Does the economy fumble if marketing disappear? Why do many companies run after marketing to grow their business? What exactly is marketing?
It’s no secret that marketing helps power businesses. Even the biggest companies in the world rely on marketing to reach their target audience, promote their products and grow their business.
This article is mainly useful for those individuals who just started their career in marketing. It also helps them in providing solutions to a few problematic areas in the current marketing trend.
In this blog, you are going to learn more about different aspects of marketing, its importance and what successful marketing consists of. In the end, you see marketing as not just advertising but as a way to grow business.
Before heading to the actual topic, let’s know about the Indian economy.
In the global scenario, India is considered a middle-class economy. In the recent past, India has emerged as the fastest-growing economies in the world and is expected to be among the top 3 economic powers by 2030. Currently, it is the world 5th largest economy and 3rd in terms of PPP. Indian economy is measured in terms of micro and macroeconomics. GDP, GNP, NDP, NNP, NI, banking sector, FDIs, FIIs etc. are important tools that play a major role in the country’s economy. The scheme ‘Atma Nirbharan’ launched by GOI is helping many startups to contribute to the nation as a part of the ‘Make in India’ program which in turn is connected to the economy of the country.
In a country, the exchange of money is also a part of economic progress. How will this happen? When will people exchange money? This happens when a person is interested in a product or a service. For a product or a service to reach a person, marketing plays a major role. Businesses may not run effectively without proper marketing. There are chances that the economy may fumble if the businesses won’t run properly and the exchange of money doesn’t take place. Hence, marketing is directly or indirectly linked to our economy.
Marketing is one of the most important tools of any business. But how do we define it? Is it about sending the right message to the right people at the right time? Yes, of course, it is.
According to me, the basic idea of marketing is “More contenders contending for less resources.” It refers to all activities a company or any business does to promote and deliver their product or service to an individual. To achieve this, businesses use different marketing techniques based on their target audience.
The four important P’s of marketing are Product, Price, Place and Promotion. This 4P formula is what separates good marketing from bad marketing. These are fundamental building blocks of any marketing strategy and they are inter-related to each other.
Few other basics include knowing your product or business, resources you have, target audience and using different tools in building your brand or generating leads.
How is it different from sales promotion and advertising?
People often get confused and mix up sales and advertisement with marketing.
Advertising is only a part of marketing, where a company brings awareness among people about their product and its specifications using various platforms. Sales promotion is something where a company is trying to create an interest among buyers to close a deal by offering discounts or cashback.
Marketing is about creating a lifestyle for its potential buyers where they attach themselves with the product/brand subconsciously. It speaks about your association with the product and the benefits it adds to your lifestyle. Ex: Apple, Tesla, Amazon etc.
Businesses use traditional marketing or digital marketing or both to bring awareness among people about the existence of their brand based on the type of product they launch.
Traditional Marketing Vs Digital Marketing:
What is the difference between traditional marketing and digital marketing?
Traditional Marketing is a marketing strategy which involves using the medium like Print media, TV ads, radio, outdoor media- Banners, Hoardings etc.
Digital Marketing is a digital way of marketing using the internet as a source of medium to reach the target audience. The various channels of digital marketing include SEO, SMM, market research, website design, blogging, marketing automation, copywriting, lead generation etc.
CATT Marketing Funnel:
The framework CATT stands for Content, Attention, Trust and Transaction. Earlier we used to have AIDA which is a ‘sales funnel’ used by individual salesmen who go out to sell products.
AIDA- Attention, Interest, Desire, Action.
If an individual salesman is going to convert a client then he uses AIDA (1:1 and old method), whereas CATT funnel is used for building a mass trust system.
To build a proper CATT funnel, choosing a niche is important for any digital marketer. Wealth and Niche are always directly proportional to each other exponentially. Your success and wealth depend on the niche you choose.
N= Niche is the area or field one is more interested or passionate about.
It is an asset that helps in lubricating your journey about building your brand. People get attracted to your content first. Having good quality content helps you in getting a good number of clients, customers. This helps them in solving their problems and builds trust.
