Why Marketing is Heart of the Business?

Marketing does justice to our product/brand/service curated after intense research, rigorous efforts, and hard work. It not just boosts the business but also sustains it.

So if the product/service is the brain of the organization, marketing is the heart. Thus, it so crucial to put marketing into practice for the healthy survival of product/service/brand.

In this article, I am going to talk about:

  • The fundamentals of marketing
  • Digital Marketing vs. Traditional marketing.
  • CATT Marketing Funnel
  • Integrated Digital Marketing
  • Personal Branding: MassTrust Blueprint

This article is helpful for beginners, students, marketers, bloggers, professionals, and freelancers.

Let’s begin with the fundamentals as, “When the foundation is strong, the building is durable.”

1. The Fundamentals of Marketing

Marketing is the act of driving profitable customer action. It spans the full scope of strategies and tactics organizations use to position products and services in the marketplace and motivate target audiences to purchase.

In simple words, it means to build relevant strategies to portray your product as the best and the right choice for your audience so that they are convinced to buy it, and you can earn profit from the same.

These strategies should base on 4Ps of Marketing viz. Product, Price, Place, and Promotion. Although some use 7Ps, for now, you can focus on these 4.

(a) Product — Product/Service is the king. An excellent product/service sells itself. Some common examples are BMW & Ferrari. They don’t need extravagant marketing because their product is self-sufficient to market itself. If you rigorously market an inefficient product/service it will not yield positive results. The reason is that the audience will realize that the product/service does not add value to their life because, in this century, people do not randomly purchase. The audience wants to be informed and educated rather than be fooled by the benefits of the product. They research and understand that whether the product/service is adding value to their life or not.

(b) Price — It is a crucial factor that directly influences the buyer’s decision, especially in India. You need to research and understand the paying capacity of the target audience/segment. Brands like BMW, Ferrari have a target segment that is higher upper class and upper class who have a spending capacity of crores. On the other hand, Maruti has specific cars that cater to the lower middle class, middle class, and upper-middle class. So figure out the paying capacity of your target audience and accordingly price the product.

(c ) Place — Here, you have to decide where your product/service will be available. Is it a supermarket? A specialized store? A website? Remember, the product/service should be easily accessible by your target audience because the customer will not come to you. You will have to go to the customer.

(d) Promotion: Will you reach your audience by advertising online, in the press, on TV, radio, or billboards? Figure out themediums on which your target audience spends maximum time so that you can have better visibility for your product/service.

Remember, marketing is about sending the right message to the right person at the right time.

Sujit Janardanan, Head of Marketing — India, Google Cloud said in a podcast, “Your vision and visualization right from planning to building a strategy to executing a campaign and outcomes is critical.” It is crucial to continuously invest in understanding the behavior of the target customers, their problem statements, and their needs. This practice will continue for ages to come.

The data generated by understanding the target audience helps you to create a marketing funnel. These funnels explain where customers are in the buying process, right from being unaware of a product (or having a problem) to researching different options, down to making an actual purchase.

Although the medium to reach out to customers can change, but understanding customers will always be significant. And precisely, that is why marketing is an art and science.

The next question that arises is how to market your product? Or which channel is most suitable for your service? Should you go ahead with traditional modes like Television, Radio, or modern mediums like Instagram, Facebook, or emails?

2. Digital Marketing vs. Traditional Marketing.

Traditional Marketing is a method we have been aware of since the beginning as we have grown up in that environment. We still remember every single line of the jingle used in the Nirma TV Advertisement (sabki pasand Nirma). And how can we forget Action School Shoes Add, Amul Doodh, and I’m a Complan Boy. Back then, such advertisements drove us to make a purchase. These are some of the classic examples of traditional marketing.

Offline Marketing or Traditional Marketing is carried on through various modes like Magazines, Newspapers, Catalogs, Television, Radio, Telephone, Billboards, Fliers, and more.

Indeed, it is a massive business because nothing can be compared to the reach that the TV Ads, radio, and newspapers provide.

