FUNDAMENTALS OF MARKETING

What are the fundamental of Marketing?

Fundamentals of Marketing:  what are the basic of Marketing one should know to start with?

The fundamental of Marketing is all about  knowing the tools & tactics used to promote your product or services to your customers.

It is all about the 4P’s of Marketing Mix: Product, Price, Promotion & Place.

The idea is to reach your target audience with a better price, correct route & at the correct place. It’s all about how to explore the channels & means to reach the targeted goal.

Few Important Aspects of Marketing:

  • Law of Marketing?

  • Why learn & Master Marketing

  • Digital vs Traditional Marketing

  • The CATT Marketing Funnel

  • Integrated Digital Marketing

  • Personal Branding

  • Communication Skills

  • Niche Marketing

  • Global Economics & Marketing

LAW OF MARKETING

“The only reality you can be sure about is in your own perceptions”

Law of Marketing is based out of Science.  It is not that you do marketing when have the product/service is in front of you. It is all about studying & acting on it about it before it is actually delivered. It’s about perception.

“The only reality you can be sure about is in your own perceptions”

 The main motive while marketing is to understand the customer & customer’s need so well that the product/service you design will be based on his/her perception & requirement. So that the product sells on its own. Understanding the product as per customer’s requirement is more important than just focusing on Marketing. It should go hand in hand. Marketing should not overtake the product. Marketing should be an ongoing process, it should not stop once the same is delivered to the customer.

Would you like it if the product is delivered & then there is no turning back point of the seller?

The answer is straight away “NO”

One feels so good when they give proper after sales service, included & considered important for feedback & survey. It helps in building trust which is the base – the foundation of Sales. You can be a good seller if you are trustworthy. And it takes time to build trust. One needs to build this long & ongoing relationship to be a successful Seller. If your customer is happy then your business will make you happy as well.

Marketing is about sending the right message, to the right person & at the right time.

 

Why learn & Master Marketing?

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Many of you must be thinking the same Why to Learn about Marketing?

Right?
So here is the answer to it–

Life is all about earning – if we don’t earn we cannot survive. And when one is earning he is directly or indirectly doing it by means of selling.
Let’s say I am an HR of XYZ Company, what is my job to recruit someone or to do work related to the employee of the or for the company from different fields who all come together & facilitate to sell. Not Directly but indirectly, but we all end up with the selling. As the Final Goal of each & every aspect is selling.
We all are doing selling in some or the other way the only thing is field is different, but then the agenda is the same which is selling.
And when it comes to Selling the very first thing or say the back bone to selling is Marketing. Without Marketing you cannot sell. There should be an awareness in the market which can turn into need & demand, then only the transaction can take place Right?
So as I said product/ service can change that means the product which is in flow today might be an obsolete tomorrow, but then tomorrow this product will be overtaken by some other Product. But the means to reach this product or service to the Market will be the same that’s Marketing.
Hence it is very important to learn Marketing. And not only the ones who are doing it as a profession but also the Founder or the owners should learn about it. As only when one knows about Marketing one can end up with bringing a product or a service which will suit or fit the customer well.

 

DIGITAL MARKETING VS TRADITIONAL MARKETING

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Marketing is a very old concept, but then it has cadenced up or rather say it has developed into Digital Marketing from Traditional one. Still, the traditional one has its own flavor to some extent.

Marketing is a very old concept. But then it is moved or rather it has developed into Digital Marketing from Traditional one. Still Traditional Marketing has its own presence & importance. It hasn’t overtaken completely by Digital Marketing. Still, there is a good number of the people who are using traditional ways of marketing as their source.
Both have their own pros and cons. So, let’s learn few differences.

The basic difference between both is the medium through which the message reaches out.
So, what comes in your mind when we talk about Traditional Marketing?
When one uses the traditional source to reach the audience like Newspaper, Magazines, Radio, Television, New letters it is termed as Traditional Marketing
On the other hand, if the medium used is Digital Media or social websites it is termed as Digital Marketing.
When you talk about Traditional Market the reach to the audience is much more, but then when it comes to Digital Marketing you have good reach to targeted Audience which is must.
You have no control on which advertisement to skip & which one to go for in the traditional Method whereas in Traditional Marketing it is always customized one.
Traditional way of Marketing is more one-way communication, whereas if we talk about Digital Marketing its 2-way communication.
The outcome or result in traditional is slow, whereas in Digital it is Real time.

 

CATT MARKETING FUNNEL

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Wealth = N ∧ CATT

CATT Marketing Funnel is a very important aspect when it comes to Marketing.

