Insight into marketing in digital age
You may be wondering of what is marketing and how is it relevant to me ?What if I am not doing marketing function and performing other professions like teaching, coding , performing application software, Engineer , Doctor and so on. We all need to market ourselves to make relevant in this world and create perceptions or impressions. This is irrespective of the different professions we are in. Marketing ourselves happens with a word of mouth to drive further opportunities waiting for us.
Now in addition to word of mouth , we still use social media tools — LinkedIn, Facebook ,WhatsApp to showcase our skills and personality. This is what we call as personal branding .Every sphere around us is marketed like Hospitals, grocery stores, Schools, courses available, real estate, jobs and the list goes on.
This article is for entrepreneur, freelancers keen to have perspective in digital marketing . For last 3 years in a row , digital marketing skill is more sought than ever in all the job sites and also hogging the limelight as it is clearly has highest return on investment than the traditional skills. Moreover this does not require any coding or other complexities involved.
Before we jump in to the digital marketing , let us brush up few concepts and build our understanding.
Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.
Marketing concepts are backed by below pointers:
- Needs: Something necessary for people to live a healthy, stable and safe life. When needs remain unfulfilled, there is a clear adverse outcome: a dysfunction or death. Needs can be objective and physical, such as the need for food, water and shelter; or subjective and psychological, such as the need to belong to a family or social group and the need for self-esteem.
- Wants: Something that is desired, wished for or aspired to. Wants are not essential for basic survival and are often shaped by culture.
- Demands: When needs and wants are backed by the ability to pay, they have the potential to become economic demands.
The 4 Ps of Marketing
In the 1960’s, E Jerome McCarthy came up with the 4 Ps of marketing: product, price, place, promotion. The traditional marketing mix, built around the 4Ps — product, price, place and promotion — arguably discounts the breadth and complexity of current-day marketing. Traditional marketing is the conventional modes of marketing that have been used since the beginning of marketing and advertisements. This includes:
- Flyers and billboards by the roads and highways.
- Ads in related weekly magazines.
Advantages of Traditional Marketing are :
Target Local Audience
Materials are for keeps
Therefore, two Ps were added to the mix — process and people — which respond to crucial changes in customer service, e-commerce and social media.
“Nobody counts the number of ads you run; they just remember the impression you make.” — Bill Bernbach
Digital Marketing Trends:
The main difference between digital and traditional marketing is the medium through which an audience encounters a marketing message. While traditional marketing uses traditional media like magazines and newspapers, digital marketing uses digital media, such as social media or websites.
11 Benefits of Digital Marketing over Traditional Marketing are:
Real time result
Good for all stages of fields
10 Marketing Strategies to Fuel Your Business Growth: are:
1. Use social media.
2. Create video tutorials.
3. Start blogging now.
4. Understand search engine optimization.
5. Leverage influencers.
6. Build a great lead magnet.
7. Use Facebook ads with re-targeting.
8. Use LinkedIn the right way.
9. Create an affiliate program.
10. Use Email Marketing Sequences
To fulfill growth perspectives for long term ,we need to build brand so that the cost of marketing and conversion of Prospects to customers happens easily along with trust reinforced.
Branding : The marketing practice of creating a name, symbol or design that identifies and differentiates a product from other products. An effective brand strategy gives you a major edge in increasingly competitive markets.
Branding of the product acts a key differentiator with the market parallels and substitutes . It comes with quality , service and pleasure of owning the product with their purchase.
A brand does not only need to be tied to one product. One brand could cover different products or services. Ford, for example, has multiple auto models under the Ford brand. Likewise, a brand name can take on multiple brands under its umbrella.
“There isn’t any significant difference between the various brands of whiskey, or cigarettes or beer. They are all about the same. And so are the cake mixes and the detergents, and the margarines… The manufacturer who dedicates his advertising to building the most sharply defined personality for his brand will get the largest share of the market at the highest profit.” — David Ogilvy
Here are four steps to building a successful brand.
