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Marketing

Marketing is a term that is used very frequently by us in our day to day lives. But how many of us really know what exactly marketing is? Marketing is the process of buying and selling of a product or a service. It includes three processes:

  • Advertising
  • Selling
  • Buying

The 4Ps of Marketing:

There are four main actions required in the process of marketing, also known as the four Ps of marketing, these are:

Source: Call TheONE
  • Product: Product refers to the item that a seller is in a plan to sell to customers. A product should always be seeking to fulfill some absence in the market. It is very important for the seller to keep the entire information about the product. The seller has to know what the product is, if a substitute product exists in the market and if yes, how his product stands out from that of the competitor’s. The product should have it’s own USPs i.e Unique selling propositions or point. Now what is an USP? An USP is a slogan that defines how a seller’s product/service is different from that of its competitors. It includes terms like “the highest quality”, “the best ever”, “the first ever” etc.
  • Price: Price refers to the amount a seller is going to sell the product for. The price should always be  reasonable as per the type and quality of the product. While deciding the price, a seller must consider the unit cost price, the marketing costs and the distribution expenses. The seller should also be aware of the competing product’s pricing.
  • Place: Place is where the product is supposed to be distributed. The company should first decide whether the product will be sold in a store or online. If it’s a store or storefront then it is essential to know what kind of products are sold in that place or area and what kind of physical product placement does it get. If it’s going to be online then the company needs to decide at what hours they are going to run their business and what kind of digital product placement does it get.
  • Promotion: It is the act of communicating with the customers about the product. This involves explaining the customer about the product’s features and benefits. Promotions can be done in various forms like personal selling, sales promotion, publicity, promotional gifts, causes of charity, social media promotion, product giveaway and samples, sponsorship, guerilla marketing. Now what is guerilla marketing? It is a type of marketing that involves an unfamiliar interaction in order to promote the product.

Now what is guerrilla marketing? It is a type of marketing that involves an unfamiliar interaction in order to promote the product. These are the different types guerrilla marketing:

  • Ambient Advertising: This is the type of advertising where the ad is placed in such an unusual way where the customers will never be expecting it to be.
Source: creative guerrilla marketing
  • Ambush advertising : In this type of marketing an advertiser ambushes or  the competing brand in order to show that their brand is better than the competitive brand. In this case the advertiser makes direct exposures against the competing brand.
Source : WordStream
  • Stealth Advertising : This is a very low cost marketing strategy where a person does not even realize that he is being marketed to a particular product.
Source: Marketing91
  • Viral/Buzz Advertising : This is the advertising technique that focuses on word-of-mouth potential of a campaign or product. This has no certain medium. It can occur through the customer’s family members or friends or social media on a  larger scale.
Source: Econopoly
  • Grassroots Advertising: This form of advertising focuses on targeting it’s effort on a small group of people instead of reaching to a larger number at a time. They hope that this small group of people will spread their message and eventually it will reach to a larger number of people.
Source: WordStream
  • Street Advertising : This is the type of advertising which involves unconventional ways in public places or streets in order to get the customer’s attention. These exclusively happen on the streets.
Source: enekia
  • Astroturfing Advertising: In this type of marketing the company tries to create a buzz about a certain product or service while making it look organic. This sort of marketing is not something the marketer is really associated with.
Source: Hellas

What is digital marketing?

Source: Asterisk Hubs

Digital marketing is one of the most innovative and novel  concept in the 21st century. Through this medium a product or service is promoted online to reach the customers in appropriate or significant manner. So what exactly is digital marketing?

Any form of marketing that involves the use of an electronic device and Internet is known as digital marketing. This can happen through various forms like search engines, social media, mobile devices, email and other channels.

Marketing is all about reaching the maximum number of audience. Digital marketing makes it possible. Through this the company or seller finds it easy to reach a higher wavelength of audience.

Why digital marketing?

No doubt traditional marketing still has its existence in the form of print ads (newspaper, banners, templates, hoardings, magazines etc) or phone communications or physical marketing, but at this stage digital marketing is playing an important role in the marketing field. It has more possibilities like email, video, social media, mobile etc which result in better reach.

Consumers on today’s date rely more to learn on the product first and then try it.Nowadays every brand that runs a business is having its own website or at least a social media page. Digital marketing  plays a vital role for business and brand awareness. It is highly interactive. It targets a specific segment of customer base depending on their interest. For example, restaurants that are open at night hours are targeted mainly on people doing night shifts.

