MARKETING AND BRANDING — AN OVERVIEW

(This article is useful for Entrepreneurs, SME’s, Freelancers and Individuals who are new to Marketing.)

“The best marketing doesn’t feel like marketing.” - Tom Fishburne

Last week I have been on a learning journey about a subject which always confused and baffled me. “Marketing” has always been a subject I chose to ignore not knowing that every single day I have been doing it for my friends or acquaintances. At times by referring someone for a service. Sometimes by giving example of the product benefits. I have been Marketing without knowing about it. There is nothing digital about it. Everything has to do with just Marketing.

In this article I will cover the below topics:

1. FUNDAMENTALS OF MARKETING

2. IMPORTANCE OF COMMUNICATION

3. ECONOMICS IN MARKETING

4. TRADITIONAL VS DIGITAL MARKETING

5. THE CATT MARKETING FUNNEL

6. INTEGRATED DIGITAL MARKETING

7. POWER OF BRANDING

FUNDAMENTALS OF MARKETING

“Get the fundamentals down and the level of everything you do will raise” — Michael Jordan

For all its complexity, at its core, marketing revolves around four things: Product, Price, Promotion, and Place. Tactics and channels change, but these are the concepts everything else revolves around, and they’re principles that never change.

The Four Ps Model

• Product — The first of the Four Ps of marketing is product. A product can be either a tangible good or an intangible service that fulfills a need or want of consumers. Whether you sell custom pallets and wood products or provide luxury accommodations, it’s imperative that you have a clear grasp of exactly what your product is and what makes it unique before you can successfully market it.
• Price — Once a concrete understanding of the product offering is established we can start making some pricing decisions. Price determinations will impact profit margins, supply, demand and marketing strategy. Similar (in concept) products and brands may need to be positioned differently based on varying price points, while price elasticity considerations may influence our next two Ps.
• Promotion — We’ve got a product and a price now it’s time to promote it. Promotion looks at the many ways marketing agencies disseminate relevant product information to consumers and differentiate a particular product or service. Promotion includes elements like: advertising, public relations, social media marketing, email marketing, search engine marketing, video marketing and more. Each touch point must be supported by a well positioned brand to truly maximize return on investment.
• Place — Often you will hear marketers saying that marketing is about putting the right product, at the right price, at the right place, at the right time. It’s critical then, to evaluate what the ideal locations are to convert potential clients into actual clients. Today, even in situations where the actual transaction doesn’t happen on the web, the initial place potential clients are engaged and converted is online.

Marketing starts way before a product is created. So keep in mind to create a Product that is in need. Price is equally important to fit the budget of the targeted audience. Promotion has to be done at the right time to the right people or else the whole purpose is lost. Communication is essential while developing marketing processes for creating design briefs, content strategies and marketing plans. Communication is also a vital skill when providing feedback on images, copy and campaigns. Having processes to manage all of the activities ensures that employees have the structure they need to stay on track. For example the LIC Jeevan Anand Policy Tagline “Zindagi ke saath bhi, Zindagi ke baad bhi” is enough to communicate the value, need and use of the policy.

ECONOMICS IN MARKETING

The economy has a direct impact on the way marketers push their products to consumers. Understanding the link between the economy and marketing can help business owners allocate their marketing resources and respond to changes in the economic climate.

In many ways, marketing can be thought of as a sub-discipline of economics. A market economy is a system where the laws of supply and those of demand direct the production of goods and services. Capitalism requires a market economy to set prices and distribute goods and services. Socialism and communism need a command economy to create a central plan that guides economic decisions.

Understanding the link between the economy and marketing can help business owners allocate their marketing resources and respond to changes in the economic climate. One should know well beforehand how much to invest in marketing. 7–15% in marketing spend is ideal (If you have incoming revenue). However, one of the difficulties in providing a general marketing budget recommendation is that not all companies are consistent with what they include in their advertising spends.

Marketing is the science of convincing customers, that “What You Get Is What You Want.” — John Carter

It is believed that marketing is based on science however convincing the customer to buy is an art. One has to be Innovative and unique in planning a marketing strategy that can lead the customer to your brand effortlessly. It is also important to keep the laws of marketing in mind in this competitive era so that you never violate them.

Similarly, your product should be unique or leader in the market because then you can set the rules. As everyone knows who is the first president, or who is the first man on the moon but nobody remembers the second in any area.

The product is more important than the marketing. The worth of the product is in its quality. The higher the quality of the product the lesser you spend on marketing. The product speaks for itself.

