In this week I have learned a lot of new things that I was unaware of initially. This week is all about the basic foundations of Marketing.
There are some of the most important topics which are covered in 2nd week –
- Marketing Fundamentals
Deepak sir has done a great job of explaining it. As he says, in digital advertising, many people just focus on its digital content, where they forget that the basics of marketing are the same and only the content is digital. Many people (including me) just put their efforts into marketing, social media, etc. but forget that marketing is much more than that.
Marketing starts with understanding the needs of the consumer while developing a product and involves sending the right message to the right person at the right time. Marketing involves customer perceptions, creating an idea for our product, creating a positive product, building trust and customer engagement even when marketing is happening. I have honestly learned that in order to be a great digital marketer, one needs to understand marketing first. Without basic marketing knowledge, it is very difficult to market and sells anywhere in the industry or niche.
2. Difference between Traditional and Digital Branding
There are two types of medium for doing marketing.
Traditional Marketing Medium: — There is a lot of traditional marketing medium which contribute in the advertisement revenue in India.
TV Ads:- In India, TV contributes a 45 percent portion to the total advertising revenue. TV ads can reach millions at a low cost.
Print Ads:- In India, Print ads have a 15 percent portion of the total advertising revenue.
Radio Ads:- In India, Radio ads have a 5 percent portion of the total advertising revenue.
Digital Marketing:- Digital marketing is also a part of marketing to promote products and services by using digital platforms such as desktop computers, mobile phones, and digital media.
In India, Digital Marketing ads have a 35 percent portion of the total advertising revenue. A report says that fast-moving consumer goods, e-commerce, auto, telecom, retail, and durables will be growth drivers of ad spends in 2021. In, India, the Digital marketing industry is estimated to grow by 20% in 2021.
3. CATT Marketing Funnel
In his video on the Marketing Fundamentals, Deepak talks about CATT marketing funnel. This is what he says that:
Wealth = n^CATT
Where n — niche
C — content
A — attention/traffic(using SEO, SEM, paid ads, SM, referrals, emails)
T — trust(using tripwires, marketing automation, retargeting)
T — transaction(convert leads into customers using natural sales)
The CATT funnel is the best way to convert your cold customer into paid customers. I have learned how we can use the content to drive customers to our products and services, build good trust with customers and eventually capitalize on them.
This is the way how to select your right niche. The combination of Talent, Market, and Passion is your niche.
a) Passion — First we need to find our passion.
b) Talent — Our talent should be like our passion.
c) Market — We need to do research to select a good niche.
4. Integrated Digital Marketing
Running paid advertisements or Email Marketing campaigns or doing SEO will never give the good results which you wanted. In a modern world, we have multiple ways to reach out to our target customers.
This is the best way to resolve this issue is to create an integrated marketing plan, how one that connects multiple channels. For instance, in the diagram, we can see how multiple digital marketing channels can be connected together to drive conversions for us.
5. Personal Branding: Mass trust Blueprint
Now, people are more interested in hearing a personal story of the person and less interested in the story of the company brand.
People are more interested in hearing the personal story of a person rather than hearing from a company brand.
People want to see a person’s achievements and motivate that person to get success in life. A personal brand can be bigger than a company brand.
A personal brand becomes an influencer and a brand ambassador for the companies that they run.
There is a lot of entrepreneurs which have a strong personal brand like Dr. Vivek Bindra, Sandeep Maheshwari, Digital Deepak, and so many other entrepreneurs and leverage their personal brand in making good companies that provide good services to their clients.
Choose a category and go narrow down in the sub-category and become a leader in that sub-category like an SEO expert, Social Media Expert, Marketing Automation Expert, etc.
There are six steps to become a category expert.
a) Learn — First, acquire a skill and master that skills through practice.
b) Work — Implement that skill in work and start earning.
c) Blog — Start writing what you have learned and experienced through your work. We will be an expert by writing and start building our own personal brand.
d) Consult — After getting good experience in that skill, we can start consulting with companies and personal, and can earn good money by consulting.
e) Mentor — Now we have good experience in that field and start mentoring one-to-one or group.
f) Start-up — After completing above mentioned 5 steps, now time to start a business. It will require a lot of effort to make a good business. First, try to do some side-hustle and earn some money while doing the job and try to make it a full-time business and then quit your job only once you are sure that your monthly expenses can be bear by your business.
To sum it up, I have learned this week alot new things , some topics were totally new for me and very well explained by Deepak Sir.
Marketing always starts before creating the product. It has to wait for the potential market.
Marketing is not about just selling. It is also keeping your customers happy so that they can remain your customer for life.
Marketing is experimentation. It is science-based. Not on creativity.
A great product converts your customers to brand ambassadors. Word of mouth marketing is the best marketing channel.
Traditional Marketing and Digital Marketing are equally relevant. It depends on them to make it useful who uses their powers.
The biggest lesson from this week is how to reach your customers at the right time and place with the right message is extremely powerful.