Are you a business owner/ Entrepreneur/ in the field of sales? If yes then you might have heard the term Marketing. But, we mostly think that marketing is a process of post-production in our business model, which is not true. This has been in our minds as we have not come across the actual meaning of marketing. The process of marketing starts right before we actually defining the product for our business.
Today, let us discuss what marketing actually is?
What is marketing?
Let’s Learn the Basic official definition of marketing:
“the action or business of promoting and selling products or services, including market research and advertising.”
This is what the web defines about marketing. In real world marketing is much more deeper than this.
Marketing has been there since ages in the world. The world has observed many changes in industries but the term marketing has never changed, but obviously the mode of marketing has changed.
Marketing is deeply rooted in the human psychology, and human understanding of the market. It is not about being creative it is about understanding the science and psychology behind it.
Like other concepts that have definite laws, there is a law of marketing as well:
Law of marketing:
- Marketing is science not creativity.
- Marketing starts with understanding the product requirement of the customers and need that leads to creating a product that fits.
- Marketing is not only about selling. It is also about keeping existing customers happy by communicating with them.
- Marketing is about gaining trust of the existing Customers and Potential customers
- Marketing is about creating a brand and capture a position in mind of customers
Why to learn Marketing?
As we have seen in the above section that marketing is more than about selling a product. Let’s further understand Why learning about marketing is necessary for every businessman
As mentioned in the laws of marketing, marketing is about understanding the customer’s requirement and building a product. That product should yield a high quality.
Thereafter, creating a perception about it in the market is the key to marketing.
Let’s simplify, what is a branded product for you? Any name that we might have heard of, from other persons, or on television, or radio or any other sources. We build up an image about its products.
Say for example BMW, as soon as we hear this name we have an Image of quality and luxurious cars. isn’t it ? Because BMW has created a perception of quality and luxury in people’s minds.
This gives us an Idea about how branding works for a business. But for creating a brand we need to use Marketing strategies.
How do we see marketing? Suppose I have a product of high quality and super build material. I created it but I do not communicate about it to anyone. Will I get any sales? Not a single, Right?
So the next point comes here is communication. We often don’t realize that whatever we talk in our day to day life is basically an exchange of some sort of information, that’s basically communication.
For a business, Communication is an equally important part.
Importance of Communication skill.
Communication is basically transfer of thoughts effectively.
A business can get success in marketing if its communication with it’s audience is good.
But how you can communicate with your customer on regular basis? As the customer might interact on your physical place once in a while. Well, in today’s date there are many touch points where you can communicate with your audience.
With online platforms like social media – Facebook, Instagram, Pinterest, Twitter etc., Email, blogs, Websites, there is a huge scope to interact with your audience.
You can write about your products/services on these platforms. Here the tone of writing is important, How you should write? It should be as simple as we talk to our customers. Write like you talk. Join the conversations in people’s minds.
This will help you understand your audience, and you can join the conversation with them. Also, you can Answer their queries, update them about your business events, new products and much more.
Remember that communication should make the conversation simple and easy, rather than making it complex to understand. Read the audience’s mind and communicate accordingly.
Now, as we have come to know about the basics of marketing and Its effective ways of communication, we are now in a comfortable position to learn more about ways of marketing.
As we discussed marketing being in existence since ages, there has been a tradition of doing marketing using a particular medium in particular ways.
Traditional Vs Digital Marketing.
Each business have its set of audience, similarly which type of marketing approach to take for your business is also dependent on your product type. For generic product traditional marketing like – TV ad can reach up to million people at low cost. Similarly other platforms like Radio, Newspapers, Tele Ads etc. that have capacity to reach vast population can be used for businesses that are dealing in generic products.
In Digital Marketing, the approach to the audience is through online platforms, like social media-Facebook, Instagram, Twitter. This approach might have less reach as compared to TV/Radio but we can target specific audiences.
