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Secret Ingredients of Fundamentals of Marketing

Do you want to succeed in your business? Do you want to achieve your financial goal?

In this article I am going to talk about the secret recipe for the marketing of your personal brand or your business and achieve your financial goal. We will discuss on the differences between marketing and sales, basic understanding on what marketing is all about, branding, business environment, traditional vs. modern day marketing and finally importance of customer feedback. We will move away from our theory books and understand Marketing from real-life experiences and gain some
insights.

In my past experience while many people understand marketing but most people are not aware of the subject because either they have not studied or have never bothered to or put extra effort to understand the subject.

I want to start my own digital marketing agency. I read many articles and attended many free workshops from Digital Deepak on www.digitaldepak.com . I decided to enroll in the Digital Deepak internship program.
The first week of the Success Mindset Assignment helped me to find what is I am. The second week of Law of Marketing helped me to learn and do research on marketing and write my blog on the same.

Most people confuse sales with marketing. They think I am selling hence I am doing marketing. Sales, is the last stage of the marketing cycle which is the transaction of the conversion from a lead to a customer. Marketing is 80% and sales is 20% in the whole transaction of customer purchase. We will talk about this more in detail towards the end part of the article after we cover the details and other aspects of marketing. To start with let’s begin understanding the fundaments of marketing.

The Fundamentals of Marketing

Any place where people buy and sell goods or services is called market. The art of showcasing your goods or services in the best possible way is called Marketing.

Marketing is a science and you develop the product based on the need of the customer and not the other way around.

Marketing refers to activities a company undertakes to promote the buying or selling of a product or service. Marketing includes advertising, selling, and delivering products to consumers or other businesses. Some marketing is done by affiliates on behalf of a company.

Marketing is the process of getting potential clients or customers interested in your products and services.

Reaching the right person with the right message at the right time is the most challenging part.

Marketing is not just selling but keeping existing customer happy by communication so that he remains customer for life.

Definition: Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and
society at large. Source https://www.ama.org/the-definition-of-marketing-what-is-marketing/

The four Ps of marketing

The four Ps of marketing are the key factors that are involved in the marketing of a good or service. They are the product, price, place, and promotion of a good or service

“Marketing mix” is a general phrase used to describe the different kinds of choices organizations have to make in the whole process of bringing a product or service to market. The 4Ps is one way – probably the best-known way – of defining the marketing mix, and was first expressed in 1960 by E. J. McCarthy in his book, “Basic Marketing – A Managerial Approach.”

Image source: www.yourfreetemplates.com

1.  Product: What are you selling? What does the customer want from the product /service? What
needs does it satisfy? What features does it have to meet these needs? A course? Mangoes ? A car ? Marketers should be familiar with all the features and specifications of the products they sell.

2.  Price: What is the value of the product or service to the buyer? How will your price compare with your competitors? To determine how much your product should cost, you’ll need to do some research. Learn how your competitors price their offerings and understand how much consumers are willing to pay.

3.  Place: Where do buyers look for your product or service? Your customers need to be able to find and purchase your product. Can they buy your product online? Do they need to visit a store? What
do your competitors do, and how can you learn from that and/or differentiate?

4.  Promotion: Where and when can you get your marketing messages across to your target market? Will you reach your audience by advertising online, in the press, on TV, on radio, or on billboards? By using direct marketing mail campaign ? Through PR? On the internet? You’ll need to decide which are right for your brand.

Digital Marketing and Traditional Marketing

Image Source https://magazine.vunela.com/

Traditional Marketing:  It is the old and conventional way of marketing technique. It includes

Print: Includes advertisements in newspapers, newsletters, magazines, brochures, and other printed material for distribution

Broadcast: Includes radio and television commercials, as well as specialized forms like on-screen movie theater advertising

Direct mail: Includes fliers, postcards, brochures, letters, catalogs, and other material that is printed and mailed directly to consumers

Telemarketing: Includes requested calling and cold calling of consumers over the phone

AIDA Marketing Framework

Create Awareness, Interest, Desire, Action

Image Source: Wiki

The Traditional Marketing Funnel

  • Contemplate a purchase.
  • Narrow down on a choice.
  • Purchase the chosen product.
  • Experience post purchase effect
Image Source: www.dummies.com

Digital Marketing

Digital Marketing is a modern way of marketing Techniques. In which we are promoting, selling products and services by online marketing.

Put simply, digital marketing is using digital channels such as websites and social media as tools for marketing communication.

If you’re using social media you will be well versed in the adverts that pop up in your stream—that’s digital marketing.

The core digital marketing is QUALITY CONTENT

Some of the common digital marketing methods are:

  • Search Engine Marketing (PPC)
  • Search Engine Optimization (Organic Traffic)
  • Email Marketing
  • Social Media Marketing
  • Digital Display Marketing
  • Content Marketing

CATT Marketing Funnel

A marketing funnel describes the customer’s journey with you.

A way of breaking down customer’s journey from awareness where he learns about your business, creates interest, makes a decision and makes a purchase.

By evaluating your funnels, you can potentially drive greater sales, more loyalty, and stronger brand awareness.

