the acquired skills and work experience then provide consultancy to the companies then do mentorship by doing webinars and create your own product or services to begin your start-up.
Conclusion
Marketing is about sending the right message to the right person at the right time.
Marketing is an ongoing process. It does not end with sales. You have to constantly interact with your customers and build a relationship with them.
If you understand the problems and challenges of your prospects and give them proper solutions in the form of product or services. You will be a successful marketer.
This article is a part of Digital Deepak Internship Program.
Learn digital marketing from India’s no.1 Mentor Digital Deepak / Deepak kanakaraju.
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