Now a days the businesses are moving towards the Digital Marketing to reach out their customers as it gives more flexibilities of communication, engagement and taking direct feedbacks
Integrated DM framework
Digital Marketing Consist of N number of things. You might have heard about SEO, SMO, Social Media Marketing, Email Marketing, Content Marketing, and other such terms. You might get confused about these at first.
Real sense of Digital Marketing works when all these parts work in organized ways. Like in any company there are many departments each working on specific tasks, together as whole they form a product.
Similarly, in digital Marketing the maximum benefit can be achieved by proper integration of each of these parts as shown in Figure.
The Digital Marketing approach can be used most effectively when applied with the CATT framework.
Wealth = n^CATT
Don’t get confused here is what it is.
The CATT Marketing Funnel and Framework
Why does any business exist? Basically for Wealth, Right ?
Here is a formula to get more wealth out of any business.
Wealth = n^CATT
[ n ] Niche = Your success and wealth depends on the niche you choose
[ C ] Content = Create useful content that attracts people from your niche. You can use sources like blog posts, Videos, Lead Magnets, Webinars etc. This is going to be the main Asset for bringing people of your niche.
[ A ] Attention = Once you have created your content then you need to drive your attention to it by SEO, Social Media, Paid Ads, references etc.
[ T ] Trust = Build trust with the audience with tripwires, marketing automation, and retargeting.
[ T ] Transaction = Convert your leads into customers with natural sales methods.
This picture summarizes the whole framework.
Here the Framework indicates the wealth depends on the effectiveness of your Content, Attention, Trust, Transact on the basis of the Niche you select.
Many of us who want to start up with his/her own business often struggles to decide the very first step. I.e Niche Selection.
Let’s have a brief note on that.
Get started with the Niche that is Right for you
For selecting a niche you need to identify the perfect combination of 3 factors. Passion, Talent, and Market. If you have a talent for a particular thing, but you don’t have a passion you will not get success.
Similarly, if you don’t have a market for your passion and talent. I will not be worthy of your success. So, you need to decide on your niche that fits on all these 3 factors.
Power of Personal Branding.
“The best known will beat the best”
Personal branding is getting known to others for what you do the best, If you are good at something but don’t tell people around, who would connect you? It is necessary to market your skills to create your personal branding. This gives you a chance to interact with a person directly rather than a brand.
This personal touch builds a trust factor with you. As people don’t want to hear solutions from a brand, but from a person like a friend/a colleague that can answer their queries.
Building a personal brand can give you an Independent asset of your own that you can attach or detach with your own business or brand. For example, if your business gets a takeover by some other entity your brand is no more with you but your personal branding stays along.
Evaluation of Personal Brand:
Learn: Understand new things with facts, concepts and procedures. Remember and practice them.
Work: Put your new found skills on work, progress from practice to Implementation of facts. This will give further clear understanding.
Work = Freelancing / Job / Own projects.
Blog: Write about the things you have learned and experienced through your work. Without writing you won’t be able to communicate effectively your skills to others. When you write you understand better, and also start building your personal brand.
Consult: Now you have built a personal brand through your blog, have learned and experienced new skills, you can start consulting others instead of working for them.
Mentor: Mentor others who are inspired by you and want to become like you. Teach them what you have learned and help them in your expertise area, This will help you understand at another level.
Startup: With the understanding of the facts and knowing the market, you can start up your own venture, solving the problems of the market with your own skills.
The above framework is called the MASS TRUST Blueprint, as this involves gaining a trust of lot more people on later stages.
This framework goes around as you can always learn new things and grow yourself.
In today’s world, marketing cannot be ignored by any business if they want a breakthrough in the market. Now with the proper understanding of the basics of marketing, its various methods, and frameworks, I hope you can conquer the market in your niche. Start with the dose of positivity and Remember, be the Master of one rather than a jack of all.
This brings us to the end of this article, Feel free to ask any questions or your views on marketing.
Keep inspiring, keep learning.
Have a great time.
This article is the part of digital deepak internship program, incase if you are interested in learning digital marketing and apply for internship apply at https://deepak.me/internapply