How to Build an Empire with Digital Marketing
If you want to build or grow your business with Digital marketing or create an online presence of your business, then this article is only for you.
Everyone in the world wants to create a lot of wealth in the future. Today everyone wants to increase revenue, build a personal brand. But due to the covid 19 pandemic, many people have lost their jobs and many small businesses are closed. Only those businesses are not much affected which are already using the techniques of marketing. By using the techniques of digital marketing we can grow our business, generate leads, get more traffic, etc
The fundamental of Marketing
Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of our ideas, goods, or services to fulfill the needs of consumers, organizations, and businesses.
Marketing starts before creating the product, it starts with understanding the customer and customer’s needs. Marketing is nothing but the aspect of strategy that we always have a focus on to satisfy the customer’s current and future needs also.
Marketing is about sending the right message, to the right person at the right time.
Every business needs to market their products and services. Marketing is nothing but awareness, attracting new customers, and building strong relationships with customers. It is not only about selling but also keeping existing customers happy by properly communicating with them so that they can remain a long life customer.
Today, Spotify is one of the best known global companies on the planet. There are many streaming music services, but what makes Spotify unique is its focus on helping users discover new content. Spotify breaks the mold of typical music streaming platforms and offers listeners a different user experience. Spotify also allows users to choose music based on their moods, whether you want to workout, to sleep, or even need some songs to sing in the shower. This helps users discover songs that would never have occurred to them and in turn.
Marketing mix is a strategy of different factors that can influence a consumer’s decision to buy a product or use a service.The four Ps of marketing are the key factors that are involved in the marketing of a good or service. It most commonly refers to the product, price, promotion and place.
1 Product
Product is the goods or the services that you offer, The marketer needs to understand the life cycle of a product, and business executives need to have a plan for dealing with products at every stage of their life cycle. It’s also about the experience that users and customers have with your product.
2 Price
Price is the cost consumers pay for a product. Marketers decide the price to the product’s real and perceived value, but they also must consider supply costs, seasonal discounts, and competitors’ prices.
It is critical to choose the right price for your product or service. If your product is low price, consumers may question its effectiveness. On the other hand, if you price your product too high, consumers may see it as overpriced and unnecessary.
3 Promotion
Promotion is how you are going to tell people about your products and services. Promotion covers all of the communication tactics that you will use to spread the word.Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product is to reveal to consumers why they need it and why they should pay a certain price for it.
4 Place
When a company makes decisions regarding a place, they are trying to determine where they should sell a product and how to deliver the product to the market. The goal of business executives is always to get their products in front of the consumers. Place refers to the distribution of your product. Two of the most common distribution channels are: direct sales and wholesalers.
Digital marketing
Digital marketing is an art through which we use Digital channels to market our products and services.
Digital marketing is the use of the Internet to reach consumers. Digital marketing is a broad field, including attracting customers via email, content marketing, search platforms, social media, and more
Digital marketing is all about brand marketing tactics via online channels. It includes various methods & techniques like SEO, SEM, Link building, Email marketing, PPC, etc. The term digital marketing can be easily categorized into two segments namely inbound & outbound marketing.
Advantages of Digital marketing:-
- Tracking:-Saw our ads, their all details like place, name, gender, etc.
- Target audiences:-Ads show only targeted audiences.
- Cost effect:-We decide our own budgets.
Traditional Vs Digital Marketing
Running a successful business is not just about choosing the appropriate market or having a high-quality product. It’s also having the right kind of marketing techniques to reach out to your target audience and convert them into leads or customers.
- Traditional marketing and digital marketing both have their own pros and cons, still, digital marketing has got an upper hand over traditional marketing methods. Below are some key differences to understand the traditional marketing vs digital marketing methods better:
- Traditional marketing is targeted to a limited and local audience/consumers, whereas digital marketing grabs the attention of customers or the consumers from all over the world and thus through digital marketing companies can target a greater number of consumers/buyers/customers as compared to traditional marketing.
- Traditional marketing uses only one-way communication as the marketing medium is quite rigid. But Digital marketing involves two-way communication which helps satisfy the customer and make the customer feel that they are being listened to. Digital marketing allows efficiently serving the customer’s requirements.
- In traditional marketing, companies have to wait for weeks or months to get the result. Whereas Digital marketing provides quick and real-time results that let the companies refine and streamline the marketing strategies for generating maximum revenue and profit. This is one of the key reasons why companies are switching to digital marketing platforms.
- Traditional marketing is expensive as it involves printing, radio/tv advertisements which cost more to the company. Traditional marketing provides a hard copy of a product or service description which can be read again and again. Digital marketing is highly cost-efficient and eco-friendly as it provides paper free transactions. The marketers and consumers can interact through various social media platforms that do not charge even a single penny and the documentations are in the form of soft copies stored on the websites which can be accessed anytime anywhere.
According to the study of the above points, Digital marketing is taking over traditional marketing because of its advantages and facilities offered to the consumers/audiences. Consumers are independent and not bound to any brand and Digital marketing offers hassle-free marketing, returns, and cashless transactions.
So if you are planning to earn 1 Crore in 3–5 yrs through digital marketing, your targeted customer should be more with low product price or your products should be high in price with fewer customers.
Importance of Communication skills
Good marketing is all about good communication.
