THE LAW OF MARKETING

 

THE LAW OF MARKETING

 

In this article, I am going to talk about marketing and few related concepts. We will get to know some models and examples. If you love bonuses, then stay till the end. This article will be helpful for those who can’t resist to keep learning new..

 

WHAT IS MARKETING?

 

MARKETING IS ABOUT  ‘IDENTIFYING’, ANTICIPATING AND ‘SATISFYING’ CUSTOMER NEEDS PROFITABLY.

 

Each of the four words used here has a deep meaning

o   Notice how important it is to do marketing ‘profitably’. Sure, you could sell a lot more of whatever you are selling but what if you are burning a hole in your pocket while doing that?

o   ‘Satisfying’ the customer needs encompasses everything from creating, communicating and delivering offerings that have some value for the customer.

o   ‘Identifying’ is definitely the bread and butter of a marketer. YOU as a marketer have to identify what your customers are asking for.

o   The most charismatic part of this definition is the word ‘anticipating’. Are you ahead of the curve and can you understand what the customer wants before she knows she wants it?

 

In brief, marketing consists of following activities :

Segmentation – Segment your market

Wants – Identify the wants of each segment

Customer Profile – What is the story of your customer

Targetting – Choose your target segment

Decide the Positioning

What is your Product?

Decide the Place

What will be the Price?

How would you Promote your Brand?

Customer Feedback and After-Sale Support

 

 

PRICING STRATEGIES

 

o   Premium – It is all about quoting a price higher than your competitors.

o   Penetration – The company quotes a comparatively cheaper price for its products to attract the masses.

o   Price Skimming – It is when the seller quotes a very high price for the product than its competitors in the initial stage and then lowers the price for the same product gradually.

o   Psychological Pricing – A tricky pricing where the seller does not allow the buyer to perceive the actual price he is paying at the time of purchase.

o   Geographical Pricing – It involves variation in its MRP of the same product and at the same time but at different geographical locations. This is mostly influenced with currency changes as well as inflation rates.

 

DISTRIBUTION CHANNELS

 

 

 

 

 

ATL, BTL, TTL

THESE ARE NOTHING BUT INTEGRATED APPROACHES WHERE THE COMPANY PROMOTES ITS PRODUCT TO THE MASSES AND TARGET AUDIENCE SIMULTANEOUSLY.

 

 

 

4C’s of MARKETING

·        Consumer – Company has to make sure that their product and service is customer centric to survive in the market. Customizing as per your customer is the key to his loyalty.

·        Cost – The company should be focused at reducing the costs. If the company plans to cater to the masses then the costing/price of the product has to be low.

·        Convenience – Consumers are on a constant hunt for convenience.

·        Communication – Reach the masses and convey them their product in the way that the consumers would like to hear about it.

 

 

B2B, B2C, C2C MARKETING

o   Business to Business (B2B) – The business sells something to another business on beneficial terms.

o   Business to Consumers (B2C) – Businesses sell products or services to consumers.

o   Customers to Customers (C2C) – All participants are equal.

 

PRODUCT LIFE CYCLE

 

 

 

MARKETING FUNNEL

 

 

 

TRADITIONAL MARKETING

 

It still very much has a place in consumer’s day to day life. If you have the budget to share your campaigns in magazines and TV, your money could be well spent.

 

Traditional marketing channels include:

·  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

 

 

 

DIGITAL MARKETING

 

However impactful traditional marketing is, we can’t forget that we are well and truly living in the internet age.

 

According to ClickZ, “Internet users now make up 57% of the global population. On average, people spend 6 hours and 42 minutes online each day. By 2021, a projected 73% of all ecommerce sales will come from mobile.”

 

Digital marketing channels include:

·  Social media (Facebook, Instagram etc)

·  Website

·  Content marketing

·  Affiliate marketing

·  Inbound marketing

·  Email marketing

·  PPC (pay per click

·  SEM (Search engine marketing)

 

CATT MARKETING FUNNEL

 

 

 

[n] Niche – Your success and wealth depends on the niche you choose.

[C] Content – Create useful content that attracts people from your niche.

[A] Attention – Drive attention (traffic) to your content.

[T] Trust – Build trust with your audience.

[T] Transaction – Convert your leads into customers.

 

 

NICHE MARKETING

 

It is channelizing all your marketing efforts in the direction of a well-defined segment of population.

 

It helps the marketers to target a specific market which is unique. Niche marketing is highly customized and has high marginal profits as the customers willingly pay for special service.

 

INTEGRATED DIGITAL MARKETING

 

 

 

 

o   Email Marketing – It is the use of email to promote promote products or services while developing relationships with potential customers or clients.

o   Paid Advertising – Marketers pay the owner of ad space in exchange for use of that space.

o   Content Marketing – It involves the creation and sharing of online material (such as videos, blogs and social media posts) that does not explicitly promote a brand but is intended to stimulate interest in its products or services.

o   SEO – It is the practice of getting targeted traffic to a website from a search engine’s organic rankings.

o   Social Media – Websites and applications that enable users to create and share content or to participate in social networking.

 

 

PERSONAL BRANDING

 

It is the practice of marketing people and their careers as brands. It is an ongoing process of developing and maintaining a reputation and impression of an individual, group or organization.

 

People want to hear from people, not from brands. A personal brand becomes an influencer and a brand ambassador for the companies that they run.

 

 

 

Learn – Learn a new skill. Understand the concepts and practice the procedures.

Work – Job/Freelancing/Own Projects

Blog – Write about what you have learned and experienced through your work.

Consult – Start consulting other businesses instead of working for them.

Mentor – Mentor others who want to become like you.

Startup – Start your own product or service business.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

And now some bonus facts…..

 

o   All the marketing strategies are always very well aligned with business strategies and goals.

o   Ever since 2017, blogs and content marketing has been one of the most influential trends in the market.

o   Virtual currency (bitcoin) is now in the market for the last 9 years and counting.

o   In India, fairness creams are sold frequently and holds a good potential, however it is not the same in America. People in America there frequently purchase tanning products. Behavioural segmentation helps the companies to spot their target markets easily and push more sales.

o   Dove was mainly known for soaps. But now it is extended to many products like shampoo, deodrant and bodywash.

o   McDonald’s menu had to be altered before they entered Indian markets, as beef burgers here would never have been accepted.

 

 

 

 

 

 

 

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HAPPY LEARNING..