Introduction to Digital Marketing
INTRODUCTION TO DIGITAL MARKETING
Today I will be talking about the law of marketing. We need to understand the basics and fundamentals of marketing before we jump into digital marketing. Digital marketing is more about marketing than digital. Digital is a medium through which marketing is done. Hand a few people who are learning digital marketing, focus more on the digital part the techniques and strategies of how you go ahead and do Facebook ads, google ads, SEO, and other social media ads but at the end of the day they have not picked up the marketing skills. When you understand marketing, digital marketing becomes easy. Digital marketing is a dynamic field. The techniques and the ways to reach the customers keep changing Marketing is not going to change as the fundamentals of human psychology. They remain constant. Steps to be followed by a successful aspirant to learn the fundamentals of marketing and to excel in Digital Marketing:
- Ground rules and mindset
- What is the law of Marketing
- Why learn and Master Marketing
- Communication skills
- Global Economics and Marketing
- Digital Vs. Traditional Marketing
- Direct Response Marketing.
- The CATT Marketing Funnel
- How to choose your right NICHE
- Integrated Digital Marketing
- Personal Branding
This article will be useful for bloggers, professionals, freelancers, mentors, and entrepreneurs. Writing what your audience wants and publishing good content is just one step of the content marketing game plan.
Ground rules and mindset:
People generally hate reading instruction manuals. But we have to adhere to the rules so that we optimize our physical and mental resources. Words are weapons and are powerful. No one is a born writer. We have to develop it. The skill can be learned. It should be in simple language and straight to the point.
When we are in learning digital marketing it is advised that we learn it properly with 100 % focus and with a relaxed mind. Take notes in the class with an ink pen preferable, as when we write, we get to absorb the content properly. Put your mobile in-flight mode or switch it off. The mind should be free and relaxed.
Learn, Do & Teach:
If you want to remember something which you learned –Do and teach. It forces you to organize the concepts in your head better. Take a printout of your Financial Goals and dreams and pin it up on the wall. Keep yourself motivated. Create a plan to achieve it.
What is the law of Marketing:
Marketing is based on science, not on creativity. Marketing starts before creating the product. Marketing is about sending the right message to the right person at the right time. Marketing is not about selling. It is also about keeping an existing customer happy by communicating with them so that they can remain a customer for life.
In the words of Peter F. Drucker Marketing is defined as – “The aim of marketing is to know and understand the customer so well the product or service fits him and sell itself. The aim of Marketing is to make selling superfluous”. Marketing makes selling easy.
Why learn and Master Marketing:
Marketing is a game of perceptions. Product is rooted in reality. Nevertheless, Marketing Strategy becomes more important than the product. A great product sells itself. A great product converts your customers into brand ambassadors. Spreading about the product by word of mouth is the best channel of marketing. Advertising, Copywriting, Sales are all components of marketing. The world’s biggest shoemaker Nike is a marketing company. You need a good product, but SOCIAL MEDIA MARKETING and INTERNET MARKETING just not helps people discover the product but also have a good perception about the product. Apple Mobile is a fine example. Building a strong brand like BMW/ Volvo/ Mercedes Benz. These cars are the best in their segments. As far as BMW is concerned it is a driver’s car. It is expected the driver is the owner of the car. Maximum comfort is given in the car for the owner/driver. Volvo is being marketed as a safe car. The safety of the people who are in the car is given preference. Mercedes Benz is an executive car. More comfort is given to the owner of the car who is not the driver.
Good marketing is all about good communication. Am I able to transfer my thoughts to you effectively is the only question to ask? Write as you talk. Join your conversation in the people’s minds. Understand your target audience very well. Write a lot. The more you write, the better you can write (and also speak). Writing slows down your thought process and gives you clarity. Think in English. You can watch stand-up comedy shows and sitcoms.
Global Economics and Marketing:
Every entrepreneur should learn about global economics. Make a decision in your business based on economics. The country’s economy grows up as the average age of the country goes up. The average age of our Country India is 27 years. Therefore, the chances for our country to grow are positive and promising. Debt creates money. If you take a loan from a bank ‘A’ for Rs.10 lakhs and deposit the money in Bank ‘B’ then money in circulation is increased. The bank ‘B’ gives a loan to another customer. The money in circulation increases and this triggers inflation. When customers of the Bank repay their loans the money in circulation lessens say shrinks this triggers deflation. This could be a root cause for the prices of commodities to fall. The Central Bank of our country which is RBI is known to stabilize the rates by decreasing the interest rate for loans and encourages/entice people to take loans at lesser interest.
Digital Vs. Traditional Marketing:
If a product is generic which requires wide targeting TV Ads can reach millions of people a low cost. (Ex: Apple- I phone)
India has TVs in 197 million homes out of 298 million homes. With an average of 4-5 members per household, TV has reached 800 million to 1 billion people. The reach of Digital Marketing is nowhere close to Tv based on numbers alone. (Source: Wikipedia). Digital Marketing is the best medium to reach the affluent English-speaking population in India with spending power. (100 Million Users). Radio has a reach of 65% of the Indian Population (Source: Financial Express). The newspaper has a reach of 465 Million People (Source: Business Standard).
