Why Marketing is a Secret Ingredient for Successful Business Growth?
“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
We would have often heard people saying that marketing is difficult and complex.
So, stay with me while I unlock the secret of marketing with you….
Wouldn’t it be great if every single person who clicked on my articles read it from start to finish, unable to pull their eyes away from the screen?
When we were children, we were curious about everything: why is the sky blue?
We thought about the world with an eye towards imagination, creativity and so on…..)
I am in Journey of Week 2 Assignment with Digital Deepak Internship Program https://digitaldeepak.com/ The Internship is very practical in approach. Every week there are new learnings with the unique teaching and mentoring. I have learned about marketing and few creative skills and this has given flexibility in writing this article 😊.
Who should read this?
If you are someone who wants to enrich your marketing knowledge and become an expert in marketing and scale-up your business as an Entrepreneur, Business Owner, Marketing Student in the marketing field .
Summary of the learnings :-
The Law of Marketing Management
⦁ Why should we Learn?
⦁ What is the Law of Marketing Management?
⦁ What is master Marketing?
⦁ The Fundamentals of Marketing
⦁ The importance of communication
⦁ Difference between Traditional vs Digital Marketing.
⦁ What is the relation between marketing and economics?
⦁ What is CATT Marketing Funnel and Integrated Digital Marketing?
⦁ Do you want to learn the Power of Personal Branding using Mass Trust Blueprint?
⦁ Your personal experiences in marketing / sales / branding
Why should we learn?
The simple definition of learning is to gain or acquire a skill or knowledge in something!
“Develop a passion for learning. If you do you will never cease to grow” — Anthony J. D’Angelo
WHAT IS THE LAW OF MARKETING?
It is all about approaching the right customer at the right time with the right message.
Why you should learn and master Marketing?
Marketing plays a major role in establishing a brand and expanding the business. It is a skill that is required for every business. It is the field that helps businesses build the “feel-good” factor. Studying marketing will help to develop creativity as well as an analytic mindset.
This will help to understand the market scenario and consumer psychology and for any business, marketing is very important. Hence, having skills in marketing can help to business grow better.
The fundamentals of marketing!
Knowing marketing fundamentals is like knowing the secret ingredient of the cooking recipe. Marketing our product or service will not be difficult when we know our secret ingredient.
But how do you create value to your customer? That is the question which remains unanswered!!
To understand how to create value to your customer and scale up your business, we should firstly understand the following
Marketing Mix: The Four P’s
There are four marketing mix variables that are associated with a product. These must be taken into consideration when making any decisions regarding marketing activities.
The concept of 4 P’s has been around marketing forever. So, marketers should never lose sight on them as they never change.
Every entrepreneur needs to begin with the basics to market their business effectively. And to do that we should be able to find answers to the following questions:
PRODUCT:
⦁ Is your product or service solving your customer’s problems?
⦁ Is your product or service delivering value to your customers?
⦁ Does your business have different customer segments which has different customer needs or want?
PRICE:
⦁ Is your pricing attractive to your customers relative to the perceived value you provide?
⦁ Do you need a discounting or promotion strategy to increase your new customer base?
PROMOTION:
⦁ What are the key things that will help attract your target customers to consume your product or service(USP)?
⦁ Which are the channels, platforms, or tactics you can use to reach out to your target customers (Keep the price constraint in mind) to reach your target numbers?
PLACE:
⦁ Will characteristics like age, gender, income, location etc., have an impact on the effectiveness of the sales campaigns you create?
⦁ Is your product or service easily accessible by your customers?
Good market understanding leads to increased sales. But understanding the market right is what breaks our head. So, we should take time and create a perfect framework.
My learning and Understanding the Marketing Mix and the 4 P’s of Marketing
For all its complexity, at its core, marketing revolves around four things: product, price, promotion, and place.
THE IMPORTANCE OF COMMUNICATION
⦁ When we have good marketing skills it literally means we are communicating well with our customers.
⦁ Think about how often we communicate to people in a day face to face and digital. Modern day life is consumed by technology.
⦁ Without it, life would not be nearly the same. The digital world is growing bigger and more powerful.
⦁ The web is communicating with the user to tell us where to go as if someone was talking to them in real life.
⦁ Digital communication is used every day when someone calls for help. This is a lot more enhanced because of the fact that we have cell phones and all you need to do is tap your phone.
This is how Digital Communication can help for good marketing.
Difference between Digital marketing vs. Traditional marketing.
How to select the right marketing type is an age-old question on every marketer’s mind. The main difference between Digital and Traditional marketing is the medium through which the audience encounters a marketing message.
⦁ Traditional Marketing involves Traditional media like Radio, Magazines, Newspapers, TVs, Pamphlets, Billboards etc., for marketing.
