Marketing Myths Exposed and Truth Unveils
What do People think about Marketing?
Do you know what a layman thinks when it comes to marketing?
No? Well, let me tell you then. People have so many thoughts on marketing.
Some think that marketing is about manipulating people. And sell some shitty product to people which do not worth their money.
I am from Kolkata, here, ordinary people use the word- marketing for shopping.
Like we generally say that let us go shopping, like for general groceries, veggies and meat. And here in Kolkata, people usually refer to marketing for shopping.
Well, this is just one of those. Many people across India even connect marketing as a scam. Because of some fraud Multi-Level-Marketing companies or popularly known as Network Marketing.
Some well-read people from Non-Marketing fields think that Marketing means Advertising.
This is a partial truth. Because narrowing down and limiting to only Advertising is one of the biggest myths of Marketing.
Then what is Marketing?
Dr. Philip Kotler, who is also known as the father of Modern Marketing, says:
“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.”
Hope that does not scare you.
To just simplify it, according to me, “Marketing is about learning the customers better to serve them what they need. And satisfy them the fullest with the product offered”.
Most businesses don’t work because they fail to understand their customers. Which leads to creating a product that a person does not need.
Let me clarify a bit further with an example.
Mr. Suresh Prasad thought of selling clothes at a much cheaper price in a big reputed shopping mall. Where everything is quite expensive.
Suresh booked a mall space for rent. And was offering clothes like t-shirts, jeans, shirts at around 30–40% price of what others were selling.
What do you think will Mr. Suresh be successful in his business?
While most of you are thinking it as a great plan, because getting the product at a cheap price, anyone would buy it. He should be the most selling business person in the entire mall.
If you’re too thinking this, then my friend, you are completely wrong.
In a mall where everything is expensive, which means the customers are also high paying.
This means that the customers in that mall are mostly upper-middle-class and upper-class people.
There is a greatest chance that they will not be buying anything from Suresh. As cheap price sounds inferior to them and thus creating the Giffen effect for them.
Now you might ask, what Giffen goods?
Well, anyone who is from a non-commerce or economics background might find this jargon.
Giffen goods are those goods whose demand decreases as income increases and it violates the law of demand in microeconomics.
As when a person’s income, let us say is ₹30,000 per month, he might use a deodorant worth ₹200. But when his income increases to ₹1,00,000, he might now consider buying ₹500 deodorants or might even higher.
He might find now ₹200 deodorant inferior.
Here Mr. Suresh targeted wrong customer.
Instead, he could have open a shop in a locality where most of the residents are lower-middle and middle-class families.
What is the combination of factors that can be controlled to influence customers to sell its products? [Marketing Mix]
Now let us talk about Marketing Mix or the 4 Ps of Marketing.
Marketing Mix is the factors a business decides to market its products. Primarily it includes Product, Price, Place and Promotion.
Let not these concepts intimidate you. I am here to break down every Ps of Marketing.
· Product Mix: This is all series and sets of products a business offers customers to buy.
· Price Mix: All decisions and strategies used to set the product price. Including various factors like cost, margin, competitors’ product’s price, and so much more.
· Place Mix: This includes where the product will be stored, transport. And how it will reach the end-user through the channel of distribution of products.
· Promotion Mix: It is a tool used for advertising, selling, publicity, etc. It includes packaging, branding, logo and much more.
This is how, we can understand, that marketing starts even before the product is created or manufactured and doesn’t end even after selling.
So, to retain consumers, and provide great after-sales services to an existing customer.
What are the important skills needs to be a good marketer?
There are so many. But now talk only about the essentials and fundamentals:
The most essential ones are communication skills, selling skills, leadership and creativity. Although to be best, the number is just infinite. Keep on learning and gaining skills.
Most of you might think that communication skills are all about speaking better, but that is only a myth. One can communicate by both speaking and listening.
Listen to your customers, understands them and their needs, problems.
Then come up with a solution and speak to them about the solution you have.
We have two ears and one mouth. So the amount of listening and speaking should also be done proportionately.
Selling is another most important skill for marketing. There’s a good saying that if you can sell a comb to a bald man, then you are a great salesperson.
Leadership and creativity are important to guide your team. Of course, you won’t do everything by yourself. You need a team who will do it for you. Have creativity in the product, selling and guiding the team is the best you can do.
What are the different mediums of Marketing?
Though there are many marketing mediums. Yet, it is broadly categorized into two different mediums, traditional and digital/ internet.
Let’s talk about traditional first.
The traditional medium has quite a few like radio, television, press and hoardings.
Remember watching ads on TV for your favourite burger or coke? Seeing some matrimonial or coaching institute ad in your morning newspaper? And your favourite amazon shows ad hoarding on flyovers?
These all are some good examples of traditional mediums of marketing, which are very less effective and with many limitations.
Whereas digital marketing or online marketing has great potentials for reaching the audience. Which is more effective, analytical and also economical.
Some of the popular methods of digital marketing are- Search Engine Marketing, Search Engine Optimisation, Email Marketing, Social Media Marketing, Mobile Marketing, App Store Optimisation, etc.