What are the benefits of digital marketing?

Digital marketing has become the most powerful firm of marketing in the present date. Gone are those days where a particular business plan does not contain digital marketing in its marketing plan. It has got several benefits for the business as well as the customers.

Let’s go through the benefits it provides to the business first.

Source: Marketing91
  • Cost effective :  Using digital marketing tactics is one of the most cost effective ways to run a business. In traditional marketing it’s very difficult for small businesses with limited budgets to compete with larger businesses. However, with affordable digital marketing tactics it’s quite easy for small businesses to compete for ad spaces. The same ad can appear on a website or social media feed at a very lower cost than that of television or newspaper or banner.
  • Measurable results :  It’s very important for a marketer to know how the business is working.The only possible way to know is to measure the success over the time. In the case of traditional marketing like radio or television we really cannot measure the business performance whereas in every  digital marketing tactic it is possible. Digital marketing analytics helps to determine how each marketing tactic is working. By measuring a digital marketing campaign in real time, one can get to know which tactic is working and which is not, and then adjust the campaign accordingly.It’s also possible to take insights which may come in use of future campaigns. 
  • Target audience : For a marketer it is very important to know if his ad is reaching the right audience. In case of traditional marketing like in radio or magazines or television one cannot get to know if the ad is appearing in front of the person actually interested in it but in case of digital marketing we can target the right audience. By improving targeting the marketer can work better on the budget and the resources. It ensures that no money is being wasted on the people who are not interested in the product. It assures that your marketing efforts are being focused on the strategies that are actually working.
  • Constant online presence:  It’s not possible for a marketer to keep an idea on what time all his consumers will be active. In digital marketing one can keep the site active all the time and hence the consumer can order or go through the site any time. 
  • Global reach : In digital marketing a website allows to find new trade and market globally.
  • Starting buyer’s journey : Whenever we need some information about something we go search on google or any other search engine. The same goes with customers, before they decide what product or service they need, they check several channels.This happens to be a great opportunity for small businesses to connect with their potential customers and educate them during the beginning of the buyer’s journey. By creating relevant and engaging content that is optimized for search engines one can improve the visibility and reach the customers when it matters more.
  • Personalization capabilities : When a customer makes a purchase from a website, the customer’s database gets linked to the website. After this, whenever a customer pays a visit to the page, the website greets him/her with a targeted offer. The more they buy from the website the more the marketer can make his marketing more effective. 

Now let’s go through the benefits digital marketing provides the customers with.

Source: Sidnova
  • It helps the customers to be aware about the current trends. The customers can find the change in the business immediately whenever it happens. Digital marketing helps to keep the customers up to date about the latest change. They can get to know when a  new service or product launched easily.  It’s a great way to keep the audience informed. This helps in building brand recognition with the audience and also helps increasing brand engagement. 
  • Time has become a very precious resource nowadays. People want to access information quickly and efficiently, and this is possible through the web. If a customer wants to know about a product they can get to know about it through the internet. If a person likes a particular product he/she can place the order online. They can even get to know the reviews given by other customers for that particular product. Quick transactions make it possible to purchase a product. This helps the business gain brand exposure and makes customers more comfortable with shopping experience.
  • With the growth of the internet the consumers get to know more information about the brands. Digital marketing helps in building stronger relationships between the customers and the companies. As the customers get familiar with the business, they begin to trust the company and feel comfortable choosing the particular business. Hence, with regularity they get to experience more value as a customer.
  • The Internet is open 24/7. This means people always have access to the information about the business or product or service. They can simply log in any time and learn about the business.
  • Digital marketing provides the audience with options. Users have access to various varieties of products. They can find the same product in different colours or design or style.
  • It allows the audience to make comparison shopping. They can compare the quality and price of the product with competitive brands. This helps the consumers to get the product within their own budget. They can check which product is more affordable easily and conveniently.
  • Digital marketing provides customers with proper information about a particular product or service. The seller can share valuable information about the product, highlighting the relevant features, making sure the audience will buy the product. People generally get tempted by the content based on product information and end up buying it.

