After reading the heading of this blog post you might be thinking what is Modern Marketing?
As most of us only know about basic marketing fundamentals but I will be aligning the core principles of marketing with modern marketing for this new era. So, let’s get started for more details.
FUNDAMENTALS OF MARKETING
In simple terms Marketing is a social process by which an individual or a group obtain what they need and want through creating, offering, and freely exchanging products and services of value with others. For every business customer satisfaction is the primary objective, as a customer is a kingpin of a market.
“Marketing is that phase of business activity through which the human wants are satisfied by the exchange of goods and services”
Features of Marketing:
• Need Generation – The main focus of marketing is to satisfy the need and want of customers and all the activities in the market are carried out to accomplish that motive.
• Creation of Market Offering – It means offering a product or service by specifying its shape, size, features, etc.
• Customer Value – Customer is only ready to pay price for the product when he/she will get maximum satisfaction so value addition to the product is a must.
• Exchange Mechanism – Exchange is the essence of marketing. The process of marketing involves the exchange of products and services for money’s worth.
Now you know what Marketing and its features look like let get into another segment. Marketing or Selling is the same or different?
MARKETING AND SELLING
Generally, people consider marketing and selling synonymous with each other but actually, these two are different concepts. Selling is just a part of marketing activities.
Marketing is a wide term, it includes the designing of a product, pricing the product, selling it, doing after-sales service for the satisfaction of customers. Whereas selling refers to the sale of goods and services through publicity, promotion, etc. Selling involves a fragmented approach to sell all that is produced by all means but Marketing involves an integrated approach to identify the target customers and satisfy their needs.
Scope of selling is limited to the exchange of goods and services for a mere amount of money whereas the scope of marketing is vast which starts with the creation of demand and doesn’t end till the satisfaction of the customer.
Hoping this clears the actual difference between Marketing and Selling. Now let’s see what is Modern Marketing (Digital Marketing) and How it is different from Traditional Marketing?
DIGITAL MARKETING VS TRADITIONAL MARKETING
Digital marketing is a new form of marketing which can be done by using a digital medium such as internet, mobile devices, search engines, etc to connect with a large amount of customer and satisfy their requirement by generating a product or service. It’s a newly discovered concept which is spreading very quickly and nowadays every marketer wants to have access to its customers digitally to know more about their needs and wants.
Internet helps marketers and customers to meet at a digital marketplace and have transactions. There are various mediums to create an online presence such as Social Media, Content Marketing, Affiliate Marketing, Blogging, etc. On the other hand, Traditional Marketing is kind of an old concept that doesn’t include any type of online presence. For example, Television, Pamphlets, Newspapers, Radio, Billboards, etc were used earlier as a medium of marketing.
INTEGRATED DIGITAL MARKETING
It is a very unique concept which I learned from my mentor Digital Deepak. It means that to run a successful digital marketing campaign one should use all tools together as they will help in creating an integrated system in meeting your marketing target.
For instance, by only doing online paid ads for your business or for your client cannot attract that much traffic whereas if you do it in a collaborative way by using Email Marketing, Content Marketing, Social Media Marketing, etc together it will be able to cater audience in a more personal way which will also help you to create your own personal brand.
You might be thinking about how a marketer can create their own personal brand? For this have look at the below picture which is a Mass Trust Blueprint for the creation of the personal brand.
For the evolution of a personal brand, you have to learn a new skill through various, concepts, courses, facts, and procedures.
After learning the skill you need to work on its practical implementation and writing about your newfound skill and its experiences in a form of a blog gives an insight to others that how things work in the particular area.
Blogging helps you to create a personal brand to which others can resonate and seek consultation for the problem areas or you can be a mentor to those who want to become like you.
After a strong presence of your personal brand, you can take a leap towards the development of your own products and services to serve others.
Let’s see another concept CATT Funnel which starts with finding a new skill or your niche and developing it into your own personal brand.
Wealth = n^CATT
In the above equation, (n) stands for Niche it is an area of specialization which is selected by combining 3 components together i.e Talent, Passion, and Market. Niche selection is a very integral part of personal branding.
• (C)ontent – Creating useful and problem-solving content for your target audience by using simple techniques like Videos, Pictures, Blogs, etc.
• (A)ttention – To attract more audience towards your content you need to have their attention by using SEO, Social Media, Paid Ads, etc.
• (T)rust – To build trust with your audience you need to do direct response marketing or also by doing webinars, live sessions to connect with them through YouTube, Facebook, or Instagram, etc.
• (T)ransaction – It is the last stage of the funnel where you need to complete all the steps mentioned above to convert your leads into natural sales.
In the end, this framework will make you achieve your financial goals.
Communication is a process of the exchange of views, ideas, messages, instructions, etc between two or more people. It is a two-way process that needs a clear exchange of ideas and responses in return to make the right decisions.
Good communication skills play an important role in creating the right marketing strategy. It also helps a marketer to put themselves out in the best way possible in front of your audience.
“The better you communicate your ideas more are the chances of your products getting sold and generating a good amount of revenue and impact on your customers’ consumption habits”
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