Hello Everyone, I am Karan here; welcome you to another post. This article about Marketing Fundamentals. If you read one article about marketing fundamentals, read this one. You were going to get the things you don’t know about Marketing Fundamentals. Marketing Fundamentals, it’s not difficult as you think.so let’s get started with the below-mentioned points.
- Marketing fundamentals
- Why you have to learn Digital Marketing
- Digital Marketing vs Traditional Marketing
- CATT Marketing funnel
- Personal Marketing
Before we started let’s get some basic information about Marketing.
What Is Marketing?
“Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.” -American Marketing Association
In simple words, marketing is all about identifying and meeting the customer need profitably. Marketing is not just about selling; it’s also about keeping an existing customer happy by communicating with them so they can retain customers for life. Marketing is not as simple as you think.
Find a suitable customer who can buy your product. If the product helps the customer overcome his problem, the customer shows interest in your product.
After finding customers, communicate with them. If you don’t have communication skills, then you will not get results. So your communication skill is an essential part of marketing.
If you are not good with communication skills, then you can’t build trust with your client. Without the trust factor, no one will buy from you, build trust with clients, and tell them how your product will help them. Once the client trusts you, your sales will be done.
Why you have to learn Digital Marketing :
- Digital marketing is a Lucrative Career Option.
- Always something different to do, you always something new to learn.
- You can work remotely.
- you can get a high potential commission
Law Of Marketing :
- Instead of competing with Better, become better than others, be the Leader.
- Never let Marketing become more important than the product. A good product sells itself.
- It is possible that you don’t become a market leader because someone has already grabbed the position you have thought to acquire, but still, you can become a leader in some other category.
Example : Everyone knows that Neil Armstrong is the first man who walks on the moon, so he is famous worldwide, but many of you don’t know who was the second person who walks on the moon. Suppose Neil Armstrong is a market leader and walking on the moon is a category.
Kalpana Chawla is the first woman of Indian origin to go to space. Everyone knows about Kalpana Chawla because she is a leader in another category.
- Many a time, it is not necessary to be first in the market. However, your name must click first on people’s minds.
Example: Google is not the first search engine, but whenever we want to search for anything, we use the google search engine.
- Marketing is not the battle between product and services; instead, it is a battle of creating perception about your product and services.
- Focus on any line, phase, or emotion, and stick your brand on people’s minds.
- Any company should not use the same line, or the word used by the other company should avoid it.
- Here you must remember in which position you stand in MARKET LADDER and as per your position you must do marketing.
- Whichever market you go to, whatever product you create, you can never be the only person in that market, someone will for sure come to compete with you, and on the other side, there can be many people already in the market ladder in which you are going. Still, in the end, it would be a race between two people.
Example: Coca-cola Vs Pepsi, McDonald Vs Burgerking.
- Many companies make a mistake by competing with the strong points of the market leaders, but instead of competing with other companies’ strong points, make the market leader’s strong points weak. Hence become strong by marketing something opposite of marketing leader.
- Some ads are suitable for the short term, but many customers don’t buy products from them at standard rates in a long time. They wait for the discounts. Ads effect stays for a limited period. If you do marketing for quick results, it won’t give long-term benefits, and if you do marketing for the long term, maybe you don’t find benefits in the short time, but it will help you in the long run by building vital customers.
These laws are referred from -The 22 immutable laws of marketing by AL Ries and JACK TROUT.
“it is a process of creating and sharing ideas, information, views, facts, etc. among the people to reach a common understanding.”
- A team leader must communicate his directions effectively to the Team to get work done from them properly.
- A team leader can be great with technical skills, but communication skills must get things done in the right way.
Importance of Communication :-
- Always remember that “Good marketing is all about Good communication.”
- Act as a Basic of co-ordination.
- The basics of Decision Making.
- Boost the morale of the Team.
- Increase cooperation, better understanding with clients.
- To understand your targeted audience well.
Digital Marketing Vs Traditional Marketing :
Digital Marketing: “The promotion of product and services through the electronic medium like internet (Email marketing, Affiliate Marketing) social media marketing (Google, Facebook, Instagram, Linkedin)and mobile Application.”
Traditional Marketing: The promotion of products and services through the Tv, newspaper, Banner, Telephone, Broadcast.
Generally, the key difference area is cost, workforce, timing, excitement, engagement, and convenience in Digital Marketing.
CATT Marketing Funnel :
What is CATT Marketing Funnel ?
CATT Marketing Funnel works like its name. After selecting your Niche, create Valuable Content, Get Attention/Traffic to your Content, then build trust with them; once you build trust, your leads convert to customers.
The Basic Formula of CATT funnel.
Wealth = n^CATT
A- Attention ,T- Trust , T- Transaction.
n = Niche :
- Your Success and Wealth depends on the niche you selected.
- Select your niche based on three things. 1 — Talent 2 — Market 3 — Passion
Your niche should be a combination of your talent, passion, and market value.