Marketing funnel:

  1.  Awareness/Attention : This is the stage where the audience gets to know about the existence of the product. At this stage the marketer educates the audience about the features and value of the product.
  2. Interest : At this stage the customer has already come across the product and is finding interest in it. Here the marketer provides the customer with deeper knowledge about the product or service. The customer or subscriber is only provided with the content that is applicable for him. The marketer does not act very salesy at this stage as the customer is still comparing the product with competitive brands.
  3. Desire : At this stage the customer has already caught attention and interest in the product and is planning to purchase it. So, the marketer provides the customers with more interesting features and offers in order to make the customer buy the product.
  4. Action : At this stage the marketer finally convinces the customer to buy the product. The marketer creates a sense of urgency that makes the buyer purchase the product or service.
  5. Loyalty : This is the stage where the marketer has to make sure that the customer is loyal to their service i.e they are still liking the product and sticking to it. To maintain this the marketer provides the customer with more offers and valuable contents.
  6. Advocacy : This is the final stage where the customer turns into a fan and starts talking about the product in front of others giving good reviews.The  customer is totally delighted and keeps on giving good feedback. This results in gaining more potential customers for the marketer.

What are the considerations needed for effective digital marketing for a business?

  • The brand
  • Business goal
  • Marketing goal
  • Target audience
  • Budget

Types of digital marketing:

Source: Infidigit
  • Search marketing – Search marketing is the marketing strategy that encompasses SEO( Search Engine Optimization) and SEM( Search Engine Marketing) in order to increase the visibility of the ad in the search engine.
  • Display marketing –  This is the type of marketing that uses different attractive methods like image, banners, videos, rich media etc types of ads in order to make the ad attractive for the customers.
  • Social  media marketing –  Social media marketing is the type of marketing strategy that is used to advertise and sell a product on a social media platform like Facebook, Google, Instagram, Pinterest etc.
  • Content marketing –  Content marketing is the type of marketing strategy that involves creating valuable, consistent  and relevant content in order to drive profitable customer action.
  • Affiliate marketing – This is the type of marketing in which a person earns a commission by promoting another person’s or company’s product and earns a piece of profit  for each sale.
  • Influencer marketing – This is the type of marketing that involves usage of key leaders to drive the brand’s message to a larger market. Rather than marketing it directly to the customers it  involves hiring influencers to get the word out for the company.
  • Email marketing – This is the type of marketing that involves marketing through emails. This includes sending commercial messages to certain groups of people.
  • Video marketing – This is the type of marketing that involves promoting an ad over a video. One can easily watch a video and get to know about the product or service very easily.
  • Mobile marketing – Mobile marketing is the type of marketing that involves marketing a product through mobile devices such as mobile phones or smartphones, tablets, laptops.
  • Viral marketing – This is the type of marketing strategy that involves existing social networks to promote a particular product or service. The consumers themselves spread information about the product to other people.
  • Search marketing – Search marketing is the marketing strategy that encompasses SEO( Search Engine Optimization) and SEM( Search Engine Marketing) in order to increase the visibility of the ad in the search engine.
  • Display marketing –  This is the type of marketing that uses different attractive methods like image, banners, videos, rich media etc types of ads in order to make the ad attractive for the customers.
  • Social  media marketing –  Social media marketing is the type of marketing strategy that is used to advertise and sell a product on a social media platform like Facebook, Google, Instagram, Pinterest etc.
  • Content marketing –  Content marketing is the type of marketing strategy that involves creating valuable, consistent  and relevant content in order to drive profitable customer action.
  • Affiliate marketing – This is the type of marketing in which a person earns a commission by promoting another person’s or company’s product and earns a piece of profit  for each sale.
  • Influencer marketing – This is the type of marketing that involves usage of key leaders to drive the brand’s message to a larger market. Rather than marketing it directly to the customers it  involves hiring influencers to get the word out for the company.
  • Email marketing – This is the type of marketing that involves marketing through emails. This includes sending commercial messages to certain groups of people.
  • Video marketing – This is the type of marketing that involves promoting an ad over a video. One can easily watch a video and get to know about the product or service very easily.
  • Mobile marketing – Mobile marketing is the type of marketing that involves marketing a product through mobile devices such as mobile phones or smartphones, tablets, laptops.
  • Viral marketing – This is the type of marketing strategy that involves existing social networks to promote a particular product or service. The consumers themselves spread information about the product to other people.
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1 Comment

  • Shruti Singh, June 8, 2020 @ 8:43 pm Reply

    Very informative I must say. Waiting for ghr next one

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