When I was the kid I was always seeing my uncle who always makes losses in every business. Whenever our family questions him he used to say it’s tough to get the customers, he needs more budgets to advertise, he does not understand where he is going wrong. In last 20 years he always keep changing the business whoever come and says they are making good profit in particular business, He wants to jump into that business. He started construction material supplying business, kept the grocery shop thrice, invested in the hotel business twice
I always felt deep inside making business and marketing products and services is very tough. I did my masters in business administration. To explore more and to understand how companies make business and how they market their products and services and how they advertise the products.
In my college what they all thought is me was sales is like running around customers for business and marketing is writing, catching headlines, coming up with nice advertisements and some FMCG case studies.
So, what is marketing, anyway?
Marketing refers to the activities of a business related to buying and selling a product or service. It involves finding out what consumers want and determining whether it is possible to produce it at the right price. The company then makes and sells it.
The 4 Ps of Marketing
The 4 Ps of marketing is a famous concept that summarizes the 4 basic pillars of any marketing strategy:
- Product
- Price
- Place and
- Promotion.
If you get right with the basics then it’s very easy for any marketer to market the product/ service.
There comes the marketing concepts, promotional mix, segmentations and strategy everything.
Traditional Marketing Vs Digital Marketing in Few words
The primary distinction between digital and traditional marketing is the medium through which an audience encounters a marketing message. While traditional marketing uses traditional media like magazines and newspapers, digital marketing uses digital media, such as social media or websites.
It’s all about wealth creation, the formula is here
Marketing campaign is success is judged based on the number we generate on spent on the campaign. It important ot follow the right marketing tactics to get the right results.
I am very much impressed with the CATT model which Digital Deepak has explained in the internship program which was not even thought in my masters. Whenever we market something as a marketers we should always understand the target audience. How good you understand the audience the more you will be successful with the campaign.
Once we select the niche, We should attract the audience with the content. Its nothing but getting his attention. This is where the trust is created. Once trust is created he will be ready to buy our products/ services.
Here is the Digital Deepak’s formula for creating wealth
Integrated Marketing is Important
Integrated Marketing Communications is a simple concept. It ensures that all forms of communications and messages are carefully linked together.
Promotion is one of the Ps in the marketing mix. Promotions has its own mix of communications tools.
All of these communications tools work better if they work together in harmony rather than in isolation. Their sum is greater than their parts — providing they speak consistently with one voice all the time, every time.
Here is one of the example of the good integrated marketing approach
Uber
What do they do?
Uber is a peer-to-peer ridesharing, taxi cab, food delivery, bicycle-sharing, and transportation network.
Referral program strategy
Uber had a huge challenge. They had to make sure they have enough demand and supply of both drivers and those wanting a ride. For those wanting a ride, they created a double-sided reward strategy where one can send a FREE ride to friends. I mean who will say no to a FREE ride?
This strategy is very clever because what Uber did was they actually solved one side of the problem. They were artificially creating demand for rides with the hope of getting repeat purchases from the referred customers. How? When you refer someone to Uber, both you and your friend will get free credit in the Uber world! This credit can be redeemed into free rides hence further fueling demand for rides.
At some point, Uber tried to implement a referral program for the other chain — the driver supply. They were enticing their existing user base to refer a Lyft driver (Lyft is a competitor of Uber) for a $250 credit + $500 reward for the driver who switches fro Lyft to Uber. This kind of referral campaign is very unusual from our experience but very interesting indeed. If Uber were doing it, most probably it was giving positive results.
Who you are makes the difference, So Personal Branding is must
Personal branding is who you are and how you represent yourself so that people know and remember you. This makes all the difference in any business. This make you earn lot of trust from your audience.
When you are ready to buy a newly launched product, Many people will research the product starting from its origin to service centres in his locality. So once he convinced with the social proof then get the trust and buys the product or service. It always required to build the personal brand to gain trust.
Here i will take my experience as a example, I was attending the Digital Deepak from last year, i was seeing his work i was attending all his webinars. But i was not ready to invest in his courses as i have bought many courses and i have never completed. It has been more than an year as i was constant seeing his works and improvements in the webinar. I bought the digital mastery bundle course. Here you can see me i took time to purchase. The only thing motivated me to buy his course is trust on Deepak. Inside my mind free webinars itself is very good why should i doubt on the paid course
Oh Oh! sorry it took long i guess let me conclude
Initially i was saying about my uncle, If he would have known all this he would been successful in all his business without loosing lot of money i guess, So Marketing isn’t as bad as you think. Right now he is happy running his financial business and small fancy store in the tire-2 city. May be his failure helped him be good businessman now.
I covered from basics of marketing to the execution plan for any person who is in search of information about marketing.
The credit goes to Digital Deepak and internet sources for this content. I published this as part of internship program If you want to apply for the next Batch of Digital Deepak Internship Program. You can apply here.
what to know about the Optimization of Website for better SEO read here: https://nthwork.com/blog/how-to-optimize-your-website-for-seo-and-conversions/
