Introduction
Whether you are business or an individual,
you are faced with a continuous desire to be known in the world. You can only
be known for your work and ethics. You need to convince people that you or your
product have the qualities that they are seeking. This where Marketing comes into play. There
are various methods used in the process of Marketing.
However, with the advent of internet. A
whole new branch of marketing has evolved that uses the conventional and non-conventional
methods to attract attention from people and thereby convert them into loyal
customers/followers. In the next steps
we will learn about the:
·
The fundamentals of marketing
·
Digital marketing vs. Traditional marketing.
·
CATT Marketing Funnel
·
Integrated Digital Marketing
·
Personal Branding: MassTrust Blueprint
Marketing
Fundamentals
Marketing is everything a business do to
attract new customers and serve the existing ones. Marketing serves as a tool
to create demand for its product offering.
Marketing helps in achieving the main goal of an Organization, i.e.
revenue generation.
There are four pillars to Marketing, popularly
known as the 4Ps of Marketing. These
are Product, Price, Place and Promotion.
Product: The main offering by any organization or individual through which
it aims to add value to the consumer. The Marketer should focus on creating a
product that should cater to the customer needs.
Your product must solve a customer problem.
However, the customer should perceive
its usefulness in their lives.
For Example, Customer has a need for soap
that can be used in cleaning clothes and makes them smell better. Unilever, first recognized this problem and
invented washing powder. Today Unilever
is a multimillion company.
Price- You may consider price as a measure of the value the product aims
to provide to the value. The function of marketing is to set the appropriate
price for the value provided by the company. Remember, Price is the perceived value of the
product, rather than the actual value of the product.
The gap between the perceived value and the
actual price of the product is your profit.
The more valuable the product is to the customer, the better you will be
able to sell it. Remember you can sell a product only at its perceived value.
If you want to achieve the goal of earning
Rs 1 Crore, You can achieve it either by selling your product for Rs10 to ten
lakh people. Or you could increase the perceived value of the product and sell
it to fewer people.
You will be willing to pay higher price of
BMW and Mercedes than for a Tata Nano, because you perceive the higher value of
the BMW.
Place- The accessibility of the product to the consumer is of utmost
importance. Imagine you make a useful
product, priced it at the best rate and you are promoting it through the
roof. However, the customer has no way
to access your product. Your product won’t be sold even if the customer wants
to buy it.
Thankfully, there are multiple channels to
achieve it. Product and service can be
delivered through physical as well as non-physical mediums. The nature of your product
is one of the biggest factors that contribute to the selection of this factor.
The channels also act as promotional tools.
Have you ever seen a CocaCola delivery truck zooming across town, delivering .
They could have delivered the Coke Cola cartons in simple trucks. But they pain
the side of the truck and turn it into a big moving billboard. This also helps
them to attract eyeballs
For Example, I have taken up an internship program with Digital Deepak,
It is an internship program which is purely Non- physical. The mode of delivery
is internet there are no physical attributes to the product. However, it is of
great value to me.
Promotion-
Making a valuable product is not enough,
nor putting an attractive price on the product.
Even if you have made it conveniently reachable to the customer. You won’t be able to sell it until you
communicate it to the potential buyers.
There are many ways to communicate your
message to the audience. In many cases you want the audience to respond to your
message. This response may come in the form of attention or sale.
The progression of internet has led to a
new channel of communication, A new channel of delivery and a whole new range
of products/ ideas. Hence, Marketing also evolved to cater to the digital
platform. Hence, Digital Marketing came
into existence.
Traditional
Marketing Vs Digital Marketing
According to a TRAI report , there were
74.3 Crore internet users in India
in March 2020. The user base in
India is growing. However, The traditional advertising mediums such as TV,
Newspaper, and Radio have a wider audience reach than the internet.
The choice of media depends on the product.
A generic product such as washing powder or toothpaste require a wide audience
set. The marketer will find it cheaper to advertise the product on Television
or in a newspaper. The brand awareness
is also not measurable in the traditional mediums.
