MARKETING PHILOSOPHY — A BEGINNERS GUIDE TO MASTERY THE MARKETING
Are You a beginner in marketing?
If Yes, then this blog is a brief study of the marketing philosophy, especially for the beginners who want to get started in digital marketing.
So lets further dive in understanding the Marketing and its Fundaments.
What is Marketing?
The term marketing has been described by different people in dozens of different ways.
Some people call marketing as same as shopping. When they go out for purchasing any goods or services, they describe it as marketing.
There are some other people who confuse marketing with “Selling” and feels that marketing activity starts after a product or service has been produced.
But in actual marketing can be defined as the set of activities, institutions and method for creating, communicating, delivering and exchanging offerings that have value for the society or customers.
“Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with other” — by Philip Kotler
Marketing starts before the creation of goods and services. Marketing starts with understanding the customers need, then turning it into creating a product for customers that fits them.
Marketing can help in finding out the right types of products and services that a business should manufacture, the places where it should make products available for sale, the price at which the product should be sold and the channel that should be used for moving the products to the ultimate place of consumption.
Marketing is an ongoing process, that will keep on going until the business exists.
To know more about more marketing, let’s understand The Fundaments of Marketing.
Marketing is more about science then creativity.
In science, we do research and trials to understand the concept more deeply to get a meaningful outcome.
In the same manner, Marketing is not about creating a product or service first and then reaching the market to get the leads but about sending the right message to the right person at the right place.
“The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself” — by Peter Drucker.
So now you are pretty much clear about what marketing means and the fundaments of marketing.
Now we will learn about the two important types of marketing and their aspects.
TRADITIONAL MARKETING VS. DIGITAL MARKETING: What’s the difference?
The difference between the two is the channel through which an audience encounter a marketing message.
Traditional marketing uses television ads, magazines, banner or hoarding to engage with the audience, while digital marketing uses websites, social media platforms to reach the target audience.
Traditional marketing is the old marketing types which depend on offline market strategies like print advertisements (such as newspaper, magazines). Television ads, radio.
Before the development of the Internet, traditional marketing was the only type of marketing.
Some of the drawbacks of traditional marketing are that,
It can be very costly in term of global reach when the target audiences are from different countries than implementing all ways of marketing can incur a lot of costs which may affect profit margin.
Some times it takes longer time to execute the marketing process than expected, this may affect the sales for the products and services.
Now with the emergence of the internet, most of the businesses have shifted their marketing strategy to the internet also called Digital marketing or online marketing.
Digital marketing can be defined as using the internet for running marketing campaigns to reaching out to the target audience.
Website, social media sites, search engines are some channels of digital marketing.
Some types of digital marketing are
- Search Engine Optimization (SEO)
- Social Media Marketing (SMM)
- Content Marketing
- Email Marketing
- Pay per click advertisements
Note — We will cover these above-mentioned types of digital marketing later in the article.
Will Digital Marketing completely takes over Traditional Marketing?
Businesses are moving to the digital channels of marketing to make the most use of the available resources, but it does not mean that traditional marketing will wipe off from the market or get old fashioned.
There are some cases where traditional marketing is effective in terms of cost and customers reach.
In developing countries like India where the majority of its population do not have a smartphone or a laptop and do not have an internet connection, the traditional method of marketing leads ahead of digital marketing in these part of the nation.
Further in this article, we will discuss digital marketing in a deeper way considering our target audience to be active on the internet mediums like search engines, social media sites.
Role of Marketing In Indian Economics
Marketing has a direct relation to the nation’s economy.
The marketing process involves several activities to be performed by the marketer to provide goods and services, such as advertisement on social media, masstrust blueprint, content marketing, lead generation.
This leads to the circulation of money in the market which means more jobs opening and this will create employment opportunities in the market.
Marketing helps individual consumers in raising their standard of living by making products and services available that satisfy their needs and desires.
Business spends a lot on different channels of marketing by taking debts from the financial institutes and allocate those funds in the market which leads to the circulation of money in the nation. Marketing act as a catalyst in the economic development of a country focuses on customer satisfaction and business survival in the long run.
Marketing act as linkage, If businesses are growing and making profits, it accelerates the economy as there will be high income and this leads to more consumption and again the money will circulate in the economy.
To make out the most from marketing we must learn how can we increase more wealth with understanding the CATT Marketing funnel.
The CATT Marketing Funnel
CATT marketing funnel is more about creating a marketing strategy to get the maximum wealth. It is more focused on creating wealth.
Wealth = n^CATT
(n) means Niche.
Niche selection
The success and wealth depend upon the niche you choose.
Niche means targeting a specific group of individuals. Targeting the group of people facing a similar problem for a product or services. It means instead of marketing to everyone, but focuses on one group.
