Wish to know the Power of Marketing? Just Do It!
Do you know the Story of brand NIKE…? Nike is a brand which needs no introduction. Today, we know Nike as a brand which caters to almost every sport out there. But, did you know that once upon a time, Nike’s products catered almost exclusively to Marathon Runners? But then, a fitness wave emerged in the US in 1980’s. Everyone started focusing on their health and all of a sudden, the demand for fitness related products rose rapidly. At that time, Reebok was a hot brand in the US and they were selling more shoes than Nike. So, the people of Nike’s marketing department knew that they need to take advantage of this fitness movement in order to surpass their rival firm, Reebok. And so, in the late 1980’s Nike created the “JUST DO IT.” campaign. The campaign was aimed at inspiring everyday people to push themselves beyond their limits. JUST DO IT. The campaign, backed by superstar athletes like Michael Jordan, took the world by a storm. It became a huge HIT!
The campaign was created to embody what people feel when they exercise.
Don’t feel like Working out? JUST DO IT.
Don’t want to run an extra mile today? JUST DO IT.
To show its impact, just consider that in 1988, Nike’s sales were at $ 800 million. By 1988, they clocked over $9.2 billion in sales.
That’s the power of a Good Marketing!
In this article we are going to talk about how Marketing plays the substantial role in making or breaking of any business, brand or product. We will be learning the fundamentals of marketing, Traditional vs. Digital Marketing, CATT Marketing Funnel, Integrated Digital Marketing and Personal Branding. This article will be useful for beginners who wish to learn the know-hows of Marketing and also for the students, professionals and entrepreneurs as the way forward.
What is Marketing and Why one should do it?
“Marketing is too important to be left to the marketing department.”
David Packard, the co-founder of Hewlett Packard
I love this quote because it’s true. Marketing is the way of life; it is infused in all of us naturally. In our day to day life, we are trying to achieve so many things competing with others, be it a good lifestyle, a new job, shading those extra kilos and so on…the one who is good, shall excel and that’s the way it is decided who has marketed himself well! Understanding the basics of marketing will eventually help you to lead your life the way you want by achieving what you have dreamed for…your dream Business with extra revenue, a new house or a new car!
The science of Marketing is based on Human psychology and perception. Marketing has been in existence since time immemorial and shall remain until the Human race exists. The process of marketing begins way before a service or a product is actually launched and found its place in a market. A smart marketer will always keep looking out for the NEEDS of the consumer and grab the opportunity to conceive and deliver the same to his potential buyers. Once the sale happens many people might think that the business objective is achieved by the transaction and marketing cycle is complete, but No, this is actually a start of the marketing life cycle, because a successful marketer will always get the feedback about his products/services from his buyers and will try to retain them for the lifetime providing them the value for their money. This will ultimately help the business to grow as the buyers will come back again and again and these loyal customers will become the Brand Ambassadors for the business spreading word of mouth! There is no better form of Marketing than the word of mouth from your loyal customers.
Thus, Marketing is not just about being creative with your advertisements but it is a science which assists you to achieve your business goal by sending the right message to the right person at the right time to your target market.
The target market is defined with the help of 4Ps of the Marketing. The image below is self-explanatory:
Until now, it is understood that everything we are carrying right from a swanky cellphone to car to clothes and everything under the sun is marketed to us so that the ultimate relationship of Market & Buyer is achieved. Thus, if you are a blogger, freelancer, entrepreneur or even a homemaker, you have to know marketing because if you don’t know your customer, their behavior and their needs, how will you sell your products or services to them?
There’s a saying which is the utmost important truth which goes like…If you know how to sell, you can never go hungry in life!
Since this is an internet revolution, businesses are also bound to shift their focus to the latest means of marketing. With the smartphones occupying the entire space of the mind of an individual from across all age range, it is imperative to understand and tap the opportunity created by this very medium! Though the traditional means of marketing are not going anywhere because of ease of accessibility like TV and Newspapers, the digital revolution is slowly and steadily acquiring the huge market share.
Let’s now learn about Traditional and Digital Marketing
Given the facts that more number of people is switching to digital means nowadays and effectively using internet for almost everything they need whether it is buying or just browsing, there’s no point for guessing that advertising your contents through digital means are surely going to yield results. Earlier when there was no internet storm, Traditional way of marketing through TV ads, Newspaper, Radio, Billboards and flyers were the means to showcase the products to the prospective buyers. But the RoI from the Traditional means of Marketing is still immeasurable and it mostly serves the purpose of reaching to all levels but not being interactive with the prospective buyers. Traditional marketing has one-way communication and there is no direct interaction with consumers. While digital marketing promotes two way communications and thus helps the marketer to satisfy the customer needs by directly listening to them. For a major section of the population of India who are not so tech-savvy, traditional marketing is still the best way of introducing and promoting products. Digital or online marketing is the marketing mode of the global village. It is only obvious that the era of the internet will have its influence in every realm of life. The world of digital marketing continues to evolve and as long as technology continues to advance, digital marketing will as well. Examples of digital marketing include things like websites, social media mentions, YouTube videos, and banner ads. Specifically, digital marketing is similar to traditional advertising, but using digital devices. However, digital marketing is considered a form of inbound marketing and its goal is for people to find you!
