The fundamentals of Marketing , Economics and Personal branding
Do you know what kinds of skills are relevant for a successful digital marketer ?
If you don’t know then keep reading this article. I am going to tell you about the fundamentals of Marketing , Economics and Personal branding through this article. In this article , I am gonna tell you about the following things.
- What is marketing and types of marketing?
- Law of marketing
- Why do we need to learn and master marketing?
- Digital vs traditional marketing
- What is direct response marketing?
- What is the CATT marketing funnel ?
- What is integrated digital marketing and how to use it?
- What is personal branding : Mass trust blueprint ?
- Plan to make 1 crore .
- How to improve your Communication skills ?
- Economics and Indian economy .
- My personal experience in sales and marketing.
- Problem statement
Generally these kinds of problems are occurring these days in marketing. I am going to tell you the solution of the below mentioned problems. An entrepreneur should keep these points in mind before starting a business.
- No clear strategy . 50% of companies who use digital marketing have no plans .
- No alignment with Buyer personas
- There is too much competition.
- You are not getting website traffic.
- In traditional marketing we do advertisements of the products but we are not sure if the ads will be beneficial or not.
- We are not able to track the customer activity in traditional marketing .
- Lots of marketer do a separate marketing eg. linkedIn marketing or Fb ads etc and they say there is no output.
- How to win customer’s trust for a long term.
Dear reader, this article is for those who want to learn digital marketing or want to become an entrepreneur. This article will be very helpful to those who want to make their career in digital marketing. You can apply these skills in your business to enhance. I hope this article is going to be very useful in learning digital marketing. Let’s go on a tour of digital marketing fundamentals.
Concepts and analysis
Definition : Marketing is about identifying and meeting human and social needs with some profit. It is an activity , a set of institutions and processes for creating ,Communicating delivering and exchanging offerings that have an importance to customers and needy people. Marketing starts before launching the new product and it still continues after sales of the product. Some people understand marketing is selling and advertising but it’s not correct. We can say selling and advertising are the components of marketing. Now I am going to tell you about all the components of marketing.
- Public relations
- Direct selling
- Personal selling
Benefits of marketing
- Marketing helps to generate revenue.
- Marketing helps to increase sales and brand awareness.
- Marketing creates job
Law of marketing
If you are going to make your career in digital marketing then you should understand the law of marketing . If you really understand the concept of the law of marketing then I am pretty sure you will enhance your business. Let’s understand the law of marketing.
- Marketing is based on science, Not on creativity
The Sentence above is written very thoughtful. Marketing is not just advertising and selling the products. You do too much advertising and sell your products. Here you can make profit once or two times but not for a long time and then you will ask a question to me why my Creativity based business will not run for a long time ?
Lets understand why a business based on creativity does not survive for a long time.
- Marketing starts before manufacturing of the product and the product we are going to manufacture should be according to the customer’s needs that leads to creating a product that is suitable for the customer.
- Marketing is about sending the right message to the right person at the right time. Yes if you don’t send the right message then might be they buy the product once but not the second time. If you are doing marketing then the right person should be chosen for the outcome then they will buy the products otherwise your effort is going to be wasted and it should be on the right time. Why on the right time? Suppose if you sell a packet of color on the occasion of Diwali instead of holi then no one will buy the product. Hence make sure 3 things in marketing , send the right message , choose the right people and at the right time.
- Marketing is not just about selling and making profit. You need to take care of the customer’s needs and their expectations. If you want them a customer for life then you need to keep them happy with your services.
- Marketing is about to build trust among your customers.
- Marketing helps to build a brand and make a position in the minds and hearts of the consumer.
- The aim of marketing is to know and understand the customer so well the product fits him and sells itself. The aim of marketing is to increase sales .
- Marketing is a game of perception . your marketing should not be more important than products. If you are investing huge in marketing and if your product is poor then you are not going to sell it. Your existing customer will get lost so make a great product and then there is no need to do a huge marketing . Your customer will do marketing for you. There will be one marketing that is known as word of mouth marketing.
- Marketing creates a good perception about the product and helps people to discover the product.
Why do we need to learn and master marketing ?
Before starting your career in marketing you should know and understand the future life of marketing. Will it be beneficial or not in the future? Does it have a long life ?
Will my career be safe ?
There are so many questions like this which makes you uncomfortable . Let’s start to know about the future of it.
- Marketing has a long shelf life and it started since the beginning of civilization.
- It is a most valuable instrument.
- It gives an immediate return on investment but if we talk about production,manufacturing, Human resourcing, Accounting , administration is an expense that doesn’t give Immediate ROI.
- Suppose that you have a business and you want to market your products then you will hire a marketing agency and hiring again and again is going to be very time and money consuming . To avoid this loss you need to learn and master marketing.
