Do you think why marketing is so important to grow your business and make a profit? And why invest time and energy in marketing? What are the fundamentals of marketing?
Do you know why marketing has not changed till now?
So friends, in this article I am going to talk about “why marketing is the secret ingredient”.
We will talk about the fundamentals of marketing, the importance of communication skills, traditional marketing vs digital marketing, Personal branding, CATT marketing funnel, and integrated digital marketing.
This article will be useful for businesses, bloggers, freelancers, entrepreneurs.
So, let’s get started and talk about what is marketing.
Marketing is the activity to promote buying and selling a product or service.
It is the game of perceptions. And is all about contacting the right person at the right time.
And this is one of the primary components of business management.
Marketing is “satisfying needs and wants through an exchange process” – Philip Kotler
Fundamentals of marketing
Marketing is a social process by which individuals and groups obtain what they need and want through creating and exchanging products and services.
This approach seeks to take a product or service, identify its ideal customers, and draw the customer’s attention to the product or service available.
So, the marketing mix is a key foundation on which most modern marketing strategies and business activities are based.
The concept of the four Ps has been around since the 1950s as the marketing industry has evolved.
The four Ps are the four essential factors involved in marketing a product or service to the public. And these four Ps are :
Law of marketing
So, there are some important laws to keep in mind:
- Marketing is based on science, but not on creativity because marketing starts before the product is created. And It starts with the understanding of customers and their needs.
- It is better to be a marketing leader than to compete with the competitors to prove product superiority.
- Your product should be unique or a leader in the market because only then you can set the rules.
- It is not possible to be a leader in every case, but you can be a leader in a category. E.g. Nike is not a leader in the shoe category but it leads in the sports shoe category.
- You need not be the first in the market to lead, but you should be the first name that comes into people’s minds when they need something. E.g. Maggi is the first brand that comes to our mind when we feel hungry.
- Sales are not the battle of your marketing and product but of perception. Steve Jobs who is a marketing genius has created a high-quality perception of all the Apple products which leads to their high sales even today.
- You should market yourself opposite to your competitors like you can make your competitor’s strong point their weakness by taking an opposite stand.
- It is not all about selling, It is also about keeping your customer happy with your services because the satisfaction of a customer is most important in the growth of a business.
- You should build trust among your audience and customers as trust is the most important aspect of marketing.
- Always keep in mind that marketing is not more important than the product. If your product is of high quality then it will market for itself.
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Importance of Communication skills
Communication plays an important role in good marketing.
And effective communication builds and maintains relationships. Effective communication is necessary for the growth of every organization.
If you have good communication skills, you will be able to come up with innovative ideas when interacting with your potential clients.
So, communication should be like you join the conversation in people’s minds. Because your communication shows that you understand customer’s needs.
If you are able to transfer your thoughts effectively to the customer then you are a good marketer.
Good communication establishes professionalism when you are marketing.
Your ability to express your ideas perfectly will play a significant role in boosting motivation and morale when speaking to your audiences about your brand.
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Digital Marketing vs. Traditional marketing
Traditional marketing refers to any type of marketing that isn’t online.
It is effective if your product is generic with a wide range. TV ads, newspaper ads, and magazine ads are the most popular examples of traditional marketing.
Traditional marketing is not only one of the oldest forms of marketing, but also one of the most researched.
It plays an important part in reaching local audiences.
Digital marketing is any marketing that is online, such as paid social media ads, email marketing, content writing, search engine marketing, and search engine optimization, etc.
This is the best medium to reach the affluent English-speaking population in India with spending power.
Digital marketing is sometimes more cost-effective than traditional, but also it is a more direct way to connect with target audiences globally. It is essential for businesses today.
Personal branding is about taking responsibility for how you present yourself. By developing a personal brand, a person can grow their social following.
Remember the best known will always beat the best one. People want to hear from people, not from brands. E.g. Elon Musk has a bigger following than Space x and Tesla.
A personal brand becomes an influencer and a brand ambassador for the companies that they run.
It helps give a person more credibility.
Evolution of a Personal Brand
The evolution of personal brand takes place following these steps:
First of all, you learn a new skill through concepts, facts, and procedures, Understand the concepts, remember the facts and practice the procedure.
Now put your newfound skills to work. Go from practice to implementation. Implementing it in the real world will give you a better understanding.
Write about what you have learned and experienced through your work. When you write, you understand it better and you will also start building your personal brand.
Now you can start consulting other businesses as you have a personal brand through your blog.
You can mentor others as mentoring can help to scale your skills and understanding.
As you have done everything, now you are capable of starting your own business.
At this point, you are having your personal brand and demand in the market.
The CATT Marketing Funnel
This is a very strong funnel with which you can make your business rank.
CATT: Content, Attention, Trust, Transaction
The formula for making wealth is :
Wealth = n^ CATT
Here, n stands for Niche. You should be specific while choosing your niche. Your niche selection is the key to your success and wealth.
C : Content: Content is very useful in attracting people. To create effective and useful content for your customers. You can create blog posts, videos, or webinars, etc.
A : Attention: Getting the attention of customers is very important for success in marketing. Creating a community can be helpful in driving attention to your content.
T : Trust: Selling a product is not possible without trust. A community with trust can be a big asset in marketing. If you can make people trust your product then it can convert into sales.
T : Transaction: Now you can convert your leads into customers. It will result in sales and transactions.
Integrated Digital Market Framework
Integrated digital marketing requires businesses to synergize their marketing efforts across various media in real-time.
To succeed in today’s competitive world, you need to adopt sophisticated marketing strategies.
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Marketing is the most valuable investment in a business because it gives direct returns.
If you know how to market and sell, you have a safe career.
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