The Fundamentals of Marketing

In this article, I am going to talk about Marketing, its fundamentals, laws, etc. I understand when one hears about the term marketing different words jumbled in his/her brain like sales, advertisement, promotions, etc. and of course Digital Marketing. So I will help you in understanding the concept.

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The simplest and easiest way to understand marketing is to look around and try observing things you are surrounded by. Let’s say your perfume, your Wallet, your Television, and of course your gadget on which you are reading this article. Now just think why you bought these specific brands out of thousands of brands and how you got to know about all these products may be word of mouth, any form of advertisement, a sales guy sold that product to you, you might be thinking I bought this specific product because I like it. Then just think about the first time when you bought it. Are you sure at that time you will buy it again? Maybe yes or Maybe No. It totally depends on your experience with the product.

You might come up with some answers to all the questions and some of your answers might have Marketing in it. So let’s move towards the basic concepts of Marketing.

What Is Marketing?

“Marketing is science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures, and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”- Philip Kotler

I like this marketing definition and also very much convinced with it. You might have a question How can marketing be both Science and art? Marketing is based on science because it uses facts and figures from the very beginning. Marketing is based on Art because you should know the right way of delivering products and services or you can say it’s an art of knowing how to do? A certain sense of art is required in Marketing. I would say it is more of science than art.

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When we discuss Marketing, It is very important to understand consumer behavior because they are the ultimate beneficiary. They are Initiator, Decider, Buyer, User, and Influencer. So you need to deliver the right message to the right person at right time. Consumer as Influencer contributes a lot to your product and their word of mouth can affect other’s decisions. So, you should know how to retain the customer. You can do it by making a really good product and building trust. If your product is good you need not to convince customers to buy your product again and again and Moreover, I learned that a good product doesn’t need much marketing.

Marketing starts before creating products in the form of Market research to understand the Market potential, needs, demand, etc. After understanding the needs and demand of the Market, You will think of creating a product/service and at the same time, you will be thinking How will you sell this in the Market and How this product/service will deliver values to the customer? and this how can be answered with Product Differentiation.

Product differentiation means how your product is different from your competitors and these different points become your Unique Selling Points (USP). With this, you can build your competitive edge. Your competitive edge further helps in building a good brand. Once a product becomes a strong brand and acquires a very strong position in the market, you need to put much effort into marketing and Marketing becomes negligible. At that stage, you just need to focus on continuously maintaining that position through continuous development.

 Economics & Marketing

The dictionary meaning of Economics is “knowledge concerned with the production, consumption, and transfer of wealth.”

The dictionary meaning of Economics is “knowledge concerned with the production, consumption, and transfer of wealth.”

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Flow of income in the economy: A general Model. Source: Google Images

The above model shows how money flows in the economy. Businesses provide goods and services to households/individuals and households spend their money on product and service. A household’s expenditure becomes a business’s income.

Businesses hire individuals as workers and offer them salary or income for the same. It’s just a general model which gives you a basic idea about money flow. In between this many things works like central bank policies, government policies, financial institutions, etc.

Every marketer and business should have knowledge about Economics. Economics helps you in understanding :

The flow of money in the nation.

The purchasing power of people of that nation.

Rate of growth

GDP

Central Bank’s policies

Inflation and deflation rate, etc.

and all these understandings help you in building your business and marketing strategies.

Digital Marketing Vs. Traditional Marketing

As we all know Digital Marketing is all about marketing through online platforms, such as email, social media, online paid media, etc. It includes all the Online platforms. On the other hand, Traditional Marketing is about marketing through older forms of media such as Billboards, TV ads, radio, Print Media, etc. The main difference between Digital and Traditional marketing is the medium of communication.

Traditional marketing doesn’t make it old fashioned. It still plays a significant role in Marketing. If you still read the newspaper and if you find something very appealing, you contact on given details then the advertisement worked. Billboard’s attractive advertisement still catches our eyes. In the same manner, business still uses other traditional media for communication.

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A newspaper advertisement in the local newspaper with the aim to target local audience during the festive season

Traditional marketing is beneficial when you want to target local audience or a group that do not use Internet and create awareness about product. Traditional marketing is not preferred by the Marketers as it has certain drawbacks.

Digital Marketing is most used by marketers nowadays and it is very much effective as well.

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An advertisement by Diggimarketing on social Media with SEO case studies

The advantage of using digital marketing is high reach. Nowadays billions of people use social media. So it is a medium of connecting huge audiences at a lower cost than traditional marketing. You can also customize ads in digital marketing. Let’s say you are searching for television on google and closes the search after a few minutes and then you opened your social media account. You will see television ads on your social media account. In the same manner, if you search for a Digital Marketing course online you will start seeing similar advertisements in your feeds and other web pages. You can also keep track of your advertising campaigns in digital marketing which is not possible in traditional Marketing.

