This article will explain you laws of marketing which are going to blow up your mind,
Here I will explain to you Why marketing is the most important concept in the world? and why Marketing is a key factor for business success? and how it helps you to grow in every aspect of your life and serves as a guide to growing your business.
Each company that deals with customers on daily basis must not only be customer-driven, but customer-obsessed and the best way to achieve this objective is to develop sound marketing functions within the organization.
Marketing is useful to each and every person starting from the regular merchants, shop keepers, professionals and is also applicable to service and ideas as well as to tangible products such as to the current generation digital marketers.
I will start this article by explaining first the meaning of marketing, the basic fundamental of marketing, laws related to marketing and digital marketing vs traditional marketing, the CATT marketing funnel, and Integrated Digital Marketing.
So, let’s begin…….
What is Marketing?
In management books, there are various definitions of marketing
- “The wide-ranging function that links the business with customer needs and wants in order to get the right product to the right place and at the right time.”
- “The achievement of corporate goals through meeting and exceeding customer needs better than the competition.”
- “Marketing may be defined as a set of human activities directed to facilitating and consummating exchanges.”
You will ask which definition is right from this?
In short, they all are right, they all try to symbolize the essence of marketing that Marketing promotes products and this is perhaps what we tend to think when we talk about Marketing.
Laws of Marketing
In general, the laws of marketing derived from the above definitions can be stated as
- Marketing is about selling the right product to the right person and at right time.
- Marketing is about meeting the needs and wants of the customers.
- Marketing starts before creating the products (people has the view that marketing is related to existing products)
- Marketing is about understanding customers and finding ways to provide products or services which customer demands.
- Marketing is not a one-time process it is an ongoing process; this means that the market tends to change- what customers want today is not necessarily what they want tomorrow so you have to be alert and open your eyes and ears and try to identify customers’ needs his requirement then only you will be able to sell the product to the customer.
- Marketing was there before you created the product, during the selling of the products, after you sold the product to the customer so that the customer remains loyal to you and buys more products in the future from you for their life.
Another important concept in marketing is TRUST.
Marketing is just a game of developing trust with lots of people at the same time, especially strangers. The word of mouth will become your biggest marketing asset, quotes by marketing guru “Peter Drucker”
Do you trust strangers? Your answer will be NO, right.
The same is applicable to marketing also, building Trust is a more important part of marketing without trust nobody will buy products from you. It is your responsibility to create circumstances so that customer slowly starts building trust in you and your products.
Customers keep themselves away from the things they do not trust even if the same quality is available at a lower rate.
Customers tend to buy the branded costlier products
A few years back, Maggi Noodles were found to be using an overdose of some chemical in their products, the competitors used this as an opportunity to defame Maggi, this was a major setback to Maggi.
It also affected the TRUSTwhich it had built in these years as a result customers stopped eating Maggi and this affected the sales of Maggi but after few months it again, entered the market but now it will take years to gain back the TRUST, once TRUST is lost it is lost forever.
If you go to the market to buy milk there are various local brands of milk with AMUL, which milk you will buy? obviously, you will buy AMUL why because you have trust in that BRAND, same is applicable to all branded products, to build trust you have to be a BRAND because they had spent years in building TRUST among the customers.
So, from the above, we can come to one conclusion that the main aim of marketing is to build a BRAND so that it can take a position in the mind of the customer in such a way that whenever he thinks of any product in your line he should only think of you as a BRAND.
Building a Strong BRAND
The Brand sells itself.
The product or service you want to create must be made in a Brand so that no extra marketing will be required.
If you are a brand then Don’t be number one be the only one.
Choose a category and become the leader in that category
Half of the success is achieved if you start and take your first step in the direction you want to go, so the decision is the most important aspect to be successful.
If you cannot be a leader in a specific category, then try to be a leader in the sub-category.
Tyr to become at least number 1 or number 2 in your chosen category because people hardly remember the number 3 we have many examples in front of us who has become synonym to the brand itself.
Example of BRANDS
XEROX: Xerox is a company that manufacture copy making machine, but it itself become synonyms for copying that
whenever we go to take a copy of any document, we say please give me XEROX of this document.
GOOGLE: Google become a synonym for searching things online. We always use it as a verb, whenever we talk about searching on any matter. We say “Let me google on this.”
SURF: Surf is another Indian example it is used as a synonym for washing powder.
TATA SALT: it is marketed so well with the slogan as DESH KA NAMAK means TATA NAMAK.
All these are just a few examples of how good marketing can make a product a BRAND in its category.
You have to make sure that the product should be good in quality, marketing helps people to discover the product from the vast range of products and this can be done only if you are a BRAND.
Once your product becomes a BRAND then the role of marketing is reduced.