- Define how you want to be perceived. When your customers have finished using your product or service, how do you want them to describe their experience? …
- Organize your business based on this promise. …
- Communicate your promise. …
- Be consistent.
What skills are marketing employers looking for?
Looking for a job is an exercise in marketing whereby the product (i.e. you) must match the requirements that the buyer (i.e. employer) is looking for. In other words, what can you do for their business and what key skills and attributes that you can bring to the table that will be of interest to an employer?
Essentially you will need a broad mix of skills to be successful in this industry and potential candidates need to show evidence of the following.
good oral and written communication skills
numeracy and analytical ability
creativity and imagination
influencing and negotiation skills
business and commercial acumen
drive and ambition
Global Economy and Indian Market:
Currently the world is going through Corona pandemic and economies of scale are to be maintained to keep business moving. The importance of digital marketing has picked up as the work is happening from remote without physical interaction. This has given ways of new methods of working operating from homes and doing the business. Digital money is drawn to the context now and this is slowly replacing the physical money for transactions.
India is also transforming itself with the current scenario with most of the households having digital connect through internet and smartphones. Digital transactions are happening day to day by paytm, phone pay , Google pay by the street vendors and grocery stores.
Smartphones which were limited to top 10 cities in India before is getting to tier2 and tier 3 cities and also penetrating to the rural market. Digital entertainment consumption with D2H players — Tata Sky, Dish TV, Videocon, Airtel, Sun is slowly loosing the viewers base. The traditional newspapers and magazines which were drawing interest in years is also receding. Most of the content is biased , repetitive and unaffordable as the value for their content is loosing its sheen.
Now the entertainment along education courses is brought to apps or niche channels like amazon, netflix , Aha, Zee5, Byjus. It is mostly plug and play approach. Now news and analysis also people are more reaching to blogposts and consuming the information. What we can observe here is the consumer is more seeking value for money and reach for creative content. The switch to these is gaining interest. With recent tie up between Reliance and Google to develop 5G and create the digital content in India, the reach of the internet is grow multi-fold and there would be requirement of more digital players and jobs is likely to happen.
“Think like a wise man but communicate in the language of the people.” — William Butler Yeats
We also have to observe that the Indian users will not appreciate the entire content in English alone. The regional and language content will also catch the interest and will be growing and consumed. We also see that the internet costs will be further reduced when the number of subscribers increase along with corresponding increase in Internet of things (IOT) picking more in regional space and native languages for variety of usages on day today things using digital products. Now this requires marketing of the digital products in a creative way to eyeballs of the users. This requires integration of digital channels to minimize the costs and create the value funnel and use of direct response marketing.
Direct Response marketing and integration of Digital channels
Direct response marketing is a type of sales technique designed to evoke an on-the-spot response and encourage a prospective customer to take action by opting in the advertiser’s offer. Unlike other marketing types, the direct response requires little or no time waiting to see measurable results.
Emails, online adverts, flyers, database marketing, promotional letters, newspapers, outdoor advertising, phone text messaging, magazine adverts, coupons, phone calls, postcards, websites, and catalog distribution are some examples of direct marketing strategies.
To use digital marketing for direct response, you need a way to not only reach your target audience with a time-bound offer, but also a way to track the results in real time.
“Spending energy to understand the audience and carefully crafting a message that resonates with them means making a commitment of time and discipline to the process.” — Nancy Duarte
For instance, you might use social media advertising to promote a limited-time cost for one of your online courses. A Boosted Facebook post, for example, is measurable, trackable, and capable of giving a clear CTA.
Other examples of direct response digital marketing could include hosting webinars, running search ads, creating a podcast, and hosting a Twitter chat. Each of these digital channels allows you to create an offer to which your audience must immediately respond.
Now that we have understood the process of marketing in digital age , we need to chalk out a plan to select the niche, know the target customer , have the resources or self with the skillsets , drive the passion within and launch the communication to the target audience with Facebook ads or blogpost with email trigger and conduct webinars with repeat reach. This drives the interest for the digital content or product and help in converting the prospects to customer.