Fundamentals Of Marketing – That’ll Keep You Up at Night
Posted On February 2, 2021
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What is Marketing?
What is the law of marketing?
Why learn and master marketing?
Before jumping directly to digital marketing we will first understand what is Marketing. This article will be your ultimate guide for learning the basics and we will look at the laws of marketing and learn some of the common terms that are used. We will also learn the importance of personal branding. This article is useful for anyone who wants or is interested in learning Marketing.
In this article, I will cover the following agendas:
Basics & Fundamentals of Marketing
Law of Marketing
Why learn Marketing
Digital VS Traditional Marketing
The CATT Marketing Funnel
Direct Response Marketing
Integrated Digital Marketing
What is Marketing?
According to the definition, Marketing is the action or business of promoting and selling products or services, including market research and advertising. It is “the art of telling stories so enthralling that people lose track of their wallets”. Marketing starts before creating a product. It starts with understanding the customer and customer needs that lead to creating a product that fits in the market. It starts will analyzing the problem that the customer faces and then developing the solutions. It is about sending the right messages to the right people at the right time. The purpose of marketing is to build a brand and capture a position in the minds of the people.
The 3 key elements of the Marketing Plan.
The great marketing plan is based on three key components –
A marketing plan is the first step in creating a successful marketing program. It includes Market Research, Target Market, Product, Competition, Mission Statement, Market Strategies, Pricing Positioning & Branding, Budget, Marketing Goals, Monitoring the results.
Now we have the basic idea of what is marketing let’s deep dive into what are the 22 immutable laws of marketing and why it is important to learn marketing
Laws Of Marketing
Just like there are Newtons laws, we also have 22 immutable laws of marketing and those are :
The Law of Leadership
The Law Of The Category
The Law Of The Mind
The Law of Perception
The Law Of Focus
The Law Of Exclusivity
The Law Of The Ladder
The Law Of Duality
The Law Of The Opposite
The Law Of Division
The Law Of Perspective
The Law Of Line Extension
The Law Of Sacrifice
The Law Of Attributes
The Law Of Candor
The Law Of Singularity
The Law Of Unpredictability
The Law Of Success
The Law Of Failure
The Law Of Hype
The Law Of Acceleration
The Law Of Resources
To learn more you can read The 22 Immutable Laws Of Marketing by AL Ries & Jack Trout.
Why Learn Marketing?
As per the study conducted in the mid-2020, it can be concluded that about 12% of the revenue of companies goes into marketing. All these facts point to one thing that a business never achieves its desired heights without marketing. Even if your product is the best in the market no one will ever use it if you don’t market it. It helps to sell your products or services. Without Marketing many businesses would not exist because it is the driving force to sales. It is an effective way of engaging customers and builds a relationship between businesses.
Suppose you want to start a business or are a founder of a startup, and you only have the technical knowledge, your business won’t grow or will make revenue if you do not market it to the right people. Marketing builds reputation, As a business owner, you know how important your reputation is to your success. It helps to grow your business.
You can learn marketing to run your own company, become a marketing consultant, can run your own marketing agency, become a freelancer, or even be a mentor.
Lets us now understand the various channels of doing marketing which in turn have brought us to our next agenda Digital vs Traditional marketing.
Digital vs. Traditional Marketing
The main difference between digital and traditional marketing is the channel or the medium we use to connect to our audience.
Earlier we use to reach our customers through Television, radio, newspaper, and magazines. But now digital marketing is getting up its discussion of significance.
For many businesses choosing between traditional marketing and digital marketing is still a major topic of discussion. Which strategies work best? Which one should businesses focus on?
In this article, we’ll discuss the purpose of each and its benefits, to help you decide which is best for your business.
Traditional Marketing has been around for decades and is used less often now.
Traditional market methods include:
Directly mailed postcards, coupons, and informational packets
Television or radio commercials
Newspaper or magazine ads
Billboards and fliers
Telephone calls and text notifications
If you want to reach an older demographic, traditional marketing can be very effective. Audiences ages 50+ spend almost twice as much time reading the newspaper and watching TV as compared to those ages 21-34. This type of marketing strategy usually works best for businesses looking to build a larger local audience
With the invention of the internet, Digital Marketing strategies are evolving quickly. We can understand the importance of going digital more during this pandemic. There is a meme going around in techie circles that asks, “Who led the digital transformation in your company? a) the CEO, b) the CTO, or c) COVID-19?” It then shows that the answer is C.
To ensure business continuity during the coronavirus pandemic digital services have become a new boon to businesses, thus it clearly states the importance of digital marketing for the continuity of the business. Digital Marketing has evolved quickly because of new trends and technologies.
