MARKETING: The Budding Vogue
Value pointers in this article:
-
Fundamentals of Marketing
-
Creating Trust with Customers
-
Paramount Importance of Product
-
Marketing Vs Advertising
-
Building Brand
-
Importance of Marketing
-
Perceptual Mapping
-
CATT Marketing funnel
-
Building Personal Brand and its Evolution
-
Digital Marketing Vs Traditional Marketing
-
Integrated Digital Marketing
What are the basic fundamentals of Marketing?
- Marketing is Science of application. Like science has some tried and tested set of rules for application so does marketing has.
- Marketing science is understanding of customer’s needs and developing approaches to fulfil them in the best way possible.
- Marketing is Social Science as it uses scientific methods to solve marketing problems. It’s like understanding customer’s mindset. For example: customer’s reaction on a particular advertisement or marketing campaign, How will he/she react to it? Will he/she consider buying that product? Or they will ponder on the thought of buying it? Will they consider the price to be low/high/reasonable? How will they judge the quality of the product? These are some questions which can be answered only by knowing customer’s mind scientifically. That’s why marketing is considered as social science too.
How to develop Trust with Customers?
- To build trust with a customer start with offering product which will actually add value in their life, which will be fruitful to them. Here half the battle is already won, if you convince them that your product will actually make their life better by using it, so they will consider buying it.
- Then comes the price point of view, the customers should feel that the price they are paying for the product is actually worth the value; the product will provide them.
- Once a customer purchases from you and after using the product/service they feel satisfied, you have won the trust of your customer. This customer can turn into your lifetime customer if you continue to provide the same value with affordable price.
Product is of Utmost Importance.
- Focus the most on the quality of the product and the value it provides to the customers.
- Marketing is the path to reach to the customers, but if product fails to satisfy the needs of customers, or is not designed to add value to the one using it, marketing fails at that moment.
Marketing & Advertising
- Advertising is subset of Marketing’.
- Marketing is the process of identifying customer’s needs and determining the best possible way to meet those. While Advertising is promoting a company and its products or services through paid channels.
- Marketing is much deeper concept than Advertising.
Building Brand
- Building a strong brand in long run is only possible if you continuously deliver quality product and services.
- Other steps involved in building a brand are:
- Determine your target audience
- Position your product and business
- Define your company’s personality
- Choose a logo and slogan
- If you are not No.1 in any particular category than rather being 2nd or 3rd in that category you can be No.1 in a sub-category.
Why Marketing is important?
- Marketing is rooted in human psychology even before humans actually acknowledged it.
- According to Keith, marketing evolved in four eras- the production era, the sales era, the marketing era and the marketing company era.
- Marketing is important because it allows you to share your products and services with a niche audience strategically. It helps you tell, and prove to people how terrific your business is and how you can help them. Without marketing, your business doesn’t have a voice.
Perceptual Mapping (Marketing is based on Perceptions!)
- Perceptual mapping/ Market mapping is a diagrammatic technique used by asset marketers that attempts to visually display the perceptions of customers or potential customers. This will help them to find out how the customers sees their brand in relation to others in the market.
- Every consumer has a different perception about a brand and its products.
- Suppose you are conducting a marketing campaign for 10 targeted customers, all the 10 people will have different perception about the same marketing campaign which you conducted.
- The perception, consumers have of a particular brand, its values, its product/services can have a dramatic impact on consumer purchase behaviour. Therefore its important for marketers to determine what factors influence consumers perception about a particular brand and its product/services.
The CATT Marketing Funnel
CATT Marketing funnel is the technique used to achieve the marketing targets of business. It is the approach to boost and market in our niche by applying this to practice to boost wealth.
Wealth = n^CATT
Where,
- n stands for Niche. The category/expertise/interest you are going to offer to your audience. Try to choose a hungry market as they have some problems and you will be solving them with your products/services.
- C stands for Content. Content is king, so create useful content which attracts people towards you and generate more leads.
- A stands for Attention.This means driving attention/traffic to your content using SEO, social media platforms, paid Ads and referrals.
- T stands for Trust. Building trust with your audiences by sending them personalized messages to your targeted audience so each and every prospect feels you are directly communicating with them.
- T stands for Transaction. It means converting your leads into customers with natural sales methods which completes the transaction.
Personal Branding
- Personal branding is to create and influence public perception of an individual by positioning them as an authority in the industry they are working in.
- Personal brand is the expertise, experience and personality that you want everyone else to know about you.
- In long run personal brand becomes an influencer and brand ambassador for the companies that they run.
Evolution of Personal Brand
One has to go through several stages of self learning and self development for the evolution of personal brand. You can’t just learn a skill and then create a brand out of it, you have to simultaneously learn and practice it and go through all the stages below:
- Learn– Firstly learn the skill so efficiently by practicing it multiple times to achieve perfection.
- Work– Now put this skill to work to actually see the results like working on own project, taking up a job or working as a freelancer.
- Blog– Start writing about what you learned as it will increase your understanding about the same and will also help other people who read it.
- Consult– You can start consulting other business about what you have learned as your advice can serve them too.
- Mentor– You can start mentoring others as it will make you perfect in the particular skill and you can help others learn the same.
- Start-up– You can start up your own project/business and apply what you have learned so far.
Following all the steps of personal branding you will gain perfection and be ready for the market as a personal brand of your own.
Digital marketing VS Traditional Marketing
| Point of difference | Traditional Marketing | Digital Marketing |
|---|---|---|
| Meaning | It refers to the marketing that uses traditional channels of media. | It implies the marketing of products/services via digital channels. |
| Nature | Static. | Dynamic. |
| Consumer Interaction | One-way communication, as there is no scope for consumer interaction and feedback. | Two-way communication, as it offers digital platforms where consumers can interact and also share feedback. |
| Marketing Cost & Effectiveness | Traditional marketing is expensive plus its less effective. | Its cost effective and is more effective as it leads to more conversions. |
| Return on Investment | Cannot be measured easily. | Can be measured easily. |
| Strategy Refinement | It does not provide real time results, strategy cannot be defined clearly as it is dependent on marketing results. | Here real time results are generated thus strategy refinement becomes easy and marketing team can update the strategy whenever required. |
| Tracking | Not easily trackable results. | Easy tracking of results is possible |
| Interruptions | Consumers cannot skip the ads, as they are bound to see them. | Allows the consumers to skip the ads which do not interest them. |
| Reach | Local and limited. | Global and boundless. |
| Engagement of customers | Here customer engagement is low as its only one way communication | Customer engagement is high as it provides way for two-way communication and also feedbacks. |
Integrated Digital Marketing
- Integrated digital marketing is engaging customers and prospects with your company or brand that combines all parts of marketing communication to work together and assist the customer along their journey of awareness of your brand/product/service.
- Integrated digital marketing is important as it increases your brands visibility, which leads to more conversions as it can help reach more customers from different platforms
- You can use the different platforms and choose the best combination suitable to your brand/product/service.
Conclusion
All this sums up why marketing is important and how you can reach to more customers and develop trust among them keeping focus on product which is of paramount importance. How advertising is different from marketing and is a subset of marketing. What is personal brand and how it evolves. Importance of CATT marketing funnel and perceptions of different customers on a particular marketing campaign, and the best way to reach more customers is using Integrated Digital marketing which leads to more conversions.
