‘MARKETING’ THE GENIUS, THAT EVENS ALL ODDS
Over time has the concept of Marketing changed …or has it evolved?
Is Digital marketing the new norm to promote your product?
Is good content the new product?
Can you price yourself? Are you the best brand, ready to sell?
Marketing at its onset, is based on science and not creativity. Though the debate is forever on if marketing qualifies as science or a form of art.
To balance things out, the father of marketing, Philip Kotler says, “Marketing is the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit” (Kotler, 2001–2012). He forced marketing to be a discipline in the 1960’s. He believed that marketing is an essential part of economics and saw that demand was influenced not only by price but also by advertising, promotions, sales forces, direct mail, middlemen and distribution channels.
Marketing began as soon as yesterday! Since the beginning of civilization marketing has existed and only grown in its name, stature and practices. If an innovative product is there to sell, marketing will be there to facilitate the sale of that product. After achieving sales it will be there to grow it as a brand.
“Business has only two basic functions — marketing and innovation” — Peter Drucker
FUNDAMENTALS OF MARKETING
Marketing is about understanding the need to create a well defined product or service that meets the end need of the customers or consumers.
In the whole business scenario one can never deviate from the fact that the ‘product’ (or service) remains the hero, the center of all attention. As the law of marketing suggests, marketing begins before the creation of a product. A great product may need minimalist marketing to grow as a brand. Usually this can be achieved by ‘word of mouth’ marketing.
A person uses the product or service and shares the good experience with his or her network of family, friends and associates. This good publicity enables better sales of the product or service simultaneously. Each happy customer becomes a brand ambassador of the unique product. This remains as the strongest and simplest form of selling.
Marketing is about sending the right message to the right person at the right time. It’s not only about selling. It’s about building a trust bridge between the product and its end user. It is about keeping existing customers happily satisfied, it’s about having personal communication with them so that they remain your customer for a lifetime. The purpose of marketing is to build a strong brand that captures an immovable position in the mind of consumers.
The conventional way to generate sales depends on the four important P’s of marketing.
Product is the first. Product has to be defined by its use, design, quality and features like color, size etc. So function and packaging come under this. Product is followed by Price.
Price is determined by its packaging, discounts, timing, location, shipping cost and other offer related factors. Costs, discounts and margins are drawn out at this stage. Price leads to Place.
Place decides where the product sales have to be made. It could be in retail market, over phone or other channels. So facts about distribution, logistics and channels are completed here. Once the place is decided Promotions follow.
Promotions consists of content and communication used to persuade people to buy the given product or service. So, Advertising, sales and publicity completes the last stage of marketing.
However, it doesn’t end here. To sell consistently, retain customers’ goodwill and loyalties remain a constant challenge for marketers.
In a competitive world, people tend to remember the number one or maximum number two brand. The intent is to be not the number one but the only one! There are certain global brands which have become verbs due to their supremacy in a given category. In current times ‘Google’ is the greatest example. Similarly, there are market leaders in subcategories who have created an irreplaceable space in the minds of consumers. Like Mercedes and Audi are referred to as synonyms of luxury cars globally.
Advertising, Copy writing, Sales all are essential components of marketing. They remain the strengths of any organisation forging ahead to establish their product.
· Marketing is about all the actions an establishment takes to promote and sell products or services to its target customers or consumers.
- Marketing loosely depends on the 4 P’s formula also referred to as “marketing mix, where the four Ps stand for Product, Price, Place, and Promotion.
- At its heart, marketing seeks to create a product or service, identify its target customers, and draw the customers’ attention to the product or service available so that they are drawn to purchase it.
BUILDING A BRAND WITH GOOD COMMUNICATION SKILLS
A product to be a brand needs to find its unique idea that sells.
It can then be a trendsetter. But even if a brand is established for its unique selling proposition, it’s important to keep innovating and evolving to fit in the ever changing needs of the customers. Marketing helps and builds the product here. It is rooted in the depth study of human psychology and understanding. It has a great shelf life.
It, by far, remains the most valuable investment for any business to give an immediate return. No other branch of business like production, accounts, manufacturing, human resources etc. can give immediate returns.
Good marketing also sustains an existing brand and even evolves it into something larger. One of the sayings of marketing is that a profitable sales volume is more desirable than the maximum sales volume.
This comes once a brand has high recall in the minds of people. It only brings in profits through sales for a longer period.
In past decade, few Indian brands have taken the global market by storm competing with international brands in various segments. Be it Amul for its dairy products, Dabur for its ayurvedic products or Mahindra for its automotive products.
What makes these brands more approachable?
