Here I am going to share
the idea of Law of Marketing and in the end, you will get to know how it will
help you in your business or you can help any business by using this
technique.
The Law of marketing
works based on the below model.
1.) Leadership
2.) Category you
choose
3.) Mind
4.) Perception
5.) Focus
6.) Duality
7.) Perspective
8.) Predictability
9.) Failure
10.) Resources
So let's start now.
First of all, Let me talk about MassTrust.
You don't need to
have a product to start marketing. You can start doing marketing before
creating any product. You have to understand the customers and their
requirements and create a product that fits in customer requirements.
Let's take one
example, Everyone knows about Amul, right? Amul is an Indian dairy
cooperative society, based at Anand in the Indian state of Gujarat. Formed in
1946, it is a cooperative brand managed by a cooperative body, Gujarat
Co-operative Milk Marketing Federation Ltd., which today is jointly owned by 36
lakh milk producers in Gujarat.
Here is the Funnel they are using while launching a new product.
Right now the entire
world facing only one problem which is COVID19, right? Everyone looking for the
medicine or homemade tactics to increase the immunity power and Amul come up
with the idea of Amul Haldi Ice Cream and Haldi milk to boost up your immunity
system. And these products are the best selling products for Amul for the last
3 months because they know what customers are looking for nowadays? So in a Marketing term, we can say that Amul comes up with the right message with the right people and at the right time.
And Yes, It's Called MassTrust as well.
Now, Let's talk about Branding.
A brand identity is made up of what your brand says, what your values are, how you communicate your product, and what you want people to feel when they interact it. Essentially, your brand identity is the personality of your business and a promise to your customers.
As Jeff Bezos says, "Branding is what people say about you when you're not in the room."
There are several requirements that you’ll need to address as you develop your brand image:
- Identify Your Key Audiences
- Determine Critical Business Goals
- Define Your Brand Persona
- Develop Key Messaging
- Be the Only one instead of Do not be the No. 1 into your Niche
Next Steps to Solid your Brand Image:
- Public Relations
- Content
- Social
- Search
After the Branding, the next thing which comes in the Mind is Marketing. Why you should learn and invest your time in Marketing or Why should you become a Master in Marketing?
Let's take a few key reasons why marketing is so important for business?
1.) It informs: On a base level, marketing is useful for customer education. Sure, you know the ins-and-outs of your product but do your consumers? In order to buy into a product, your audience needs to have a solid understanding of what it does and how it works.
2.) It equalizes: Modern marketing is a less expensive game than ever before. Social media platforms and email campaigns have made reaching out to consumers a much more finances-friendly possibility. For SMBs, smart marketing can help even the playing field when it comes to competing against big-name competitors.
3.) It sustains: Marketing is more like food than it is medicine. Essentially, marketing is meant to sustain a company’s presence – not remedy a lack of engagement. In this sense, marketing is something that businesses need to create and manage every day to maintain a healthy relationship with their consumers. Marketing is important because it allows businesses to maintain long-lasting and ever-present relationships with their audience. It is not a one-time fix, it is an ongoing strategy that helps businesses flourish.
4.) It engages: Customer engagement is the heart of any successful business – this is especially true for SMBs. Marketing solves the question of how to keep a conversation going once your customer has walked out the door. In the past, face-to-face interactions made up much of B2C engagement. You walk in the pizza shop, talk to the hostess, laugh with the waiter, wave hello to the owner etc. While that in-person engagement is still alive and well, it’s no longer enough. Consumers want to be engaged outside the store. This is where marketing comes in, and whatever the medium, you can send your customers content to keep them engaged beyond store hours. Your audience wants to form a relationship with your brand, and marketing can be used to do just that.
5.) It sells: Marketing is important because it helps you sell your products or services. The bottom line of any business is to make money and marketing is an essential channel to reach that end goal.
6.) It grows: Marketing is an important strategy to ensure the growth of your business. While your current customers should always be your main priority, marketing efforts can help you expand this base.