Wealth = N ∧ CATT

Where N stands for Niche

            C stands for Content

              A stand for Attention

T stands for Trust

T stands for the Transaction

When we talk about Marketing Funnel the above is the best framework to stick to which can be said as the Road Map to be a leader in it.

This Framework is putting in 5 steps–

Step 1 – N – Niche – To begin with, one should know which product or service he or she should deal with.

Who doesn’t like to stand out of the crowd?

That’s what Niche is all about. One needs to think about his unique platform which is very difficult to in today’s competitive world. But not impossible if you know the correct way to choose it

How to Choose your Niche?

 Once you know your Nice you can say 25% job is done… But then don’t stop as I said 25% more 75% to go……

Step 2 – Content – Once you know your Niche the second question which comes is how will you describe your product or Service to your Customer….

Very popular saying – JO DIKHTA HAI WAHI BIKTA HAI

That’s what is content all about – One should know to describe or put forward his/her product or service in a way that is related to the customer’s need. It should touch the mind & heart of Customer. Rather, it should reflect that it Fits exactly to the Customer’s Need.

Step 3 – Attention – Now when you know what is your Niche or let me say what you have to sell the next thing to do is to drive the attention of your customer to it. How will you grab that???

To grab the attention, we need to master in different aspects of Integrated Marketing like Social Media, Email Marketing, SEO, Ads.

Step 4: Once you grab the attention of the customer the very Important aspect is to hold your customer & ensure this holding part should  last for long as it is not just 1 time sell.

DO remember selling is an ongoing Process & Marketing is the means to it.

SO, how will you be Holding your Customer??

Just Think whom will you share your secrets??  – One whom you trust right or else on whom you know that yes, this is the one from whom I am going to get the solution.

The Same applies in Marketing. We need to understand our customers’ in such a way that we should know what the customer is looking for & what will Suit him the best. And there starts the Trustworthiness.  It’s not easy to build trust, but then not that difficult as well if it is taken in a proper manner.

Steep 5 – Transaction – So now we know our Niche, we have a strong content that has grabbed the attention of the customer & most importantly the trust of the customer so what else?

The Main purpose – Transaction (Sales) – we need to convert the lead into transaction that’s sales. Then only the cycle will complete Right?

  1. Mostly the organic ones should be more focused on.

The Power of wealth here is all about the effectiveness. More effective Niche will lead to more wealthiest return. Hence it is very important choosing the Effective Niche. 

Very rightly & deeply framed by Deepak Sir – for deep understanding does visit the below mentioned link

www.digitaldeepak.com

 

 

 

INTEGRATED DIGITAL MARKETING

 

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A basketball team is like the five fingers on your hand. If you can get them all together, you have a fist. That’s how I want to play.

                        – Mike Krzyzewski

Integrated Digital Marketing: As the term itself says Integrated which means – all put together or linked together. 

The very best example is to make a delicious dish we need to put all the ingredients and in correct proportion so that the flavor of each is not overtaken by another & it turns yummy. We just cannot depend on 1 ingredient & say no this is my favorite one & I am going only this.

All of the ingredients are important & must go hand in hand.  Agree?

Let’s say a Cricket team, all the members must be good in 1 or the other specialty. Some may be good in balling, maybe in fielding, batting and so one. But while playing cricket we cannot rely on only aspect. We need to accumulate it & build a strong team to win.

In Digital Marketing there are different aspects as below:

  • Quality Content

  • Email List

  • Search Engine

  • Social Media

  • Sales

  •  Advertisement

A good Marketer will never choose any one as he cannot rely on – The World of Digital Marketing is changing at a very fast pace. Depending on one aspect will keep him an isolated one. One should know about all the aspect – what, when, where & why to use the different aspect to be a successful Marketing is today’s need.

Connecting the dots here is very important here.

NICHE MARKETING

How to choose your Niche ?

We need to understand and select a category on the basis of above shown framework which makes you different from others. It doesn’t mean not to enter in the competitive market as competitive market is highly recommended to enter into but then choosing a unique angel of yours in that competitive market is  Much more important which will make you stand apart from the crowd. Be unique & master in the field you chose so that you automatically grow when it comes to organic search. Try to be No 1 or 2 as the Market is mostly based on 2 Players.

When it comes about Niche the very important thing is to know yourself. Unless you know what is your Goal, what are you good at, what you want from the market, is there the demand in the market in which you are talented & how sincere or how powerful your hunger is – in terms of that goal you won’t be able to choose the correct Niche.

You Need to understand it as below:

  • Talent – One should know in what field he or she is good at. It doesn’t mean one should be 100% fit for it. But then at least one should have a clear understanding of that angle he or she want to be in. Obviously, the rest comes from learning. But the inner talent to learn about it is must.