- If you know how to market and sell , you have a safe career.
As I have discussed why to invest time and energy in learning marketing . Now you can analyse you have a great future. It’s simple a civilization can not survive without marketing because people need money , jobs to survive and we know now marketing creates jobs and revenues.
Digital vs traditional marketing
To be a good Marketer you need to understand some basic and important concepts of marketing . i make a list of questions now if you know it from earlier then you can skip this section otherwise go through the paragraph. It is going to be very interesting and full of knowledge .
Digital marketing vs traditional marketing: what’s the difference between it and which one should we use? Every marketer has the same questions in their minds. Here is a list of questions you need to know.
- What is digital Marketing?
- What is traditional marketing
- What’s the difference between digital marketing and traditional marketing?
- Pros and cons of traditional marketing?
- Pros and cons of Digital Marketing?
What is digital Marketing?
Put simply , Digital marketing is a process of marketing which uses digital channels such as social media ,Content marketing, affiliate,Inbound marketing , Email marketing and websites to market or advertise about the product.
If you are using social media then you have seen so many advertisements of products appearing on your timeline and that’s digital marketing.
Social media marketing is a type of digital marketing.
What is traditional marketing?
Put simply , traditional marketing is a process of marketing which uses traditional channels such as printed media,Outdoor (Billboards, bus/taxi wraps, posters etc), Broadcasting (TV, Radio etc), Print (Magazines, newspapers etc), Direct Mail (catalogues etc), Telemarketing (Phone, text message), Window display and signs to market or advertise about the product. Before the Internet, it was the only type of marketing.You have seen so many advertisements in newspapers and on your TV and that’s the traditional marketing.
What’s the difference between digital marketing and traditional marketing?
- The primary distinction between digital and traditional marketing is the channel via which a marketing message is delivered to an audience. Traditional marketing relies on print media such as magazines and newspapers, whereas digital marketing relies on digital platforms such as social media and websites.
- Of course, just because something is traditional does not mean it is outdated. With the ever-increasing desire to leave the digital world, traditional marketing continues to play a vital role in people’s lives. If you need to target a generic product with a very wide targeting- Tv ads can reach millions of people at a low cost . Example: Apple Macbook)
- India has more users of Television v hence the reach of digital marketing is very very less to digital marketing.
- With respect to traditional marketing ,Digital marketing is the best medium to reach the affluent english speaking population in India with spending power – 100 Million users.
- Digital marketing, on the other hand, is equally as crucial as traditional marketing, if not more so. To contact you, digital marketing exploits every touch point of your regular internet usage.
Pros and cons of traditional marketing?
- Impactful and easy to understand
- Printed marketing materials are more important
- More memorable
- No direct communication with customer
- More difficult to measure the campaigns
- Often expensive
Pros and cons of Digital Marketing?
- More choices for engagement
- Direct interaction with customer
- Easy to measure your Campaigns
- Make clever targeting possible
- Digital ads can be annoying
- Constantly evolves
- Less permanent
The above i have described about the difference between Traditional and digital marketing. As we know now both types of marketing have their own benefits. Now you are able to conclude which one we should use. Finally I would like to suggest choosing the medium as per your budget and what your audience wants .
What is direct response marketing?
Direct response marketing is a type of marketing which is designed to get the direct response by encouraging customers to take a specific action.
Direct response shows ROI immediately.
Examples of Direct responses.
- Social media ads
- Google ads
- Text messages
- An ad in the newspaper with a phone number to call.
- A link to buy the product
What is the CATT marketing funnel ?
Marketing funnel is a path that your customers travel through.
A marketing funnel can tell you what your organisation has to do to influence customers at different stages after careful investigation. It begins when they become aware of your brand and continues until they purchase anything. The social media marketing funnel culminates in a client becoming a true brand champion.
Wealth = nCATT
[n] Niche: n shows the Niche means your specific business . Your success and wealth depends on the niche you select. So it’s very important to choose your Niche very carefully.
[C] Content: The content you are going to create that should attract your customer. Eg: Blog, Post,Videos,Lead magnets , live webinar e.t.c.
[A] Attention: Drive attention (Traffic) to your content using search engine optimisation , Social media , Paid ads and Referrals.
[T]Trust: Build trust among your audience with trip wires, marketing automation and retargeting.
[T] Transaction : Convert your leads into customers with natural sales methods.
The above terms are described for the marketing funnel. It’s very important to understand the business. First of all you need to select your Niche then create the content which attracts the customer. Drive attention through the content using SEO, social media etc.After creating the attention among your customers , you need to build trust among your audience. When trust builds then customers will be ready to buy the product.
How To Choose the Right Niche ?
To choose the right niche we need 3 things.
What is integrated digital marketing and how to use it?
