You have developed a product/service. And what next?
Everything which needs a transaction definitely needs “Marketing”.
How to market your product/service?
Many Marketing gurus penned their definitions and explanations about this topic on their own. But I am here to write my lessons about the topic from my perception.
This article covers various aspects of marketing from fundamental to expertise. It also covers digital marketing, traditional VS digital marketing, etc.
Yes, Digital Marketing becomes an integral part of marketing nowadays. So, I dug that topic too.
Let us explore.
The Fundamental of Marketing
What is marketing? According to the Chartered Institute of Marketing, marketing is defined as,
“The management process that identifies, expects, and satisfies customer’s requirements profitably”.
Marketing starts with customers. To create a product, understanding the customer’s needs and wants is the initial step.
After that targeting, the right prospects are most important, which is followed by sending up the right message.
Every marketing needs to build mass trust. So that people can buy your product by your trust. Many people think marketing is just selling and advertising. Selling, advertising, and copywriting are the components of marketing.
Marketing is everything, everything starts with the customer. Marketing is a force that shapes our wants and lifestyles. Marketing is created by customer’s needs, wants, and demands. A Marketer should focus on the quality of the products or services.
Marketing is all about understanding the customers and providing value to the customers. Marketing is considered as a humanistic subject because marketing has affected our lifestyles and also created lifestyles.
We are all marketing in our daily life.
Do you want to know how you are doing marketing?
Word of mouth marketing is the marketing you are doing by free advertising when consumers talk about a company product or service to their friends.
This marketing is a powerful form of advertising as 92% of consumers trust their friends over traditional media.
Companies encourage Word of mouth marketing through exceeding the expectations of a product, providing excellent customer service, and giving exclusive information to consumers.
Consumers are more emotionally bonded to a company when they feel we listen to them. As a consumer, you saw a TV ad, newspaper ads, and digital ads buy their products. After using the product, you are telling to your friend like I used this product with an additional feature.
So that your friend also buys that product by your trust and by your review of the product. The best channel for marketing is Word of mouth marketing.
Why Marketing is important than Digital Marketing?
Marketing is more important than digital marketing. Digital is just a channel through with marketing is done. Many people focusing too much on the digital part where you can do SEO, SEM, Facebook ads, and google ads.
The way to reach an audience is to keep changing in digital marketing if you don’t have a very good fundamental knowledge in marketing. If you learn to market, marketing will not change. Because they root it in the fundamentals of human psychology and a lot of business needs marketing.
Traditional marketing vs. Digital marketing
Traditional marketing is conventional marketing that helps to reach out to many audiences with various offline advertising and Tv ads.
Traditional marketing uses TV ads, magazines, Newspapers, Telemarketing, direct mail, billboards, and Radio. Tv Ads can reach a mass audience at a low cost.
The most elements of Digital Marketing is google Ads, Facebook Ads, Social Media, YouTube, and so on.
Let’s go in-depth of both,
Since consumers have become internet now, they spend a lot more time on digital devices like laptops, mobiles, and tablets, they force brands to adapt their marketing activities to Digital medium.
So, the question in your mind would be, is Traditional Marketing out of fashion now?
Not really, as per records, TV has 800 Million to 1billion reach, Radio 65% reach & Newspapers have 465 million reaches which is still huge.
There are certain categories of the audience that still believe in the Traditional way of Marketing. There are also certain brands that require and go for Traditional Marketing.
Digital Marketing has become very simpler and cost-effective too with the reach of 100 Million users.
With Digital Marketing you can choose your target audience, based on demographics, geography, interest, etc. Also, you can keep a track of the reach for your advertisement using google analytics, which was and is not the case with traditional marketing.
The advantages of traditional marketing are effective, constant, and impressive. The disadvantages of traditional marketing are difficult to measure campaigns, high-cost ads, and no interaction with the consumer.
The advantages of digital marketing are engagement, measurable, and targeted. The disadvantages of digital marketing are constantly developing, less permanent, and potentially annoying.
Both traditional and digital marketing works for you, as long as you know what your audience needs.
CATT Marketing Funnel
The CATT Marketing funnel & framework is
Wealth = n^CATT
where [n] is a niche, [C] represents a content, [A] represents an Attention, [T] represents trust, and [T] represents a Transaction.
This CATT model explains the importance of content as the content remains as the face of the marketing.
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 above.
How to choose a Niche
Choose a niche by the combination of Talent, Market, and Passion. After choosing a niche, identify the audience’s problems, and solve them by your specific niche.
INTEGRATED DIGITAL MARKETING
Integrated Digital Marketing is the integration of multiple marketing strategies to make marketing online through different social channels. There are different methods of digital marketing are:
- Search Engine Optimization
- Social Media Marketing
- Email Marketing
- Content Marketing
- Paid Advertising
- Sell & Convert.
1. Search Engine Optimization (SEO):
Search engine optimization is improving your website’s rank to increase its visibility for relevant searches.
The better visibility on the first page of the search engine results page, the more likely attracts attention to the customers for your business.
2. Social Media Marketing (SMM):
Social Media Marketing is a part of digital marketing in which you promote your product using social media like Facebook, Instagram, Twitter, LinkedIn etc., The advantage of leveraging social media for your marketing activity is you can promote your product with proper targeting instead of mass marketing.
3. Email Marketing:
Email marketing is a method of marketing by sending emails to promote your products or services. It is the best communication tool available for marketers. Email marketing allows you to target a particular audience easily.
The average email open rate and click rate for marketing and advertising are 17.38% and 2.04%. (Source: MailChimp).
4. Content Marketing:
Content marketing is a marketing technique of creating quality content that attracts readers to visit your blog or site and turns into profitable action. There are different content marketing is blogging, video, podcasting, infographics, email, visual content, ebooks, and many more. Content marketing helps to drive traffic to your landing page, spreading brand awareness, building relationships, generating social shares, and bringing revenue. Even what you are reading now is content marketing.
5. Paid Advertising:
Paid Advertising, also known as Search engine marketing (SEM). Paid advertising is a form of online marketing that promotes your product or service by advertising on all the digital mediums like Google, Facebook, etc.
Search engine marketing is the most famous paid advertising technique which contains different types such as search ads, display ads based on the ad placements.
6. Sell & convert:
Conversion marketing is a sales method that converts customers to take a specific action into purchasing of your product or 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
Personal Branding is very important for a digital marketer. To become a personal brand, learn a new skill through concepts, facts, procedures, and implement through practice. Then, put your skills to work for your freelancing projects or job.
And write a blog about what you learned about you experienced and when you understand it better, you will also start building your personal brand.
Now, you can consult for other businesses instead of working for them. Mentor others will help people understand to the next level. Start your own business with the understanding of what you experienced by your skills from that you can create a product or service.
These are the various viewpoints about marketing from the perspective of a non-marketing student.
Please look and share your views about the same.
This article is a part of the Digital Deepak internship program.