Surprising Secret to Learning Digital Marketing, Economics, Strategy.
This article is a part of the Digital Deepak Internship Program and here I’m going to tell you the Surprising Secret to Learning Digital Marketing, Economics, Strategy. To know more about “Digital Deepak” and programs click here.
Why you should learn digital marketing?
- You can make Passive/Additional Income from Digital Marketing
- You can make Money Online being anywhere across the globe just using your laptop and broadband.
- If you are planning to start your career as Digital Marketer, Blogger, Influencer, Affiliate Marketer.
What is Marketing?
Marketing is a set of activities an organization takes for promotion, purchase, or sales of a service or a product. Marketing is a package of ads, sales, and product or service delivery B2B & B2C respectively. Some marketing is done on behalf of the organization by Affiliates. The process of Marketing starts before creating the product or services. It starts with understanding the customer & customer’s need that leads to creating a product that fits their needs well. It is more of sending the right message to the right person at the right time. Marketing is about Science than creativity.
“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 its designs and promotes the appropriate products and services.” — Dr. Phillip Kotler
- Fundamentals of Marketing
How to Identify your marketing tacts and strategy and how to develop your first-ever marketing campaign can be done with these four fundamental steps.
i. Your Target Market
Whom do you have toreach out to? Did you Identify your niche? How does it look like? what it’sconcerned about? What should your audience read that? How can wefind it?
If you’ve done your homework you ought tobe able, to answer all of the above. Often business owners and even marketers think that if you cast internet-wide you’llreach more people, but the otheris true. once youcast your net wide you miss the powerto hone your craft, tailor your message, and reach the pain points of these you’relooking to serve. More isn’tnecessarily better. The focus is usuallybetter. Know your audiencea bit like the rear of your hand. Why will they purchase what we offer? Why will they object?
Let’s say that you simplywanted to be bilingual. you would notstudy both French and Spanish at an equivalent time because you would possibly learn both at the typical level. You quite likely wouldn’t be great at either, because you’d be sharing your focus.
A narrow focus empowers you and strengthens the impact you’ll have within the marketplace. It’s like marketing oneself as a general physician versus a doctor having a specialty in working with children.
ii. Create Awareness or Educate about your Advantages
Now that you simply know your audience, you’ll educate them on your benefits, features, and why they ought to buy your product or service. You’ve eliminated the noise, and you will speak to them. What does one want them to hear? What does one want to tell them about what you offer? What does one want to take away from your business?
Brainstorm. Bullet out those features if you’re selling to consumers and bullet out the benefits and price savings if you’re trying to achieve other businesses. Do your bullets pass the “so-what” test? If so, you’re able to move to the subsequent step.
iii. Designing Stronger Call to Action
Now you’ve identified your target, and you have listed out your features and/or benefits. Great work! You now must specialize in what you would like your prospects to try to do. what is the call to action?
If you’re focused on a selectedcampaign what are the success measures of that campaign? does one want them to call? does one want them to shop for something? does one want them to submit an inquiry?
Be clear about your expectations. Once you’ve identified the course of action you’d like them to need, confirm you’ve removed any obstacles from them doing so. For example:
Is your phone number clearly seen?
Does your inquiry form structure work?
Can they purchase via telephone, online, or during a brick and mortar store easily?
Test the method. you would be amazed at how difficult we make it for prospects to finish the specified action. Make the transaction easy, regardless of what the decision of action. intolerance for obstacles.
iv. Calculate, Track, Log, Account, and Assimilate
Now that you’ve got put within the work and you can push your campaign live make sure to measure and monitor the progress. Learn from your efforts; they are available handy for every campaign that follows.
What were the results? Did they meet our expectations? If so, why? If not, why? Know the answers to those questions, understand the answers, identify how you’ll make a campaign better, identify what worked. Log these answers, analyze the data, and work to make each subsequent campaign better.
2. Traditional marketing vs Digital marketing
It’s no brainer that marketing is just advertising your products to potential buyers and increasing your sales. But the only difference between traditional and digital marketing is that traditional marketing involves everything that is not online, while everything and anything that is marketed online is digital marketing.
