What is marketing? And why it is important?
After completing my first week, I was really motivated and energised regarding personal development and digital marketing. Session of second week was really fantastic and I’m going to write an article on things I have learned in the second week that helped me become productive. But first I’m going to start with the importance of learning because learning really helps a person to change him/her and really create the difference.
Why learning is important?
The essence of learning is that it encourages an individual to gain the required skills through learning. That knowledge helps a person to achieve his/her goals, build confidence, and become productive. Learning is an experience which compensates and puts an individual with an active state of mind. The active mind builds curiosity and keeps the individual involved and prevents boredom. This eventually leads to the personal development of that individual.
What is golden triangle of learning and how it works?
I would also like to focus on learning of Golden triangle made of Learn, Do and Teach. This principle of learning really amazed me and it is very true and I have applied this many times during my school time and college time but never thought in the depth.
First of all it started with learning new things then doing practically and then teaching to someone else.
When you go ahead and do what have you learnt, the information gets organized in a better way in your mind and that is how entire learning process works.
Further when you teach, you understand things in a better way. So that was the first thing to be noted.
Second thing comes as “Mistakes” which we do generally when completing any task and these should be there because mistakes are future benefits-the value of which is yet to be realised.
We improve overtime when we do mistakes and learn from them.
Next thing, what I learnt is about marketing.
What is marketing? And why it is important?
Marketing is activity of advertising a company’s product in best possible way so that it increases the sales.
It involves all the actions that bring buyers and sellers together. It involves the strategies and tactics which all the brands use to promote/advertise their products and services to consumers. It is all about driving profitable customer action. Starting by researching the target audience, and knowing how, when, where to position and place the product by crafting the marketing strategies. An individual will know to use these techniques he/she understands the marketing mix and 7 Ps of marketing.
Marketing spins majorly around four elements: Product, Price, Promotion, and Place. Strategies, tactics and channels may differ, but these are the concepts everything else revolves around, and these principles never change.
It is important because:
Marketing is subject which will remain in your memories forever. It is of long term usage.
1. Marketing is one such stream which gives in customers for a company when compared to other processes such as production, manufacturing, accounting etc.
2. Marketing gives us direct returns.
3. It is very important for a company to have knowledge about marketing because owners can be the best marketers, since they’ll know the know and how’s of the business and their product.
Marketing is successful only when an individual or a brand knows/understands the need of the consumers and by sending the right message to the right person at the right time.
So it will be advantageous for us if we invest more time and energy on learning marketing.
What are the types of marketing? How both differ from each other?
There are two types of marketing a) Traditional Marketing b) Digital marketing
Traditional marketing refers to any type of marketing that isn’t online. This means print, broadcast, direct mail, phone, and outdoor advertising like billboards. From newspapers to radio, this method of marketing helps reach targeted audiences
It includes Billboards, Pamphlets, telemarketing and broadcasting,, mail posts.
Digital marketing is the component of marketing that utilizes internet and online based digital technologies such as desktop computers, mobile phones and other digital media and platforms to promote products and services.
It includes e-mail, Facebook and Instagram ads.
Digital vs Traditional marketing
The difference between digital and traditional marketing is the way of communicating with the audience who encounters the marketing message. While Traditional marketing uses traditional media like magazines and newspapers, and Digital marketing promotes the products or services through multiple modes of electronic media.
Following two pictures are self-explanatory regarding the difference.
As we live in the digital age majority of the population across the world is digitally connected all the time. Digital Marketing uses digital media such as Social media, website, Content marketing, Affiliate marketing, Inbound Marketing, Email marketing, PPC (Pay per Click), and SEM (Search Engine Marketing). But there are some pros and cons of digital marketing as mentioned below:
Traditional Marketing is still in the game and plays a key role even in the age of the Internet. It gives an immersive and impactful experience to the audience; it has the power to subconsciously attach the audience to their brand emotionally. It uses marketing channels like Outdoor (Billboards, bus/taxi wraps, posters etc), Broadcasting (TV, Radio etc), Prints (Magazines, Newspapers etc), Direct Mails (Catalogues etc), Telemarketing (Phone, Text messages), Window display and Signs.
Source:https://adsharkmarketing.com/digital-marketing-vs-traditional-marketing-pros-and-cons/
And I think both are important and go hand on hand.
What is Personal Branding? Why it is important to make yourself a brand?
Personal Branding is intentional effort to create and influence public perception of an individual by positioning them as an authority in their industry, elevating their credibility, and differentiating themselves from the competition, to ultimately advance their career, increase their circle of influence, and have a larger impact.
Personal branding is very important to build the trust and reputation among your audience. People love individual to individual communication rather than business to individual communication. Branding should be your key strategy if you want your business to grow.
The ultimate goal of personal branding is to convey a message and monetize your service or product. One’s personal brand is the image what people see of one and that is what helps one person to standout in a group of thousands of people.
