Digital Marketing:- New to Marketing and want to know more about it, the article is for you. I am going to talk about the Fundamentals of marketing, significant factors to be considered, and how to acquire customers easily. Lets start with a success mindset.
“Leaders are Made they are not born”.
Remember the story of the tortoise and the rabbit?
“The rabbit was certain that he would win so he sat down and went sleep during the race.
But the tortoise kept going, always thinking that there is a chance of winning. When the rabbit woke, started running as much as it could but he was too late. The tortoise had won.”
Success is not the ability what we have, it is about what you believe, never give up how difficult you go through, not being afraid of failure. If the tortoise afraid of failure it never agrees to race with Rabbit.
What is Marketing and how does it work?
Marketing is science and it exists in human psychology. It is about adapting the products to fit their customer strategies. It begins before the product or service gets started or created.
Let’s take a look at how it works.
Imagine that you have an idea or service to sell, and you wanted to know whether the idea fits or not. Marketing begins here, you started to investigate the market.
After getting a clear understanding of needs, the product gets manufactured and released to the market place and tell the people about it.
Now you wanted to know its reach, this where the marketer gets down to work.
They measure the audience and figure out the series of actions to be taken, mapping out the medium to deliver the idea to make the purchase and again they start to measure the Market activities.
In the way, you are building perception and gaining continuous trust. At a certain level, you see yourself as positions in the market.
It is the point where the marketing end, because “Great product sells itself” until you do not compromise on quality. People always trust it and loves to buy it, they recommend it to others, and word of mouth become our asset.
²It is not like you have to be No.1, but be only one. It is important to be significant that the product is different than a little bit better.
²Masstrust – Customers Don’t just buy a product or service. They buy trust.
²Marketing means to be end. A great product sells Itself.
We are going to talk about,
1.Global economy and Indian economy
2.Digital vs Traditional Marketing
3.CATT Marketing Funnel
4.Integrated Digital Marketing
1. Impact of the Global Economy in India
Why should I Understand Global economics?
The global economy creates a platform for world trade where multiple countries beneficially exchange their resources. The main motive of the economy is to earn profits.
It answers the question of where to land in and helps to choose the right path to Invest. Without understanding what’s going on in the world around us, we are unable to make smart financial choices.
It depends on resources such as Land, Labour, Capital, and Investor. Here,
- Land – Anything from the land that is natural resources .
- Labour – Human resources
- Capital – Machineries and tools I
- Investors – Who invest in labor, land, and capital to gain profit.
Although the Government does hold power over the country’s economics, the big banks and large corporations essentially control and fund these governments.
For Example, Bill Gates, Ellon mask – one of the top business tycoons in the world.
India Vs Global economy
India is one of the emerging markets and fastest-growing countries in the world. India has become the fifth-largest economy in the world in the year 2019 and was the 13th largest economy in 1980.
India has 17.7% and China has 18.4% of the world’s population. Since India is ranked 1 in most young aged people, they do have purchase behavior.
For example, if a person moved out form school age to adulthood, he/she will get married and has the responsibility to take care of their families and children.Have to earn money to improve their standard of living that includes home, car, and kid’s education.So there is a rise in demand. It creates a way to start a business for entrepreneurs.
However, in developed countries like US and Japan, buying patterns is much lower when comparing to developing countries. There is a decline in the growth of the economy.
We have high resource availability, aiming for technological advancement and sustainable economic growth. It creates more opportunities for global trade by exchanging our primary resources with capital resources and encourages entrepreneurs to start their business. As a return, we are getting employment, high GDP, and increased industrialization.
Example: India is the second-largest country in coal that used for electricity generation, steel production, cement Industries. In exchange for coal, we are getting the manufacturing units that lead to advancements in industrialization.
“ High resources and cost-effective –> New Ideas –> Encourages investors to invest –> merging new ideas (combining labor, capital, and land) –> creates more and more employment opportunity –> increases household income –> High standard of living –> GDP increases”
How Inflation affects Economic growth?
Inflation often used to describe the impact of rising oil or food prices on the economy. It is a “rise in price level” that leads to more money in circulation.
For example, if the price of oil goes from $75 a barrel to $100 a barrel, input prices for businesses will increase and transportation costs for everyone will also increase. This affects worldwide and may cause many other prices to rise in response.
Have you ever think if the Government prints more money, people might get out of poverty, everyone could buy a BMW car? I did have this crazy idea.
Later I realised if everyone has money, everyone wants to buy a car, then the demand increase, the price will also double, the poverty remains the same.
The Federal Reserve targets a 2% annual inflation rate, believing slow and steady price increases help keep businesses profitable.
2. Digital vs Traditional marketing
First, you have to determine who is your target audience. The digital marketing is highly reachable for people in high tier who have Internet and wifi connection, able to interact with Business language.
|Advantages in Digital Marketing||Advantages in Traditional Marketing|
|Cost effective. It fits for start–up and big companies. In traditional marketing requires lot of money.In DM we could measure and track the recorded the data on time. In TM it takes time and action to measure the result.World wide reach in DM, TM: Reachable limited to certain localityThrough DM you can interact with audience on real-time but in TM it is more like one way communication, also takes more time to take next step.|
Traditional Marketing has high reach and cost effective for generic products . Example : Apple,Nike. For generic product conversion rate is pretty high and people loves to buy it.High reach for target local audience.Higher brand recall. Traditional advertisement is recalled easily comparing to digital ads.Hard copy of materials that audience can access it. Of course, In DM you can take screen shot and save them on Cloud but who does that!