  • Passion: Passion is the hunger towards your Interest. It is the extent to which you go to achieve it. It should be ever ending rather it should be ongoing & getting advances day by day.

  • Market: Only Talent & Passion with no demand or need in the market is of no meaning. One should understand the market as well. There should be the awareness, interest & demand in the market, what you are talented in & offering to sell. Then only it makes meaning otherwise it won’t be possible to sustain in the Market.

So, if you have all 3 in place, then that’s your Niche. For an example, I am good in dancing, that’s my talent, but then it is just a talent some here with me which I am not exploring it, that’s means yes I have a talent and that’s ok mean Talent is there but no passion. NO hunger to take it to the market, then that cannot be my Niche. Or Say yes the form of Dancing I am talented in & really passionate about is of no demand in the market then too I will be stuck. Or say I know the form of dancing, which has a market & am passionate about, but I have no knowledge then what will I do there??

Nothing will be stuck again….

So, all three should be in place to define Niche.

WHAT IS PERSONAL BRANDING??

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Evolution of Personal Branding

What Is Personal Branding??

It is very easy to understand from the term itself that it is your own Brand – Your own existence in the market which differs you from Others.

To Own your Brand, it Is very important for you to understand the market & arrive at your Niche.  

Do Remember not necessary to be the no 1 but then very important to be the only one. That’s what is Niche all about.

You need to understand and select a category on the basis of above shown framework which makes you different from others. It doesn’t mean not to enter in the competitive market as competitive market is highly recommended to enter into but then choosing a unique angel of yours in that competitive market is much more importance which will make you stand apart from the crowd. Be unique & master in the field you chose so that you automatically grow when it comes to organic search. Try to be No 1 or 2 as the Market is mostly based on 2 Players.

How to Choose your Niche Marketing?

Once you know your Niche half battle is own – Then Make it your own Brand. Let the Brand talk about you itself & how will it work….

Once you understand the market, understand your customer then obviously the Niche you will come with will touch your customer & it will sell by itself.

Do remember Marketing is all about Perception. And perception can be made by standing in the shoe of your customer.

The Market can be taken over by someone, but Your personal Branding cannot. Because it’s you who own your Branding.

Evolution of Personal Branding:

Personal Branding slowly & gradually comes to a peak. If you want to become No 1 you just cannot do that in one single go. You need to take first small steps & then come up with a giant project. It’s like first choosing a niche in 1 place as a small step is being the Bigger giant your ultimate goal & slowly grow up with succeeding each Niche & adding more to it, to reach to your goal.

It’s all about below:

  • Learn: One need to learn about his brand in deep to have more understanding of it so that he or she can be a master in it. Learn through concept, Facts & Procedures.

  • Work: once you learn you also need to execute it else there is no meaning to it . Put it to work what you have learned. Start working on your own Project so that we can have a hand onto it.

  • Blog: It is very important to blog about something you have learned & worked on. Writing about what we have learned & worked on will give a more value to it as it will help us understand what we are into in a much better way. And also to master our Brand. As it is our baby, we have worked on it & nurtured it so obviously we will know it better than the other person.

  • Consulting: Once you become prominent in writing your personal branding will be on a high reach. You will attract more traffic to it & this can be a very good source to be a consultant rather than working for someone let’s start consultant wherein we will have the authority to work for them.

  • Mentor: Start Mentoring other who want to be you. It will help you to Master in what you are doing. Teaching others take a lot of efforts, but then it will take you to higher ladder in terms of your Personal Branding as you put yourself into it & get more clarity to it.

  • Startup: you have learned, worked, Blogged, consulted & mentored in what you are then why not to Start up into it. Start your own venture in terms of course/service/product.

Hence the above steps are framed as a Mass Trust by Deepak Sir – www.digitaldeepak.com  as it is all about generating the trust through learning, working, blogging, consulting. Mentoring & which will end up in a successful start-up. As the last cycle is a transaction which is on the basis of the Trust.

 

 

COMMUNICATION SKILLS

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What will help us to be a better communicator??
It is very important to have a good communication skill when it comes to marketing.
By Good Communication skill I do not mean that one should be a master in literature or very good in terms of Vocabulary, Jargons, grammar and all.
It is Just that what you should to connect yourself with the customer in such a way that the other party should understand you. It’s just that you should to reach your message to your customer.
What will help us to be a better communicator??
Well, as it Is said Marketing is all about perception – Think as per your Customer thought process & connect the conversation going in his/ her mind. It will help connect the customer directly & that’s it.
To be a good communicator a important tip is to write. The more you write, the more you become master of your content which will make you better day by day. Try to be simple as much as possible. Not necessary the one who is reading your content will be a literature. Every common doesn’t like to go with complicated or complex sentences. Also, not necessary that everyone understands the complex sentences.
SO, let’s be simple, to the point & very important just connect to the thought process. Once you know to communicate well your product will sell itself.