Integrated digital marketing is a strategy of connecting consumers and prospects with your company or brand that integrates all aspects of marketing communications to help the customer progress from awareness to loyalty and advocacy.
Several people use digital marketing but not in an integrated way. This is not a successful strategy.
To get the best output a digital marketer should use all the marketing tools together and this is called Integrated digital marketing.
What is personal branding : Mass trust blueprint ?
A personal brand is the one-of-a-kind blend of skills and experiences that defines you as an individual. It is your public face to the world. Effective personal branding will help you stand out from the crowd and earn the trust of prospective clients and employers.
Let’s note down the facts of personal branding.
- The best known will always beat the best.
- People trust more when they hear about the products from another person, not the brand.
- Downside: A personal brand can not be invested in and sold.
- Upside: A personal brand can enhance many brands from his/her influence.
- A personal brand becomes an influencer and a brand ambassador for the companies that they run.
Some important steps to create a personal brand
Learn: If you really want to start a personal brand then you need to learn new skills through concepts and facts. You need to keep remembering the facts because it is going to be very useful in the business.
Work: you need to use your newly learned skills to work. Go from practice to implement it. You need to implement it in the real world to give you a better understanding of the business ,jobs etc.
Blog: Write a blog in which you mention your newly learned skills and how you implemented it. When you write it then you will have a better understanding. You can also start blogging for your personal brand.
Consult : Now that you have a personal brand through your blog / have work experience and have learned the fundamentals , start consulting other businesses instead of working for them.
Mentor: Start to teach others and mentoring will help you scale your learnings to a whole new level.
Startup: Start your own company or product or services that you have developed about marketing the problem and your own skills.
The evolution of a personal Brand
Plan to make 1 crore
You must be waiting to read this section in which I am going to reveal my strategy to make 1 crore. I am gonna tell you several things in which you can easily make a plan of making 1 crore. This is my own personal strategy so I will not force you to apply yourself to make 1 crore .
Usually I make a project report for MBA students . you can kindly contact me at https://nmimsassignmentguru.com.
The Cost of one project is 6k.
In 1 year 60 project at least.
1 year income is 60* 6k equal to 3.6 lakhs
So it will take 25 to 30 years to make 1 crore.
The Easiest Way to Accumulate Rs 1 Crore Through Mutual Funds
It states that if an investor invests Rs 15,000 per month for 15 years in a fund that pays a 15% return, they will accumulate Rs 1 crore. According to this, you would invest Rs 27 lakh while earning Rs 74.53 lakh.
What are communication skills and How to improve your Communication skills ?
Initially I was afraid of speaking and writing english. I used to think that for better communication we need to learn complete grammar . When I joined the digital deepak internship, all the misconceptions I had are clear now. I learned that good communication is that in which you understand and tell your message to the listener. Lets learn what is good communication?
- If a listener understands what you are saying then it is good communication. If you are able to transfer your thoughts to your listener effectively then it’s a sign of good communication.
- There is no need to be perfect in English grammar or vocabulary.
- If you are good at communication then you can do good marketing.
- Good communication doesn’t mean sophisticated english.
How to improve your Communication skills
- Write like you talk, join conversation in people’s minds.
- Understand your target audience well.
- Write a lot the more you write the better you can write and also speak. Writing will clear your thoughts.
- To improve your communication skills, watch English series with subtitles.
- Think in english.
- Talk to yourself in front of the mirror.
Global Economics and marketing
Every Digital marketer should have a better understanding of global economics so you can make better financial decisions in your business.
Country’s economics are directly proportional to the average age of a country.
Debt creates money. That’s why banks give loans to people. And when Inflation comes then people start giving money to the bank on a shrinked interest and this is how the bank keeps the flow of money in the market.
The Reserve Bank of India
The RBI is India’s central bank. It was established by a special act of parliament in 1935. The RBI is the primary regulator of the country’s monetary policy. The RBI’s primary responsibilities are to preserve financial stability and the necessary level of liquidity in the economy.
Additionally, the RBI controls and regulates our economy’s currency system. It is India’s sole issuer of currency notes. The Reserve Bank of India is the central bank that regulates all other commercial banks, financial institutions, and finance firms. It is responsible for the country’s entire financial sector.
Instruments of Monetary Policy and the Reserve Bank of India
Instruments of Monetary Policy
The RBI uses monetary policy to exert control over the money supply in the economy. Thus, these credit policies contribute to the control of inflation, which in turn contributes to the country’s economic growth and development. Now, let us examine the various monetary policy instruments available to the RBI.
1] Open Market Operations
Open Market Operations are instances in which the RBI participates directly in the open market by purchasing or selling short-term securities. This is a straightforward and effective method of increasing or decreasing the money supply in the market. Additionally, it has a direct effect on the market’s current interest rate.
