(Disclaimer: This article is a part of Digital Deepak Internship Program. I have narrated my concrete understanding of marketing and branding through a story – a conversation between me and my nephew. What better way to learn something than learning through stories?)
The following write up is for anyone who wants to understand marketing and its importance. Hence, the title – “The Dummies’ Guide to Marketing”
My 16 year old nephew, Devansh has been seeing me take classes and research on Marketing for a couple of weeks now. He keeps wondering – what is it? Why is it such a big deal? And how on earth would anyone benefit from it? Therefore, I (N) decided to teach him (D) the way he would understand it.
D: What’s marketing?
According to Philip Kotler, Marketing is defined as “the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services.”
I know that’s a bit hard for you to understand. In simple words, Marketing is finding needs of a person, satisfying it by bringing the right product to them at the right time.
N: Let me help you understand that better using the “4P’s of Marketing” A.K.A – the Marketing Mix
Product: Product is anything which a business is selling to their customers. It can be a watch, a book or even a juice bottle. The businesses put efforts to solve the problem or needs of their customers with this product. Otherwise, customers will end up finding alternatives.
Price: Price is how much these businesses charge you for their product. The brands which are selling some exclusive products usually charge a premium price and the brands who are competing with others selling similar product might consider charging less for their products. This also includes the discounts and offers which usually excite us to go shop or buy them.
Understand more about accounts here – A Foolproof Guide to Final Accounts
Place: Place is the location where these businesses sell their products. It could be a Supermarket or on Amazon.in. The place is chose based on where their customers are located. Also depends on whether they want to sell it through their own stores and/or through other platforms. For ex: you can find Cadbury’s dairy milk in big bazar, provisional stores and also on their website.
Promotion: Promotion is the way these businesses bring their products to our notice. You must have definitely seen advertisements on TV, Hoardings and also on websites. They’re all promotions of different products. Promotion is usually the last step in marketing mix because the businesses would already have the product, the price of the product and the offers are decided and the location is selected based on where their customers are. Now, all they have to do is – bring this product in front of our eyes.
So, the businesses have to be sorted with these 4P’s before they start selling to us.
D: Ok, that was interesting! Looks like marketing is more or less selling and that’s how these businesses are selling to us. Isn’t it?
N: No, marketing isn’t only about selling a product. It helps businesses convert their temporary customers to permanent customers. It helps businesses to become brands in our minds (Ex: Google, Apple). It helps businesses to create good perception about their products. More importantly, it helps businesses understand what their audience is looking for, what are their needs.
D: What is this “digital marketing” which I see you research on every other day? Is it some new trend in the market because of pandemic?
N: Digital marketing is simply marketing products digitally. This is has been in market over a decade now. However, this pandemic has seen a surge in the number of businesses using Digital Marketing to promote their products online on various platforms such as Instagram, Facebook, etc.
D: Ok, what about the usual/traditional marketing? How is it different from digital marketing? Which one do businesses opt for?
N: Traditional Marketing is offline marketing. It’s the advertisements you see on TV, hoardings, newspapers, etc. This type of marketing is useful if the product that businesses sells is mostly for all (Ex: Detergent) and to reach millions at once. Marketing on TV can help businesses reach around 800 million – 1 billion people and marketing through newspapers can help them reach around 465 million people. The downside to this is – you cannot personalise the marketing message.
Whereas, digital marketing helps businesses personalise the marketing message to a particular audience. The advertisements run on these platforms will give them real time insights about their potential customers. Also, helps businesses reach the right people for their products (Ex: Online Calligraphy Workshop).
Understand – How Digital Marketing has taken over the World!
The businesses decide on either traditional marketing or digital marketing (or both) of them based on their marketing budget, the nature of product (is it more generic? Or is for a particular audience?) And also based on where their potential customers are (Do they read newspapers and listen to the radio? Or are they on Facebook?).
To know more about the funnels, have a look at this article – DIGITAL MARKETING IN 2020
D: Wow! That explains a lot about the ads I see while playing games on phone. Can you explain me how these businesses really find their target customers and sell to them? What’s the whole process like?
N: Yes! It’s called the CATT A.K.A – the Marketing Funnel
Before I get into CATT, let me tell introduce to you this formula:
Wealth = n ^ CATT
D: Now, please don’t tell me marketing involves math formulas!
N: Ha-ha, this isn’t any math formula. It will help me answer your questions better. Ok, let me now go ahead and explain about it.
(n) – Niche is the market (target customers) businesses choose to sell their products to
(c) – Businesses create content on social media and blogs about on their products
(a) – By running ads on various platforms they direct their niche’s attention to their content (Products)
(t) – They start building trust with their target audience through repetitive marketing and re-targeting
(t) – All their marketing efforts naturally end up in customer transaction
So, this marketing funnel creates wealth for businesses.
D: Ok, customer journey, checked! I see here that you have taken notes on personal branding? What does that mean? Is it to brand ourselves?
Yes, I was jotting down tips and tricks to build a personal brand. I will explain this to you with an example. I know that Virat kohli is your idol and you worship him (literally!) If you look at his journey, he started young and nobody even knew him that time. He was passionate about cricket, he worked hard on it, people started noticing him, and he kept improving his skills. Now, he is the captain of the Indian cricket team. He is an inspiration to many. He has become a legacy now. He has created his own brand.
And the power of personal branding is that Virat Kohli can give rise to brands which people would instantly buy from because of his influence (Ex: Wrogn). There are a lot of celebrities who have started their own clothing lines, fitness brands, etc. and those brands are running well with just their influence.
So, you learn a skill, put those skills to work, blog what you learnt, start consulting others using your personal brand, become a mentor (guru) and start up you own brand.
Please refer to this article for better understanding – Basics of marketing
D: Now I understand the benefits of marketing and how important it is to every business out there. It is in fact a big deal!
Public Speaking skills are very essential for Consulting and Mentoring. Check this article to know more about the same – 15 FREAKY REASONS PUBLIC SPEAKERS COULD GET YOU FIRED
The story ends here.
That’s marketing for you!
How did you like it or unlike it?
Either ways, I would love to hear your views on this one 🙂