The common issue that most of the digital marketers face is to select a “Niche”. The broader the niche, less chance of success. Marketers should first focus on the narrow niche or micro-niche and targeting the specific group.
For example,
Baby product is a broad category, so a marketer can shrink the niche by focusing on a narrow market by just working on soft towels for newly born babies.
So this will help them in knowing their audiences and defining their goals.
A niche can be selected by knowing your passion, talent and market value.
It is the combination of talent, passion and market.
(C) means Content
Content — Content is the most important ingredient for marketing. If the targeted audiences do not find the content useful, then they may not buy from you.
The content marketing is very important in every business. The content is the information that can be in any format like a blog, video or a podcast.
The focus of the content must be on addressing the common problems of your targeted audience. Creating useful content that attracts people from your niche.
Communication skills play a vital role in content marketing. A well-structured content can attract a lot of traffic.
Marketing is all about communication, transferring thoughts to the customers effectively.
Interacting with your target customers helps in creating awareness about your brand and this helps in building trust in the customer’s mind.
(A) means Attention
Here Attention means traffic.
Driving potential traffic to your content by using different digital marketing channels like Seo, social media, paid ads and through referrals.
(T) means Trust
Building trust in your audience mind is very important. Trust can be built by having regular interaction with your traffic, providing them useful information about the products and services.
(T) means Transaction
By solving customer queries and getting the targeted traffic on your website, convert your traffic into a buyer or consumer with the natural sales method.
The CATT marketing funnel executed through Integrated Digital Marketing.
INTEGRATED DIGITAL MARKETING
Digital marketing is consist of different modules and it is necessary to use all models of digital marketing in an integrated way. Integrated digital marketing is a combination of different types of methods of digital marketing.
The Integrated Digital marketing covers the following methods of digital marketing.
- Content Marketing
- SEO
- Email Marketing
- Paid Marketing
- Social Media marketing
- Content Marketing
Content marketing is simply a inbound marketing type, which is done to get the visitors or readers on a website to provide them useful information and use those visitors to become your customers. Content marketing serves as a basis for other online marketing types.
2. Email Marketing
Email marketing is very useful for collecting the websites visitors information like name, email address or(what is required by the marketer).Then sending emails to the subscribed list then to convert them into the buyer.
3. SEO
The role of seo is to bring traffic to the website free of cost by using on page seo and off page seo. It is very useful in getting the Organic traffic this leads to cost saving.
4. Paid Marketing or search Engine Marketing
Paid marketing helps in getting your brand more visibility, to get more targeted visitors to your site and build more subscriber list. This is more powerful in getting the targeted prospects as the ads will show to the targeted people.
5. Social Media Marketing
Social media websites like facebook, Twitter, Instagram etc. are very useful in digital marketing. This help in increasing the reach by both organically or by putting ads.
With the proper execution of digital marketing, the website visitors turn into the customer. Instead of advertising the product directly, first build email list by promoting content and build audience trust by using paid ads, social media or seo.
Personal Branding In Digital Marketing
Why personal branding is important?
A Personal branding is the most effective way to create awareness among the audience. People remember the best among all. Personal branding helps in adding value to your offerings and increase your market share in your niche.
Personal Branding can give rise to many brands from his/her influence.
The Evolution of a Personal Branding
A personal Brand can be develop or grow by the following ways.
- Learn
Learning is never ending process, learn new skills through concepts, facts and procedures, understanding and remembering the new skills.
2. Work
Put your learning into work. Implement them in real world and give them better understanding.
3. Blog
Write everything you have learned and understood by doing a work. Writing helps in understanding better.
This will also help someone who are new to this skill and want to learn. This will help in building personal brand.
4. Consult
When you get enough knowledge and understanding of something and you have started your blog about the same. More traffic is coming to your site, now use this traffic by consulting your audience.
5. Mentor
Mentoring the people who are seeking knowledge in the same domain, It also helps in increasing your understanding to a whole new level. By mentoring a large group of people at a same time, saves energy and time. This saved energy and time can be used in scaling more.
6. Startup
By consulting many people, you have scaled your knowledge and experience to a whole new level, now use this experience in building a startup of your own product and services.
MASSTRUST BLUEPRINT
Mass trust means building trust with a lots of people.
Conclusion
What to take from this reading ?
If you have read the whole article, then you must have got the idea about the basic understanding of fundaments of the marketing, role of marketing in the economy, importance of building personal brand in scaling your business and how the CATT marketing funnel executed through the Integrated digital marketing.
Now I want a favor from you all to write everything you have learned by reading this article as we remember more when we write what we have learnt.
If you have any questions, please write them in comment section and I will try my best to answer your queries.
Thank You for Reading.
