In this blog, we are attempting to educate Marketers, Entrepreneurs, bloggers, freelancers, Students who are in search of an answer to their questions and eager to know more about marketing trends. Here, We have covered Laws of Marketing, Fundamentals of Marketing, Identifying the difference between Digital & Traditional Marketing, A new buzzword in digital marketing — Integrated digital marketing and personal branding. So let’s get started as below:
1. Fundamental of Marketing- a definition
A simple definition of Marketing means meeting undesired needs of customers who are exploring to external product or services to satisfy the wants. Marketing means the strategies and tactics used by brands to promote their goods and services to customers. Anything from market analysis to preparing an ad copy comes under the scope of marketing.
At first sight, even a single product or service can sound like an immense obstacle. You understand the importance of your offer — so how can you show it to consumers? And how do you make sure they pay attention to your message? A conversation differs from customer to customer depending upon B2B or B2C. There are some main distinctions between business-to-business (B2B) and business-to-consumer (B2C) marketing strategies. Lets look here as below
- In B2B marketing, the interest and consideration processes are usually far more far-reaching than they will be in the B2C industry. Many B2B deals take at least three months to complete, and more than half of them take seven months or longer.
- By contrast, the B2C loop will take a few minutes. This doesn’t make inbound marketing less relevant. For example, several of the same types of platforms — social media, email, webinars, podcasts, web material, etc. — may be used in B2C e-commerce marketing campaigns. In addition: Brands in B2C also need to establish trust with their audiences.
A common factor in both types of marketing are:
- They still need to make themselves available on the Internet and social media.
- They still need to do what they can to boost brand loyalty.
- They will need to promote purchasing action by timely product reviews and engagement activities.
2.What are the factors that Impact your Marketing?
Here are the five common factors as follows:
Though the fundamentals of marketing may remain steady over time, the specific strategies businesses deploy, which might affect the output based on the following dynamics such as
A. Market demographics: younger generations of people may respond to different appeals relative to older generations. Customer opinions will have a significant impact on your content strategy.
B. Evolution of Technology: Smart applications, voice search and other technologies give advertisers new opportunities to meet their buyers.
C. Dynamic market conditions: the world economy is in perpetual flux; tomorrow, what was available to customers yesterday may be out of control.
D. Cultural changes: political and social trends form the way customers regard businesses and their products.
E. Pricing & Competition: Price and competition are two of the most important variables in the marketing strategy. While defined as internal and external factors, price and competition affect each other dynamically, since how a business enters the market determines how it responds to the competition.
As a Marketer, the aim should be to uncover the desires and expectations of the user by communicating the value of their products or services to solve the dilemma of the customer.
3. Traditional Marketing or Digital Marketing — Who wins the race?
The key difference between online and traditional marketing is how the audience experiences a marketing message. Although Traditional marketing utilises traditional media such as magazines and newspapers, digital marketing uses digital media such as social media and websites.
What is Traditional Marketing?
Traditional marketing requires marketing strategies that can be used without the Internet. This is the approaches that have been used for decades and are usually used less often today. Popular Traditional marketing approaches will, therefore include:
- Direct mail
We see and hear all of these commercials every day either by listening to the radio on the way to work, or even by staring out the billboards window as we go by. They have become part of their daily lives.
How you define Digital Marketing? Let take a dig at it.
Digital Marketing initiatives are continually changing due to developments and emerging innovations. These techniques shall include those that require the use of the Internet or smartphones.
Digital marketing is determined by the use of a wide variety of digital tactics and channels to reach out to the consumer who spends most of the time while being online. From the website itself to the internet branding assets of the business — internet advertising, email marketing, online brochures, and beyond — there is a variety of strategies that come within the umbrella of “digital marketing.”
Any enterprise (regardless of its size) could harness digital marketing to meet its target demographic, communicate with prospects and convert more to customers/clients. Anything from search engine marketing to Facebook marketing is digital marketing. It highly recommended to try them out and see which ones are better tailored to your company.
The most vital digital marketers have a sound vision of how and digital marketing strategy supports their overall objectives. And based on the aims of their marketing plan, marketers may promote a specific campaign through free and paid channels at their disposal.
Popular strategies in digital marketing include:
- Digital PR
- Inbound Marketing
- Email campaigns
- Social Media
- Content marketing
- PPC Ads
- Native Advertising
- Affiliate marketing
- Search engine optimisation (SEO)
Let look at a Key differentiating factor between Traditional & Digital Marketing
- Target Audience: In traditional marketing, you have to limit yourselves to a specific geography and location. In contract, digital marketing allows expanding your universe or specific audience based on desired needs and attributes.
- Audience Engagement: Through digital ads, people may react to and respond to many different forms of digital media and promotions. It’s a one-sided conversation with traditional marketing.
- Cost efficiency: Traditional advertising tends to cost more and is more challenging to scale. The physical nature of the campaigns adds to the cost of marketing. Digital marketing offers a better range of options for affordability and resource requirements. The pace of Results at Traditional marketing will take longer to grasp the efficacy of a strategy. A digital ad offers an instant click-through rate, but unlike Traditional marketing, you’re waiting for the phone to ring or someone to go to the stores.
- Measurability — ROI & Decision tree: Any success of marketing is determined by its ROI and impact on the direct impact on sales. Traditional marketing isn’t easy to measure output and considered as brand awareness medium to justify the investment. In contrast, digital marketing correlates with a direct effect on sales or initiatives showing the associated numbers.
- Feedback Mechanism: Digital Marketing offers a direct line of communication which makes easier to know how consumers react to a campaign. Sometimes the feedback mechanism so quick from a consumer that can give insight on campaign progress. With traditional marketing, marketers are mostly waiting to hear feedback from the consumer and praying they won’t get any negative comments for a side of the campaign, so lot efforts, money and attention is put into focus groups and market analysis before a major traditional initiative is introduced. By the time the traditional campaign finally meets its target demographic, it’s normally too late to address the screw-ups.
Now we have to know what is both types of marketing. It will be evident for us to identify the difference between them. As the nature of marketing differs, but Which Produces Better ROI? It entirely depends upon your objectives and goals.
4. Integrated Digital Marketing – A new buzzword
Integrated Digital Marketing involves the concept of creating a unique mode of communication that is easy to identify in all the channels your consumer uses. It’s like using a similar language to speak on various platforms. That means it’s an approach that incorporates all the marketing strategies. Then each campaign and strategy complements the other, building a coherent narrative in the minds of the consumers and tracing a journey for them to begin.
This entails taking possession of online presence by dealing with the various channels of the digital world. It consists of ensuring that the company is on the Web, where your consumer already is. All these actions need to be guided in a single direction solely and convey an identical image to the customers’ minds. The focus can around defining the right mix to get advantage from initiative such as:
i.Type of content
ii. Channel strategy- Social media, blog or email, on your web site or a third-party site
iii. Marketing campaign Duration– Frequency
iv. Success Metrics- Identifying metrics similar to Impression, CTR, clicks, engagement, web page views, downloads, and so on.)
v. Connecting the entire channels
So these above Initiative creates a method for unifying all these platforms, offering the same experience to your audience and prospects by providing a seamless journey without any disturbance.
To sum up what we’re saying: Integrated Digital Marketing is about having a method to be sure you’re using digital media and be sure you’re utilizing it in the appropriate method.
The Fundamentals of marketing will help gain subject expertise that can be applied in daily routine. Your marketing learning will always be evolving and not written a script for success. Thus you’ll be able to create an unforgettable journey for a buyer by being persistent.