Law of marketing 2021
Management

LEARN WHY IN 2021 THE FASCINATING LAW OF MARKETING IS CRUCIAL TO YOUR BUSINESS?

Do you know how a fascinating marketing fundamental tactics can help your business grow? 

In this article, the law of marketing is explained in an intricated way from what I learned through the 2nd week of the Digital Deepak Internship Program. Many marketing legends had penned their definitions and explanations about marketing fundamentals. In this article, I’m explaining my view on the law of marketing from my own research. I shall give you an outline on each of these topics and if you are one of those who is interested in learning digital marketing, this article is just for you so stay tuned.

The law of marketing

MARKETING FUNDAMENTALS

There are plenty of definitions available in Google search when you try to find the definition of what is marketing? Each and every individual has different views on how it actually works. From my personal standpoint, Marketing is having a clear knowledge and understanding about your targeted audiences and delivering the products/services to the customer with customer satisfaction by making a certain amount of profit.

The law of marketing

 

Marketing is all about innovation too. Updating ourselves according to what the customer asks us to provide them is cardinal. A quote by Hallowlan Schafer, Co-Founder/CEO @Kindred and Founder/Former CEO @DeepFocus comes to mind here:

“Innovation needs to be part of your culture. Consumers are transforming faster than we are, if we don’t catch up, we’re in trouble.”

Innovation is a concept that is referenced regularly in marketing content, from blog posts to keynotes, it is widely acknowledged as a critical ingredient for success in the digital age.

Innovation is widely accepted as having great importance in marketing: Nearly half (44%) of respondents suggested innovation as “Very important”, with a further 36% reporting it as ‘important’. Putting those results together suggests that a large majority of marketers acknowledge the importance of innovation.

Definition of Branding

In my view, branding is the process of giving meaning to specific organizations, companies, products/services by creating a brand in consumer’s minds. It is a strategy by organizations to help people quickly identify and experience their brand, and choose their products over the competitors by clarifying what this particular brand is and is not. The objective is to attract and retain loyal customers and other stakeholders by delivering a product by maintaining the brand promises.

 

Why is branding so important in marketing?

You can consider a brand as the idea or people’s image in mind while thinking about the specific products/services and activities of a company. A product can be easily copied by another person in a market, but a brand name will always be unique.

For example, both Google Chrome and Mozilla Firefox offer us the same services, however for some reason, some people feel more connected to Google chrome, others to Firefox.

In the end, a brand is a person’s feeling about a specific product or company. Each person has a different opinion on branding. Each person creates his or her own version of it, and some brand’s popularity would increase because of how consumers had an opinion about their products.

Digital Marketing vs. Traditional Marketing

Any kind of marketing that relies on an offline strategy like newspapers, flyers, radio, television, billboard advertising along roads and highways, and magazine ads are said to be “traditional marketing”. As per records, TV has 800 million to 1 billion reaches, Radio has 65% reach and newspapers have 465 million reaches which is still a huge number.

Social media marketing, Email Marketing, paid advertisements, blogs, Content marketing falls under the term” Digital Marketing”. Understanding your audiences plays a major role when it comes to choosing either digital or traditional marketing. There are certain sections of the population who can be targeted and reached better through traditional marketing rather than digital marketing.

It’s been quite a while since the debate on traditional marketing vs. digital marketing has been going on. Although a coin has two sides, it can be difficult to choose one.

Digital marketing is a far more versatile mode of marketing than a conventional one. Some clear winning benefits over traditional marketing are listed below,

  • Low cost
  • Great exposure
  • Better engagement
  • Real-time results
  • Viral content creation
  • Generate higher revenue
  • Equal opportunity for all

Traditional marketing is still a very efficient way to reach a large set of populations and it cannot be ignored although it has some limitations such as lack of personalization and customized targeting.

 CATT Marketing funnel

The law of marketing (CATT Funnel)

The CATT Marketing funnel is explained by

Wealth = n ^ CATT

Where, n – niche

C- content

A-Attention/traffic (Using paid ads, Search engine optimization)

T- gaining trust, T- Transaction.