Good communication doesn’t mean that you used sophisticated English, the best vocabulary, or perfect grammar. Good communications mean we can transfer our thoughts effectively to the target audiences.
Communication can be defined as it is the process of understanding and sharing our thoughts. To communicate well is to understand, and be understood is most important.
Good verbal and written communication skills are essential to deliver and understand information quickly and accurately. Being able to communicate effectively is a vital life skill.
CATT Marketing Funnel
CATT is a marketing funnel that will help you to build the trust of your customers and grab the attention with the help of Digital Marketing. The full form of CATT is Content, Attention, Trust, and Transaction.
Wealth=n^CATT
[n] Niche= Your success and wealth depend on the niche you choose.
[C] Content= Create useful content that attracts people from your niche. Content is the core of digital marketing, when you have quality content then you don’t have to struggle for marketing. It will itself bring you organic traffic depending on the quality of the content. Content can be anything whether it is a blog, YouTube Videos, Posters, landing pages, and many more.
[A] Attention= It is important to bring the attention of your customer to your content. Traffic does not come into play much for most of the content. You have to spend a little amount of money to bring the attention of the content in a huge amount but it’s worth it depending upon the Return on Investment. There are different ways to bring attention to your content using SEO, Social media, Paid ads, and References.
[T] Trust= After collecting a huge amount of traffic from your content, you can generate leads from this traffic by building trust. Trust can be built by repetitive engagements, marketing automation, and retargeting.
[T] Transaction= Even if the target customers trust your business, they might not buy your product or service. You have to offer something, which is related to your niche and then this might lead to transactions. Another way is to convert the leads to make transactions and you can convert them through different channels like sales pages, webinars, a sales video, etc.
This marketing funnel helps you to build trust, it also helps to build a long term relationship with your target audience.
Niche selection:-
Before starting an online business, first, you have to choose your niche. Either you become the no 1 in a category, or you can be the only one in the subcategory. Your success depends on the niche you selected.
A niche is the area of expertise in which you will specialize. This guides the type of products you will focus on, partnerships you will accept, content you will produce, and customers you will try to attract. Most online businesses choose a broad niche, then focus on something even more specialized within it.
Global Economics
The global economy is the economy of all humans in the world, the global economic system that includes all economic activity within nations and between nations, including production, consumption, economic management, exchange of financial values, and trade of goods and services.
Every entrepreneur should learn about global economics. According to the global economy, we can take our financial decisions in our business.
A country’s economy goes up as the average age of the country goes up.
Recessions create strong companies and drive out the weak companies.
Integrated Digital Marketing
Integrated Digital marketing is a methodology or strategy of combining all the tools, tactics, and marketing components like SEO, social media marketing, content marketing, email marketing, paid to advertise, etc. It is a well-structured marketing plan.
Integrated Digital Marketing encompasses the idea of creating a unique form of expression that’s easy to identify in all of the channels that your customer uses. It’s like using a single language to speak in different situations. That means it’s a strategy that blends all your marketing tactics.
Then, each campaign and approach complement each other, creating a consistent image on the mind of the users and tracing a journey for them to go on.
By being consistent, you can become memorable to your audience.
But integrated Digital Marketing also means having a well-structured and well-defined marketing plan.
That includes taking care of the online presence by managing different channels of the digital world.
It involves making sure your organization is on the web, where your customer already is.
All those efforts should point in one direction only and express the same image to the mind of the users.
The Evolution of Personal Branding(MassTrust Blueprint)
The best known will always beat the best. The process of personal branding involves finding your uniqueness, thinking differently at the same level, building a reputation for the things you want to be known for, and then allowing yourself to be known for them. Ultimately, the goal is to create something that conveys a message and that can be monetized.
Personal branding is something that continues to evolve. In an age when most professionals will Google you before they ever meet you, presenting a strong brand both online and in-person is important.
- Personal branding Steps:-
Perform an audit of your online footprint.
Remove threats hurting your reputation in search results.
Create and post assets highlighting your best qualities.
Strengthen your credibility through reputation maintenance.
Monitor the results and tweak your strategy based on successes.
Learn:-
Learn a new skill through concept, fact, and procedures. Understand the concept, remember the facts, and practice the procedures.
Work:-
Put your new learned skill to work and practice it, go from practice to implementation. Implementing it in the real world will give you a better understanding of that work.
Blog:-
Write something about what you have learned and experienced through your work. When you write and understand it better, then you will also start building your personal brand.
Consult:-
Now that you have a personal brand, through your personal blog, have work experience, and learned the fundamentals. Start consulting others’ business instead of working for them.
Mentor:-
Mentors others who want to become like you. Mentoring will help you to scale your understanding to a whole new level.
Startup:-
Start your own product or services, or business with the understanding that you have developed about the market, the problems, and your own skills.
Conclusion:-
So in this article, we discuss some important points of Digital marketing. Here we are gone through some points that why Digital marketing is better than traditional marketing. We studied global economics, its effect on businesses, and the CATT marketing funnels that will help us to build the trust of our customers and grab the attention, CATT marketing funnels which help us to select a niche. We discuss the importance of communication skills and personal branding.
This article is an overview of the law of marketing and this is a part of the Digital Deepak Internship program week 2. If you want to apply for Batch 8, Click here.