What is Digital Marketing?
We all know that market is a place where selling and buying takes place. Then what is marketing? Is marketing a business jargon? Who needs marketing? Is marketing different from digital marketing?
To answers all these questions I am going to take you step by step through a process of understanding things in layman’s language. Read this article till the end to get complete answers to all the above questions.
A market is a place that exists in our society. There are three major components in this market and they are a seller, a buyer and a competitor. The seller has a product or service or idea to sell at a price that is comfortable for the customer to buy. The buyer wants to buy the same product at a price that is reasonable for him. The competitor is the one who has a similar product or service and he is trying to attract the buyer to buy from him. In this scenario, sellers and competitors are trying to pull the buyer by highlighting the qualities and features of their product service and idea. The buyer will buy from the seller who satisfies his requirement in terms of product, service, and idea and also the price. The process that the seller sets for himself till the time the customer buys and feels satisfied is called marketing.
If that be the case, then who all need marketing? In simple words wherever there is a competition and a transaction takes place, that is where marketing is required.
Let us take a simple example, A young person wants to join a multinational software company as a software engineer. Could any person join this multinational company with any qualifications for this job? No. One has to prepare himself or herself to become eligible for this post.
This preparation starts from the tenth grade of that person’s schooling. That person has to take the science stream. Later, has to score very good marks in 12th grade. Appear for the CET exams. Clear it with good marks. Join a premier Institute to do software engineering. Then that person can expect to be interviewed on the campus by multinational software companies. Here that person will face competition from the peer group. Only on passing the interview, a person can get a job in that multinational company. This entire process is nothing but marketing. This is the marketing of that student by the person himself and his family. To achieve this goal one had to have many talents and all talents put together are able to achieve the end goal.
Whether for business situations or for the life situation the fundamentals of marketing remain the same. Broadly, the following are the qualities that are required for doing good marketing.
- Develop quality product. – This will provide customer satisfaction
- Good pricing – This will be the cost to the customer.
- To be in the right place – This is about creating convenience for the customer.
- Proper promotion – This will help proper communication with the customer.
Marketing initially evolved as a support to the sales function. The role of Marketing has grown so much that sales have become one part of marketing. Evolution in marketing has been evolving continuously for over a hundred years. The use of computers, laptops, and mobile phones has opened a new medium and that is digital media. Marketing in this media is known as digital marketing. This media has made sellers directly promote their products and services to their target buyers. This media is also cost-effective and that is the reason it is growing very fast. There is a shortage of trained professionals to handle jobs in digital marketing.
Based on the example given above of the person who wanted a job in the multinational software company as a software engineer, let us take an example of us as students of digital marketing wanting to earn decent money say Rupees one crore of profit in two years. This is the target. To achieve this let us see how we can plan our marketing strategy.
We have learned in our training the CATT marketing funnel and framework.
- Wealth = n^CATT
- [n] Niche: The success and wealth depend on the niche that we chose.
- [C] Content: Create useful content that attracts people from the niche selected. It could be blog posts, videos, lead magnets, live webinars, etc.
- [A] Attention: Drive attention (traffic) to our content using SEO, Social media, paid ads, and Referrals.
- [T] Trust: Build trust with our audience with tripwires, marketing automation, and retargeting.
- [T] Transaction: Convert your leads into customers with natural sales methods.
Let us understand now about the niche.
How do we reach our niche?
To create a product, we need to pick the right niche. The niche can be carved out of our talent our expertise, our passion and access the demand in the market for that product. Along with the niche do a self-assessment, develop communication skills, improve writing skills, study the market, understand Indian and Global economics, use all tools and techniques taught and trained in the internship program. Take the help of mentors and all support provided by Digital Deepak and work hard. This is how we can reach our target of making the right product and selling it to the required number of customers. Follow the CATT funnel marketing framework. This will help us retain these customers for a long.
Once the CATT funnel marketing framework is set then the implementation of the same is done through the Integrated Digital Marketing framework.
People create content and promote through social media and SEO promotions. Some time independently through email marketing but do not get the required results. The whole mechanism is to set a system by which content is promoted and required attention it gets. Then the trust is built with the customers through direct interaction through email and this should ultimately lead to the transaction.
Now the marketing plan has been set. Let us breakdown our target into an achievable business model.
Achievable Business Model
Let us assume we are capable of producing four products Rs 1,00,000/-, Rs. 10,000/-, Rs. 1000/- and Rs.100/-. In that case, we need to do the following to achieve the target:
We can have a product of Rs 100/- and sell it to 1,00,000 customers or have a product of Rs.1000/- and sell it to 10000 customers or have a product of Rs. 10000/- and sell it to 1000 customers or have a product of Rs. 1,00,000/- and sell it to 100 customers.
Being new to the industry and lack of experience and goodwill it will be difficult to sell higher-priced products initially. Therefore, we should try and start with a product of lower value. Assuming we start with a product of Rs.100/- and promote this product to reach one lakh customers. No matter how good the product is, results will come only with proper marketing. The tool of integrated Digital Marketing Plan will have to be used effectively. Integrated Digital Marketing means using all social media platforms, email marketing, WhatsApp, telegram, paid media as well-oiled machinery. This will cost a good amount of money. Even, if it is Rs.100/- per customer acquisition cost, still we would have got one lakh satisfied customers.
With the Mass trust, our personal branding will be built. This is possible by our making continuous efforts not only to be the best in the niche but only one in the niche. On achieving one lakh customers, which can happen in a years time or slightly more than that. Now, along with the low-value product, introduce a high-value product of Rs. 1000/-. Work continuously building a strong brand. Since, we have a satisfied one lakh customers who have developed trust in us, at this point even ten percent of the present customers subscribe to new product then we will reach our target as cost of acquisition of customers is almost nil. Keep growing the brand. Alongside introduce high-value products in the business.
Have the Personal Branding Master Plan.
A systematic Brand Master Plan is one where different circles will be formed around our Brand. It is always better to build a personal brand. The size of the circle formed will always grow as the brand grows. The divide in each circle becomes evident with time. Initially, there will be few circles and the closest circle will be customers and that too will occupy small space. As we promote our products and customers start experiencing our products these circles will form proper mature circles. Turnover we can expect from Followers, Customers and Mastermind. Followers will be happy with the low-value products. From there filtered followers will become Customers and will buy higher-value products. Finally, Mastermind will be the core business men who will take consultancy for their businesses.
I have tried to give a basic idea about Marketing and Digital Marketing in a layman’s language. In Digital Marketing one can pick micro-niche areas too and specialize in that field and earn a good income. He or she can take up a job, do freelancing, consulting, or blogging. Business is growing exponentially. There is a huge demand for talented people. Putting efforts into learning Digital Marketing will definitely open great opportunities for young Indians.
- For more information on Organizational Politics and Employee visit this link
- If you want a website designed for you please visit this link
- For more information on Crypto please visit this link
- 10 tools for digital marketing in 2021 visit this link
- What you can learn from Digital Deepak visit this link
- Fundamentals of SEO visit this link