Once you know which marketing objectives you want to focus on, it’s time to drill down into the details of those goals. It’s not enough to just outline the marketing goals you want to accomplish. You also need to validate your plans and make sure they are practical, useful, and reasonable. You must check to see if your objectives are SMART.

Specific: The goals are clearly defined and outlined so the whole team understands the objective and why it’s important.

Measurable: The goals have key performance indicators (KPI) and benchmarks that allow you to measure your success.

Achievable: The goals are within the ability of your company and team. While you want to set a high bar, you also need to remember to set goals within your means, so you don’t set your team up for failure.

Relevant: The goals are relevant to your brand mission and direction of your business. You should have good reasons for each of your marketing objectives.

Time-Bound: The goals need to have a timeline that indicates when the objectives begin and end.

A satisfied customer is one of the most effective marketing and advertising tools any business can ever have. Make no mistake about it: a recognizable and loved brand is one of the most valuable assets a company owns.

TRADITIONAL VS DIGITAL MARKETING

Traditional marketing refers to any type of marketing that isn’t online. This means print, broadcast, direct mail, phone, and outdoor advertising like billboards. From newspapers to radio, this method of marketing helps reach targeted audiences.

Inversely, digital marketing is … well … digital. Digital marketing is any marketing a company conducts online, such as paid social media ads, email marketing, and PPC advertising. Digital marketing has become wildly popular due to the cultural, technological, and societal shifts around us. Promoted tweets, influencer trips, and tasty recipe videos are all examples of digital marketing and how expansive it’s become.

Can They Work Together? In short — yes. It’s a debate as old as time, and the subject will continue to be debated for many years to come. But there’s a time and a place for both marketing strategies.

The question shouldn’t be “To traditional marketing or to digital marketing?” Instead, try “How do we use both tactics to market effectively?” Of course, some businesses may benefit from going one way or the other, but on the whole, it is possible for both methods to thrive harmoniously.

THE CATT MARKETING FUNNEL

Wealth = n^CATT (Niche — Content — Attention — Trust — Transaction)

Choosing a Niche is the first thing. When choosing a niche keep in mind the three utmost important things (Talent + Passion + Market).Then you have to create valuable Content via blogs, vlogs, podcasts and posts and drive Attention to your content using Paid Ads + SEO + Referrals. Build a relationship of Trust by providing more value to customers. Send them offers with Tripwire + Automation + Retargeting + Deep Marketing. Once you gain their trust the Transaction will come naturally.

The marketing trend is evolving. As a result, traditional marketing just doesn’t have that much impact and effectiveness like it used to. The new normal demands a marketing strategy which is seamless and cost-effective like the one designed by Deepak Kanakaraju

INTEGRATED DIGITAL MARKETING

Integrated Digital Marketing drives the CATT funnel. An approach to create 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 communication strategies are consistent across all channels and are centered on the customer.

Building a brand is as important When you brand yourself and are easy to discover in your industry, there is a high chance that you will be able to bump into the right person who you think is worthy of being a partner.

YOUR BRAND IS YOUR REPUTATION!

“Your brand is what other people say about you when you’re not in the room.”­­ — Jeff Bezos (Founder of Amazon)

A brand isn’t just a recognizable name and logo that distinguishes you in a crowded market. Your brand is how people perceive you wherever they interact with your business — both the impressions you can control and the ones you can’t.

Simply put, your brand is defined by a customer’s overall perception of your business. You need a branding blueprint like the one mentioned below to build brand reputation.

BLUEPRINT — A brand is a master plan of your customer experience. It needs to be delivered consistently across all areas of your business to help build trust and loyalty in your brand.

RELATIONSHIP — A brand is the thoughts, feelings and psychological relationship between a business and a customer.

AGREEMENT — A brand is a promise of what the consumer will experience from your business.

NATURE — A brand is the inherent nature of your business — the personality, the character, the style. It is the emotional association to your brand.

DISTINCTIVE — Branding makes your business stand out from the crowd. It is the unique identity of your business.

CONCLUSION

Marketing and Branding go hand in hand. But Marketing starts before the brand is born. Marketing can be done traditionally or digitally based on the need of the customer and the product. Each customer has a unique brand and so the marketing strategy has to be unique. It can be a mixture of both Digital & Traditional marketing. Weather it is a company or a personal brand one has to have a Mass Trust BluePrint ready in hand. Equipped with this knowledge and strategy if you get in the market the end result is sure to be a rocking success.

This is my learning experience of week — 2 of the Internship under Mentor Digital Deepak. If you are passionate about Digital Marketing and you want to learn then you can join the Batch 5 of the Internship Programme

Do give your comments and feedback to improve my learning.