Learn Fundamentals of marketing free ultimate guide (2021)
If the answer is yes…then you must read this article completely to the end.
Week 1 has just gone by and the cashback is right in the bank account as promised. Isn’t it exciting?
Yes, and now it’s time for week 2 motivation towards learning some fundamentals of marketing. Week 2 of this internship program has already created a lot of heat and huge curiosity to pursuit for Digital Marketing more in-depth. Every intern in this program is extremely excited to watch the content and start working on it.
Before we deep dive into this intriguing topic the Fundamentals of marketing, let’s carry out a small activity that will help not to divert our focus from the topic. Switch off your mobile or keep it on silent mode. Grab a marker to highlight the essential pointers.
Without any further ado, let’s get started.
Table of Contents
What is marketing?
Marketing is an activity that every business undertakes to promote its goods and services.
Why do we need to learn the fundamentals of marketing?
A successful business will always work on its product and services well in advance before starting its marketing campaign. Marketing at the right time will create wealth. The ultimate goal of every business is to create wealth and value.
“Make your marketing so useful, people will pay you for it.” By Jay Baer
Only learning the fundamentals of marketing does not help, it has to be implemented in the real world by setting a financial goal and a plan to achieve it.
What is your financial goal? Surprised?
Yes, until you have a financial goal, and a mechanism to measure its progress you cannot achieve it.
For example: How to make 1 core in a certain time frame?
The above example shows how to make 1 crore by doing simple math as to how much effort you need to put in to get the number of customers vs the price of the product.
1. Example: If you have a product worth Rs/- 100 you need 100,000 customers to reach your goal
2. Example: You need 10,000 customers to achieve 1 crore if your product is worth Rs/- 1000
3. Example: Similarly, you just need 100 customers to achieve your goal if your product is worth Rs/-100,000
All these can be achieved only if you know the below important concepts:
The Law of Marketing
Why learn and master Marketing
Importance of communication skills
Understanding of Global Economics
Traditional marketing Vs Digital marketing
Direct Response Marketing
CATT marketing funnel
Integrated Digital Marketing
Personal Branding
“Marketing is not a function; it is the whole business seen from the customer’s point of view.” — Peter Drucker
Let’s take a quick look at how these work
The Law of Marketing: The word law itself says to abide by the principles. A product or service will always be on top of marketing. A good product or service does not require marketing, it sells by itself. Marketing at times becomes dangerous because people do market a lot for a low-quality product and they end up losing the momentum. A word of mouth is another example of the law of marketing that does not require actual marketing for a product or service.
Why learn and master Marketing: Marketing is all about understanding human behavior and the needs for a particular product. A product can be developed well before it needs marketing. There are so many aspects where a marketer has to think, for example, a product has to fit in to fulfill the demands of the customer.
Marketing cannot be constant as technology is ever-changing. Marketing was there in the past and will remain in the future as well. Marketing techniques will change however they cannot be removed as it understands human psychology. Having said that technology is dynamic and ever-changing, however, it cannot replace human perception. If you know your product so well and market it, you have a very safe career.
Importance of communication skills: Communication plays a vital role in Marketing. Communication will either make or break your marketing campaign for a product or service. Having a huge population in the world makes us excited for the scope of any business with appropriate marketing in place. If you are promoting your product with the right communication, it will sell by itself. Using heavy and difficult vocabulary in your communication will have an adverse impact on the campaign and might end up wasting the efforts. We have all kinds of people around the world, hence keeping your communication simple will reduce your effort for marketing.
Understanding of Global Economics: The economy shows the condition and overall position of a country where it stands. Every business should adopt the theory of economics and make decisions based on the changes. The economy of a country will never remain the same for many years. It changes based on the consumption and performance of the country. The economy of a country goes up as the average age of the country goes up. For Example, India, and China are in their developing phase and have a lot of scope in the digital space. The average age of these countries is approximately between 27 to 30 years which means this country has a greater opportunity of creating young billionaires.
Some facts about where India’s wealth is concentrated:
Traditional marketing Vs Digital marketing: Traditional Marketing and Digital Marketing both have their unique presence in the market. They both play an important role based on their targeted audience. Generic products are still being marketed using traditional marketing as the category of the population consuming the product is huge. Example: iPhones or TATA salt are very generic products that can be promoted via TV ads. As per the latest data, 197 million people watch TV so the reach is quick via TV ads. Traditional Marketing has demerits as well because it cannot be customized instantly whereas Digital Marketing has the power of customization whenever it is needed.