3. CATT Marketing funnel
Why is the term called a “funnel”?
In general, a funnel is used to pour the liquid into a small opening, pulled by gravity into the container. It has a high quantity on the top when comparing to the end.
Here the “marketing funnel” is the step by step process of pulling the customer into your virtual funnel and converting them into a buyer. The top where everyone goes in only the interested customer move further and buy the product, finally the deal is made.
The steps we called as “CATT” – Content, Attention, Trust, Transaction. It works with the golden formula
Wealth is a success that depends on your Niche(n) selection. Niche selection is about determining your interesting topic that has a hungry market value. It is a combination of passion, talent, and Market.
Here how does it work,
Consider, You have a niche that has a hungry market and want to convert customers into buyers.
Creating attractive content from your Niche. The content may be writing blogs, newsletters, articles, posts, videos, webinars, etc.
Creating awareness and driving customers to your niche. It can be Running Ads, referrals, or social media.
Getting the trust and loyalty of your audience.
Converting them into a buyer. Wealth is determined here.
For example, consider Amazon purchase funnel, they are few steps visitor goes through before purchasing. They
1. Create attractive content such as ads,
2. Drive traffic to visit Amazon.com,
3. Build relationship and earn trust,
4. Convert to buyer.
In the end, the transaction will be made, wealth is created.
In the beginning, lots of people visit websites and explore it. If they sign up, they will be in our funnel now. We could track and measure the data through the funnelling process. Social proofs such as rating, reviews of products are one way to build trust with customers. The required products will be in their cart, purchasing the product and transaction will be made.
Through the funnel process, you can figure out where you lose the customers, make decisions accordingly.
4. Direct response Marketing:
For start-ups., Direct response marketing is a healthier way to attract new customers.
It is about demanding a quick response from the customers. Join what is in people’s minds instead of starting a new conversation to get immediate action.
For example, convince them to call numbers, click for the link or leave comments on a social media platform.
Here are the benefits,
1. It is traceable and measurable
2. High return on Investment
4.A personalized offer delivered through the compelling message.
5. Creating a direct line of contact with the customer.
Active campaign PPC search ad, the ad displays according to the search keyword.
A visitor search for mobile phones gets the list of google ads related to the search. Now he is one of the targeted audiences. You know the magic of our technology, the phone gets appear in their all social media accounts.
He/she clicks the link lands on to the sales page on the website, that gets me to sign up. He is our customer now.
With the signup information, send email regarding offers, a new arrival resembles their recent search. Because data is measurable and trackable, through which we can track their purchase behavior.
The mail content should convince the customer to be a buyer.
Example: Only one stock left, Limited off
Finally, she or he pays for it, buys it.
Last but not least, do follow-up mail and offer credit points or coupons to gather reviews. More people have read positive reviews before purchasing. Gaining social proof to build trust with the audience.
Make sure that on-time personal assistance is also available to clarify their queries. Direct interactions with the customer and strengthen the relationship.
5. Integrated digital marketing
Nowadays, digital marketing brands are fighting for customer attention. There are a bunch of ads and pieces of content.
People forget the thing quickly. If you want to grab the customer’s attention, you have to cut through the noise of marketing.
So, to drive better results and get the best strategy, the best method is unifying all communication channels and marketing strategies.
As it sounds, Integrated marketing is the combination of multiple marketing strategies for business that can create a more influential on-line presence.
It is about creating a plan to make sure you’re using digital media and to make sure you’re using it the right way. The communication techniques are
1. Content Marketing
2. SEO and SEM
3. Direct response marketing
4. Email Marketing
5. Social media
7. Website developments and design
Remember, the contents should express the resemblance of your brand that direct them in one direction, get people to remember your brand.
“Successful markets placing consistency in marketing”
How to Integrate Marketing techniques and channels?
SEO and SEM position your brand top on the google page, posting ads on social media, building a link button to your webpage, writing a blog regarding service, solution for common issues, etc.Use all social media platforms such as Twitter, Facebook, Instagram. Each media has a unique style of expressing content. Ex. Twitter for short writing, aspirational content works best on Instagram.
Provide them a great experience everywhere they go. Your business will be on the Social Media they use, on their email, and Google when they search for something. So, they will have no choice but to sign up to discover more and become a lead.
Sending creative content through email marketing.If you want to get someone to pay attention, using their name is a great place to start, this makes interaction highly personalized.
When all your marketing efforts point in one single direction and gives a smooth way to get along, it is easy to direct the buyer to where you want them to go.
6. Personal branding
A personal brand is how you promote yourself and how the world wants to see you.
It can be how people look at you in real life, how the media portrays you, and information about you online.
Your brand helps you stand out from everybody else. You can use your brand to demonstrate your knowledge and skills in your areas of expertise.
It is a feeling that people have about you. If they know you personally, they will trust and buy your product.
“Having a personal brand is important for an entrepreneur because now more than ever, it’s important for CEOs and founders of companies/brands to come out to the forefront and connect with their audiences. People connect with people.”- Kelvin Stimpson
It also includes factors more reflective of business branding.Be genuine. It will make it much easier to manage your personal brand on a daily basis.
A personal brand cannot be sold but it creates big value among people. Once you know your personal brand, your company gets value itself.
Understanding global economy and be updated is important to make decisions in Business. Marketing is journey along with different kind of people in different culture.
Digital platform holds half of the people online, digital marketing is efficient way to influence more people.
The best way of approach is integrated Digital marketing and direct response marketing. Social media is everywhere, so personal branding values more than company.