Answer lies in the correct marketing mix and good communication to connect with the target audience. It doesn’t mean having excellent literary skills but having connected with masses through a simple and effective communication.
This can help in correctly positioning and promoting the brand.
TRADITIONAL Vs DIGITAL MARKETING
The main difference between traditional and digital marketing is the medium through which the marketer of a product or service reaches out to their customers.
In traditional marketing the mediums used for advertising are: Newspapers and magazines, Television, Radio, Billboards, posters, flyers and other tangible ways. Digital marketing uses the digital medium, such as social media and websites to promote products.
If a product is generic and has a wide appeal then television remains the most cost effective means to reach a maximum number of audiences. It can reach out to millions at a low cost.
It’s ironical that some of the leading e-commerce sellers like Amazon too depend on capturing audience through television commercials. Or even Byju’s the online learning platform for school and college going students depends heavily on traditional advertising means to convert sales.
In India 197 million homes have television. With average members being 4–5 in each household the reach of television is about 800 million to 1 billion people. This huge numbers make this medium a leader to gain mass attention. The reach of digital marketing is nowhere close to TV based on numbers.
Radio has a reach of 65% of the population in India while newspapers have a reach of 465 million people.
Digital marketing remains the best medium to reach the affluent English speaking target audience. Such internet friendly population with the spending power is about 100 million in India.
The biggest advantage of digital marketing is that you can reach your target audience in a cost-effective and measurable way.
DIRECT RESPONSE MARKETING (DRM)
DRM is a sales technique planned to induce an on-the-spot response and encourage a prospective customer to take action by opting for an advertiser’s offer. Advertisers are able to access performance from the moment the campaign is launched.
Unlike other marketing types, the direct response hardly requires waiting time to see measurable results. It is a form of marketing designed to elicit an immediate response by prospects to take specific timely action. Direct response marketing facilitates the delivery of a “call to action” via direct or online interaction.
The different examples of direct marketing campaigns on different mediums can be:
1) Newspaper advertisement with phone number for direct call from user to advertiser.
2) Infomercial on TV with contact numbers to call and order products immediately
3) An advertisement leading to a landing page with a lead generation form.
4) A sales page with link to purchase a product online. This could also generate detailed personal information for the advertiser like prospect’s address, age, gender, etc.
5) An offer with freebies enticing strangers or passer bys to become customers.
A biggest advantage of DRM is that these campaigns will give you measurable results. It’s a convenient method to receive information on how many people are clicking on your ads or completing the forms with the necessary information requested. The more extensive the data collected, the better it is to build a community interested in your product or service.
MARKETING FUNNEL & FRAMEWORK
It is important to generate sales by marketing. Marketing funnels enable the process of tracking your customer’s interest in your product or service. It helps in understanding the amount of time they readily invest in it. Having a proper marketing funnel can boost your sales and create profits. It can also improve your credibility as a marketer with your customers. An excellent formula devised by DigitalDeepak.com for creating wealth through use of marketing funnel can be used. To understand this lets interpret it:
WEALTH = n^CATT
n = Niche, C = Content, A = Attention, T= Trust, T= Transaction
Let’s explain this in simple terms
n stands for niche. Your success and wealth making capability depend on the niche you choose. Your niche could be something you must be passionate about. It is about presenting your real talent or skill you are passionate about to the right market waiting to absorb it. The more unique your niche the better it is. Once you find your passion, you discover your niche and you find the right market to generate wealth. If these three don’t sync then there are fair chances of failure. If your passion does not have a market or does not reach the right market it can fail to give results. If you have the passion and market but lack in talent then there are competitors waiting to push you back and bring you down. If you have talent but are not passionate enough to carry the required process then also success will evade you. So a perfect combination of passion, talent and market can bring in desired success and wealth.
C is for Content. The Content you create for your Niche has to be useful. It must attract your target audience. Content can be presented in form of images on social media, videos on you tube, writing blogs on various sites, emails, live webnairs, podcasts, lead magnets etc.
A is for Attention. Driving the attention of users towards your content. Traffic can be lead to the content on your blog, website or any other social media platform. Content is created for a specific target audience at a specific place. This can be done with SEO, Paid ads, searches & referrals.
T is for Trust. Trust can be build with your target audience with personal emails, marketing automation and re-targeting. Digital media has brought the customer closer to its seller that ever before. A comfort level and trust can be built on one to one basis between the two. It is a time taking task but once the trust between a company and its customers is built it can form lasting bonds of loyalty. Reselling new launched products to same customers becomes easy for companies. In return customer feedback and suggestions can help build better brands for companies. Testimonials from customers can also bring in a feeling of acceptance. Trust can be mutually beneficial.