Direct Response Marketing:
Most people who run ads do not know if the ad works or not. Marketing Executives in big companies (and in ad agencies) run branding campaigns that do not give specific and measurable results. An increase in “brand awareness” is not measurable. “Direct response is a type of marketing designed to elicit an instant response by encouraging prospects to take a specific action.” – Marketing Evolution.com. An ad in the newspaper with a phone number to call. A late-night infomercial with a phone number to call and order. An ad leading to a landing page with a lead form. A sales page with a product with a link to purchase the product.
The CATT Marketing Funnel:
Wealth= n ^ CATT
[n] Niche: Your success & wealth depends on the niche you choose
[C] Content: Create useful content that attracts people from your niche. Blog posts, videos, lead magnets, live webinars, etc.
[A] Attention: Drive Attention (traffic) to your content using SEO, Social Media, Paid Ads, and Referrals.
[T] Trust: Build trust with the audience with tripwires, marketing automation, and retargeting.
[T]Transaction: Convert your leads into customers with natural sales methods.
How to set a Financial Goal (Rs. 1 Crore):
You have to set a Financial Goal say Rs 1 Crore which gives us the comfort level that we are financially independent. We do content writing, blogging in social media say LinkedIn, Twitter, Facebook and webinars. If the Niche we have selected is a good one (what the market wants) and our content is good we will definitely have more readership. We will get good followers who will refer our blogs to their friends and there will increase in our followers. We use email marketing and convert our followers to our prospects by using landing pages and automation and SEO. The next step is to monetize the opportunity which is one of the reasons for the pains we have taken. The Dream Goal of earning of Rs.1Crore to be achieved is explained as follows:
- Product Price is Rs. 100 * 100,000 customers = Rs 1 Crore
- Product Price is Rs1,000 *10,000 customers = Rs 1 Crore
- Product Price is Rs 100,000 * 100 Customers = Rs 1 Crore
We sell a product/course for Rs.100 and if 100,000 customers buy the revenue would be Rs 1 Crore. Say we have 50 % profit then we have to make a second sale to lakh customers which would make you a crore pathy. Going forward we can sell a product to our customers where the product price is Rs1000 being sold to 10,000 customers which can create revenue of Rs. 1 Crore. If we have a high-end product which is priced 100,000 then we can get 100 customers who will be high net worth individuals who buy it, thereby creating revenue of Rs. 1 Crore.
How to choose your right NICHE:
Talent, Passion, and Market are the three things that are required to determine the Niche. This can be detailed by one example. Say for instance I am interested in manufacturing designer shoes. Meaning there exists passion and talent. If there is no market for designer shoes then I will not be able to sell my shoes in the market. One has to have a passion to do a product or service and there should be a market for the same. If I have the required talent then I have passion and market for the product/service I provide, then I get what I wanted wealth. This can be understood with the help of this diagram which is as follows. Once the outcome from the Niche is saturated, then we can choose other good Niches where there is a demand for the product combined with our talent and passion are in place.
Integrated Digital Marketing:
Integrated Digital Marketing does not mean using all the digital channels. It means that by using all the channels in a way that compliments each other. For example, you can use email marketing to boost your SEO. You can use social media to boost your subscriber base. How integrated Digital marketing works. This is a process flow as you can see that major parts of the different modules where they have been arranged in the following diagram as below where the Quality Content is the central foundation piece. Good content attracts attention. Without Attention, you cannot build trust or make a sale. So content is the central piece of an integrated digital marketing system. Every element is going to give a boost to content. The aim of Integrated Digital Marketing is a set process like an engine, where each module is complementary to the other. The optimal performance is making the content good with landing pages, which pave way for more traffic /people to become followers and then prospect, finally customers after a sale is done. It can a product or a course.
Personal Branding starts with life. You already have a personal brand (including your name) among your friends and relatives. But you do not have control over it. Personal branding is the process of building an EGO by design. You decide how people want to perceive you. If you are in Digital marketing first be your own customer. You have to give shape to you, how people want to perceive you as a Digital marketer, Lead generator, Free-lance marketer, Designer, Blogger, Content Writer, and so on and so forth.
Conclusion: First One has identified the Niche area he wants to specialize in. This should have good demand in the public. If the Niche chosen is X then the output will be 10 X. Then on he has written good content to attract more followers to his content. Through Content / Blog writing in Social media like Twitter, LinkedIn & Facebook we can attract more traffic and through automation – lead magnets, landing pages we can create more prospects. Using sales funnels, we can convert prospects to customers. Monetization is one of the prime motives for doing this exercise will give maximum profit. This is an ongoing process and one who has built the trust and good personal brand using the integrated digital marketing to the optimum levels can and will always reap the desired results.