Marketing is a game of perception and product is a reality.
Never let marketing become more important than the product.
It is good saying that “Great product sells itself”.
A Great product always converts your customer into brand ambassadors, word of mouth marketing is the best channel of marketing ever.
What are customers’ needs and wants?
What good is a product when the world doesn’t need it?
So it’s a great idea to understand what the market needs, and then start building the product that your audience wants to buy.
A need is a basic requirement that an individual wishes to satisfy. People have basic needs for food, shelter, affection, esteem, and self-development. Many of these needs are created from human biology and the nature of social relationships.
Customers’ needs are therefore very broad.
While customer needs are broad, customer wants are usually quite narrow.
A want is a desire for a specific product or service to satisfy the underlying need,
Let’s discuss this with an example
Consumers need to eat when they are hungry. What they want to eat and in what kind of environment will vary enormously. For some eating at McDonald’s satisfies the need to meet hunger. For others, a micro-wave ready -meal meets the need. Some consumers are never satisfied unless their food comes served with a bottle of coca-cola.
So, we can say that Consumer wants are shaped by social and cultural forces, the media and marketing activities of businesses
This leads to another important concept –That of customer demands
Consumer demand is a want for a specific product supported by the ability and wiliness to pay for it.
For example -Many consumers around the globe want a Mercedes. But relatively few are able and willing to buy one.
Businesses, therefore, have not only to make products that consumers want, but that also have to make them affordable to a sufficient number to create a profitable demand.
Businesses do not create customer needs or social status in which customer needs are influenced. They try to influence demand by designing products and services that are
- Work well
- Are Affordable
- Are easily available.
Businesses try to communicate the relevant features of their products through advertising and other Marketing promotions.
Thus, we can say that ‘A marketing business is one which has adopted the marketing concept.’
Let us discuss the five philosophies of marketing
There are five alternative concepts under which organizations conduct their marketing activities the production, Product, selling, marketing, and Societal marketing.
- Production concept: Consumers prefer products that are widely available and inexpensive.
- Product Concept: Consumers favor products that offer the most quality, performance, and innovative features.
- Selling concept: Consumers will buy products only if the company aggressively promotes or sells these products.
- Marketing concept: Focuses on needs /wants of the target markets and delivers value better than competitors.
- Societal Concept: Focuses on delivering value to the customers in a way that maintains both consumers’ and society’s well-being.
Importance of Marketing Management
Let’s discuss the importance of Marketing management
You know that Marketing is consumer-oriented; it has a positive impact on business firms. It enables entrepreneurs to improve the quality of their goods and services.
It also helps in improving the standard of living of the people by offering a wide variety of goods and services with the freedom of choice and by treating the customer as the most important person.
Marketing generates employment both in the production and in distribution areas.
We can see that a large-scale business can have its own formal marketing network, media campaigns, and Salesforce, whereas a small unit may have to depend totally on personal effects and resources making it informal thus marketing makes or breaks small enterprises. “NIRMA “is an appropriate example of the success of small-scale enterprises.
The basic objectives of Marketing
- Maximize sales of existing products in the existing market.
- Develop new products.
- Develop a new market for existing or new products.
- Provide the quality of service necessary for customers to be satisfied so that they can continue with your product or service.
From the first three objectives, it is clear that Marketing Generates Sales, and the fourth objective says that Marketing provides Quality service.
Marketing concept and Orientation
It is the fundamental idea of marketing that organizations survive and prosper through meeting the needs and wants of the customer. This important perspective is known as the Marketing concept.
The marketing concept is about matching a company’s capabilities with customer wants this matching process takes place in what we called the marketing environment.
Businesses do not undertake marketing activities alone, they face threats from competitors and changes in the political, economic, social, and technological environment. All these factors have to be taken into account as a business tries to match its capabilities with the needs and wants of its target customers.
Evolution of Marketing Orientation
- Making things and people will buy them.
- Sales are increased by producing more.
- Profit increased by cutting expenses.
- Works if demand exists supply.
- Find people who need what you have because supply exceeds demand.
- Sales are increased with greater selling efforts.
- Profits are increased by selling more.
- Works If there are a lot of people who need what you have and they aren’t aware of many choices.
- Find out what people need before you make something because they have many choices
- Sales and profits are increased by better meeting customers’ needs than is done by competitors.
Societal Marketing Era: A philosophy on balancing
- Satisfaction of customer needs
- Satisfaction of long-term societal needs
- Satisfaction of the organization objectives
Would you rather buy gas from a company, which recently experienced a second tanker accident, spoiling millions of gallons of oil into the ocean, or a company that has a reputation for being environmentally conscious?