But like any other marketing techniques, it also has some limitations.
Traditional Marketing Vs Digital Marketing and their limitations
The term digital marketing has taken a boom and fancy. Everyone thinks that digital marketing is only the effective way of doing marketing. Isn’t it?
Did you think the same?
However, it is, partially true, digital marketing is more effective. But not every time.
Think of a product like tea. Tea is a consumer product. Everyone in the whole world takes tea in the morning with breakfast.
So, if tea is marketed digitally, with a limited targeted audience, first of all, it would cost more. As the number of people is on the internet is less than the people who watch TV, reads the newspaper or listen to the radio.
Tea would bring more conversion when it is marketed traditionally.
Does that mean that traditional is best?
Well, nothing is best and like every method of marketing has its own utility.
Now think of a niche-specific product, like a camera tripod.
Does everyone need a camera tripod?
So, in this case, it is better to use digital marketing to target interested and potential buyers for a camera tripod.
Think of it. Who needs a camera tripod? A photographer, videographer, filmmaker or maybe a video vlogger. Right?
It is easy to find the audience who consumes more content related to photography or videography through internet marketing.
Now you want to learn marketing and don’t know where to start?
No worries, as I am here to help you.
Let’s first know about Integrated Digital Marketing:
So, what is Integrated Digital Marketing?
Executing Digital Marketing through different methods like Email Marketing, Content Marketing, Social Media Marketing, SEO and Paid Ads together to Sell and convert leads.
You possibly now thinking that how we do it?
It’s not that complicated as it sounds. See the Integrated Digital Marketing Framework picture to understand it better.
We create content in social media networks and blogs and do Content Marketing through SEO and Paid Ads. Now we may directly sell our products to our potential buyers or create an email lead from our audience. We can create multiple funnels with this.
Similarly, through the lead we do mails and either can offer our product and do sales. Or deliver content, through which we do engage and build a personal brand. And do sell our product or get traffic to our blogs and social media.
And the cycle keeps on going.
This is how we do Integrated Digital Marketing effortlessly.
Now you might be thinking that what is a marketing funnel?
It is like you create a post and 1000 people see the post. Out of that only 20%, meaning, say 200 people took action and enrolled in a free seminar.
Even on that 200 persons only 10% which means 20 persons subscribed to a product you are offering.
The marketing funnel helps to understands and connects customers better. But the product must have the value for it. Anyway, unethical people misuse it and sell substandard products.
I learnt a great funnel framework, from one of the reputed Digital Marketing Expert of India, Mr. Deepak Kanakaraju, popularly known as Digital Deepak.
Which is the CATT Marketing Funnel
Oh no! again so many jargon.
Don’t worry, it’s much easier than you think. And also one of the most effective marketing funnels.
According to Mr. Deepak Kanakaraju:
Wealth = n^CATT
· n is niche: your niche makes you or breaks you
· C is Content: videos, blog posts, podcasts, images anything valuable
· A is Attention: this is how you can drive traffic to your website, or get a lead, or getting a follow on social media
· T is Trust: Now that you get to lead, keep posting useful and valuable content regularly. Engage with your audience or customers
· T is Transaction: Finally, now you can convert your audience to your fan buyer.
CATT funnel is a great tool when it comes to natural sales. This is how your true fan becomes your most satisfied buyers, provided that you give them the best value.
All that is fine, but how we get the customers, right?
I too thought this, when I just started my internet journey.
Anything is possible through great skills of influence and good branding.
Now you may ask how to create a great personal brand? Right?
Secrets to creating a strong Personal Brand
The biggest secret to creating a great personal brand is that there is no secret. Patience, good content and the right selection of niche is the only way to make a great brand.
I have a passion for a niche but that has huge competition, I don’t know what niche to choose.
These are some common thoughts one have for content creation.
If you don’t know your niche, then simply research, do google, check your personality. And introspect.
And if you think your interest niche have great competition, then rather select sub-niche or even sub-sub-niche.
If your area of interest is fitness, then truly the fitness industry has huge competition. Then go for fitness for ‘corporate workers’ or even ‘fitness for working mothers’.
Narrow specific niche like these is easy to capture, gain fame and a build a good brand.
The niche is most specific now.
It is for:
· female working professionals
· and also who are mothers.
Once you create a strong brand, like this niche, now you can further broaden your niches. Like ‘fitness for working women’, ‘fitness for mothers’ and then ‘fitness for working professionals’.
Now, you are not targeting women but you are targeting both genders, who are working professionals.
And eventually, you scale to the mainstream fitness industry with a huge strong brand.
Conclusion and final thoughts
If you are still reading this, that means I have got your time.
Thanks for reading this article and giving me your precious time. I am really grateful to you.
I hope you learnt something through my post. And if you really did, this actually balances all of my efforts putting researching and giving out the best I can do.
I would love to know your thoughts on this. And if you further want to read such well-researched contents about marketing, personal finance and business, please consider following me.