An Insider’s Guide to the Concepts of Marketing
We all think we know about marketing, but do we, really know about marketing? If you want to know what actually marketing is (which I think you do since you opened this link), you are at the right place. In this article, I’ll be talking about the various concepts of marketing like its fundamentals, digital marketing and its comparison with traditional marketing, CATT funnel, integrated digital marketing framework and personal branding. If you are a marketing professional, or a person who just started his career in marketing or simply a person interested in learning about marketing, this article is for you.
Many people often think that marketing is selling or advertising a product, which is not the case. So, what exactly is marketing? Marketing, as per the traditional definition, is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. Or in simple words, marketing involves all the actions a company undertakes to draw in customers and maintain relationships with them.
Unlike popular belief, selling is not marketing; advertising is not marketing and copywriting is not marketing. Then what are these?? Marketing is very vast concept and selling, advertising and copywriting are some of the components of marketing.
Now, what the first step of marketing is, one may ask. Marketing starts long before the product is created. Yes, you read it right! It starts with researching about and understanding customers and their needs and designing a product or a service according to that. And unlike popular belief, the process of marketing doesn’t end with the product or service being sold. Marketing is the delivery of customer satisfaction at a profit.
Let’s take an example, an example that goes back a long way, back to 1983. 14th December 1983, on Sanjay Gandhi’s 37th birth anniversary, Maruti launched Maruti 800 in India.
Late Prime Minister Indira Gandhi introduced the car to the country to a room full of journalists with teary eyes and resolute words. Before 1983, all cars sold in India were horrendously outdated. The introduction of a new car breathed new life into the Indian automotive industry, and opened the door to affordable personal transportation for the masses. Maruti 800 was launched at a price of Rs. 48,000, a moderately hefty sum back in the day. Maruti did its research and saw a potential car market in India and grabbed the opportunity. Maruti 800’s success can be gauged from the fact that the size of Indian passenger vehicles grew from 40,000 units in 1983 to 150,000 in 1987. This is a successful example of marketing as Maruti not only sold metallic bodies, but served people’s emotions and hence the car was known as ‘people’s car’.
As they say, a great product sells itself. Maruti 800 was one such example. Marketing is all about the perceptions of the customers. Often people focus more on marketing, and less on the product/service and ends up on the bad end. Marketing is important, but not more than the product or service itself.
Now that we have understood the topic of marketing, let’s discuss another term which is being used widely these days, digital marketing. It is believed to be an important and significant concept in today’s era. So, what exactly is digital marketing?
Digital marketing is any form of marketing products or services that involves electronic devices through channels like social media, mobile applications, email, web applications, search engines, websites etc.
But what is the difference between digital marketing and traditional marketing? While digital marketing uses digital channels such as websites and social media as tools for marketing communication, traditional marketing uses traditional channels, like billboards and printed media (magazines and newspapers). Of course, traditional marketing doesn’t mean it’s old fashioned. Traditional marketing still plays an important role in people’s lives with the ever growing need to step out of the digital world. The immersive experience of an impactful TV commercial and the tactile nature of a copy of a magazine are as important today as they were twenty years ago because of their lasting effects on your memory. Similarly, digital marketing is as important as traditional marketing, as people love the ease that ads bring being just a click away.
Now that we have understood what digital marketing is, let’s now learn about an important concept in online marketing, the ‘CATT Funnel’. CATT can be elaborated as
T: Trust; &
Now, Wealth= n^CATT
Niche(n): Niche can be defined as finding the right market requirement and fulfilling that requirement with one’s skills and interest.
The figure below explains how to find the niche.
To find the proper niche one should satisfy all the three required conditions. The three conditions are as follows:
1. One must be passionate.
2. One must have talent.
3. And there should be market requirements for one’s passion and skill.
If any two of the above required conditions are present and one condition is missing, a person will tend to fail! For example, if one is passionate and talented, but the market requirement is not there, he/she won’t able to monetize his/her product or service. Similarly, if one is talented and there is a market requirement, but he/she is not passionate enough, then he/she won’t be driven to produce the product or offer the service to the market. And lastly, if one is passionate and there is a market requirement, but he/she is not talented; the competitor will see through and launch a better product or service. Hence, the presence of all three things are required to find one’s niche and achieve success.
Now that we know about niche, let’s discuss more about the CATT Funnel.
Content- The first step is to create such useful and quality content so as to attract of the people from the niche. Content can be in the form of videos, images, emails, blogs, webinars. It is a key factor for attracting people and should be value driven.
Attention- The second step is grab and hold the attention of people one attracted through the content and driving traffic by using tools like SEO, paid ads and referrals.
Trust- After having the user’s attention, the third step is to build trust and a good relationship with them. This can be done by retargeting them, providing value-driven content.
Transaction- When the trust is built, it becomes easy to perform the final step, which is to convert the leads into customers through natural sales.
Another important topic in online marketing is Integrated Digital Marketing Framework. Integrated digital marketing is the integration of multiple marketing strategies to form a cohesive online approach for your business.
It typically entails:
· search engine optimization (SEO) and search engine marketing (SEM)
· email marketing
· content marketing
· social media marketing
· paid advertising (or pay-per-click advertising) campaigns
The main idea behind this integrated digital marketing framework is to use these various digital marketing tools in conjunction to create a more influential online presence.
Integrated digital marketing strategy runs on the same basis as any other strategy; like having:
· a clear mission statement and structure
· defined objectives and goals
· decisions based on core strategies often driven by budget.
· to set up methods to find the result of the work done.
I hope now you are clear about the integrated digital marketing framework. This brings us to the last topic of our article, which is ‘Personal Branding’.
According to Wikipedia, Personal branding is the conscious and intentional effort to create and influence public perception of an individual by positioning them as an authority in their industry, elevating their credibility, and differentiating themselves from the competition, to ultimately advance their career, increase their circle of influence, and have a larger impact. In simple words, it is the unique combination of skills and experiences that make you who you are and how you present yourself to the world.
Personal branding is very important. Your personal brand should reflect who you are and the beliefs you have which sets you apart from other people. When you have a strong personal brand, it brings you a lot of opportunities that help with the growth of your company and yourself too. The best way to connect with your customers is via personal branding. People would want to hear from people rather than companies as they would trust a personal brand more than a corporate one. The personal brand becomes an influencer or a brand ambassador for the company they run. For example, when one thinks about tech sector, then name Elon Musk comes in one’s mind. Tesla’s and SpaceX’s CEO Elon Musk has created a such a powerful personal brand that it often overshadows his own companies.
Let us now discuss how personal brand is evolved. Given below is the MassTrust Blueprint.
To evolve yourself as a brand, you should implement the following steps:
· Learn: One should focus upon learning new concepts and skills each day, and also on remembering and practicing the same.
· Work: Learning the skills in not efficient, one should also implement the same skills to grow more as a brand.
· Blog: Blogging about one’s experiences, learnings and outcomes helps people understand the story behind one’s personal brand.
· Consult: After acquiring the required skills one can start consulting for businesses instead of working for one.
· Mentor: When one has evolved oneself as a strong personal brand, there will be many others who are influenced by him/her and would want to become like them. By mentoring these people, one can help others grow and be a great influence in their life.
· Start-up: One can start their own business with the products or services which you can cater to your target audience.
These are some of the concepts that can help you understand the various concepts of marketing. Marketing is much more than just strategies and statistics; the field of study is dynamic due to the changes happening around the world and its economy. I sincerely hope this article cleared all your doubts and helped you in learning more about the marketing world. If you have some queries, let me know in the comment box!
Thank you for reading!