⦁ Many marketers spend the majority of their marketing budget on traditional ads and then use the extra money from Ad budget on a Digital Marketing Campaign. But I suggest you to do the other way round.
For example: if you want to market an FMCG product (Products which will be used by all), then you will have to use TV ads(Traditional method) which will help you reach millions of people at a time.
Digital Marketing uses Digital media such as Social media, Search engines, Websites etc., for marketing. Digital Marketing came into existence post 1990s after the development of internet where as Traditional Marketing existed since the day 1.
By saying this, I certainly don’t mean that Traditional methods of marketing has no place or it is Outdated. But what I mean is Digital Marketing is way more powerful and cost-effective. As a Digital Marketer what I would advise you is — You should have a good balance between both the methods.
⦁ That is, use digital platforms in the first place and then consider using traditional methods.
⦁ Being said that Digital marketing is cost-effective, the balance you strike between Traditional and Digital Marketing ultimately depends on the type of business you are into. Because not same marketing methods work for every business.
But if you are an entrepreneur who is catering to a particular segment (let’s say you have a job consultancy) then it is advised to go for Digital methods to reach targeted customers.
What Is Digital Marketing?
Digital marketing is the process of interacting with potential customers through digital channels. Keeping business updated with the 21st century’s marketing techniques. To keep up, with the ever-growing competition, even small businesses need to make their businesses Digital. There is a consistent and evident growth in the Digital Marketing industry and this is the perfect time to make digital presence felt.
⦁ Your website
⦁ Search engine marketing (SEM)
⦁ Search Engine Optimization (SEO)
⦁ Pay per click advertising (PPC)
⦁ Remarketing
⦁ Marketing automation (including email marketing and messenger marketing)
⦁ Social media marketing
⦁ Video marketing
WHY IS DIGITAL MARKETING IMPORTANT? “go digital’?
Digital Marketing has zero geographical boundaries. The reason digital marketing is so important to the business no matter which type of business we own is because today’s consumers are connected to the web 24/7 thanks to mobile devices like smartphones and tablets. Electronic devices like these are the first thing most adults use in the morning, and they’re the last thing 95% of them see before they go to sleep. Consider the following statistics:
⦁ The average consumer is exposed to ⦁ 10,000 brand messages in a day
⦁ 92% of consumers look at a company’s website when choosing a service provider or product
⦁ At any given time,⦁ 84% of people are shopping for something
⦁ 97% of people go online to find products and services
⦁ 93% of online experiences begin with a search engine
⦁ 88% of consumers trust online reviews as much as they trust personal recommendations
86% of people look up the location of a business on Google Maps
The business will reach masses considering the amount of time the world spends online and the variety of digital platforms available. “One of the fundamentals of marketing and advertising is: Be where your target audience are”
What is the relation between marketing and economics?
⦁ Marketing has acquired an important place for the economic development .
⦁ In many ways, marketing can be thought of as a sub-discipline of economics.
⦁ The economy has a direct impact on the way marketers push their products to consumers. Understanding the link between the economy and marketing can help business owners allocate their marketing resources and respond to changes in the economic climate.
The main purpose of knowing and reading about economics is helps to make proper strategies and decision based on the respective country or related domain.
MORE ON INDIAN ECONOMY
If we have our product or service is for our Indian economy, then we should have a good understanding and data driven segregation of the people in the economy who can potentially afford our product or service and hence generate leads and convert them to sales using the power of purchasing.
What is CATT Marketing Funnel & Integrated Digital Marketing?
C.A.T.T. — means Content, Attention, Trust & Transaction. This is the technique/funnel we can use to achieve the goals.
When we have good quality contents which help in solving user’s problem, then we get more attention from users and they will give us opportunity to build trust.
This trust will convince to make a transaction with me. When I sell something, you will pay attention to me because you trust me.
CONTENT: Content is the core of digital marketing, when you have a great piece of content then you don’t have to struggle to spend much for marketing. It will itself bring you organic traffic depending on the quality of the content. Content can be anything whether it is a blog, YouTube Videos, Posters, landing page, and many more.
ATTENTION: It is important to bring the attention to target customer to the content after creating it; organic traffic does not come into play much for most of the content. There are different ways to bring attention to our content, some of them are:
⦁ Paid Ads like Google Ads, Bing Ads, Facebook Ads, LinkedIn Ads, and many more.
⦁ SEO help to bring organic traffic by improving the rankings of your page.
⦁ Any other way of marketing can also be used to bring the attention of the target audience.
TRUST: After collecting a huge amount of traffic of the content, can generate leads from this traffic by building trust. Trust can be built by repetitive engagements, hook the user, and social proof.
⦁ Repetitive engagements can be built by creating regular content on different digital channels.
⦁ Hook the user through subscribing to email lists, YouTube channels; retargeting the lead, or following your official social media platforms.