It is very important to have a good communication skill when it comes to marketing.
By Good Communication skill I do not mean that one should be a master in literature or very good in terms of Vocabulary, Jargons, grammar and all.
It is Just that what you should to connect yourself with the customer in such a way that the other party should understand you. It’s just that you should to reach your message to your customer.
What will help us to be a better communicator??
Well, as it Is said Marketing is all about perception – Think as per your Customer thought process & connect the conversation going in his/ her mind. It will help connect the customer directly & that’s it.
To be a good communicator a important tip is to write. The more you write, the more you become master of your content which will make you better day by day. Try to be simple as much as possible. Not necessary the one who is reading your content will be a literature. Every common doesn’t like to go with complicated or complex sentences. Also, not necessary that everyone understands the complex sentences.
SO, let’s be simple, to the point & very important just connect to the thought process. Once you know to communicate well your product will sell itself.

 

GLOBAL ECONOMICS & MARKETING

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Global Economics plays a very important role in Marketing. As it becomes the guide to understand the opportunities & risk in the Market.

One should understand first our economy & then the global economy not only in terms of Marketing but also in our daily chores. As debt makes money & 90% of us do take loans to meet our core need. And if not in debt, then the ones who deposit in the Bank. So it is all about lending or depositing in the Bank. As it is linked to each one of us directly/ indirectly & we all are impacted due to it.
The very first question in our minds is HOW?
So, the cycle goes this way – Economics is all about Money. And when it comes about money it is our Money which is in Market for different purposes say granting loans, for projects, and directly to National Banks and through National Banks to International Ones. Or the money in the form of tax. So as it is our money we should at-least basic of it. It’s all about from where the money is coming & where it is going in what pattern & where. Hence the terms such as GDP, Per capita Income Inflation, Deflation & Cash Reserve Ratio, Recession, & many more.
Let’s understand a few of them–
Inflation:  Inflation is the general rise in the price level that is the prices of most goods & services which are of daily use or most commonly used such as Food, clothing, housing, consumer staples, transport, etc., Inflation occurs when the price rise due to increase in production cost that is the cost of raw materials & wages.
A surge in demand for product & services can cause inflation, consumers are willing to pay more for the product. How is consumer ready to pay more as the debt level goes down. People have enough to spend rather than paying the loan as they have repaid it.
And when inflation occurs – Monetary policy comes into the picture – which is the central bank’s action to cover up this rise in price by curbing the supply of money in the market. (By decreasing the interest rate of interest  loan in the market & also the rate of interest on deposit. So that more & more
Customers are attracted to taking the loan rather than depositing.) So that the Inflation is controlled at. Ideally, the Inflation is 2% to 3% annually.
Deflation – it is the opposite of Inflation – that is When the overall price level decreases, so that inflation rate becomes negative, it is called deflation.
A reduction in money supply or credit availability is the reason for deflation in most cases. Here the interest rate on the loan is higher & also the return rate on deposit is very attractive.
Cash Reserve Ratio: The banks total deposit is termed as Cash Reserve Ratio. The percentage of cash required to be kept in reserves, vis-à-vis a bank’s total deposits, is called the Cash Reserve Ratio.
The CRR % is decided by the Reserve Bank of India. Let’s say the CCR is 4%, that means a bank has to have 4% of its total Net demand & time liabilities in the form of cash this cannot be used for either lending or investment. It has to be maintained in Cash
At the time of inflation, RBI increases this CRR & the amount of money with the bank reduces. So that flow of money is controlled.
Recession: A significant fall in spending generally leads to a recession which may last four quarters hampering the growth of an economy, leading to job cuts, starvation, scarcity & all.
The current situation – Covid-19 is the example of it. As it has impacted the economy of most nations due to lockdown.

 

effortsearnest and conscientious activity intended to do or accomplish somethingMore (Definitions, Synonyms, Translation)

Marketing Communication

Dear Friends,

I am feeling so happy to announce my first video on You Tube.

This video is the first step towards my Blog related to Communication Skill.

Please do watch the same, below is the link to it.

Are you forgetting something?

That’s right, I am looking forward for your valuable comment so that can make more out of it & do keep on coming with new & useful videos.

Thanks for watching it.