Digital marketing methods include:
Social media posts
Search engine optimization (SEO)
Digital Marketing is probably the best option for reaching a particular group of people. Using digital marketing you can reach enormous people with cost-effectiveness and is also measurable. It helps to target the right people, with the right message at the right time.
Now that we have an idea about different channels of marketing, let us now understand the marketing funnel.
Choosing the proper marketing funnel for your business helps to generate more sales and build trust within your target market. This article will understand CATT Marketing Funnel.
The CATT Marketing Funnel
The start of every business happens by defining a funnel i.e. from the awareness stage where they first know about your business to the purchase stage where they actually buy your product or services.
CATT marketing funnel is an approach we take to achieve our goals. It starts with the niche selection, creating useful content, getting traffic to your content, gaining trust, and finally doing the transaction.
In short Wealth = n^CATT where
Let us understand the first step and the important step for starting any businesses and i.e. Niche selection and how we can select our own niche.
What do we mean by niche? Are you also struggling with your online presence? Then let us discuss some of the important things that we should keep in mind before starting marketing and i.e. Niche.
According to the definition: Niche is defined as channeling all the marketing efforts towards one well-defined segment of the population. There is one important thing to understand that ‘niche’ does not exist, but, is created by smart marketing techniques and identifying what the customer wants.
Selecting your own niche is the first step for any business. This is done by first identifying what the audience wants and then delivering a better solution to the problem which is not presented by anyone else. It involves a specific target audience with specialized offerings. One of the benefits of a niche market is there is little competition under that segment ultimately attracting more customers to your business.
Now we have a better understanding of the niche market, let’s find out how can we find our niche.
Conclusion: Your niche should be the intersection of your talent, market demand, and your passion.
After you have found your niche, target the audiences using niche keywords, and start applying all the marketing strategies.
With the understanding of some basics fundamentals of marketing, we will now look into some of the common terminologies that are been used in Marketing.
Direct Response Marketing
Direct Response Marketing is a technique used to encourage customers to take action. The result of the outcome can be measured in little or no time. Direct response marketing has a “call to action” for direct or online interaction. By creating an offer the businesses generate leads.
For example-suppose, the goal of a particular campaign is to generate subscribers, then the advertiser gives a free offer, and in return asks the prospect to sign up, share contacts or register on the website.
The key components of direct marketing are :
Call to action
Starting your direct marketing campaign is now very easy. You just need to give an offer, include important information about your products or services, and provide means for a direct response via call-to-action.
Integrated Digital Marketing
Integrated Digital Marketing is the integration of all the marketing strategies i.e
web development and design
search engine optimization (SEO) and search engine marketing (SEM)
social media marketing
The idea behind integrated digital marketing is, while any one strategy doesn’t bring a huge impact, combining all the marketing strategy create a more influential online presence.
Let’s understand this with an example.
You are a startup business, and you are in search of customers, so what are the marketing strategies you will apply for your business to grow. First, you will do content marketing, i.e., you will be either writing blogs, or create videos to create awareness about your product or services. The next step is to attract traffic to your business, for that you will be doing SEO, post your content on social media to generate organic traffic. After which you do paid-advertisement to generate more traffic. Once you gain the traffic you do email marketing to convert traffic into your customers and finally, you do sell.
So in the above example, we applied all the marketing strategies, i.e., from creating awareness to doing sales, this is what we meant by integrated digital marketing.
We shall now look at some important aspects of Personal Branding.
Is Personal Branding just about promoting ourselves?
There is a very true saying “If people like you they will listen to you, but if they trust you, they’ll do business with you” -Zig Ziglar.
A personal brand is not much different from a business brand. Instead of marketing a product or service, you are branding yourself. It helps you stand out from the crowd. People are more likely to buy from or listen to someone with whom they can connect.
The rise of social media platforms has created a new category of people called “influencers” which in turn gave rise to many new brands from their influence. The evolution of the personal brand is to Learn, Work, Blog, Consult, Mentor, Startup.
Personal branding has become a vital part of success in any business especially when you are the face of the brand.
For example, whenever I think of the popular digital marketer, then only one name pops up in my mind, i.e., Deepak Kanakaraju who is a personal brand for his company Digital Deepak where they organize exciting internship programs where people connect more with him because of the ambassador himself mentoring the students.
Lastly, I would only say that Marketing is the most exciting field. It is the heart of any successful business. It is continuously changing with the advancement of new technologies.
Marketing can only be learned by practicing and experimenting. The key is to keep testing every day.
If you have any queries, share them in the comments below.