In this article I am going to write about Marketing and how you can implement it in real terms. We are going to talk about how you can learn marketing from zero to one. This article is for all readers for your knowledge and for your own enhancement of experience.
What is Marketing?
Marketing is an art of selling/creating/exploring the desired products for the consumers according to their needs. It includes the selection of target audience for the the product that has been created by the marketer.
“Marketing is the homework that we do before we have a product” - Philip Kotler.
What is Digital Marketing?
Digital marketing is more about Marketing than about Digital, It is a medium through which Marketing has been done. Marketing has been rooted in the human psychology from the beginning. It is a component of marketing which uses online or internet based technologies such as desktop/laptop or mobile phone to promote products and services. It mainly depends on analyzing consumer behavior and acting on it appropriately.
Now we know what is Marketing and digital Marketing. So, we can further move down to the Fundamentals of marketing.
Fundamentals of Marketing:
- Marketing is based on science not on creativity. Some people thinks that Marketing is a very creative type of concept which can be only done by people who has creative thinking but that’s not true. It is mainly based upon facts and data, the more you learn and experience from it the more you will become better in it.
- Product should be the main focus in terms of Marketing because no matter how much marketing you do for the product if the product is not worth for selling no marketing can sell that product if in case the product is sold but the customer can never be satisfied by it and it will eventually cause loss of customers from the Marketer.
- If your product is great it can convert your customers into your Brand ambassadors by word of mouth marketing. It is the most powerful marketing tool ever existed. In fact it is the first form of Marketing, You are going to buy a product/service if it is used by any of your known person and you have heard a good review about it.
- Marketing is not about just selling. Its about retaining an existing customers by your good products/services. So, that they can become your customers for lifetime.
- Marketing is ultimately about finding and creating product/services for customers according to their needs that the product will fit perfectly. Marketing is about sending the right message to the right customer at the Right time.
- The most important fundamentals of Marketing are the 4P’s and these are:
- Product: Product refers to goods/services which a company offer to the consumer in need.
- Price: Price is the amount which consumer pays for the product purchased.
- Place: Place refers to a geographic location in which consumers can buy the product for their desires.
- Promotion: Promotion includes advertising for the particular product that a consumer wishes to buy. The goal of promotion is to grab attention of the customers about the product and why they need it.
Why a person has to learn how to market?
- Marketing helps a person to create a strong brand for themselves. Strong brand building requires focus on a thing which is called category leadership it means a person don’t have to be the no.1 in particular field in which they want to grow themselves but they have to be the only one in that category.
- Choosing a category and becoming a leader in that category. Deciding where to compete is half of your Success but this is not it. There are many leaders in the market but not everyone is successful because they are not marketing themselves and that is the reason why a person needs to build a personal brand for themselves.
- You don’t need to be best in a category you can also be best in the sub-category. For ex: Everyone remembers 1st prime minister of India but no one remembers the second, but everyone remembers the 1st women prime minister in India (Here women is the sub-category and Prime minister is the category). So, you can also be the best in the sub-category so that the people will remember you for a very long time.
- Marketing is the most valuable investment in a business because it gives direct return. Everything else like Production, Manufacturing, HR, Admin is an expense to the company because it does not gives direct returns.
- Marketing cannot be outsourced completely to a marketing agency. The founder must be a Marketer. So, that with or without any agency he can sell his own products. If you know how to market and sell, you have a safe career.
“If you are not a Brand, you are a Commodity”- Robert Kiyosaki.
So, Now we had seen various concepts about why you should learn Marketing. Now, we will go deeper in it by studying some of the Marketing Basics and terms which are used in it.
Traditional VS. Digital Marketing
- Traditional Marketing refers to the marketing which uses traditional methods to sell their products. For ex. TV ads, Newspaper ads, Radio advertisement, etc.
- If a product is generic with a wide range of targeting customers, It can reach millions in very low cost (Ex. iphone). India has TV in 197 million of Homes out of 298 Million of homes with an average of 4-5 people per home. It means India has 800 million – 1 Billion of TV users. Digital marketing is nowhere close to TV ads based on numbers.
- Radio has a reach of 65% of the Indian population. Newspapers has a reach of 465 million of people in India.
- The conversion rate is slow in Traditional Marketing because it is not based on the target audience.
- The Return on Investment(ROI) cannot be measured in Traditional marketing because it is reaching to the whole country.
- Digital Marketing refers to Marketing which uses digital medium to interact with customers to sell their goods and services. It includes medium such as SEO, SEM, Google Ads, E-mail Marketing etc. to engage with audience so as to promote products and services.
- Digital Marketing is a less expensive marketing strategy which is used in modern times because people are now so much engaged in internet and social media so through these platform people can actually translate their products into revenue.
- Digital Marketing is the best medium through which a marketer can reach affluent English speaking population in India ~ 110 Million.
- The conversion rate is particularly Fast as compared to traditional marketing because it mainly focuses on target audience which has a need to buy a specific product.
- The Return on Investment(ROI) can be measured easily in Digital marketing because it is reaching to the targeted or specific people.