If a fast-food company has a reputation for donating profits to worthy causes which benefit children in hospitals, would you become more likely to sympathize with the company when someone is seriously from a cup of hot tea or coffee?
Is public sympathy likely to be supportive of a software company that is under investigation worldwide for problems generally related to ‘unfair competition’ if that company is one of the biggest in the world and yet has given back only a small percentage of its profits with regards to the social issue?
The societal marketing concept suggests that a focus merely on the exchange relationship between the company and customers might not be sufficient to sustain long-term success.
Invest your time and energy in Learning Marketing
Marketing was their 1000 of years ago and will remain another 1000 years and many more years to come we can say Marketing has no end, the knowledge you will gain after studying marketing is timeless, i.e. it existed in the past, it is here in the present and will sustain in the future also.
The investment in marketing gives direct returns. If you want to start a company you require some handsome amount for production, machinery, raw material, HR, Accounting, Administration an investment in all these does give immediate ROI (Return on Investment) until you invest in Marketing which is the ultimate goal for producing sales, as soon as you start marketing your product start selling i.e., MARKETING IS THE LAST STEP IN EVERYTHING.
Marketing has a long Shelf life if you invest in marketing, you will have endless opportunities around you, if you know marketing then you have a safe career, you will be never out of JOB. If you know marketing you will attract traffic and if you get traffic, you will get sales.
The three skills you require to be successful are
2) Traffic generation and
We discussed marketing now let us focus on Traffic generation to generate traffic, you must have good communication skills.
Good communication skills.
The most essential skill is to be able to communicate effectively, whether it is your personal life or business life, effective communication is the only key to your success.
Good communication skills are not at all related to English, even if your English is not good you can communicate in your local Language.
Just keep in mind that communication means the transfer of thought from one person to another. i.e., it is more important that you should be able to communicate your thoughts to another person in understandable language and that language can be any language not only English.
The only question you need to ask yourself is that “Am I able to transfer my thoughts to other people successfully, did that person understand what I want him to understand?”
The few basic skills to be a good communicator are
- Non-verbal communication.
- convey Respect
- Be clear and be concise.
- Be personal.
- Be confident.
Quite obvious if you want to expand your reach worldwide you must have a basic knowledge of the English language but it is quite optional.
So, if you are a good communicator then you are good in Traffic generation and ultimately a good marketer.
Digital Marketing v/s Traditional Marketing
Benefits of Digital Marketing on Traditional Marketing
1)Broad geographic reach: Whenever you post an ad online, People can see it wherever they are (unless you have limited your ad viewing geographically) this will increase your business market reach. whereas in traditional marketing your add visibility is limited to a specific area.
2) Cost efficiency: Digital marketing always carries a lower cost than traditional marketing. Whereas in Traditional marketing the overhead cost for newspaper ads, television spots and other traditional marketing opportunities can be high.
3) Target Audience: In Digital marketing we can very well decide who can be our target audience based on their demographic, i.e we have control over the number of audiences. Whereas traditional marketing gives us less control over whether our target audiences will see those ads or not.
4) Measure and keep track of the Audience: In digital marketing, you can measure how many customers had actually viewed your ads and taken action, you can even keep track of these called as direct responses, whereas this is impossible in traditional marketing.
5) In digital marketing you can create just one content of information that attracts visitors to your blog as long as your blog is active, even you can do email marketing to your targeted customer list on your schedule
And it is easy to change that schedule and content based on your program. When you add it all up, digital marketing gives you much more flexibility and customer contact for your ad spend
The CATT-Marketing Funnel
C.A.T.T. – means Content, Attention, Trust & Transaction.
The content you create must be able to solve the problem of people, as the problem gets solved then only you will get good attention from people and this attention you get will definitely help you to build good trust among them and as trust is built you can know to get in the transaction with the customer.
CATT Marketing funnel is the technique/approach we can use to achieve our goals.
WEALTH = n^CATT
Where ^ denotes power. Where your niche (n) will be successful and powerful with the CATT that you will apply
Your success and wealth depend on the niche you choose, always try to focus on only a few things at one time then only you will succeed. After selecting a niche, you will focus on content creation.
Content is a king Create useful content that attracts people from your niche such as Blog posts, videos, lead magnets, live webinars, etc. Content will be your asset which will help you to attract customers into your tribe.
Drive attention to your content using SEO, social media, paid ads, and Referrals.
Build trust with your audience with tripwires, marketing automation, and retargeting. You have to build trust so that they can purchase things from you and believe what you say. Trust is required for sale to happen
Convert your lead to customers with the natural sales method. You have targeted customers who are looking for your product and they trust you and are now ready to buy the product from you, for you must have a website, a sales page, sales video without this sell cannot take place.