Assume the market is in balance. The RBI then decides to enter the market and sell short-term securities. Money supply in the market will decrease. As a result, demand for credit facilities would increase. As a result, the rate of interest would rise in lockstep.
On the other hand, if the RBI purchased securities in the open market, the effect would be the opposite. The market’s money supply would increase. As a result of the decreased demand for credit, interest rates would fall.
2] Bank Rate
The bank rate is one of the most effective monetary policy instruments. A bank rate is essentially the interest rate at which the Reserve Bank of India lends money to commercial banks without requiring any security or collateral. Additionally, it is the benchmark rate at which the RBI purchases and discounts bills of exchange and other commercial instruments.
Thus, if the RBI increases the bank rate, commercial banks will be forced to increase their lending rates as well. And this will control the money supply in the market. And, of course, the converse will increase the market’s money supply.
3] Variable Reserve Requirement
This monetary policy tool is composed of two components: the Cash Reserve Ratio (CLR) and the Statutory Liquidity Ratio (SLR). Let us attempt to comprehend them both.
The Cash Reserve Ratio (CRR) is the percentage of commercial banks’ deposits that must be deposited with the RBI. Thus, CRR denotes the percent of deposits that commercial banks are required to maintain with the RBI. The RBI will adjust the percentage in order to maintain control over the supply of money available at the bank. As a result, the bank’s loans will either become cheaper or more expensive. CRRs are an excellent tool for inflation control.
The Statutory Liquidity Ratio (SLR) is the percent of total deposits that commercial banks must hold in cash or gold reserves. Thus, increasing the SLR means that banks will have fewer funds available to lend, thereby exerting control over the money supply in the economy. Additionally, the converse is true.
4] Liquidity Adjustment Facility
The Liquidity Adjustment Facility (LAF) is a monetary policy control that is used in an indirect manner. It controls the money flow through repo and reverse repo rates. The repo rate is the interest rate at which commercial banks and other loans borrow money from the Central Bank on a short-term basis.
And the reverse repo rate is the rate at which the Reserve Bank of India parks its funds with commercial banks for short periods of time. As a result, the RBI adjusts these rates on a regular basis to maintain control over the market’s money flow in response to economic conditions.
5] Persuasion Moral
This is an informal method of monetary control. The RBI serves as the country’s central bank, and as such has supervisory authority over the banking system. When necessary, it can compel banks to exercise credit control in order to preserve the market’s balance of funds. This is an extremely effective method, as banks generally adhere to the RBI’s policies.
My personal experience in sales and marketing
Here I am going to share my personal experience which I learned during sales and marketing.
- People are afraid to invest money or buy the products until they trust in you. You need to assure them the product you are offering to them is price worthy and reliable.
- Never earn in a shortcut way.
- If your product performance is poor then you need to replace them.
- If a person is unknown of price then take a fair price.
- Never cheat your customers and if you cheat your customer for a small profit then it is going to be harmful for your business. If they know later that you have cheated him /her then they are not going to buy your products again or refer to someone.
- Use marketing channels to advertise your product.
- Keep checking the feedback of your customer.
- Never talk in a rude way.
If you apply the above strategies then you are going to be a successful Marketer.
As i have mentioned all the fundamentals of marketing. You need to apply the above strategies to become a successful marketer. Now we understand very well about the definition of marketing and its laws. You should apply the law of marketing in business to get a better outcome. Now you understand marketing is a science not a creativity. As we know we have a bright future in marketing so we need to learn and practice.
Now you understand the basic difference between digital marketing and traditional marketing. You can analyse which marketing methods to use and when.
You should apply direct response marketing to get an immediate roi.
The thing i wrote about Marketing funnel ( Niche selection , content creation, attract audience , building trust , transacting your product into purchase. ) you should apply it in your business to grow your profits.
Now you understand what personal branding is and what is the power of it. You should be very careful to start a personal branding , I have shared the ideas behind creating a successful personal brand. Apply a mass trust blueprint in your personal branding.
Plan to make 1 crore is my own strategy . You can also make a new strategy to accumulate 1 crore.
To improve your communication skills watch English series with subtitles and there is no need to be sophisticated english. Write as much as you can. Be a good listener.
Learn global economics and how Indian banks control money supply. Understand repo rate , bank rate , reverse repo rate , crr and slr . Because economics knowledge will make you a better decision maker in financial based business. Read any books related to economics.
Learn from your experience . give 100 percent money back guarantee to your customer if your products perform poor.
By the above tools and tactics you can become a good digital marketer .
“ Week 2 learnig : This is my first article covering the fundamentals of marketing , Economics and personal branding and I would love to give credit for it to my mentor Digital Deepak. The article I have written is a part of my internship program (DDIP).”
Thanks and regards