In this article, I am writing about marketing. We will discuss the fundamental of marketing, digital marketing vs traditional marketing, The CATT marketing funnel, and personal branding.
What is marketing?
If someone ask me a question before the DDIP internship program, I said,” marketing is a promotion of a product, so people get to know about it and buy that product.” However, my mentor said,” marketing is based on science, not on creativity.” Because with very good graphics, a slogan, and advertising, one can’t sell a product. It is based on customers’ needs. For example,one is selling winter clothes with great advertisement during the summer season. Is it possible to sell?
According to Professor Jerome McCarthy,” Marketing is a clever combination of four P’s.” Further Edward Russell added fifth p People in his book.
People
Marketing is a process of understanding the need of customers and satisfaction. Suppose a company makes a new product now they have to find someone to buy it and maybe that product does not satisfy the customer’s need. This is what my mentor Deepak kanakaraju said,” marketing starts with understanding the customer’s need that leads to creating a product that fits.”
Let’s talk about a real example, during the pandemic, some banks reach out to people to sell their new policies. People were dying of starvation. Are they in a situation to buy a new one as the flow of cash was stopped?
Product
Marking will help you discover your product, but your product should have good quality. Moreover, Perception is a basic key in marketing as well as if your product fulfill customers’ needs it will sell itself.For Instance,Google.
Place
A company can decide where they have to sell their product, in an exclusive store or a huge superstore? Furthermore,Are they interested in selling it widely or just in some stores? These are distribution strategies that attract your customers.
Godiva chocolates are only found in specialty stores and online. In their stores, trained people care for it like a jewel. You can buy only one at a time and they put it in a box or bag.
Price
Price is not only the manufacturing cost of a product or profit but it’s a quality expectation. It is about who can afford it and who has just a wish to have it.
You can relate to it, some can travel by business class and others have only one option- economy. The cost of a product is based on the audience some can afford others can’t.
Promotion
Promotion is all about launching your product in the marketing in the form of advertising, marketing communications like public relations, sales promotion, event marketing, and one on one selling. One can strategics to get more profit by selling more, cutting the cost of goods, and widening and shrinking distribution.
Traditional marketing vs Digital marketing
Traditional marketing is the era where marketing was held in the form of newspapers, banners, flyers, posters, and billboards. At that time, people get to know about the products that go through these mediums. This is just based on local reach. It is difficult to analyze the data, is it reaches to target audience or not. After that, TV advertisements came your way.
Do you know when the first tv ad was created and where?
On July 1, 1941, in New York. This advertisement was related to Bulova watches and it aired just before the beginning of the baseball game. This ad was created for 10sec with the voice ‘America runs on Belova time’.
However, in this millennial period, everything transfers into digital contour so marketing. Research said 4.95 billion people in the world use the internet and 4.62 billion users are active on social media. Companies prefer to advertise their product online.Facebook ads are very helpful to promote your business,just check this link how to create facebook ads. There are tools to analyze the data, you can hit your target audience, and got the information on how many people click on your ads. Technology makes things easier.you can check more about digital marketing here.
The CATT marketing funnel
Someone on social media just wants to grow, is curious to increase their followers, and wants to sell their products more and more. How and what is the strategy to grow online?
There is a formula to heighten your business. The CATT marketing funnel as follows:
Wealth=n^CATT
How this funnel works
[n] niche: Choose your niche carefully as your success and wealth depend on it.
[C]content: Content should be related to your niche. It should be simple, clear, and attractive. so it grabs the attention of the audience and increases engagement. It may be blog posts, webinars, videos, etc.
[A]Attention: grab attention to your content through SEO, social media, and paid advertisement.
[T]Trust: Build trust with your audience.
[T]Transaction: now your target audience is here, convert them into your customers with a natural sales process.
Integrated digital marketing
This is the integration of all digital communication modes to work together. Let me clear you with an example. We have some numbers and words, they are in the form of raw data and when we combine it, they become the information. It becomes meaningful information. This is the same happens in digital marketing. We have various kinds of tools and platforms like SEO, email marketing, social media, and quality content. Digital Deepak said if you are working individually on each part, you may not get success. but if you integrate them it will become a system and it goes up.
Make Content writing central and try to get the attention of people through social media. and then building trust through email marketing.
Personal brand
How do people get to know about you if you are a master in something?
Identity or a brand is a must for every person not in personal life but in business too. People will recognize you through your brand. if someone needs an expert in a particular area they will not go to search for it, you have to market for yourself and build a big brand so they can directly come to you.
Erect yourself with your company that people love to hear from people, they trust more a person than a firm.
Deepak kanakaraju said, “A personal brand becomes an influencer and brand ambassador for companies that they run.”
Let’s conclude, I believe more companies, more products, and more competition. People are coming forward with their innovative ideas and launching small businesses online. The audience will get to know about these products through marketing. The market will surely rule the world. What do you think marketing will rule the world? Let’s discuss this in the comments.