World would End if Marketing Disappeared ?
Marketing is an art or science?
Marketing can be outsourced!!
Want to pursue a Master degree in Marketing to be involved in it?
What happens to the world if no Marketing exists?
All these questions will be answered along with a marketing strategy in this article. This article will give insights about digital vs traditional marketing .On top it ,we will see marketing is the only way to promote our products or service?.
Will look into Marketing Job/Freelancing vs Marketing your Personal Branding, Insights about personal branding and How digital marketing gives opportunity to us to make our product or service visible to the outside world via integrated marketing strategy.
What is Marketing?
Even though advertising is a major role in marketing , most of us think advertising selling or promoting the product or service is Marketing. In real time you think the sales agent as marketer as he is doing a selling job.
“But real marketing is reaching the correct person with the correct price”.
If you plan to sell the iPhone to an uneducated remote village guy (User persona) where he needs a basic mobile to communicate with others then it is considered as the wrong Marketing strategy. The below things are considered as failure points over here
- It is not cost effective – Village guy cannot afford 40k or 50k for a mobile phone.
- Product needs failure – iPhone is promoted as secure, faster and smoother. But here our user persona does not have a benefit in this.
For this user persona Nokia or Samsung basic model mobile phone is required with the price range of 1-1.5K.
In this case we will consider the iPhone failed to meet customer requirements?. No we cannot say that because the iPhone target audience is different. For the person who is staying in Tier 1 city they want to book a taxi or want to use the app for banking purposes. In that case the iPhone comes as the first option as they need a fast and secure environment.
Now which is better, basic model Samsung phone or iPhone?. Both are better with their user personas.
iPhone revenue = 50000 per piece * 10 sales = 5,00,000.
Samsung revenue = 1000 per piece * 500 sales= 5,00,000.
See the above diagram , revenue for both the product is the same with different costs with different user groups. This is the basics of marketing , you need to promote your product to the right set of audience at the right time, this is also called targeting the audience.
Marketing is both combination art and science , only formulas won’t work in marketing you need to understand the psychology of human and art of understanding needs.
Traditional vs Digital Marketing
“New marketing is about relationships, not the medium.” – Ben Grossman
Marketing has become a leadership skill nowadays, most leaders are having this skill or acquiring it . Traditional marketing will be there forever , whereas digital marketing has evolved in the last few decades. Both will do the same thing with different mediums. Pricing ,promoting the product to the right person is basics in marketing , and this will be the skeleton and it will remain the same. Maybe in the place of digital some other way of marketing will occupy the space. But digital medium will be there in the next few decades for sure and adopting digital medium will give us the space and be able to upgrade the mediums if marketing evolves.
But if you are doing digital marketing your target audience will be there in digital space , according to the statista website total internet user in India is 761 million out of 130 crore+ population. In that also we need to find the age group ,living status and other factors to filter out your customer to do digital marketing. Blindly advertising won’t work in this space.
Internet users in India from 2015 to 2020 with a forecast until 2025
Sometimes television or magazine advertisement can reach the mass population for some products , as it is reaching mass the cost of promotion also slightly lesser than digital marketing but it will not be as effective as digital marketing, because it will reach targeted audience and sales out of target will me more.
Digital Marketing – “Sending the right message to the right person at the right time”.
Building relationships and trust with customers is the main motive of any form of marketing.
Marketing can be outsourced?
Be it any form of marketing , outsourcing is not going to be a good idea. While outsourcing, the essence product or service cannot be taken care by concerned agencies or people as they will do this as promoting business. At any point of time the founder or cofounder should be a marketing person also , that will increase the marketing benefits exponentially.
In today’s digital space we are having the option to make our personal brand and we can do the marketing using a lot of automated tools. Here any one can track the marketing strategy and have the control of their own product. Traditional marketing may require more time to take care, at the time outsourcing makes sense even though it is not going to effective as you do it , but digital marketing can be learned via DIY techniques and we don’t want any master degree on it and it will save our time and cost in more efficient way.
In this digital era personal branding evolved so much due to flexibility of technology. After Covid-19 outbreak our education system , banking and other important things takes diversion to digital space.
Personal branding is creating authoritative voices in a particular space or industry and influencing the public with trust in our product. Elon Musk is a personal brand of Tesla or Steve jobs; the personal brand of Apple is the most opted example. If I ask who is CEO of BMW or Samsung , mostly we need to search the internet to know the answer, this is the power of a personal brand over the Company brand.