Now, Let's talk about Communication Skills
"The Importance of Marketing Communication"
Those who practice advertising, branding, direct marketing, marketing, packaging, promotion, publicity, sponsorship, public relations, sales, sales promotion, and online marketing are termed, marketing communicators.
Marketing Communications are messages and related media used to communicate with a market. Marketing communications is the promotion part of the “Marketing Mix” or the four Ps: price, place, promotion, and product. The primary goal of marketing communication is to reach a defined audience to affect its behavior by informing, persuading, and reminding. Marketing communication acquires new customers for brands by building awareness and encouraging trial.
Successful marketing communication relies on a combination of options called the promotional mix. These options include advertising, sales promotion, public relations, direct marketing, and personal selling. The Internet has also become a powerful tool for reaching certain important audiences.
Now let us understand the difference between Traditional Marketing vs Digital Marketing.
Here is the Top difference between Traditional Marketing vs Digital Marketing:
1.) Target Audience
Traditional Marketing: It's easy to reach out to the local audience/consumers with traditional marketing methods.
Digital Marketing: Digital marketing lets you reach the targeted audience/consumers/customers globally from over the world.
2.) Marketing Approach
Traditional Marketing: Traditional marketing is more of a personal approach as it is very easy for marketers to have a person to person relationship in informing the public or promoting their brand's name.
Digital Marketing: The physical presence of the marketers is not at all required in digital marketing, yes physical presence will be a bonus but is not required and digital marketing allows the marketers to reach a finite number of consumers easily.
3.) Documentation:
Traditional Marketing: Traditional methods of marketing provide the hard copy of the product/service description which can be read again and again.
Digital Marketing: Digital Platforms provide the description in softcopy over the website, or through videos, youtube, etc. which can be accessed anytime anywhere as per the consumer's requirement and it provides paper-free documentation.
4.) Consumer Interaction
Traditional Marketing: Very less interaction is involved in traditional marketing as the promotion mediums are not flexible enough to incorporate the customer's interaction.
Digital Marketing: Digital marketing on the other hand often a number of digital platforms to the consumers/customers/buyers like social networking sites, e-commerce websites, different apps for collecting their feedbacks where they can put their views about the product/service.
5.) Marketing Cost
Traditional Marketing: Traditional marketing is expensive as it involving printing, radio/tv advertisements which cost more to the company.
Digital Marketing: Digital marketing is less costly than the traditional method of marketing as everything is online and the use of social websites does not cost even a penny. Based on the marketing requirement the business can opt for paid ads if they want to.
6.) Communication
Traditional Marketing: Traditional marketing involves one-way communication as marketing mediums are quite rigid.
Digital Marketing: Online marketing on the other hand promotes two-way communication and thus helps to satisfy the customer and make the customer feel that they are being listened to and served.
Now Let's talk about Integrated Marketing.
Integrated Marketing is an approach to creating a unified and seamless experience for consumers to interact with the brand/enterprise; it attempts to meld all aspects of marketing communication such as advertising, sales promotion, public relations, direct marketing, and social media, through their respective mix of tactics, methods, channels, media, and activities, so that all work together as a unified force. It is a process designed to ensure that all messaging and communications strategies are consistent across all channels and are centered on the customer. It works with the below model.
Now, at the last, let's discuss about Personal Branding.
"Why Personal Branding is so important than ever?"
A personal brand is a unique combination of skills and experiences that make you who you are. It is how you present yourself to the world. Effective personal branding will differentiate you from the competition and allow you to build trust with prospective clients and employers.
Reasons to Create Your Personal Brand:
1. It Helps You Stand out from the Crowd
2. It Leads to Opportunities
3. It Inspires Trust in Your Audience
4. Someone Is Always Going to Be Screening You Online
Hope you enjoyed reading this article. Do you have any questions? If yes, comment now and I will be in touch shortly.
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