Traditional marketing –
Most traditional marketing involves offline strategies like direct sales, direct mails like postcards, brochures, letters and fliers, tradeshows, print advertising (magazines, newspapers, coupon books, billboards), referrals (also known as word-of-mouth marketing), radio, and television. In fact, these were the primitive type of marketing strategies we had. With the internet boom in the late 1990s, people(consumers) started moving to internet bases services, and companies took advantage of consumers”‘ screen time’ to showcase their products online. And it worked beautifully, but traditional marking has its own advantages and creative scope. For example, let’s study REDBULL’s innovative traditional marketing technique that helped them to dominate their niche. When they started selling their product in London, they knew they were up against the stiff competition. The energy drink sector is just a massive uphill battle with around a 90% failure rate. So how did they do it?
When they started, they needed a low budget way to increase brand awareness out there. They choose a simple route. They just went to every single trash can in London and filled them with empty REDBULL cans. This created a perception that there was a massive demand for this product, and the rest is history. With a unique and weird product and an unfavorable taste, they managed to become brand leaders in their segment.
Next time someone says “traditional marketing is boring”, offer them a REDBULL, and tell them this story.
Digital marketing –
Digital marketing is just a branch of marketing that evolved due to technology and consumer behavior. In short, DM is any marketing that is conducted online, such as paid social media ads, email marketing, and ‘pay-per-click’ advertising, promoted tweets, influencer trips, and Tasty videos are all examples of digital marketing. The list goes on, but the core concept is brand awareness.
Digital marketing solved many problems that traditional marketing had. For example, Businesses have little to no interaction with the consumers they are selling their products to in real-time, but with DM, you can text them any time, automated or manual replies, but yes it’s possible to contact them directly. Some marketers also see traditional marketing as unreliable. You can’t edit a print ad once it’s out. So, if you recorded the wrong message or percentage discount on that sale radio ad you recorded, you can’t change it.
Traditional marketing can also be costly too. For instance, it can cost between $1,000-$150,000 to run a print ad. Further, you never know whom you’ll reach with that investment because results are difficult to measure. In Digital marketing, target-based ad placement allows for increased ROI.
It does not matter if one uses traditional or digital marketing, as long as you are creative, you can pull it off.
3. Communication skills
As far as Digital Marketing is concerned, you need communication skills not just to write emails, marketing materials, presentations, content writing, copywriting, and other written and spoken forms but also to effectively communicate them to the readers.
Remember, communication is a 2-way process. Your marketing style must make the reader think or ignite an ember. If you manage to evoke curiosity, they are bound to come back for more. As simple as that.
In these days of limited digital space, it’s important to convey your message effectively, creatively, and precisely.
- Good Marketing is all about good communication.
- Write as you talk. Join a conversation to people’s minds Understand your target audience very well.
- Write a lot the more you write, the better you can write (and also speak). Writing shows down your thought process and gives you the clarity to your execution.
4 The CATT Marketing Funnel
Wealth = n ^ CATT.
(n) Niche: Your success & wealth depends on the niche you choose
[C] Content: Create useful content that draws people from your niche. Blog posts, videos, Lead Magnets, Live Webinars, etc.
[A] Attention: Drive attention (traffic) to your content using SEO, Social Media, Paid Ads & Referrals.
[T] Trust: Build trust with your audience with tripwires, marketing automation & retargeting.
[T] Transaction: Convert your leads with customers with natural sales methods.
Things to know before you market your product/service starts with understanding the customer & customer’s needs that leads to creating a product/services that fit in their need.
CATT funnel is how your audience/leads will go through the entire customer journey map with you.
- Set the stage.
- Document what your buyer persona is thinking, feeling and doing.
- Pay close attention to points of force and friction.
- Analyze the Big picture.
Mapping should be done in the following manner.
AWARENESS — CONSIDERATION — DECISION — CUSTOMER
5. Niche Selection –
A niche is the area of competence 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.