In India, 197 million households have television, and on average, each household has 4.5 members. So the reach is closer to 8 million people in one go. In America, 92% of the population (approximately 272 million people) still listens to the radio every week (data is from Nielsen). It is ahead of the 87% that consume television weekly.

So without a doubt, the reach through traditional marketing is whooping, but it is one-way communication. By spending millions, you can provide the information to the masses in one go but, you cannot measure the sales induced by your advertisement.

On the other hand, digital marketing allows you to effortlessly reach over 4.54 billion people active on the Internet within your budget through different means like Search, Social media, Paid advertising, Online stores, Blogs, Emails, and more.

With the help of Digital Marketing, you can also analyze a wide variety of metrics in real-time, such as Clicks, Pageviews, Unique visitors, Session length, Likes and follows, Links from other sources, Page rank, Ranking keywords, Video views, Conversions, Purchases, Subscriptions, and more.

It allows you to personalize the experience of your audience and build relationships with your audience.

Gary Vaynerchuk, a famous entrepreneur, author, speaker, and Internet personality, co-founder of the restaurant reservation software company Resy and Empathy Wines, posted this on Instagram

https://www.instagram.com/p/CK2FRRRsAMO/

It indicates how social media, one of the digital medium have been growing tremendously.

90% of B2C businesses report social media as the most effective content marketing tactic (data from lyfemarketing.com). According to ClickZ, “Internet users now make up 57% of the global population. On average, people spend 6 hours and 42 minutes online each day. Precisely, this is why organizations are using every digital media platform to market their products/services.

Now the next essential question is, which medium to choose for your product/brand? Well, that depends on your budget, audience, and preferences. Invest your time to conduct extensive research on your audience and their preferences. The answer will come from there. If needed, you can use a blend of traditional and digital marketing.

Remember: Keep your business resources and goals in mind and choose the channels that allow you to make the most out of your marketing efforts.

While we are discussing marketing, how can we forget to cover the essential that is positively driving marketing in this century? I am talking about CATT Funnel.

3. CATT Marketing Funnel

Now, this CATT Marketing Funnel is no less than magic.CATT helps you to generate wealth alongside building mass trust.

Let me make it easier for you.

Do you remember the salesman who used to come to your doorstep before every summer and winter vacation to sell those attractive encyclopedias and storybooks? They used to drive your Attention (A) towards those beautiful books. By telling the benefits, they aroused Interest (I) within you, and then you would Drive (D) your parents to buy them for you. Buying was an Action (A).

It is a classic example of the AIDA framework covered under traditional marketing. AIDA stands for Action, Interest, Drive, and Attention.

But now CATT (Content, Attention, Trust, and Transaction) is trending and widely accepted.

  • Content (C ): I am sure you know Yashraj Mukhate (rasode main kaun tha) and abhiandnyu, who provide a detailed analysis of trending topics through IGTV. Well, all that you see on their channels is content. Everything available on the Internet, on various social media platforms, websites, blogs, podcasts, reels, carousels, articles, emails, youtube videos, memes, is content. Whether the content is educative, infographic, entertaining, or anything else, content is king. It is the core that creates attention as well as builds the trust of the audience. Millions of people follow abhiandnyu because of the synopsis provided by them. You can creatively produce content related to your product/service so that your audience knows you better.
  • Attention (A): Now, just creating content does not work because all platforms have turned into monetization. Hence, they do not provide the organic reach so easily. You have to spend some money to bring attention to your content. You can drive traffic to your content by On-Page SEO, Off-Page SEO, Paid Ads on Social Media (Facebook, Instagram, Snapchat, Youtube, Quora, Twitter, LinkedIn), Google Ads(Search Engine Marketing), Affiliate Marketing and more.
  • Trust (T): It is crucial for building long-lasting relationships that convert into sales. Also, trust does not develop overnight. You see, we do not trust people in the first meet. It takes several meets to trust them. Be patient. Consistently provide quality content, excellent services, hook through subscribing to email lists, YouTube channels, retargeting the lead, or following your official social media platforms. Show them positive feedback about your product/service.
  • Transaction (T): The essential part for which you are putting every single effort. Go ahead and chase the leads with an appealing offer to convert them into the sale.

