Master Marketing for Successful Navigation of the road ahead
Marketing is defined as “The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures, and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best, and it designs and promotes the appropriate products and services.”-Dr. Philip Kotler
Creating or developing a product is surely a talent, but the challenging part is to see that it captures the consumer’s vision. Drawing customer attention and providing end-to-end product service builds trust and confidence and adds up to its market value.
Marketing is what you say and how you say it. It should influence the person's thoughts so that he should go for it. The product has to be strong indefinitely because it always said that “A great product sells itself.”
Marketing Strategies
Specific: Ask yourself about the exact outcome you are predicting out of your product and the expected return measure.
Measurable: For your goals to be successful, you should be able to assess your progress with the help of a relevant tool. This will help you gauge and improvise on the needs to make a better fit.
Attainable: Setting the goal is a critical aspect. It needs to be reasonable to work on it with more confidence and see to attain sustainable progress.
Relevant: Once you have got your product and have found out the nature of the category of customers it would fit too, the next to seek would be to make it interesting for the customer to be a visual treat. Ad forms, content through blogs, newsletters are some major attractions. This improvises your business and also enhances the product value and customer approach as well.
Timely: Setting deadlines play a crucial role in marketing. Designing your plans in a way to achieve your objectives will help you stay motivated.
Brand Building
It is always said that a brand is very well understood as your firm’s reputation and its visibility. Marketing is considered a channel to build a strong brand. You should have a relevant target audience. The Image below acts as a guide to give a detailed overview of strategies on how to promote your brand.
We always need to remember that we need not be №1 always, but we need to be the Only One.
Different Types of Branding Naming a Few :
- Personal Branding establishes a person’s character, personality, or work as a brand. Celebrities, leaders, sports personalities…etc
- Product Branding Distinctive type of branding which makes your product unique.
- Corporate Branding Display the company’s mission and core value.
- Service Branding Providing the customer world-class service.
- Online Branding Social Media, Blogs, Online Marketing
Components of Marketing
- Advertising
- Copywriting
- Sales
Obviously, we need to have a great product, but it's a sure shot that marketing not just helps to discover the product but also has a good perception about the product.
Digital Vs. Traditional Marketing
Digital Marketing
There is a wave of Big change in the advertising Industry. Reachability to the mass is easier than before. Conveying and Expressing your thoughts to the mass is no more a long distant reality. News channels, Social Media, Email Marketing, and many more categories are lined to classify.
Common digital marketing methods include:
- Website content
- Email campaigns
- Content marketing
- Social media posts
- Clickable ads
- Affiliate marketing
- Search engine optimization (SEO)
Traditional Marketing
In Traditional Marketing, it is all about reaching a big general audience and winning by numbers. Its audience dependent. If there is more visibility from the audience, then we get to receive more leads as well. In this case of traditional marketing, we need to present our ideas directly to the audience to capture their attention. There can be moments when the public is not interested in paying heed to our presentations.
Common traditional market methods include:
- Directly mailed postcards, coupons, and informational packets
- Television or radio commercials
- Newspaper or magazine ads
- Billboards and fliers
- Telephone calls and text notifications
Traditional Marketing vs. Digital Marketing
- Traditional Marketing is a more personal approach to reach out to customers. In contrast, Digital marketing does not require a physical presence, and it allows the marketer to approach the customer in numerous times and ways.
- Traditional Marketing uses the methodology of hard copy of the documents, Whereas the Digital Method uses Soft copy in the form of videos, emails, etc.
- Traditional Marketing is expensive, whereas Digital marketing is less costly and depends on the marketing requirement for paid ads.
- A traditional Marketing company needs to wait for a longer period to get reflected in results, whereas Digital Marketing gives us quick real-time results.
- Traditional Marketing involves one-way communication, whereas Digital Marketing involves two-way communication, which makes the customer feel that they have been heard and attended.
Pros and Cons of Traditional Marketing & Digital marketing
In Traditional Marketing, If customers don’t know you and trust you, they’re not going to buy from you.
Traditional Marketing methods that still work under the right circumstances include print, radio, direct mail, signage, events, and face-to-face meetings. For some marketers and some target markets, even phone calls get results — if they didn’t, your landline would never ring at dinnertime. It all depends on your strategy, goals, and target market.
Traditional marketing can be more expensive than digital marketing and is often not as measurable as digital marketing.
Digital marketing is very cost-effective and can be run on a low budget. I t can access a large audience. The approach through email, blogs, social media, and other digital platforms are stunning. It is superfast, and One status update, one helpful post, or one responsive comment is all that is needed to get your branding message to the top of a prospect’s mind. With having all the positive sides of digital marketing, there are a few drawbacks as well, such as it takes away 60 % of our time on social media. It attracts a huge audience but is not fully assured that it will have a positive 100% result-oriented approach.
Role of Marketing in Global Economy
Every Entrepreneur needs to make decisions based on the global economy. A country’s economy goes up as the county's average age grows.
The development of new technological capabilities in previously technologically isolated areas is rising.
The economy plays a major role in influencing the customer's approach in terms of Local and International markets. Looking into the local market is how we approach the customer in terms of reachability. In terms of International, it is based on the production and distribution process that has to be widely taken care of.
CATT Marketing Funnel and Framework
The above image gives you the required aspects where we need to implement more focus. The CATT funnel is being created based on your Niche.
Wealth=n^CATT
n= Niche
Quite evident that your success or wealth depends on the correct Niche you choose
C= Content
Attractive content, video webinars become attention grabbers as the consumer feels more attended to.
A= Attention
SEO, Social Media, Paid Ads, and referrals are some of the approaches which drive attention (traffic).
T= Trust
Building Trust with the audience is considered more important as it gives you unshakable confidence. This can be done by using tripwires, marketing automation, and retargeting.
T= Transaction
It is basically the conversion of your leads into customers by using natural sales methodology.
Uninterrupted …
I have tried to provide the best possible approaches to explore the Market and providing an understanding of strengthening your Niche, which becomes a visual treat to the consumer and, in turn, enhances your personal public relations efforts to let the world know who you are.
The Marketing Process is an ongoing one, and it carries a question that needs our attention “ Did we accomplish the objectives listed.”It's a learning process that drives us to reach our goals by proper planning and designing such that we meet the customer requirements and deadlines. Implementation of new strategies alongside the powerful product branding would bring in more revenue. It is apparent and evident that we are equipped with a strong and secure career if we have good marketing skills.