T is for Transaction. Once trust is achieved, transaction through sales can happen. At this stage the generated leads are converted into customers with natural sales methods.
The CATT marketing funnel and framework can bring in results and also pinpoints what is lacking to generate enough transactions.
INTEGRATED DIGITAL MARKETING
“Content is the king” is a famous quote by Bill Gates and fits perfectly while describing integrated digital marketing.
Nothing wins over a good content on digital platform. It is a content driven market. Quality content can reach its target in no time with proper integration of all methods of digital marketing. Each module is powerful but a combination of them all can build a business in an unstoppable way.
This flowchart above on integrated digital marketing shows how it works. Every method has its own importance and when integrated it can give some amazingly positive results. Here’s the detail understanding:
- Content: A superior quality of content can establish trust with your customers. It can engage the audience with the created brand and drive it to build a community of its own. It can help the end user understand better about the product or service on offer.
- Email: This is by far the best available online communication tool for digital marketers. It helps in direct communication with the customers about the product or service on offer. It can easily transfer all necessary information about the product. It allows follow up with prospective clients and allows a reminder about offers, schemes and incentives
- Social Media: Emails are almost like approaching a person at home. Similarly social media is like meeting a group of people in a social and congenial gathering. Here, people are authentic and at times brutally honest with their feedback and suggestions. This may not enable sales all the time but can give you some honest opinions on how to improve and improvise on the content
- Search Engine Optimization: This is one of the most powerful tools of online marketing. It is the easiest way to help your customers find your product or offering by just searching for it. This way you drive organic traffic to see your content.
- Ads: Paid ads on various social media platforms can help in generating a speedy response in terms of sales. The digital marketing process with its integration maximizes the return on investment on the money spent.
POWER OF PERSONAL BRANDING
“Marketing is no longer about the stuff you make, but about the stories you tell.” — Seth Godin
In the world of digital marketing Personal branding has taken a special position. A brand is built around a person and not a product here. It’s just about finding your niche and presenting it uniquely to the online world. So what’s your story? How can you create an effective image around the story that would interest the masses?
Effective personal branding differentiates you from the competition and allows you to build trust with prospective clients and employers alike.
On a global view, Elon Musk is a great example of successful personal branding. Majority of the educated class follow him more than his companies SpaceX and Tesla Motors. In the Indian market, Baba Ramdev is a personal brand and more popular than his company Patanjali.
The power of personal branding is enormous, but there is a downside to it. Neither a personal brand can be invested in nor can it be sold. The upside however is more promising. A personal brand can give rise to many more brands by his/her influence. Personal brand entities become the best brand ambassadors for all the business they own.
In today’s digital world all celebrities and public figures depend heavily on personal branding to create an image for themselves. The perception of their personalities and how they project themselves in public life ensures their success.
THE PROCESS OF CREATING A PERSONAL BRAND
The progression of a personal brand is possible by following this MASS TRUST BLUEPRINT:
1. Learn a New Skill — this is the first step to the ladder of personal branding. Learn a new skill and understand the concept and remember all facts and practice the procedures.
2. Work on your skill — it’s important to put you skills to work. Move further from practice to implementation. Work can be a job, freelancing or taking up your own projects too.
3. Blog it — the best way to brush up your skill is to write about it. Write about what you have learned and experienced. If you can write on a blog it can make your understanding clearer and also push you to start building a personal brand.
4. Be a Consultant — Once you have a personal brand, you have improved upon your understanding of your skill by working and learned all fundamentals start consulting other business houses instead of working with them. Being a consultant will only enhance your personal branding.
5. Mentor others– It’s a great way to evolve your skill set. You can mentor people who want to follow your path. Mentoring can really help you scale your understanding to a whole new level.
6. Initiate a Startup — Once your understanding is clear, you can start up your product and service business.
“Make your marketing so useful that people will pay for it” — Jay Baer
Marketing is a vast field with ever evolving concepts and tools. Just simplify your learning’s and implement them to scale your business, service or personal branding. In fact you can ‘earn as you learn’. For in-depth learning get enrolled with https://deepak.me/internapply Digital Deepak internship program. It will help you gain knowledge and confidence to move ahead in this field.
Marketing bridges the gap between you and your customers/consumers/audience. It only has to be focused and well targeted. In a digital world, good quality of content will never fail to impress if promoted with correct marketing tools. It will make you a professional and bring in the profits like never before. Once your ideas are on track then sky is the limit!
Just keep calm and let marketing take over. Go on, my friend, this is your best time to ‘trend’
Do leave a comment if you marketing buffs find this beneficial.