A niche is the area of expertise in which you will specialize. This helps you with the type of products you will focus on, partnerships you will accept, content you will produce, and customers you will try to attract. If you do not select your niche without adequate research, you might end up getting bored or lack topics in the future. So I have mentioned 5 easy ways to choose your niche.
a. Identify your interests and passions –
We all are good at something. Try to ask these questions and you might find your thing.
*How do you spend your free time?
*What keeps you busy other than personal and professional works?
*What magazines do you read? What topics do you like to search for the most?
*What clubs or organizations do you subscribe to?
By now you might have got some degree of clarity, but it need not be perfect. We all go through a learning curve.
b. Identify problems you can solve –
Problem-solving is an art. Once mastered, you can solve problems from any field as long as you can understand the business of it. Like Steve Jobs told, “If you define the problem correctly, you almost have the solution”.
A lot of people do this mistake, where they solve a problem but it creates a different set of problems. The solution has been different, unique, and better than what existed. You cannot ask AR Rehman to solve quantum physics, so try to find your field of interest.
c. Research your competition –
As long as your idea/product is better than what’s existing in the market, you need not worry about competition. But the problem starts when you have a common idea/product. In this case, we need an innovative marketing strategy like the ones REDBULL used. When they started selling their energy drinks in London, they were up against the tough competition. The energy drink sector is just a huge uphill battle with around a 90% failure rate. Somehow they managed to become leaders. HOW?
When they started, they needed a low budget marketing strategy to increase brand awareness out there. They just went to every single trash can in London and filled them with empty REDBULL cans. This created a perception that there was a massive demand for this product, and the rest is history.
If your competition is tough, either find an innovative way to reach consumers, else study their weaknesses and correct them in the campaign you are going to use. Lack of quality content, lack of transparency, and lack of paid competition maybe some of the mistakes your competition might be doing.
d. Determine the profitability of your niche —
By now you should now have a good idea of what niche you’re going to get into. Maybe you haven’t narrowed your list down to a single topic area, which might be a good thing. The more products your niche has, the better will be your returns. Check out @ClickBank to get an idea of how much money you have the potential to make in your niche.
So, search for the top products in your category. If you can’t find any offers, leave it. It might be difficult to monetize that niche.
If your niche does turn up a decent number of products — but not an overabundance of products — you’re in luck. Note down the price points so that you can competitively price your own products.
e. Test your idea-
Once you have finished the above 4 steps, the only thing left to do is test your idea. A simple way to do this is to set up a website landing page for pre-sales of a product you’re developing. You can then check how much traffic you can drive to this page with paid advertising.
Even if you don’t get pre-sales, it doesn’t necessarily mean that you aren’t in a suitable niche. It could be that your message wasn’t quite right, or you haven’t found the right offer yet. By leveraging A/B split testing, you can optimize conversions and find out whether anything is stopping your target market from taking action.
Once you’ve confirmed the viability of a niche, start developing a website of your own. If nothing works, go for the trial-error method to pinpoint the trouble. You’ll want to learn how to write a blog, and generate more traffic to your site to boost your revenue and scale-up.
6. Personal Branding: MassTrust Blueprint
Your personal brand is nothing but how you promote yourself. It is the unique package of skills, experience, and personality that you want your followers to see. It is the telling of your story, and the impression people gain from your digital reputation.
“Personal branding 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. Whereas some self-help practices focus on self-improvement, personal branding defines success as a form of self-packaging.”
Competency of Personal Branding:
- The best known will always beat the best.
- Do not be the no.1 be the only one.
- Choose a category or niche t become a leader in that category. Deciding where to compete for half your success.
- If you cannot be a leader in a category be a leader in the sub-category. ex: BMW, Volvo, Mercedes-Benz.
- People want to hear from people (word of mouth) not directly from brands.
- Elon Musk has got a bigger following than SpaceX and Tesla because people got more influenced by his findings and story of possibilities than his brand because his story & purpose for the formation of his brands gathered more attention than anything else this is the power of personal branding.
- Downside: A Personal Brand cannot be invested in and it cannot be sold.
- Upside: A Personal Brand can give rise to many brands from his/her Influence.