 

Content:

“Content is king, Creativity is queen”

Content marketing helps companies create sustainable brand loyalty, provides valuable information to consumers, and creates a willingness to purchase products from the company in the future. This is a new form of marketing and does not involve in any direct sales. Instead, it builds trust with the audiences.

 Attention:

Using strategies such as Search engine optimization (SEO), paid per click, referral emails which create the traffic to our content, and automatically get the attention of the customers Driving traffic towards our content is attention in the marketing funnel.

Trust:

Gain the trust of the customers by creating a strong foundation of relationships with the targeted audiences. Gaining trust is an easy process to some extent but keeping the promises you did to them matters a lot in online marketing.

Transaction:

The most organic way of selling your product and a good marketing funnel can help you optimize this to the greatest extent.

On a brief, Attention-grabbing content which creates a trust result in the transaction that is a sale. So, when you follow the CATT approach, your wealth will increase according to the formula.

Choosing the niche

The law of marketing ( choosing your niche)

 

 

Choosing the right niche is very crucial to every digital marketer out there. Niche is an amalgamation of 3 components such as Talent, passion, and market. Updating ourselves for the current market condition is as important as choosing a niche.

Niche based upon your passion and market condition alone would affect the skills to pull it off. Niche based upon your talent and passion would make you a struggling artist where you would find it hard to sell your product/services. Niche based upon your talent and market would make you the one who lacks the perseverance to see it through.

Integrated Digital Marketing

 Marketing creates a unique form of expression that’s easy to identify in all of the channels your customer uses. Its like using a single language to speak in different situations. That means it’s a strategy that blends all your marketing tactics.

The law of marketing ( Integrated Digital Marketing)

  1. Search engine optimization (SEO)

It improves your website’s rank to increase its visibility for relevant searches. The visibility on the first page of the search engine, which gains attention to the customers for growing business.

  2.Social Media Marketing (SMM)

SMM promotes your product by using Facebook, Instagram, Twitter, Linkedin, etc, by engaging the targeted audiences and not by mass marketing.

  3. Email Marketing

Marketing is used to send emails to promote your products/services. The best communication tool for marketers. Allows targeting a particular set of audiences easily.

 4. Content Marketing

The technique of creating a content that gains attention to visit our blog or site and turns into profitable action. Content marketing includes blogging, podcasting, and many more. This kind of marketing helps to drive traffic to your landing page and offers you many clients to grow your business.

 5. Paid advertisement

Online marketing that promotes your product/services by advertising on all Google, Facebook, etc., Most famous techniques which contain different kinds of search ads, displays ads on the ad placements.

 6. Sell & convert

Sales method that converts customers to take a specific action into purchasing your product/service. Driving sales is the last part of digital marketing.

All the methods are effective marketing process, in which content marketing is a king of all marketing that drives traffic to your website, generate leads, and converts into sales.

Personal branding: Mass Trust Blueprint

The law of marketing ( MassTrust Blueprint)

 

Personal branding constantly evolves through the following steps.

  • Learning
  • Working
  • Blogging
  • Consulting
  • Trainer
  • Starting your own business.

 

Personal branding is crucial to every digital marketer out there. To make a personal brand, you need to learn all the techniques, facts, and procedures and then practice all by yourself to gain knowledge from what you learned.

Practice, practice, practice until you gain confidence in you that you could work on a project without any confusion in any concepts. Start writing a blog about what you learned and when you understand it better, you would also start building your personal brand.

Now, you can consult for other businesses instead of working for them. Mentor students would help you to understand the concepts even better. Start your own company with the concepts you learned and worked on. Implement your skills in your work to become a master in digital marketing.

We are at the end of this article, If you enjoy reading my perception of what actually the fundamentals of marketing is about, and how it works, share this article with your friends and do comment me the feedback of my article.

I will be sharing more of my learnings from digital marketing with you so stay tuned!!

For more articles related to marketing and business please explore our Management Category Page.

 

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