Why is marketing important or should I say digital marketing?
For a successful business, a businessman or a businesswoman is not sufficient without a lucrative marketing strategy.
“Because it is its purpose to create a customer, any business enterprise has two — and only these two — basic functions: marketing and innovation.”
— Peter Drucker
Having the best quality product or service is not enough itself unless there are people to buy the same. Just as production and logistics professionals are responsible for supply management, marketers are responsible for demand management. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself.
Ideally, marketing should result in a customer who is ready to buy. Marketing deals with identifying and meeting human and social needs. The successful marketer will try to understand the target market’s needs, wants, and demands. A marketer can rarely satisfy everyone in a market. Not everyone likes the same food, mobile, college, and song. Therefore, marketers segments market and develops offering for a particular segment. The offering is positioned in the minds of the target buyers as delivering some central benefit. For example, Volvo develops its cars for the segment of the market of buyers for whom safety is a major concern. Volvo, therefore, positions its car as the safest one.
Marketing is more of a science than creativity. Psychology is the study of human behavior and Marketing psychology is the study of consumer psychology and the reasoning behind why we make decisions. For Example, there is a psychological fact that We feel the pain of losing more with cash than we do with credit cards. When MIT students took part in a sealed bid auction to buy a pair of basketball tickets. Half were asked to pay by cash, the other half by credit card. The average bid for those paying by cash was $29 and by card was $61.
Traditional or Digital Marketing
What images come into our minds when we talk about marketing? It includes TV ads printed media which still have a great impact on minds of people, particularly in developing countries which has large TV audience. Word of mouth also comes under the traditional type of marketing.
Digital marketing on the other hand uses different platforms such as websites and social media as a tool for marketing communication.
Today we can distinguish between a marketplace and a marketspace. The marketplace is physical, as when one goes shopping in a store; marketspace is digital, as when one goes for shopping on the Internet. Such as E-commerce — business transactions have many advantages for both consumers and businesses, including convenience, savings. Traditional and Digital marketing uses different mediums to reach customers.
After knowing about Marketing, What is something that most people are confused about?
All of us must have heard that we all are good at something, but we have to be great at one thing. Niche selection is just like that. It should be specific and known to you.
CATT Marketing Funnel [WEALTH = N^CATT]
Selecting a niche itself is not enough unless you start working on it. Now that you have selected your niche let's understand a formula on how you can make the most out of it.
· Niche- The topic which includes the area of your interest. Wealth and success depend on it.
· Content- It includes the creation of content using blogs, videos, podcasts that will add value to the audience's life.
· Attention- Creating content that captivates the audience’s attention and you can use social media, SEO, Paid ads, etc. for the same.
· Trust- Building trust with the audience is also crucial so as to develop your credibility.
· Transaction- Convert leads into customers with the natural sales method.
Does Communication affect marketing or Digital Marketing…?
Yes, Good Marketing needs good communication skills. However, a sophisticated vocabulary has nothing to do with communication skills as long as your message is clear. Here are some tips to improve your communication:
Learning a language needs consumption and production. For consumption, Watch sitcoms or conversational videos and try to imitate them. Production can be done through writing and speaking. Write as much as you can as writing slows down the process of thinking.
Moreover, think in English. If you really want to improve your communication skills, thinking in English will help you a lot.
What is integrated marketing?
The best way of marketing is to use the different platform in an integrated way so that we all of them complement each other in your Digital Campaign. These include Email Marketing, Paid advertisement, Social Media, SEO, etc. You can use all of them for the same content.
Personal Branding: Mass Trust Blueprint
Psychology anticipates a person’s behavior by understanding his/her cognitive biases. As consumers, we are irrational, and our decision-making is largely driven by innate biases. Marketing psychology, therefore, applies theoretical knowledge to the marketing field. For Example, social proofing is a psychological phenomenon in which people will follow the beliefs, actions, or ideas of a person who they like/trust the most. Because of this concept we are familiar with the concept of influencer.
A personal brand can give rise to many brands from his/her influence, however, a personal brand cannot be invested in nor can it be sold.
“A Brand is no longer what we tell the consumer it is. It’s what consumer tells each other it is”.
–Scott D Cook
Let us understand the process:
· Learn: Learning in this journey will help a person grow.
· Work: Learning should be followed by practice and implementation. The only way to learn is to learn by doing. Work can be started by job/freelancing or a project.
· Blog: Writing helps a person understand better. So write what you have learned.
· Consult: Now that you have come so far in this journey by learning and working on projects, start consulting others and help them.
· Mentor: Consulting never needs a group of people as you can start to help a single person with one on one interaction.
· Start-Up: You can start your own product or service so as to make others life better understanding the needs of people as a business is all about solving the problem and adding value to other’s life.
This blog is a part of the Digital Deepak Internship Program
Key points to remember:
o Marketing is all about building the perception in the minds of customers about a product or service. It is actually sending the right message to the right person at the right time.
o Start from a narrower niche as much as possible and then got to a broader one. If you cannot be the number 1 in the Category, be number one in a subcategory.
o Building trust and making the customers satisfied are significant factors in building your credibility. Never compromise on the quality of the product or service that you are going to deliver.
“Success is not something that you wish for rather it is something you work for”.
-Neha Singh