- A Personal Brand becomes an Influencer and a Brand Ambassador for the companies that they run.
The Mass Trust Blueprint for building your Personal Brand. This is the evolution of a professional. Start with learning, then do the work, then write about it (blog), start consulting, then mentor other people in your field and then build your own startup. And repeat the cycle.
The 6 stages are:
- Learn a new skill.
- Work: As an employee or as a freelancer
- Blog: Build your personal brand through writing
- Consult: Sell advice based on your experience
- Mentor: Guide other people to follow your path
- Startup: Build a startup from your experience.
7. Integrated Digital Marketing.
Integrated Digital marketing is the integration of multiple marketing strategies coming together in one complimenting channel making optimum of individual strength rather than competing with each other, for the customer’s business, so that the customer gets maximum revenue.
Integrated Digital Marketing is the mixture of:
- Preparing quality content and sharing that quality content on your social media channels.
- Then, getting people from social media channels and driving traffic to your blog,
- Adding users to your email list by providing quality services over e-mail,
- By doing advertising over social media and running ad campaigns to attract more like-minded users which may like your services,
- By doing SEO to increase the presence of your blog over the web and the search engines. SEO also helps in making your blog authoritative, and
- Finally, making profits by effortlessly making sales through affiliates, premier products, and services.
Here are the typically used Digital Marketing methods:
- SEM (Search Engine Marketing)
- SEO (Search Engine Optimisation)
- PPC (Pay-per-click)
- SMM (Social Media Marketing)
- Content Marketing
- Email Marketing
- Influencer / Affiliate Marketing
- Viral Marketing
- Radio Advertising
- Television Advertising
- Mobile Advertising
The motive here is, while an individual method does not have as much impact on its own, when used collectively it can create a more influential online presence.
8. Economics the way you understand it
Economics is the study of the satisfaction of wants through the use of scarce resources. It analyses the processes and consequences of this want-satisfaction scientifically. The connection between the two disciplines lies in the fact that marketing exists because resources are scarce.
In creating effective digital marketing strategies, it’s imperative to know consumer buying behavior and behavioral economics. “The brain is the organ of economic decisions. … Behavioral economics, or the “economics from the inside” of the mind, are often functional; instruments for digital marketers.
The Basics of Global Economics
- Every Entrepreneur should learn about global economics. Make decisions in your business based on economics.
- A Country’s economy goes up as the average age of the country goes up.
- Recession creates strong companies and drives out the weak companies out of the market.
Where is India’s Wealth Concentrated?
- 23 million Households in India is in the position who is from well to do families having all available resources like that of the laptop, smartphones, tablets, or other digital devices with an internet connection and wifi, etc.
- 110 million people (with around 5 people per Household)
- India has around 20–25 Million Online Shoppers
- Your target customers have credit cards, car, make more than 5 lakh per year in income.
- All your target customers are concentrated in the top 10 cities of India.
Marketing is a game of Perception. Product is noted in reality never let marketing become more important than the product. A great product sells on its own.
Marketing is the most valuable investment in a business because it gives direct returns. Everything else like Production, Manufacturing, H.R., Accounting, Administration is an expense that doesn’t give immediate ROI.
There is a procedure for the whole process of acquiring new skills.
Learn new skills through understanding the concepts, remembering the facts, and practicing the procedures.
Work with your new skills, put them to implementation. Real-world implementation will help you to understand in a better way. Find some work like freelancing, a job, or your own projects.
Blogging can help you because writing down whatever you learned gives you a stronger hold on the concepts and also help you build your Personal Brand.
Consulting and Mentoring are the next steps in your evolution. Teaching something you learned provides a lot of scopes for your brain to grow because teaching someone else is itself a creative field.
The startup is the last step in the journey. Your own project for marketing your own products or services allows you to apply gully whatever you learned about the market.
And if you reached till here, believe me, you are really capable of taking actions and steps for your evolution. And you can make it.
Thank you so much for staying with me till the end. I really appreciate your efforts for your growth.
“Marketers need to build digital relationships and reputation before closing a sale.” –Chris Brogan
WRITTEN BYJagriti Jaiswal