Marketing is often misunderstood and misrepresented as advertising or sales by many, but the huge difference is that its end goal is sales and advertising is one of the ways to achieve it.
What is Marketing?
Marketing is a set of activities to build a positive association in the minds of customers and to win the trust of the customer to your Brand, Product, Service.
Going by the words of Management Guru Philip Kotler “ Marketing is the art of creating genuine customer value. It is the art of helping your customer become better off”
So the dream of any marketing effort will be to make your customer a fan of you and make him spread positivity around him. These loyal customers will be the biggest promoters for any marketing activity
Marketing doesn’t mean to be the effort after a product or service is launched, but good marketing can help companies to create new products that customers would not have dreamt of.
4 P’s of Marketing.
Product, Price, Promotion, and Placement are the four major Pillars of Marketing, often described as the 4 Ps Of marketing.
Product is the Offering for the customer. While the Product is the prima facie and all other efforts are around it, Aim of any marketing is to reduce the selling. Going by Kotler words “ Marketing is the homework we do before the Product”
Price is the value you want your customer to spend to avail of the product or offer. Price is the easiest of the pillars to manipulate and defines the positioning you want to create in your customer’s mind. If your price is less than your competition you may get a cheap tag are your price way high customers might avoid it as the price too high. Most marketers desire to get a Value or a Premium tag as it commands higher loyalty
You don’t sell through price. You sell the price — Philip Kotler
Promotion is the sum of all effort that goes to make your product awareness and build trust with your customers, often turning your prospects into customers. Promotion doesnt mean only TV advertisements. It is all the activities you do to capture the minds of customers, Display in a shop, POS materials, Sampling at good footfall locations all are part of a promotion.
A good product with a great promotion can go wrong with poor placement. There is no point in advertising your product if it is not ready to dispatch by the time the customer looks for it or not within the reach of the customer as it is going to make the efforts nullified.
“Try to be there before your customer reaches there”
What is Digital Marketing
With the evolution of the internet and personal computing, digital marketing has become an integral part of Marketing. Digital marketing is the use of technology in the digital space to promote and sell the product online. It could be email marketing, Social media ads, Display and Banner ads, SEM. With the quickest adoption of smartphones in the last decade, an average individual spent 3 hours on the internet and this space will soon overtake the traditional medium.
With the pandemic and aggressive OTT platforms, mobile phones will speed up this transition and become the most engaging platform to interact with customers.
Traditional Marketing Vs Digital Marketing?
Digital marketing is gaining momentum across products and services. While the Product remains the same and the Price may slightly differ it is the Promotion and Placement that make a dramatic shift compared to traditional marketing. It is the key to present days pandemic situation where from a small retailer to the big brand is looking to have an omnichannel presence
The biggest advantage of digital marketing
1) Easy to engage the customer and get a response
2) Able to measure the outcome and change the course immediately
3) Cost-efficient compared to traditional advertisement
What is Integrated Digital Marketing
While there are multiple mediums to go digital, there is no single formula that can define the success of digital marketing. What was successful till yesterday might not work today. One of the key challenges any digital marketer will face is choosing the right platform. It is always suggested that it is better to use more than one platform/technique rather than one
Ex A shop looking to promote its new collection of dresses can promote it on their social media page in addition they can run an email campaign announcing to their existing customers on new arrival in addition they can also run some limited period offers.
Digital Marketing Framework
The digital marketing framework begins with setting the objective / Game plan. It could be lead generation, Brand awareness, sale conversion.
Content is the King. 80% of the effort should go into this as this determines the outcome. Content defines who you are and the product you offer. Content interacts with customers and connects with them.
Once you are able to create good content you will be able to attract the attention of customers. Your content will interact with them and pull them towards your product and how it can resolve their problems
Once you have the attention of your customers, it is very important to build trust, Online reviews and testimonials of existing customers are great ways to build trust.
Once customers build trust with you then you will be able to sell them. Remember if your offering is not meeting their expectation then they will not recommend you and will never come back. It is always necessary to set the expectation on the product right,
A product that fails to meet customer expectations will fail and a bad product with good marketing will only speed up its failure. Google Glass and Nano cars are classic examples of not setting the expectation with the product.
Want to be a digital marketer? Where do I start?
It begins in identifying a niche that has the potential to generate enough revenue and that drive your interest
Wealth = niche * CATT
Once you identify the niche then you start acquiring the skills. It is always advisable to Learn and practice parallelly as it will speed up the process of learning.
Blogging, publishing articles online, answering questions on the topic from friends will also speed up the process.
Then you start freelancing, consulting, and help others one to one and then start mentoring others, and finally, you can launch your own startup.
This Framework is called Mast trust. This is the best way to learn any new skill.
With the pandemic speeding up the digital transformation and more and more businesses are looking to go and take their place online this is going to be better and bigger from now.
Want to learn more about Digital Marketing pls go through some of the interesting articles
Would like to hear what you think about digital marketing and the impact it has made. feel free to leave a comment