Do you love chocolates? Well, who doesn’t ? We have a tendency to offer chocolates for petty change right? Yeah! that’s India for us.Well, have you observed chocolates find its way into our shopping essentials more so when you are out there shopping with your children ? But wait! Why am i talking about chocolates in an article which is about Marketing? Read on to know why?
Have you ever picked up a product with quantity that is too less for the price offered? If you have answered No! Let me ask you, have you ever tasted “Kinder Joy”? If you have answered Yes!,there lies the answer to your question of why I have brought in the example of Chocolates to elaborate on Marketing. If the answer is still No! take a child to the supermarket and to the chocolate rack,I’m sure you would be forced to reconsider your thoughts.
Kinder Joy is a candy made by Ferrero . Its package is like an egg where one half is filled with milk cream and cocoa and the other half comes with a toy and a spoon. Are we paying for the chocolate as a brand or for the toy and the way it has pitched itself in the market? We are still confused. Yet, everytime we are there shopping, aren’t we forced to pick Kinderjoy? That is the Power of Marketing.
The first impression that a marketing content creates leaves an everlasting impression. Afterall, the first impression is the best impression isn’t it?
Have you ever purchased a product by just looking at an advertisement? Hell yeah! we have all been there.But, if you haven’t, then you probably are a rare species :-).
Marketing is all about sending the right message to the right person at the right time and at the right price. Marketing is part science and part art. It is part science because it helps one understand what is going on and it is part art because it aids in appreciating the nuances of human behaviour.
If you have ever wondered how powerful marketing is and what strategies are to be used and if you are keen to learn the nuances of marketing, well, you are at the right place. So, lets dig deep to understand why marketing is important and we will also talk about the marketing mix and its effect on the business.
What Is Marketing?
Marketing in simple words can be listed in five steps
- First step is to create a product which is worth Making and worth talking about .This is called Niche selection which is a very important aspect of marketing.
- Second step is to design and structure the products in a manner that will aid the target audience to benefit from.
- Third step is to create content that would entice the group. Basically tapping the market
- Fourth step is word of mouth. This is a very important step where people spread the word. This is one of the powerful channels of communication.
“If you have an unhappy customer on the internet, he doesn’t tell his six friends, he tells his 6000 friends “ — Jeff Bezos
5. Fifth, the important yet often ignored step is consistency. Every marketer has to build confidence in the consumer’s mind and it has to be consistent.
Marketing is not the art of finding clever ways to dispose of what you make.It is the art of creating genuine customer value — Philip Kotler
We cannot solve our problems with the same thinking we used when we created them. Companies that help customers shift their thinking will be more effective at solving problems and ultimately selling products.
The 4P’s Of Marketing
Have you ever heard about the importance of 4P’s in Marketing? This is called the Marketing Mix. Marketing mix refers to the elements that capture and promote a brand or product to the niche selling points. The 4P’s are classified as Product, Price, Place and Promotion. Wait,you may be thinking, what’s the big deal about this? Well!, there’s more to it than it meets the eye. These 4P’s are the pillars of any marketing strategy. It looks very simple but one has to dig deep to understand the nuances of it. Come, let’s dive into it.
- Product — A Product can be a tangible or an intangible good that meets the needs or wants of the consumers. While creating a product , one has to have a clear grasp on what your target audience wants and what makes it unique. The product should have its own USP(Unique selling Proposition) to tap the market. This is where we focus on the Niche.
- Price — Once a concrete understanding of the product offering is established, we will have to move on to the Next P which is Price. Price determination is a very important step that will determine the profit margin, supply, demand and the strategies.
- Promote — Now that we have a product and a price, it’s time to promote it. Effective promotion requires dissemination of differentiating product information to consumers. There are multiple ways to promote which is not limited to Advertising, publications, Digital marketing and more. Each touch point must be supported by a well positioned brand that will maximize the Return on Investments(ROI).
- Place — We have already mentioned this at the beginning of this article. It is to provide right information to the right consumers at the right place and at the right price and at the right time.It is Imperative and critical to identify the location or geography where you are going to position the product.
The above 4P’s are critical for building a good marketing strategy for any product/ brand. It also aids in effectively positioning the brand or product in the marketplace.
I understand that it’s very hard to grasp everything at one go, but when one starts to wrap their mind from a business perspective, it’s a piece of cake. None can create a brand overnight , can you? One has to be wise to use the 4P’s effectively to become a successful brand. No one will remember you when you are positioned as number 2 , it’s always Number 1. We have to always strategize our propositions in a manner where our only motive would be to become a Market leader.It’s no joke. Wait! there’s more about branding and a lot more about personal branding, but, let’s discuss personal branding a little later in this article.
How Is Digital Marketing Different From Traditional Marketing?
Now, that we have a fair idea about the fundamentals of marketing, how about we learn a little about Traditional and Digital Marketing?
For many businesses it is challenging to decipher the right “Marketing Decisions” because it makes a huge difference on their results. When a Business gains clarity and deep understanding on the difference between Traditional and digital marketing , they would be able to come to a consensus on which method is appropriate and how it should be applied.
The fundamental aspects of traditional marketing remain the same for over decades. The selling techniques rely largely on the 4P’s that we have already discussed. Some of the common traditional marketing techniques are
a. Print — Newspapers, Magazines etc
b. Broadcast — Radio, Television etc
c. Direct Mail — Postcards etc
d. Telephone — Telemarketing,SMS Marketing Etc.
e. Outdoor — Fliers, Billboards etc.
