What’s common between Doughnuts & Vada’s ?
You will say both are similar in shape, but taste way different.
Also you must be thinking what sort of strange comparison this is.
I agree with you too, but isn’t this what is happening around us?
Multi million businesses are created just by selling sweet aerated water or with palatable chemical drinks we call these drinks ‘energy drink’. There are an infinite amount of such examples we see everyday around us..
Do you know what is one thing that is common in such types of products, it’s the brand, which has been developed through massive Marketing , and definitely values more than a product.
What is Marketing?
In a traditional format, marketing at a fundamental level, is the process of understanding the customers, and gradually building and maintaining relationships with them.
Marketing is about getting the trust built among consumers even before the product is launched.
Elementary step of global economics is the economy within the nation and among the nations. With the wider understanding of the global economy, the cost factor is affordable for everyone. It focus in four major way:
- Allocation of limited resources strategically, from production to consumption
- Logical production of quantities of products or services
- Who will initiate such productions
- Ultimately how these services or goods will be distributed to its end consumers.
A very crucial point in the global economy is, ‘debt creates money’, more debts in the economy creates more inflation.
The Indian Economy is one of the fastest developing economies in the world today and expected to reach third position in the global economy by 2050.
Out of various reasons for India’s growth is the ‘Demographic Dividend’, India will have the highest number of people falling in the younger generation graph as compared to other nations.
The realization of opportunity will bring high skilled people, which eventually evolves from strengthening the ecosystem of education and human development and other industries too,by bringing the largest share of population in the skilled workforce category.
Eventually boosting the nation’s economy.
We all encounter some or the other form of Traditional Marketing in our everyday life even today, one of the oldest forms of marketing is, traditional marketing.
For a class 5th student also to understand what Traditional Marketing is, I would say,anything which is not marketed digitally comes under Traditional Marketing .
This includes, billboards, Newspapers, magazine, Radio, T.V., phone call and outdoor marketing on an average, this method helps reaching to the target audiences.
This form of marketing is one of the researched forms of marketing,as they focus on 4P’s of marketing (Product,Place ,Price, Promotion).
Where, advertisements can be kept for a longer period of time considering it’s a physical advertisement , like billboard etc, which works best for the local audiences. Till 2018 the percentage of Traditional Marketing was 83%, w.r.t. Indian context.
Boom ! Welcome to the 21st century, a revolutionary period of marketing.
In simple language, any advertisement or any marketing activities executed using the digital platform, is called digital marketing. This includes websites, email,social media tools etc.Among the 4 stages of Digital Marketing, Planning,Content, Conversion, Progression.
Major reasons, why Digital Marketing is booming:
1.Cost effective- As compared to Traditional marketing it is much cost effective
2.Wider reach with better Targeting or Retargeting
3.Fastest reach with better ROI
4.Instant Feedback — direct response
5.Two Way process
Content, Attention, Trust & Transaction all together in write proportion,is an approach to achieve our desired goals, makes CATT Funnel. In a nutshell CATT is a journey of the user.
- Content- Rich and Plagiarism free content ranks best on the internet.
- Attention- Better content brings more impression, and creates users attention with the help of data, media files or infographics majorly.
- Trust- Content which solves users problems, builds trust among its users.
- Transaction- Once the trust is built, it’s easy to convert a consumer into a paid customer.
Defining this approach in terms of Formula:
Wealth= n^ CATT
“N” — Niche.
Your area of interest is your best bet in it which could be product or service. Just put yourself in the users shoes and share their problems solutions, as there is always a hungry market for new original content.
“ ^ “- Stands for ‘to the Power’
Applying the right CATT makes your niche (n) successful
“ C “ — Content
We all know ‘Content is today’s KING’, as rich and original content bring the immediate traction, which generates good leads.
“ A “ — Attention
Window of grabbing user attention is in fraction of seconds, which is why
content should be planned accordingly with target SEO, Social Media Content,
Paid Ads etc.
“ T “ — Trust
In Digital world, building trust with the audience is the most important factor.
Which is achieve through various tools like automation marketing,retargeting,
tripwires, deep marketing or a personalized marketing, to make the audience
“ T “ — Transaction
When trust is already established with your useful content in the nurturing
time, it’s easy now to convert those leads into potential customers, part of normal
Integrated Digital Marketing
Harnessing the Power of Digital Marketing in such a way that all channels of digital marketing get integrated together and effectively work for the same goal. Some of the common channels of Digital Marketing are:
- SEO-Search Engine Optimization, the process of getting results on search engines and to rank higher, to receive more traffic, thus better chances of reaching the right audience.
There are majorly 4 types of SEO; On-page,Off-Page, Technical and Local.
SEO tools provide overall health and success of a website, some of the known ones are Ubersuggest,Moz,Google Search Console etc.
2. SEM (PPC) — With Pay Per Click, executing Social Media Marketing. Increase the visibility of websites in search engine results pages.
With Pay Per Click, an online marketing model, the advertiser has to pay a fee every time someone clicks on their ads.
This form of advertisement you see on all search engines or social media, an example is Google.Objective is to; generate leads, Increase sales, Promote Brand awareness.
Major benefits are to ; Track goals, Exposure,Right Target Audience,Competitive for deep pocket brands.
3. SMM — Social Media Marketing, as the name suggests it leverages the networks of all popular social media platforms and provides companies a way to engage with their target customers, which bridges the gap between brands and customers and builds trust.
Considering how these social media platforms has developed their presence with the specific niche can be divided into following categories:
- Social Networks — Like, Linkedin
- Bookmarking sites — Like, Pinterest
- Social News — Like, Reddit
- Media Sharing — Like, Youtube
- Microblogging — Like, Twitter
- Blogs or Forums
- Social Review Sites — Like, Trivago
- Community Blogs — Like, Medium
- Sharing Networks — Airbnb
- Email Marketing
4.A very powerful channel, the use is to promote products or services with the email content to the target customers or clients in a more personalized way. A very good example of email marketing is the B2B domain.
Two types of Email Marketing are very famous; Newsletter and Promotional. Few major reasons of email marketing being successful are:
- Free Tool
- Easy & Fast
- Easily Accessible
- Easily shareable
5.Content Marketing-Marketing Strategy to attract,engage and retain customers by creating and making shareable content like videos, blogs, podcasts,articles, images etc.
Thus helps to build trust, by engaging customers, generate leads and increase Conversion.The Key ingredients for great content marketing are:
- Being Expert in your subject matter
- Being consistent in posting
- Being consistent in replying to customers, to build trust
- Creating rich content, solving problems of target audience,understand their pain point.
Personal Branding- Pros and Cons
Can a Brand logo talk to the people?Definitely not, people connect with an individual where the connection is much deeper than the company’s logo.
That is where personal Branding plays a bigger role. In today’s marketing plan for any brand, influencers play a very vital role, depending on their niche.
Pros : Being Human face, trust level increases It creates multiple level of customer loyalty
Cons: Scaling a business becomes, big problem.Creates more risk for new product launch
Marketing is an irreplace department. What brands and individuals need to learn is the right mix of traditional and digital marketing to meet their desired goal by targeting the right customers.
Do you think marketing has other verticals too,love to hear your point below.