Content can be built by blogs, videos, webinars, etc.
After creating content, driving traffic towards our content is more important. This brings awareness among people and helps in grabbing their attention. This can be done using SEO, social media, paid ads and referrals.
Build trust with your audience on your brand using marketing automation tools, retargeting. Without having trust in you, you won’t be able to convert your target audience into your leads or customers.
After building trust with your target audience, they tend to buy our products or services. Here, leads are converted into customers with the natural sales method.
This framework of marketing funnel helps you in promoting your brand and building trust in the public.
Right Niche selection:
Niche selection is important for a digital marketer. It is not only about finding a career in it but it includes lots of passion. One cannot deal with nor know all sectors and industries. Hence, it is better to choose the right niche based on your interest, passion, commitment. If you don’t have any niche, then follow these steps,
*Identify your interests and passion (any sector you are comfortable with).
*Identify problems you can solve.
*Deep dive into your competitors’ profile and their approach towards problems.
*Determine the profitability of your niche.
*Work on live projects before attracting clients.
*Build hands-on experience to excel in the field.
Once you are an expert in the field you chose, you can later concentrate on other fields to expand your business or agency.
Niche selection also includes the style of working you choose. One can become a digital freelancer or blogger or affiliate marketer or digital mentor based on his interest and lifestyle.
Profitable Niche selection= Talent+ Passion+ Market
Note: To be more successful, you should be more passionate. Check this blog, if you are looking for some motivation.
Integrated Digital Marketing:
Digital marketing has different methods. Focusing on one single method doesn’t give us results. Hence, we integrate all those methods and make it a loop to get results. This is called Integrated Digital Marketing.
It is also defined as the art of using all digital marketing methods available today in such a way that one method complements the other to reach a common set of goals.
The way the CATT framework is executed is through Integrated Digital Marketing.
Integrated digital marketing starts with product development, website design and content creation then we go with other digital marketing methods like SEO, SMM, lead generation to bring awareness; Email marketing, Marketing automation to bring trust; sales to get customers.
Why building your Brand is important? What does Personal Branding mean?
Personal Branding allows you to build a strong trust between you and your clients. In one way, it boosts your reputation and encourages others to do business with you. In the current world, building a personal brand is important for those who aspire to become Entrepreneurs.
Personal Branding cannot be achieved by selling a product or publishing content. It is about selling an experience and being able to offer services of high quality. On becoming a brand, one can constantly influence the public and elevate their credibility.
Once, you establish your brand, your growth rate is exponential. People invest in you and not in your company. For example, people trust Elon Musk more than Tesla or SpaceX; People invest in Mukesh Ambani or Bezos but not in Reliance or Amazon. Hence, personal branding is more important than ever.
In today’s world, communication plays a major role in one’s life and career. It is not about vocabulary or grammar; it is about the clarity of thoughts and the way of expressing it to others in an understandable way. To communicate well, one should focus more on writing because while you write or blog you arrange all your thoughts in a proper format. Hence, the more you write, the better you speak fluently. Writing slows down your thought process and gives better clarity. Thinking in English also improves your style of communication. Those who are feeling difficult to communicate can start watching Netflix, TED talks or any English shows. If one is interested in books, reading books is highly recommended.
Follow Pranil‘s blog if you are looking to ace your communication skills.
Marketing plays a huge role in shaping the future of any business. Hence, it cannot be ignored. With the basic knowledge of marketing, one can start researching different methods of marketing and try to build their strategy. I hope through this blog, I will be able to help you in knowing a little more about marketing fundamentals and other frameworks.
Now, this brings us to the end of our blog. Feel free to post your queries, comments, thoughts. I will consider your inputs and I will try to publish more blogs following your thoughts.
- If you are working on SEO as your niche, read this highly informative blog.
- Follow digitalsamhee blog, if you are a marketing enthusiast.
- For more information on digital freelancing, check yogesh blog.
- If you are planning your career in project management, follow Antlia solutions blog for more insights. I completely recommend you to follow their blog.