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Comparison between Digital and Traditional Marketing

Both forms of Marketing have their pros and cons. You need to choose marketing based on your product, message you want to deliver, and target audience.

Communication Skills

Communication refers to the art of exchanging information/messages.

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When you are communicating with your customers you should be very much careful with your words. If you deliver a message to the audience with heavy words and heavy terminologies. It won’t work. You need to use the language that audience understands.

A good message always includes a call to action in it.

Niche selection

Right Niche selection is very important in marketing. If you are not able to select the right niche your entire Marketing plan will not work effectively. So What is a Niche?

A niche is a market that focuses on a particular section of a market. Niches have very specialized interests, and they target only one or a couple of segments out of the entire Market.

Let’s Say, You are interested in the confectionery business and specifically wanted to focus on the audience which is diabetic or want to eat sugar-free chocolates. Then that audience will be your niche market.

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A niche selection Model

You should have Talent, passion, and of course Market for selecting the right Niche.

You should have Talent, passion, and of course Market for selecting the right Niche.

The Marketing Funnel

For every marketing plan, you need to develop a funnel. Here, we will discuss the CATT funnel. The CATT funnel consists of elements.

Wealth = n ^ CATT

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The CATT Marketing Funnel

n = Niche- your niche is directly proportionate to your wealth

C = Content- The most important.First of all, you should have good content.

A = Attention- It means driving the audience’s attention towards your product through social media, web, ads, etc.

T = Trust-Try to build trust in your audience’s mind.

T = Transaction- It’s about converting leads into customers.

Let’s move towards the next section that is integrated Digital Marketing.

Integrated Digital Marketing

Integrated Digital Marketing is the art of using all the marketing medium in such a way that each channel delivers a single message to the audience.

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Integrated Digital Marketing framework

Content Marketing -Content Marketing is all about creating, publishing, and distributing content for the audience

SEO- It stands for Search engine Optimization. It means optimizing your web page in order to get more and quality traffic.

Paid Advertising- It is a form of online paid media. In this form of media, you need to pay money to others if you want your ad to be displayed on their web page.

Social Media- It’s about promoting your content through various social media.

Email Marketing- It is about sending commercial messages to your target audience.

The idea behind integrated digital Marketing is to catch the audience’s attention from all the marketing sources because individually it doesn’t leave much impact.

Again content is the key. If you have good content and you advertise it across all the channels. You will definitely catch the attention and from there you can build trust and convert leads into customers.

You can read more on Integrated Digital Marketing from Content Marketing 2.0 — How to Plan and Execute an Integrated Digital Marketing Campaign.

Personal Branding: Mass trust Blue Print

Personal branding is about Marketing yourself. It’s about telling the audience who you are? If you are expertise in a particular field, then you should definitely use personal branding. Because many times people are not looking for an expert product they are just looking for an expert.

Let’s take an example of a hospital which is well known and of course is a good brand. So if you are looking for a Dentist, you will definitely search for a doctor who is specialized as a dentist and have a good number of years of experience.

How to build a personal brand?

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Mass trust Blueprint

In order to build personal branding, you first need to learn about the subject in which you are interested.

Then start working on it by getting a job or something else.

Once you gain a good working experience you can start blogging. Blogging makes you learn more about that subject.

The more you learn the more good you are at giving advice and you can start consulting.

Once you become good at consulting you can start mentoring. When you start mentoring you should aim at mentoring who wants to become like you and that’s the level where you are actually building your image or your personal brand. Now you can start your startup if you are interested.

And this is a continuous process, you can say a never-ending process because the more you learn, the more you earn.

Takeaways

In this article you have learned:

You can observe marketing in things you are surrounded by.

Marketing is both science and art. Consumer behavior is one of the key component of Marketing as they are the one who decides what, when, where, and from whom to Buy. You have learned the concept of product differentiation and how it can help you in building a competitive edge.

Economics is important to understand to build a successful marketing strategy and working of a basic money flow model.

Traditional and Digital Marketing and why Marketers preferred Digital Marketing over Traditional. You can use both if you have a very good budget.

A basic idea about niche selection and understanding of Marketing funnel.

Integrated Digital Marketing plays an important role in marketing and why it is important. You have also learned good content is the key to generate more leads.

At last, you learned about the mass trust blueprint that helps you in building a personal brand and you learned it is important to build a personal as people not only want an expert brand but also seek experts. It is a powerful element.

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