Now, what is the CATT marketing funnel?

Niche Selection: For a business to create Wealth one has to find a specific niche.

Therefore

Wealth = n^CATT

Where n — niche

C — content

A — attention/traffic(using SEO, SEM, paid ads, SM, referrals, emails)

T — trust(using tripwires, marketing automation, retargeting)

T — transaction(convert leads into customers using natural sales)

Content: The Content is a marketing technique of creating and distributing quality valuable, relevant, and consistent content to attract and acquire a clearly defined audience through blogs, videos, lead
magnets, live webinars etc

Attention: Drive attention or traffic is the element of the marketing funnel which relies on strategies such as SEM PPC ads, SEO, Email marketing, SMM, Digital display to drive traffic towards your content.

Trust: It is involved with building a deeper relationship with your target audience as well as existing customers. By creating an extremely personalized marketing automation and retargeting

Transaction: This is the stage where a prospect or lead gets converted to a customer. This is the most organic way of selling your product and a good marketing funnel can help you optimize this to the greatest extent.

Niche Selection

In the marketing funnel explained above, it is very important to identify and select your niche segment. It being a healthy mixture of 3 components: Passion, Market, and Talent.

Your niche based on your talent, passion, and current market conditions. In either of the cases, you need the mix of all the three to perform ideally.

If you choose a niche based on your talent and passion, you will always be struggling to sell.

If you choose a niche based on your talent and market condition, you will not have passion to see it through.

If you choose a niche based on your passion and market condition, you will lack the skills to execute.

Integrated Digital Marketing

In Today’s times many businesses adopt to digital marketing in bits and pieces employing one of two channels but most still don’t follow a well integrated approach combining all the elements of digital
marketing. A well defined digital marketing strategy yields phenomenal results in the long run and gives better return on investment.

It is the integration of multiple channels and strategies of digital marketing to form a cohesive online approach for delivering a consistent and relevant content experience to your audience. The strategy blends all your marketing tactics, where each campaign and approach complementing the other and feeding data to each other to achieve the goal creating a consistent image on the mind of the users with customer-centric experience that delivers results for your brand. The core of this is Quality
Content. First, We Create a Quality Content and Publish the content through blogs etc and then we make Paid Ads for the Content. After then Publish on Social Media, Email Marketing, SEO, Sell, and Convert.

Personal Branding

What is personal Branding? In earlier sections we learn about marketing which enabled to sell goods or services. Imagine using the same techniques to sell your personal services if you are a professional or a subject matter expert of a particular subject.

It is the conscious and intentional effort to create and influence public perception of an individual by positioning them as an authority in their industry, elevating their credibility, and differentiating
themselves from the competition, to ultimately advance their career, increase their circle of influence, and have a larger impact.

The process of personal branding involves finding your uniqueness, building a reputation on the things you want to be known for, and then allowing yourself to be known for them. Ultimately, the goal is to create something that conveys a message and that can be monetized.

For eg..As the co-founder and CEO of Tesla, Elon leads all product design, engineering and global manufacturing of the company’s electric vehicles, battery products and solar energy products.  Previously, Elon co-founded and sold PayPal, the world’s leading Internet payment system, and Zip2, one of the first internet maps and directions services. Musk has almost 36 million Twitter
followers. His own brand is bigger than the companies he had owned or currently holds like Tesla.

Personal branding is essential for any influencer, trainer, thought leader or the person who wants to share their story with the world. It is a relationship with you, an individual who exists separately from
your company. You have to find your uniqueness and exploit it in the service of others, building a reputation on the things you want to be known for, and then allowing yourself to be known for them. Ultimately, the goal is to create something that conveys a message and that can be monetized.

When you start gaining the trust of a large number of people then you start gaining Mass trust. This process takes time but when it starts well you can improve it with your new ideas and these ideas come through when you research and apply the knowledge to work.

Once your personal brand is created you have to continuously work towards building and maintaining it. It’s a constant process.

The importance of communication skills:

Effective communication is the most important aspect of personal branding. It essentially means that you are able to put your thoughts across your audience in the most effective ways and communicate what your mind wants to convey by expression of face, body language, speech and gestures as well as read audience minds and their body language to understand if they are in sync with what you wish to convey and they are with you. You can always use simplest words instead of heavy and difficult words that are less common.

My personal experiences in marketing/sales/branding:

Every person or a business needs marketing. While I understand the subject well and executing the function quite well in my business. As Deepak said one of the owners in every business should know
marketing.

I have seen people struggling to sell and ultimately close their business. They need to understand the macro and micro economic factors, build slightly on their personal brand, learn and implement, seek others help if needed.

One has to continuously unlearn to learn and acquire skills. When fishermen don’t go fishing they repair the nets, same way during the COVID 19, I enrolled in the internship program to enhance my marketing skills and implement them to further improve my business and personal brand.

Conclusion

While marketing is a vast field in itself, many people directly jump into doing digital marketing. My advice to them is first learn and understand the basics of marketing and sales. Understand the economics and business. Then create a niche and start into the field of digital marketing. I would request the readers to leave a comment in the comments section with your feedback and what topics you want me to cover in my next article.

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