Digital Marketing allows for a personal and
customizable advertising targeting only the prospective leads. Making it easier
for the marketer, to calculate Return on Investment (ROI) of advt. spent over the internet.
You can also easily target the audience of
your particular niche through direct response marketing.
Direct response marketing is a marketing
technique in which the user is urged to take some action. The action can be
providing you email ID, subscribing to newsletter or calling a provided
number. This type of marketing helps the
marketer to funnel out the serious buyer, which would ultimately lead to a
conversion or sale.
Digital
Marketing can be understood through CATT model
According to the CATT model, you can
generate income through Content that gets Attention and creating Trust that will ultimately lead to Transaction.
The formulae for wealth creation is
Wealth=n*CATT
n(Niche): There are multiple categories of business through which you can
operate. You must select your niche carefully. The niche must not be so obscure
that there are limited customers, Your
talent must cater to the market in the
particular niche.
Your niche is in fact the convergence of
three things Your passion, Your talents and your Market. Thus, helping you to grow the market
exponentially.
C(Comtent)- Your content is the central part of your digital Marketing Strategy.
The content should be useful to your selected niche Content can be in multiple formats such as Blog
Posts, Video, live webinars, Lead Magnets etc.
A(Attention): The purpose of content is to
grasp attention. A new customer will only convert when they pay attention to
the product or services being offered. Consumer pays attention only on those
things that are of interest to them.
Attention can be driven through SEO, Paid advertising, Social Media and other methods
T(Trust): Trust is created when you personalise your message, the best way to
create trust is to get testimonials from your current satisfied customers.
Trust is created when a person gets familiarise with the product. Marketing
Automation, personalised email marketing campaigns and retargeting the audience
will lead to trust building
T(Transaction): The final conversion step where
the consumer pays you in exchange of the products and services provided
by you. This is the ultimate step in
the process of digital marketing.
Integrated
Digital Marketing.
Nothing exists in isolation, especially
marketing. To succeed in Digital Marketing the combined step s to succeed in
Digital Marketing. You must be able to
use both paid and non paid methods to drive
attention to your content.
Your Content must be able to add some value
to each individual in your audience. You
drive attention to it using social media, paid advertising, and SEO. The content helps in building trust and
ultimately converts them from promising leads to a satisfied customer.
Personal Branding
Your brand represents the value that you
stand for. People recognize you as a brand when they will start trusting
you. Your name is your personal brand.
For example, Elon Musk is a bigger brand than the companies he started.
Similarly Baba Ramdev is a bigger brand than Patanjali. Establishing a personal brand will help you
to become an influencer. People will automatically Trust any new venture
established by you because you have gained Mass Trust.
You can become the brand ambassador of your
own company and promote these companies to establish a brand.
How
to establish a Personal Brand?
Learn: You learn a new skill, through concepts, facts and procedure, You
need to understand the concepts, remember the facts and practice the procedure.
You can learn a new skill to achieve
Work: Implement what you have learned through work. Try to incorporate
all the facts and learning to implement it in the real world. You achieve
authority in a particular subject.
Blog: Write about what you have learned and experienced through
work. Your content becomes unique when
you write about your personal experience with the work and the learnings.
Consult: Now you can start consulting other people on the subject matter. Your expertise on the subject matter can
become an offering for other people who
might need your skillset to implement in in their own business.
Mentor: Mentoring is consulting on a
large scale. You can teach them the skillsets that you have learned through
Working, Blogging and consulting businesses. Mentoring helps you understand
your content and skill in a much better way than the above three methods.
Startup: You can start a new business
and make use of your skillset and sell your product or services through various
methodology. You created a new brand from developing your own personal brand.
The process mentioned above is called the
Mass Trust blueprint for building your personal brand. You have to continuously get involved in
learning, Working, Blogging, Consulting and Mentoring to build your brand and
remain competent in the environment.