The cost of traditional marketing is significantly high and therefore it remains a preferable domain for big businesses with huge marketing budgets. While digital marketing requires very basic expenses and is much more affordable. It is also suitable for small businesses and start-ups. Let us know the difference in Traditional Vs Digital Marketing from this infographic.
Then, what one is supposed to do? Go for Traditional Marketing or Digital Marketing? Well, the key to a great marketing campaign is to find the right balance between traditional and digital. In 2020, digital marketing is the yin to traditional marketing’s yang. Both play an important role in a marketing strategy, but they are each elevated when used in unison.
Once you run a Digital campaign and acquire customers for your business, you need to keep track of their journey with your brand which is describes as a funnel in marketing terminologies. A marketing funnel describes your customer’s journey with you. From the initial stages when someone learns about your business, to the purchasing stage, marketing funnels map routes to conversion and beyond. … By evaluating your funnels, you can potentially drive greater sales, more loyalty and stronger brand awareness. One of the most effective sales funnel is CATT Marketing Funnel
CATT Marketing Funnel
CATT is a sales funnel that will help you to build the mass trust of your customers with the help of Digital Marketing. The full form of CATT is Content, Attention, Trust, and Transaction. As introduced by Digital Deepak, wealth can be created using the formula given below:
Wealth = n^CATT
n stands for Niche — It is the root of this funnel. Your success and wealth depends on the niche you choose. Choosing a niche is all about finding and delivering your excellence which is common in your talent, your passion and the market need.
CONTENT: Content is the core of digital marketing, when you have a great piece of content then you don’t have to struggle to spend much for marketing. It will itself bring you organic traffic depending on the quality of the content. Content can be anything whether it is a blog, YouTube Videos, Posters, landing page, and many more.
ATTENTION: It is important to bring the attention of your target customer to your content after creating it; organic traffic does not come into play much for most of the content. You have to spend a little amount of money to bring the attention of the content in a huge amount but it’s worth it depending upon the Return on Investment. There are different ways to bring attention to your content, some of them are:
- Paid Ads like Google Ads, Bing Ads, Facebook Ads, LinkedIn Ads, and many more.
- SEO help to bring organic traffic by improving the rankings of your page. Investment is not required in SEO.
- Viral marketing is a kind of marketing through another platform that already has a huge amount of traffic beforehand.
- Any other way of marketing can also be used to bring the attention of your target audience.
TRUST: After collecting a huge amount of traffic of your content, you can generate leads from this traffic by building trust. Trust can be built by repetitive engagements, hook the user, and social proof.
- Repetitive engagements can be built by creating regular content on different digital channels. Those contents should bring engagements from your target customers.
- Hook the user through subscribing to email lists, YouTube channels; retargeting the lead, or following your official social media platforms.
- Social Proof of results that will benefit the customers is another way to build the trust of your target customers.
TRANSACTION: Even if the target customers trust your business, they might not buy your product or service. You have to offer something, which is related to your niche and then this might lead to transactions. Another way is to persuade the leads in order to make transactions and you can persuade them through different channels like sales page, webinars, a sales video, etc.
This sales funnel helps you to build mass trust, whether it is for your B2B or B2C business, and it also helps to build a long term relationship with your target customers. The revenue from this sales funnel can be used to build content and thus the sales funnel can be used again to gather more customers.
As we have now came to know that there are so many ways to advertise your content using Digital Marketing. With availability of too much channels and medias, it is overwhelming to select any one strategy and imply and that’s where the mistakes are bound to happen. One must not focus on any one or two channels of digital advertising but create a multi-channel strategy to be on top of the mind of your buyers. This is termed as Integrated Digital Marketing.
INTEGRATED DIGITAL MARKETING
Integrated digital marketing is, as it sounds, the integration of multiple marketing strategies to form a cohesive holistic online approach for your business which includes not limiting your promotions only through one form of advertisement/channel but to leverage the use of all possible means to create a more influential online presence. That includes along with focus on marketing your content, equal emphasis needs to be placed upon Web Development and Designing, Social Media Management, SEO, Paid Advertising and Email Marketing in order to sell & convert leads into prospects and finally customers. Many people commit the mistake of concentrating on only one or just two of the above components and forget about the rest.
