Do you know Marketing is a way to the success of your business? Yes. That is true. Marketing is one of the inevitable parts of any business. With proper marketing, you can make your business a huge success. This is an article about Marketing fundamentals. It includes various topics like different fundamentals of Marketing, Traditional Marketing Vs Digital Marketing, CATT Marketing, Integrated Digital Marketing, Personal Branding, etc.
1. Fundamentals of Marketing
Marketing is the key to your business’ success. The concept of Marketing is “Delivering the right goods and services to the right people, at the right place, at the right time, at the right price, with the right communication and promotion.” The different fundamentals of Marketing are given below.
- Set Financial Goal
- Build a strong brand
- Enter in Competitive Market
- Invest Time & Energy in Learning Marketing
- Good Communication skills
=> Set Financial Goal:
It is important to have a goal in everything you do. Likewise, having a financial goal in your business is important. And to achieve it, you have to set a plan. For example, let’s see how to plan to make 1 crore. You can achieve this goal in 1 yr, 2 yr, or anytime. Below are different ways to make 1 Cr. If you have 1,00,000 customers and if you are selling a product or service for 100 Rs, then definitely, you will make 1 Cr Revenue. Next, if you are selling products for 1,000 Rs, then you need 10,000 customers. If in your niche, you don’t have enough customers, then you have to increase your product price. For a product price of 10,000 Rs, you need only 1,000 customers and for Rs. 1,00,000 product you need only 100 customers. Like this, you have to set your financial goal.
=> Build a strong brand
Building a strong brand is another important thing in the marketing field. For that, first, you have to choose a category and become a master in that category. There are so many companies are there who already built strong brands. For example, Google, Zoom, etc. You don’t have to be the leader in the category. You can be a leader in the sub-category. It is also good. For that, you have to enter a competitive market with unique ideas that you made. And, you need to update what is new in the market constantly. You have to invest time & energy in learning Marketing. And also, good communication is very important. Good Marketing is all about good communication.
2. Traditional Vs Digital Marketing
Digital marketing is Traditional marketing that is done through the digital medium. And nowadays, digital marketing is the best way to reach people. The main disadvantages of traditional marketing are that you can’t personalize the communication, you can’t do deep marketing, you can’t do natural sales, etc. These are possible using Digital marketing. But if you are using low and consumer great products, then Traditional marketing will be good for you.
Direct Response Marketing
“Direct response is a type of marketing designed to elicit an instant response by encouraging prospects to take a specific action” – Marketing Evolution.com
Simply, the ads running for applications to fill up forms, ads to download eBook by entering name and email id, etc. are asking for a response. So, there is a direct involvement is happening there. So, we can track how many people bought the product, downloaded the services, etc. This is what Direct Response Marketing is. One advantage of Direct response marketing is, that you can see whether your ad is working or not. Example of Direct Response Ads: Ad in the newspaper with a phone number to call, A late night infomercial with a phone number to call and order, An leading to a landing page with a Lead form, etc.
3. The CATT Marketing Funnel
The relation between Wealth and CATT is Wealth = n ^ CATT
Where, n [Niche], C [Content], A [Attention], T [Trust], T [Transaction]
- Niche: Your Success & Wealth depends on the niche you choose. Niche is the base of Wealth.
- Content: Create useful and quality content to attract people from your niche
- Attention: Drive traffic to your content using different methods like SEO, Social Media Marketing, Paid ads, etc.
- Trust: Once you build attention to your content, try to build trust with your audience using trip wires, marketing automation, deep marketing, etc.
- Transaction: Once you build trust with your audience, the next important thing is the transaction. That means, converting your leads into customers with natural sales methods.
These are all the skills that you needed to create wealth. The CATT Marketing Funnel & Framework is given below.
Let’s see how you choose the right Niche.
A good niche is the combination of Talent, Market and Passion. You need all these three to choose the correct Niche for you. If you lack one thing, then you can’t make it. It is important to choose the right niche for your business.
4. Integrated digital Marketing
Integrated Digital Marketing is a combination of various types of digital marketing like Content Marketing, SEO, Social Media Marketing, Sell & Convert, Email Marketing, Paid Advertising, etc.
The working of Integrated digital marketing is like this. If you have content, you can send it to your Email list. When people visit your content, it will list on the search engine. And it will start to rank on search engines. Then you can share it on social media. Then you will get new visitors from social media. If they like your content, they will reshare it to social media. Paid advertising is a kind of boosting the entire momentum like SEO, Email marketing, Social media, etc. Since the entire system is boosted, then people will build trust with you. After all these, you can transact with them. ie. sales & conversion.
5. Personal Branding
Nobody is going to discover, that you are the best without you having to market yourself. For that, you have to build your personal brand along with your company brand. People want to hear from you not your brand. So, people can remember you. A disadvantage of personal branding is that a person can’t be invested in and it can’t be sold. And the advantage is, that a personal brand can give rise to many brands.
The Evolution of a Personal Brand
The evolution of Personal brand is like this. Learn New skills -> Put your new skills to work -> Write what you learnt (It will become unique) -> Start to consult other people -> Mentor others who want to become like you -> Start your own start-up. Below is the framework of the Evolution of the Personal brand.
In this article, the things mentioned are The fundamentals of marketing, Digital marketing vs. Traditional marketing, the CATT Marketing Funnel, Integrated Digital Marketing, and Personal Branding. Hope this article is helpful to you. If you have any doubts, please comment below or reach out to email@example.com.