The CATT framework works on the back integration method. It means you need profit. For that, you want more transactions (T). For more transactions, you need Attention (A), and for that, you need Content (C ). Without content, people will not pay you attention.

4. Integrated Digital Marketing

Gone are the days when one method provides excellent results. You need to apply multiple tactics to create a splendid experience for your online visitors. It is achievable with the help of Integrated Digital Marketing.

As it sounds, Integrated Digital Marketing is the integration of multiple marketing strategies to form a cohesive online approach for your product/service.

Deepak Kanakraju has beautifully explained this concept. He says, “Integrated Digital Marketing is like a team with content as the leader, and the various other digital marketing methods are like its team members. Instead of asking each member to achieve the goal of increasing the company’s customer base on its own, Integrated Digital Marketing will make use of each member’s strengths and produce a result that is more than the sum of the individual achievements of each member.”

It includes:

  • Content
  • Search Engine
  • Social Media
  • Paid Advertisements
  • Email

Create quality and relevant content that helps to establish trust amongst your audience. Further, put the content on social media and amongst different networks in your niche to get a mass reach.

Search Engines help boost the content reach through SEO. It enhances your visibility but only for quality content because, as I said, the user wants to be well informed, not fooled.

Email Marketing is trending. In fact, email generates $38 for every $1 spent, which is an astounding 3,800% ROI, making it one of the most effective options available (data is from Hubspot). It is fruitful when you create a balance between promotional and informative content and market it to your target audience.

Finally, paid ads. You can smartly promote your quality and informative content, which will help build trust and educate the prospective customers and, in turn, increase social media activity, search traffic, and email subscriber list.

That is how you can integrate multiple marketing tools to increase visibility, enhance returns and generate loyalty.

Remember: Content binds all the elements. So make sure your content is relevant, engaging, and up to the mark.

Heading towards the last segment, and one of the hottest topics recently, Personal Branding.

5. Personal Branding

Baba Ramdev, Ranveer Allahbadia, Juhi Godambe, Ankur Warikoo, Jay Shetty, and many other creators on various social media platforms are a beautiful example of a personal brand. We know their organizations because of their admirable personal branding. Patanjali is known, trusted, and is earning crores because of Ramdev Baba.

Elon Musk, whose one update of #bitcoin in his Twitter bio was enough to cause a rise of 15% in Bitcoins. He is a global example of personal branding. He has more followers than Tesla and SpaceX.

 

This is the power of personal branding. You can leverage it to create a tremendously positive effect on your business or brand.

You might be thinking of how to build a personal brand. Hold your nerves because now you will learn the blueprint of building a personal brand.

It is called Mass Trust, and it includes six steps:

1.Learn: Develop new skills by understanding the concepts, remembering the facts, and practicing the procedures.

2. Work: Practically implement the newly learned skills at work. By implementing these skills in the real world would help you to master them.

3. Blog: Try to put all your work and experience in the form of a blog. When you write, you understand it better. It will also help you to develop your personal brand.

4. Consult: Once you ace the first three stages, you can start consulting other people or businesses instead of working for them.

5. Mentor: When you are consistent in consulting, and it is generating positive results for clients, you can go ahead to Mentor others. It will increase your understanding of that topic to a new level.

6. Start-up: It is time to start your business with the understanding that you have developed about the market, the problem, and your skill set.

Even when you have a startup, 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.

Conclusion

A recent tweet by Kunal Shah, Founder CRED, sums up the entire article. It goes, “Many people think building brand = doing ads. But building brand = doing positive actions every single day across all customer touchpoints that elevates affinity, trust, and reputation. And only one negative action can often wipe out all your brand equity built over years.”

Go out and carry intensive research in the market. Identify the gap, build a robust and scalable product/service that the audience needs. Push them to buy your products/services by leveraging integrated digital marketing and personal branding.

Are you satisfied with the article? Did it provide you sufficient information? What more would you like to add? Do share your opinion in the comment section below.

Happy Marketing!

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