Direct Response Marketing: Direct Response Marketing is a strategy to measure the response of your ads carried out via marketing. People at times do not know if their ads are actually working for them or not. There are various ways to track your response, a newspaper ad with a contact number to call, similarly an ad leading to a landing page with a lead form. A beauty product sales page with a link to buy the product. These are some of the examples of Direct Response Marketing. There are so many informative books available pertaining to Direct Response Marketing.
CATT marketing funnel: What is CATT?
CATT is the only Marketing Funnel that can be used to create wealth.
The formula for Wealth is n ^ CATT
n stands for Niche: A Niche is an area we specialize in to solve people’s problems.
C stands for Content: Good content will always attract people to your niche via different modes, like video, blog post, lead magnets, and live webinars.
A stands for Attention: Attention will drive traffic and generate curiosity towards your content using, all the social media, SEO, paid ads, and sometimes referrals.
T stands for Trust: Trust is something nobody can build overnight; it requires good content and attention to keep your audience engaged.
T stands for Transaction: The ultimate goal of a good marketer is to convert the targeted audience into customers by having them buy from you naturally. It is called the transaction.
All the above 4 components of the marketing funnel are dependent on each other to create wealth.
The image shows the CATT marketing funnel and the framework
How to choose a good niche: Niche selection is not easy as it looks. However, without a niche the marketing funnel is incomplete.
The flame in the middle is a NICHE consists of Talent, Market, and Passion
These 3 areas of Niche selection can only become successful when they are available together.
Let’s see some example
If you have talent and passion but there is no market to sell, then the purpose does not meet
If you have passion and market but talent is missing, then you will not be able to explain your passion to the market
If you have talent and market but no passion, it will still work however over a period of time someone who is passionate about the niche will take over from you.
Integrated Digital Marketing: Integrated Digital Marketing is something people try to use in a way to achieve the results differently. Here is the framework used for integrated digital marketing.
Ø Email marketing is used to send emails to drive sales
Ø SEO is used to drive traffic on your website for conversion
Ø Social Media platform is used to promote the product
Ø Paid to advertise such as good ads, FB ads are again used to drive traffic and conversion
Ø Content marketing is used to attract people to read your articles and keep them engaged
For effective digital marketing, all the above elements of the framework can be used to become a successful digital marketer. Once the trust is built, then go ahead and transact with your customer. This shows how you Integrate digital marketing to execute the CATT funnel.
Personal Branding: Personal brand is a very powerful brand and can influence the growth of other sub-brands of the company that is the upside of personal branding. Personal means something which represents only you with your presence in the market that has been acquired by building a huge trust. People generally establish a brand to make money which is an upside of the brand. A personal brand has a downside that it cannot be invested in and cannot be sold.
Now that you know about personal branding, let’s see the Evolution of Personal Brand
There are various stages involved in the evolution of a personal brand
Learn: Personal brand starts with learning a new skill with full dedication and interest.
Work: Learning a new skill is not enough, so once you have learned the skill, it has to be implemented in the real world by working on the skill via, freelancer, or for a company.
Blog: Now that you have gained enough experience on the skill, it’s time to create content by blogging about the skill. Writing a blog helps for a clear understanding of the skill and can reach out to others to create value and solve their problems.
Consult: This stage of evolution is very important as you have become an expert enough to consult the other businesses rather than working for them. You can consult one on one with other individual or businesses.
Mentor: Consulting is not the last stage of evolution for personal branding. Mentoring a group of people makes your understanding better in digital marketing to a whole new level. Now that you have learned, worked, blogged, and consulted, you ultimately become the mentor of your personal brand with a better understanding of this skill. Your reach to people becomes the sky limit.
Startup: Now that you have a better understanding, start your own startup by developing a revolutionary product or service that can solve people’s problems with your developed skills.
Let’s quickly take a look at the framework of Personal Branding which is the Mass Trust Blueprint
This is how the evolution of personal branding works in digital marketing.
“To earn something, you need to learn something”
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