⦁ Social Proof of results that will benefit the customers is another way to build the trust of your target customers.
TRANSACTION: Even if the target customers trust the business, they might not buy product or service. This sales funnel helps to build mass trust, whether it is for B2B or B2C business, and it also helps to build a long term relationship with the target customers. The revenue from this sales funnel can be used to build content and thus the sales funnel can be used again to gather more customers.
⦁ The most important things that we should know even before creating the products are to identity customer and its needs.
⦁ Do you really need to create the product that satisfies the customer needs? You need to ask yourself, who need these product?
⦁ Before find your customer we need to build the customer avatar or persona. How much are these avatar are going to pay me for the product?
⦁ How is this product going to help me?
⦁ Will there be will one time customer or are they also going to buy next level course in next six months or 1 year
⦁ Once you have all these clarity in your mind, then half the journey is complete.
⦁ Marketing is about conveying the right message to the right person at the right time.
Niche test to find the Niche
This sounds so basic, but it really makes all the difference. Don’t just choose a niche because you’re “kind of interested” in it; to be sustainable, it should ideally be something you can see yourself being passionate about for at least 5 years.
Is this something you love to do in your free time, or that you’d do even if you weren’t getting paid for it?
This could be a great option for your niche.
It’s also important to think about which areas you have special skills or experience in. What do people regularly tell you you’re good at? What’s your training or education in? What special skills or knowledge have you developed through your work?
To know our niche we need to know 3 things.
⦁ Do i have talent or skill?
⦁ Am I passionate about that skill?
⦁ Is there market for that skill that i have?
⦁ If the answer is yes, then this is the niche you should go for.
Do you want to learn the Power of Personal Branding using Mass Trust Blueprint?
So why is it important to apply those same concepts to your own personal branding?
The Evolution of a Personal Brand:
⦁ Personal branding is very important to build the trust and reputation among our audience.
⦁ People love individual to individual communication rather than business to individual communication. Branding should be our key strategy if we want our business to grow.
The evolution of personal branding is achieved through these steps below:
⦁ Learn: Invest in learning a new skill through concepts, facts and procedures. Understand the concept, remember the facts and practice the procedures.
⦁ Work: Put your new found skills to work. Go from practice to implementation. Implementing it in real world will give you better understanding. Work can be either job/freelancing/own project
⦁ Blog: it is writing about what we have learned and experienced through our work.
⦁ Consult: You have become a personal brand by writing a blog. It’s time to start consulting other people or businesses instead of working for them.
⦁ Mentor: Mentor others who want to become like us. Mentoring will help us scale our understanding to whole new level.
⦁ Start-up: Start our own unique product or service business with the understanding that we have developed about the market, the problems and our own skills and then launch it in the market
Your personal experiences in marketing / sales / branding
Personal Story
Last week, I met my friend, who was working as the internet sales manager at one of car dealership showroom. He found a lot of their customers weren’t interested in the best way to buy a car, which is save money and pay cash. They were very interested, however, in the easiest way. Their most successful content was helping their customers do things easier.
‘What they Did”
Bringing the transparency is one amazing way to build that trust in ramping up their brand with curiosity…
“If, you have the greatest product on earth, sell it to the right person you’re going to hit your sales numbers”
My Personal Learnings
The week 1 of internship program made my mindset ready for the new beginning. I have personally experienced that this course filles with the enough spirit to move ahead, gives the right mindset, think big, and helps to believe in ourself.
⦁ The most well-designed Internship program https://digitaldeepak.com/that whatever we learn in the current week directly helps us to execute the subsequent week’s tasks.
⦁ It gives immense practical knowledge in completing the assignments and helps to get hands-on experience.
⦁ It is not just the digital marketing training program; but also ,it enriches for overall transformation of our life’s.
⦁ Under the leadership of Digital Deepak https://digitaldeepak.com/and his team, the constant support and motivation that everyone gives to each other is tremendous positive energy.
⦁ We can notice that each and every individual who is a part of the program has a strong desire to achieve things for better learnings.
Conclusion:
Summarizing of learnings
⦁ What most people lack is a proper direction, in this week I was able to understand the marketing intricacies and how we can use it to grow our business, build our own personal brand.
⦁ The importance of customer avatar and how to create a customer avatar for our business.
⦁ This whole process has taught that, one must learn new skills by learning the concepts, facts and procedures and needs to understand the concepts well, then remember all the facts and then finally practice all the procedures.
⦁ Marketing is not as difficult; it is simple science that one needs to understand and communicate better to understand our customers and serve the best by making things happen with knowledge and competencies gained.
⦁ Let’s grow together!
Learning culture is a way forward to rectify or avoid mistakes,
Hope you liked this article, let me know the comments! We will discuss it.
If you want to learn more, you can join the largest digital learning platform