The only problem with personal branding is that you cannot sell it to someone , but the product you are creating via personal branding can be sold e.g. Tomorrow Tesla can be take over by some one else , then Elon will create some other product that can easily be promoted by him due to his influence and that is the power of personal branding.
When everyone creates their own product ,Who will consume it?. This is common questions coming to your mind. If you want tips in personal finance , health , relationships etc.. if you divide personal finance further investment advice, insurance ,retirement etc.. and your consuming this information from digital space even though you are working for a company then personal branding works.
If you provide the solution to the people’s problem , then you can create your personal brand and the area which you are choosing should be your passion also. Refer the below diagram from DigitalDeepak for niche selection.
Formula for creating products.
“Good product will sell it self”
Product is most important in marketing, you should create the product that will help the problems in people’s lives and products should make an impact in society by serving it.
Learn Do Teach – My passion is on finance, I choose niche to create the product , because your parents or curriculum won’t teach this topic but it is as essential as health.
- So learned (learning) personal finance topic from lot of books.
- Implemented the steps in personal life, I saved and invested better by applying things I learned.
- Now I am going to Teach the successful steps which applied
I am going to create a course on personal finance ( my product). Already a lot of financial gurus are there in the market I know , but they are 10/10 or 9/10 in finance. 1/10 in personal finance won’t understand these gurus. So I am thinking I am 5/10 , I will teach 1/10 to bring it to 2/10 or 3/10. In that case I will move to 6/10.
My target audience for this product is college students and freshers . I became a millionaire if someone taught personal finance to me 10 years back. So I will make a millionaire by teaching things I learned.
CATT marketing funnel.
Content, Attention, Trust and transaction is methodology I learned from the Digital Deepak Internship Program. Here first thing is creating good content , then grab the attention of the public and create trust with them and finally make them purchase your product. In my case I will create the funnel using the below things.
Content – Planning to create content for personal finance.
Attention – Via digital marketing I will grab the attention of students and freshers or anyone who wants to learn personal finance.
Trust – I will create the trust by giving a free valuable finance course.
Transact- Once the user will feel I connected with them via trust then they will buy my premium products which will give value in their finance life.
Integrated Digital Marketing
Integrated digital marketing is nothing but using the right tool and platform to get the attention of customers. Before that our product should be in place to give 10 x returns to customer investment, because a good product will itself.
Each and every aspect of the above diagram plays a major role in digital marketing. Content marketing , Email marketing ,Search engine optimization and social media marketing and advertising. If I am targeting freshers and college students for my personal finance course then I need to find where these users spend most of the time , maybe social media then I need a target with fb or LinkedIn marketing but I should not restrict with that . Via social media advertising they will end up landing to my blog then I need to start lead generation , I suppose to start sending mails to get more connected and to create trust. Likewise each and every area of social marketing is important.
Mass Trust in Personal Branding
Mass trust is what we can achieve via personal branding , the same you cannot achieve via company or logo brand. Mass trust is a continual process that needs to be achieved via the following steps, I will correlate the steps with my own branding.
- Learn – Learn personal finance from books . Concepts, facts and steps can be outlined via learning.
- Implement– I implemented the steps I learned in my own way and got success and failures in that.
- Blog– I will blog about my success and failures , basically my own way to do personal finance will come up that I will share with the world.
- Consult– I will give consultation about personal finance means I will act as personal finance advisor in this step.
- Mentor– Mentoring the audience via webinar instead of consulting one to one, I will do it to a mass of audience. Here I can promote premium content. If people think they are getting value in my webinar then they will buy it.
“Company or Logo can create a product but personal branding can create multiple company“
But these steps need to be repeated to get mass trust with our audience otherwise at some point your customer will feel disconnected and this process is also called remarketing.
Marketing should not be outsourced , founders or co-founders should know the marketing strategy. Personal branding is a form of marketing you do for yourself with integrated digital marketing and mass trust blueprint with great content . With this marketing and personal branding you can make an impact in people’s lives and can serve the society.
Yes today’s world does not exist without marketing but still if your product is good enough to serve people, then people do marketing for you to their friends and others , this is also a form of marketing and I call it trust marketing. With out marketing people won’t get what they want in this vast planet.