Fundamentals of Marketting
Do you want to understand the marketing fundamentals ?
Let’s start from here ;
1. The Fundamentals of Marketing
Let’s start understanding some of the marketing principles here ;
First let’s see how to set financial goals,
Do you want to set financial goals for yourself and for your Business ?
Then here goes the answer.
So you may be in whatever Business for example Teaching, Finance, IT Development, Restaurant business etc, one has to understand the local market if your target is local audience or global audience if your target is global market.
You can set short term and long goals :
Short term goals are what you are going to achieve within the next few months.
Long term goals are what you are going to achieve within the next 2-5 years.
You might have any product into your market, but set your goals clear like in the following chart.
So here goes the financial chart on how to reach 1 Crore in your Business with respect to customers.
So if you charge 100 Rs. on your product you need 100000 customers, similarly if you charge 1000 Rs. on your product you need 10000 customers, if you charge 10000 Rs. on your product you need 1000 customers, if you charge 100000 Rs. on your product you need 100 customers.
So this is how the fundamental marketing works.
There are some great quotes about marketing which are as below :
“You can’t sell anything if you can’t tell anything” – Beth Comstock
“Don’t find customers for your product , find product for your customers” – Seth Godin
“Great products sell themselves “ – Kevin Systrome
2. Digital vs. Traditional Marketing
Mainely in 2020, Digital Marketing has taken over Traditional marketing with the Covid-19 situation coming in, many businesses have gone online to create their business presence rather than doing only traditional marketing as how that used to happen before.
As long as technology is evolving, digital marketing continues to grow. This includes marketing your business on all social media channels like YouTube videos, Google Ads, Facebook Ads, Websites, Banners, LinkedIn Ads and many other social media channels. This also includes paid and non-paid marketing of your Business.
Both Traditional and Digital Marketing have their own advantages and disadvantages, below is the list which talks about their pros and cons :
| Traditional Marketing | Digital Marketing | |
| Advantages | Easy to reach local audiences | Reach is high |
| It has high proven success rate in local areas | Increased Brand awareness | |
| Promotional Papers/ad papers can be kept and recycled | cost-effective | |
| Higher conversion rates | ||
| One can tweak the ad campaign depending upon the audience | ||
| Can be analysed | ||
| Easy two-way communication | ||
| Customer satisfaction can be analysed and re improved | ||
| Disadvantages | Reached only local audience | Not many disadvantages here. |
| It is difficult to get the feedback and measure the results | ||
| It is expensive compared to digital marketing |
So by seeing the above list one can say that there are many advantages of moving into digital marketing. Especially in 2020, the world has changed into a digital domain. The traditional market still has it’s audience but it is decreasing due to the digital World. So in the long run, it’s is better to have an online presence if you want to extend your Business.
3. CATT Marketing Funnel
Do you want to know the proper marketing funnel to generate more Sales ?
Here is the answer.
That is CATT Marketing funnel.
To know more about the funnel, we will see the following formula
Wealth = n ^ CATT
where,
n = Niche,
C = Content,
A = Attention,
T= Trust,
T= Transaction
Let’s explain above terms one by one
Niche (n) : Niche is finding the right requirement for your audiences with your skills and interest. It’s better you narrow down on your niche.
Content (C) : Content is the King. Content is the key factor for attracting the niche towards the product and the service. The content can be in the form of images, videos and text.
Attention (A) : Attention is increasing the traffic towards your content, so this will increase your content towards your website, your blog or any other social media platform.
Trust (T) : Building trust is very important for your Business to grow which will increase trust towards your brand.
Transaction (T) : When the trust is built properly it comes easy to do more sales . After building the trust the customers become the marketters and they promote your product because of the trust which was already built.
4. Direct Response Marketing
Direct Response marketing is the type of marketing which is designed to evoke an on the spot and quick response and encourage a prospective customer to take action by taking an advertisement offer.
The elements of the Direct Response Marketing are as follows :
- These can trackable
- Results can be analysed quickly within no time.
- It is targeted
- It makes a specific offer
- Has clear and quick call to action
- More personalise
- More customised
- Specific to a particular set of audiences.
So Direct Marketing is a great tool for small- medium-large businesses to engage with their audiences and drive action immediately by providing action buttons, rather than waiting for the customer to wait for a long time and get motivated and then think of purchasing the product.
It can be used anywhere, from Facebook Ads, Google Ads, Landing Page actions, email campaigns and to television ads.
If you want to get results quickly and also you can get feedback quickly from the customers so that the product can be improved.
5. Integrated Digital Marketing
Do you want to know how you can attract more leads and sales ?
Then, Integrated Marketing is the answer.
Integrated digital marketing as the name suggests it is a combination of multiple marketing strategies which forms a online presence of your Business so that you can succeed early in your Business if your product is great.
The following are some of the strategies which forms the Integrated Digital Marketing :
- Website Design and Development
- Paid Advertising
- Email Marketing
- Search Engine Optimization (SEO)
- Social Media Marketing
- Content Marketing
- Digital Advertising
- Sell and Convert
So overall Integrating marketing places a very important role in digital marketing, if you want to attract more customers and generate more sales one can go for integrated marketing.
Integrated Marketing is about creating a plan to make sure you are using the digital media and to make sure you are using it in the right way.
6. Personal Branding
So most people define personal branding with only name and logo on their website or Business card etc. But it is a lot more than this.
So let’s see What is Personal Branding ?
Personal Branding is a practice of marketing people and their careers as brands. It is always a developing and ongoing process.
It is about telling your own story, showcasing your skills and making it as a brand and selling them.
It follows the following evolution of different stages, which is put as MassTrust Blueprint which is as follows.
MassTrust Blueprint :
This is how you build your Personal Brand. Here is the MassTrust Blueprint which shows 6 stages of evolution in career.
- Learn : So here everyone starts with learning. One cannot work without learning.
- Work : Then you work with you existing or new skills.
- Blog : So pararraly when you are in the job or out of the job, one can start blogging on the interested topic.Once you are serious about writing the blog, traction comes and you get more traffic to your blog.
- Consult : So after blogging one can start consulting, and at the starting you can charge a minimum amount and provide very good service. You will also get more clarity about the marketing. After doing one on one consulting, you can start doing group consulting
- Mentor : Then you can start mentoring people with your skills and charge them money and give services to people.
- Startup : And once you feel that you are good at your field you can start your own agency in your field or you can start your own company.
But after the Startup this should not discontinue, even if you have your startup one can again start relearning, can start working and so on. So this cycle continues as long as you want to learn – relearn – rework with your new skills or with new ideas.
So overall personal branding helps you to stand out from the crowd. It showcases your skills and strengths to your potential customers.
Final thoughts :
Here we learnt different fundamental principles of Digital Marketing. We have seen how traditional and digital marketing works, we have seen the CATT marketing funnel, Direct Response marketing, Integrated Marketing, and how Personal Branding is so important to build trust and generate sales with the customers.