Let us see why the Integrated Digital Marketing is the key to success:
- As reported by Harvard Business, 80% of consumers make use of online channels to research about brands, products and services and would go through average of 6 touch points before they make a purchasing decision, so your presence on all possible online channels is inevitable.
- Consumers continually look for fresh content and providing fresh content through an Integrated Digital Marketing campaign can give you more chances of connecting to your prospective buyers.
- Online traffic comes from diverse sources and hence to make most of it, business owners can’t ignore mobile marketing.
- If more targeted customers take notice of your advertising and marketing campaign from any of the multi-channel digital campaigns, the chances of CONVERSION are high.
- Integrated Digital Marketing campaigns can generate higher revenue and better ROI.
- Customers attracted through a multi –channel digital campaign spend more time on your sites thereby increasing the engagements and resulting in buying more from you.
Now that we have come across so much of marketing terminologies and idea, the whole discussion remain illogical if you do not know or talk about the power of Personal Branding. As the term suggests, a Personal Brand is building your own identity and marketing yourself! Building up Personal Brand is immensely beneficial both personally and professionally and it can help open many doors for you in future.
HOW??? Let’s see…
What comes to your mind when you hear Oprah Winfrey? A lady who is the most famous American talk show host, she’s been called as “America’s Ultimate Brand”. She is constantly building equity in the Oprah brand which has an estimated net worth of $2.5 billion, according to Forbes’ 2008 list of the richest people in the world. She has carved a niche for herself and the entire women fraternity.
As a human being, connecting with another human is most humanly instead of a brand or a logo.
If you wish to build your personal brand you have to be ‘The BEST in the field’ that you choose. Choosing your niche and being the leader in your category will establish your bond over the period of time, building TRUST in your target audience which is of utmost importance. But this process needs to be continuous and evolving. Being a Personal brand, your presence will be rooted in the minds of people and that will help you become a brand ambassador or influencer for your business. Sometimes the Personal Brand is way more stronger than a company!
How to build MASS-TRUST with Personal Branding?
The core concepts of marketing are based on the timeless principles of human relationships. It is an intrinsic human need to connect with others. But before you arrive at the stage of paying for a product or service, you need to be able to trust the person or brand. So how can you earn this trust?
It can be earned with time, consistency and delivering genuine value.
What are some things that you can do to improve your personal brand?
- Build on your communication skills.
- Know who you are and have a clear story.
- Personalize your marketing communication.
The truth is that we need to be in a constant state of evolution to improve our skillsets and expertise. There’s never a point in time where you can stop learning if you wish to grow and outgrow yourself. Therefore, we need to develop a system by which we can keep challenging our own growth curve.
The Mass Trust Blueprint captures the cycle of stages you can go through to achieve the same.
There are six steps in the evolution process
- Begin with learning a new skillset.
- Put it to practice by working in the real world, as an employee or freelancer. Putting your learning to practice leads to a practical understanding.
- Blog about your experiences. Writing solidifies your learning and will help you to build your personal brand.
- Based on your experiences and knowledge, provide consultation in your field and be paid to advise.
- Mentor others who are on a similar path as you. Teaching makes you delve deeper and scale your understanding.
- Build your own start-up company.
Even when you have a start-up, you still can learn and follow this cycle to build another brand. The evolution of personal branding is an ongoing process. It never ends. This is the beauty of this Blueprint.
Power of Strong Communication Skills
What is the use of any marketing strategy that you apply, if you can’t communicate with your customer about the exact value you are going to offer them through your products or services? Here communication skills play the pivotal role. As a marketer you need to create enormous campaigns, brand awareness and significant content through your ad copies and any other way of communications. For being on top of mind of your customers you need to engage them intriguingly through the emails, messages, blogs and other means. Communicating effectively, be it through writing or presenting, enables us to pass the exact information to others and also to understand better the expectations of your customers. For being a better marketer you must be a good communicator first! Strong communication skill is a life-skill and need to be practiced in every form, be it written or verbal, for lifetime!
So the take away from this article is how the Marketing is done both traditionally and digitally. The importance of communication skills, Building Mass-Trust by Personal Branding, CATT Marketing funnel to engage and convert the customer and how effectively all the Digital Marketing tactics can be utilized effectively with the help of Integrated Digital Marketing.
I hope, by the help of this article even the layman can understand some of the basic yet very important lessons from the Marketing and practically implement the same. If you liked this content, please show some love by liking and also give your valuable inputs to encourage me to come up further with more articles in future!