On the other hand, Digital Marketing is the promotion of any product / service using e platforms or the digital space. With technology growing at a rapid pace, it gets easy to connect with the audience quickly and in fact it can be personalized too.
There are 2 types of Digital Marketing Strategies
- Pull Marketing — Typically used for building brands. As the name suggests, customers are pulled towards the brand with a targeted message. Some of the common pull marketing strategies are Online forum, expertise sharing, Blogging, expert opinion, Content sharing, Media networking etc.
- Push Marketing — The Communication is pushed to the audience irrespective of whether they want to receive the communication or not. Some of the Push Marketing strategies are Email, Newsletters, Referral networks, user incentives, Social media, paid advertising. Good marketing is all about good communication. A communication has to be simple and clear for the audience to understand it better.
What makes digital marketing different from traditional marketing?
Both the marketing techniques have their own pros and cons.
- If the product is generic with a very wide targeting group, TV ads can reach millions of people at a very low cost thus making traditional marketing very effective.
- There are some chunk of people who still adopt to traditional methods like radio and newspapers and these people can be targeted easily over the conventional method of traditional marketing
- Unlike traditional marketing, unlimited content can be placed on the internet thus making digital marketing very effective
- Online Contents can be localized based on geographies
- Comparison and testing is very much possible over digital marketing
- Digital marketing allows two way communication.
- Traditional marketing does not aid in deep marketing.
The debate of digital marketing and traditional marketing is age old and is far from over. Though traditional marketing still helps a lot of business , with advancements in technologies and millions of people using the internet for their day to day activities, it allows the businessmen to take a calculated risk without putting a dent in the wallet.
A Gist About Direct Response Marketing?
Direct response marketing is created with an intent to invoke a quick response. The consumers are asked to call a number, visit a website etc. .It’s basically a call for action.
A simple example which every one can relate to is Teleshopping. Have you purchased that famous multi purpose table from teleshopping? Does that ring a bell? Ok, ok..It does. Coz I have purchased it too. Well, Moving on.
A Brief About CATT Marketing Funnel
How far would you go to create good content for your Target audience?
There are 2 aspects to content marketing. One is to create good content and the other is to market it properly.
To create good content, there are few key points that we need to focus on. We can’t blindly create content and expect results. This is where CATT Marketing funnel comes into picture.
Wealth = n^CATT
Before we choose to create good content, we need to identify the niche.We need to choose the right niche to be successful .Let’s discuss a little about Niche selection.
Niche has to be chosen keeping in mind the talent, market and passion. We need to have a combination of all three to choose the right niche.
Let me give you an example to help you understand it better?
You want to be a baker.
- Passion: You should be interested in baking. You can’t blindly bake because the end result might be devastating
- Market : You need to identify if people would be willing to buy if you bake ? You need to identify the right market to tap.
- Talent: You need to take a self test to understand if you have the talent and necessary skill to deliver a good product.
If all the points check out, you have identified your Niche.
[c] : Content: Now that the niche is identified , the next important step is to create valuable and good content. This can be done through blog posts, videos, lead magnets,live webinars etc. A good content will aid in providing the user with complete information and will help the user make an informed decision.
[a] Attention: The next crucial step is to drive attention(Traffic) to your content Using SEO, Social Media, Paid Ads and referrals.
[t]: Trust: Once a good content is created and attention is driven, trust follows . You need to build trust with your audience using marketing automation and retargeting to retain the attention.
[t]Transaction : The final step is to convert the leads into consumers using natural sales methods.
What is Integrated Digital Marketing?
Integrated digital marketing is the combination of multiple marketing strategies to form a cohesive online approach for the business.
In simple terms its a mixture of
- Creating value driven content that gets advertised on social platforms
- Driving traffic to the social media pages/blogs
- Creating a mailing list to target and retarget the customers by running campaigns or promotional contents
- Creating campaigns on social media to target audience
- Investing in Search Engine Optimization to produce long term returns.
- Finally converting the leads into sales.
If you want to know on how to plan and execute an integrated digital marketing, click here
All About Personal Branding And Mass Trust
How to be a brand? Are you confused? You read it right? You can become your own brand. But how?
Well,personal branding is an act of marketing people and their careers as brands. Sounds interesting isn’t it? If you want to make an impact in this world, personal branding is the way to go.
Evolution of personal brand
- Learn: Learn a new skill and master the skill- It is imperative to learn a new skill and also mastering the skill that you learn. Half baked isn’t good enough.
- Work :Apply the skill and put it to work-once you have mastered the skill , it is essential you put the skill to use. What would be the point if you have studied medicine and mastered it but don’t treat patients?
- Blog: Create content for people to read through blogs. Share the experience of your work because when you write you are building your own brand. When you share your experience, you become an influencer.
- Consult– Promote the skill by consulting other businesses.
- Mentor — Teach others who want to be a replica of the person you are.Not only do you end up sharing your knowledge but you end up becoming a Personal brand.
- Start your own product or service business service. With your constant effort to share your knowledge and experiences , you can eventually start a business service or your own product.
So, a quick question: Which personality pops up in your mind when you hear about Personal branding? If you have answered, you have understood the concept.
To Sum Up
Ignoring marketing is like opening a business and not telling anyone about it. The gap between what is expected and what you deliver is where the magic happens, in business and in life- Jay Baer
Thank you for taking your time to read the article. Please feel free to drop in your feedback if the article helped you.
And, if you are running a home based business and facing challenges in your business , you should probably read the article “7 Challenges faced by Small Home – based businesses and ideas to Overcome them“.
Please visit my website here