7 Steps to Great Personal Branding
1. Start Documenting your Learning, Thoughts and Ideas.
2. Create a Brand Identity and Position Yourself in the Market
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3. Establish your Digital Communication & Broadcasting Channels
4. Discover, Learn, Think & Share
5. Publish EPIC Articles on your Blog
6. Write, Speak, Train & Help
7. Market yourself to take it to the next Level!
The Mass Trust Blueprint captures the cycle of stages you can go through to do so.
1. Begin with learning a new skillset.
2. Put it to practice by working in the real world, as an employee or freelancer. Putting your learning to practice leads to a practical understanding.
3. Blog about your experiences. Writing solidifies your learning and will help you to build your personal brand.
4. Based on your experiences and knowledge, provide consultation in your field and be paid to advise.
5. Mentor others who are on a similar path as you. Teaching makes you delve deeper and scale your understanding.
6. Build your own start-up company.
Most important thing what I have learnt in second week was communication skills and its role to become good marketer.
How do we communicate Better?
Communication skill is one of the most important kinds of skill that one should have in any kind of profession.
In simpler words communication is basically to convey a message or information in a team or within a community of people.
Marketing is a process or an action of creating, communicating, addressing, products and services to the customers or clients. Communication is vital to marketing because it brings everyone on the same page. It includes several actions that are implemented by companies or brands to market their goods and services to the customers. Communication is defined as a means of transferring information from one person to the other through an effective medium of exchange.
Communication in marketing helps to build and maintain relationships, enhances transparency, establishing professionalism, and boosts the morale of the marketer. The major modes of communication in marketing are advertising, public relations, direct marketing, sales promotion, personal selling.
If the product or service is good then to sell that product and earn through it good communication is very important because if we don’t communicate through speaking or even e-mailing and replying to e-mail then we will not be able to sell our product. If customer is able to understand what we are trying to communicate we are good marketer and we should always use simpler easy to understand words.
Businesses, ranging from large scale to small scale, depends on marketing communication to sell their goods and services. Marketing communication helps move products, services, and ideas from manufacturers to end-users and builds and maintains relationships with customers, prospects, and other important stakeholders in the company.
The Role of IMC in the marketing process:
The role of integrated marketing communication is becoming important due to privatization, liberalization and globalization of emerging economics. The international environment is assuming greater importance than the domestic environment of most firms.
What is formula of CATT marketing funnel? What is importance of Niche?
C.A.T.T. — means Content, Attention, Trust & Transaction. When you have good quality contents which help in solving user’s problem, then you get more attention from users and they will give us opportunity to build trust. This trust will convince you to make a transaction with me. When I sell something, you will pay attention to me because you trust me.
CATT Marketing funnel is the technique/approach we can use to achieve our goals.
n(Niche): Our success and wealth depends on the niche you choose. The category/expertise/interest you are going to offer to your audiences. Your achievements and wealth depends on the niche you choose. We choose a niche to a hungry market. These people have some problems and you are going to solve their problems with your product and services.
C(Content): Create useful content that attracts people from your niche. ex, Blog posts, videos, live webinars etc.
A(Attention): drive traffic to your content using SEO, Social Media, Paid Ads and Referrals
T(Trust): Build trust with audience with trip wires, marketing automation and retargeting.
T(Transaction): Convert the ads into customers who buys our product through our link or marketing.
So choosing right niche is most important factor in building a brand and for marketing.
What is Integrated Digital Marketing?
Integrated digital marketing as the name suggest is the integration of various forms of digital marketing together. Integrated Digital Marketing encompasses the idea of creating a unique form of expression that’s easy to identify in all of the channels your customer uses.
It’s like using a single language to speak in different situations.
You have to focus on all 3 areas, and then only you will succeed in your niche. If you focus on only one area out of these then you are bound to fail. You have to use all the techniques together in an integrated way.
Integrated Digital Marketing encompasses the idea of creating a unique form of expression that’s easy to identify in all of the channels your customer uses.
It’s like using a single language to speak in different situations.
That means it’s a strategy that blends all your marketing tactics. Then, each campaign and approach complements the other, creating a consistent image on the mind of the users and tracing a journey for them to go on.
Conclusion:
Basics of the digital couumnuication skills, digital and traditional marketing, wealth creation formula and personal branding are the new things and very important things which I have learned during the week-2 of the Internship program and I have tried to recapitulate the things and summarized in my article for my better learning and for others. I will try to enrich my article and try to include my personal experience regarding the above mentioned things.
I hope this article will be helpful for you to understanding business and different types of marketing techniques and strategy and would have helped you in understand Marketing strategies and importance. I am now looking forward to the more exciting part of implementing Integrated Digital Marketing in future projects.
As a part of my internship with my mentor Digital Deepak, there are a lot more interesting things will be covered like building a personal brand, the role of global economics in business, the importance of niche selection, discovering of profitable niche etc. in coming week and will try to write my next article on the topics which will be covered in coming weeks. So, please give your valuable feedback so that I could enrich my article further.