So, create lead to customers and complete the CATT funnel with your audience accompanying you in the entire journey.
How to choose your Niche?
The best way you can choose your niche if you have the knowledge of only three things
- Talent: Do you have the required talent? or do have you acquired any skill set?
- Passion: Do you possess the passion from within to acquire what you have chosen?
- Market: Do people need the product you have created? Is the market available for your niche?
You must have talent, passion, and market to choose the right niche and a combination of all three only will generate revenue from the product. If you have only one or two of these you cannot sell or generate revenue.
Integrated digital marketing
Integrated digital marketing is a method of engaging customers and prospects with your company or brand that combines all parts of marketing communications to work together and assist the customer along their journey of awareness to loyalty and advocacy.
– The Data & Marketing Association, the world’s largest trade association dedicated to advancing and protecting responsible data-driven marketing
Integrated Digital marketing includes Digital advertising, Sales promotion technique, public relation, social media marketing, direct marketing, and customer support, and customer relationship management.
Digital marketing strategies apply all the available methods, media, channels, tactics, and tools to satisfy the clients’ requirements and increase sales.
People do only either email, SEO, social media, paid to advertise but they do not get success.
The common digital marketing methods are:
- Search Engine Marketing (PPC)
- Search Engine Optimization (Organic Traffic)
- Email Marketing
- Social Media Marketing
- Digital Display Marketing
- Content Marketing
- Marketing Automation
To become successful in digital marketing you have to use a combination of all the above.
CATT funnel i.e. content, attention, trust, transaction is implemented with integrated digital marketing.
Personal Branding is done intentionally and with full consciousness to create and influence public perception of an individual by positioning them as the authority and differentiating them from the company, to ultimately advance their career and increase their circle of influence to have a bigger impact.
Personal branding is what builds trust among your audience as you become a brand your reputation also increases.
Personal Branding is the strategy of marketing people as a brand. It is an ongoing process of developing the reputation and impression of an individual or group or organization and maintaining it.
“The best known will always beat the best.”
IF you have lots of talent but nobody knows you then your talent your intelligence will be of no use, you have to be a brand yourself, do propaganda about yourself then only you will get clients.
Peoples Behaviour towards Brand
“People want to hear from people they prefer one-to-one communication rather than one to many.”
Do you ever read a mail that came from any company? No, right.
you just press the delete button, but when the mail is from any person whom you trust then only, we are delighted to open and read the mail.
In the same way, people don’t want to read emails created by robots in a company they just delete such emails they want and love to communicate with original human beings so do try to create a name in the market and this can be done only through the personal brand.
A personal brand has only one drawback that it cannot be invested in and it cannot be sold as a person is not a company to invest in it nor a product to be sold.
But has many benefits A personal brand can give rise to many brands from his or her influence.
So personal brand becomes an influencer and a brand ambassador for the companies they run
The Evolution of personal brand.
The process of personal branding involves finding uniqueness in you, building a reputation on the things you want the world to know about you whose ultimate goal is to convey your message so that it can be monetized.
The evolution of personal branding is achieved through these steps below:
Learning a new skill through concepts, facts, and procedures. Understand the concept, remember the facts and practice the procedures. Without skill, you cannot make a personal brand.
Put your newfound skills to work. Go from practice to implementation. Implementing it in the real world will give you a better understanding. Work can be either job/freelancing/own project. If you implement you will understand what you have actually learned and if you work you will get authority of the project.
Write about what you have learned and experienced through your work. When you write, you understand it better, and eventually, you will start building your personal brand. Always combine the actual work with the knowledge you have earned by learning that only the content you have created will be unique on your personal blog. Writing makes you a personal brand.
Now that you have your personal brand through your blog, you also have working experience and knows fundamentals about digital marketing or the niche you have selected then only you become authoritative or gain the authority to start consulting other business, instead of working on them so that people will pay for your advice.
Mentor others who want to become like you. After learning doesn’t try to teach others immediately take proper experience yourself, Mentoring will help you to scale your understanding to a whole new level. Mentoring means one to many you can mentor many people at one time and consult means one-to-one meeting at a time.
Start your own unique product or service business with the understanding that you have developed about the market, the problems, and your own skills.
This can be called MASS TRUST BLUEPRINT
Learn_____ Work______ Blog______ Consult________ Mentor______Startup
In this article, we have discussed how Marketing is the most important skill needed to succeed in every way of life, how marketing is important to generate revenue, we also understood that marketing is an ongoing process and if it can be used with CATT funnel properly it can generate sales very easily. how the brand is related to trust and why personal branding is required to gain trust. And how integrating all the digital marketing processes and utilizing them effectively generate leads and sales.