Digital marketing as we all know is the marketing of products or services on a digital medium. But, have you ever wondered about the fundamental law of digital marketing? Are you curious to know what these fundamental laws of digital marketing are?
If you want to be the best in any field, it is important to have a thorough knowledge of the fundamentals. This also holds good for digital marketing. Fundamentals will help you build a career path towards achieving success.
In this article, we will learn about 8 basic/fundamental law of marketing. These include the law of marketing, communication skills, understanding economics, digital versus traditional marketing, direct response marketing, CATT marketing funnel, integrated digital marketing, personal branding.
This article is for all those who aspire to be the best in the field of marketing at the beginner level or experienced.
Before starting with the law, let us find an answer to the question of why learn marketing?
- Marketing is an evergreen field. All times and ages need marketing. It always requires a personal touch since it deals with human psychology, trust, and communication. Technology evolution cannot completely take over the marketing field.
- Marketing is a valuable investment, it gives an immediate return on investment. There is no waiting period.
- Business owners and entrepreneurs with marketing knowledge can develop products that meet the needs of their customers and hence increase their business. “Understanding marketing is understanding the business.” — Deepak Kanakaraju.
- It is a safe career. If you master the skills of getting traffic, marketing, and selling products; you will be a successful marketer.
Now, let us dive into our first topic that is the law of marketing.
LAW OF MARKETING
- Know your customer — The first step towards marketing is understanding your customer and creating a product that suits their needs. When you understand your customer, you will also be able to understand the problem they have. This makes you find a solution to their problem through your products or services. When these products or services are marketed, then people tend to buy it because it suits their needs. For example, In today’s busy world many find it difficult to take time out for grocery shopping, so companies like Amazon, Bigbasket, Flipkart, etc., understood this problem and they came up with solutions by delivering groceries to the doorstep. Don’t you think this would have helped and saved time for so many people? This step does not need any creativity, it is a simple problem-solving ability. As Deepak Kanakaraju from Digital Deepak says “Marketing is science than creativity.”
- Marketing is selling the right product to the right person at right time — There is no point in marketing a product or item when the need for it has ended. If you are marketing the product to a person who is not interested in it or does not require it, the whole marketing process will fail. So it becomes important for a marketer to sell the right product to the right person at right time. For example, at the present time as we are facing a pandemic, it is very important to sanitize hands and things. You can see there are so many advertisements for sanitizers from different companies trying to sell their products because that is the need of the hour.
- Keep your customers happy — Marketing does not end once the product is purchased. A good marketer keeps in constant touch with their customer either in the way of collecting feedback, updating them about their new products, encouraging them to buy their products, etc. This creates a bonding of trust between the seller and buyer and next time you want to buy something you will first think about the same seller. You would have experienced this in your day-to-day life where you would have purchased a product from the person you trust.
- Build a brand — When you are a brand in the market, people recognize your brand and they trust your brand. Branded products sell themselves without a need for in-depth marketing. We will learn more about this in the section brand building.
- Best quality products and word-of-mouth selling — These two go hand in hand. It is always necessary that your products are of high quality. Customers are always satisfied with the best products. Then your customers will market your products through word of mouth to their friends and families. This happens only with high-quality products and the trust and satisfaction your customer has in you.
- Advertising — Advertising helps customers know about your products or services. Advertising can be done effectively using social media. Facebook ads and google ads dominate the field of advertisements in the digital medium.
- Copywriting and sales are two important factors for selling your products and services. Best sales copy attracts the customers and helps them make the right decision about a product. Sales copy should be able to grab attention and hook the customers to know more about the product or services you offer so that they end up converting into a buyer.
In the physical market, sales representatives convince their customers to buy products. The same task of convincing the customer is done through writing in digital marketing. Writing is a powerful means of communication. A good marketer masters this communication skill.
There is no need to use sophisticated English with a high vocabulary in sales. All you need to do is convey your thoughts to your customer to meet the final goal of sales. People understand simple English which is easy to understand. No one will take the pain to understand sales pages that contain high vocabulary. Simple English can convey the message accurately. Anyone who is able to do this is a good marketer.
Tips to improve communication skills to be a successful marketer:
- Write as you talk — When you talk, you are able to convey your thoughts to the other person most of the time. This method also works in writing. When you write as you talk, you will able to put across your thoughts without much trouble.
- Write a lot — Writing a lot helps to improve writing skills. You should make it a habit to write a page or some number of words every day. Writing gives us clarity in thoughts and helps to organize thoughts better. Well-organized thoughts convey the message in an effective manner.
- Join the conversation — You are in constant conversation in your minds. You are always thinking of something or trying to find answers. When you provide a solution to such a problem going on in your customer’s mind, this improves your communication with your customer. This creates an instant connection. This is better than starting a whole new communication process.
- Reading and watching good English conversational programs also helps in improving communication skills.
- Think in English — Your thoughts will most of the time be in your native language. Try thinking in English instead of your native language. This will help in sentence formation and improve communication skills.
ECONOMICS AND MARKETING
Understanding the economics of a country to a certain extent will help taking good decisions for a business. How does the economy help a country and business?
Every country has an average age. When the average age of a country goes up, the spending of that country goes up as well. For example — India is a developing country. From the information available in Wikipedia, India has more than 50% of its population below the age of 25 and more than 65% below the age of 35. Now you might be thinking about how this helps the economy?
The average age of India is 26.8 years as mentioned in statistics available on Google. That means the average population of India is young and is working. They are independent, they earn and they spend and they generate money in the economy. This helps in the growth of the Indian economy. Comparing India’s average age with a country like Germany whose average age is 45.9 years, the spending will be stagnant because of the age. Hence, reviving such an economy will be a difficult task. Developing countries such as India gives a good chance for businesses to flourish. All this information is available on Google.
Did you know debt creates money in an economy?
Debt helps to circulate money. People deposit money in banks and banks, in turn, gives out this money as a loan to people again and collects interests. This helps in the circulation of money. Banks encourage people to take more and more loans by providing low interest rates to generate money. Once people start repaying these loans or stop taking loans, then the circulation of money reduces and this brings in recession in a country. Companies that are financially strong can survive and overcome the recession.
Read more on this here: Positive Money
TRADITIONAL VERSUS DIGITAL MARKETING
Traditional marketing does not use the online medium to sell products. TV ads, radio ads, newspapers, billboards, etc., are the medium of traditional marketing. These have the potential to reach a huge number of people. However, the disadvantages of traditional marketing are you cannot personalize the communications, cannot do deep marketing or natural sales. Low-end consumer goods can be sold using traditional marketing due to their ability to reach a wide range of audiences.
Digital marketing helps you know your customer better. It builds connection and trust between you and your customer. This trust lasts longer than the ones in traditional marketing. This eventually will help you reach a wider range of customers through different marketing channels. Digital marketing understands the behavior and psychology of the customer.
Read more on this here: HubSpot.com
DIRECT RESPONSE MARKETING
This is a type of marketing in which you are made to take an instant action in an ad. Most businesses use this method to sell their products or make you aware of products or services. They ask you to call the number provided in the ad to get more details or they encourage you to make a purchase by pressing a buy button or click on a link or place orders through calls or they take you to a landing page through an ad and ask you to take some action there. In direct response marketing, it is easy to measure and know if the ads are working or not. This gives the business owner’s idea to improve the ads to create curiosity in their customers and make them take the desired action. Direct response marketing is very effective.
I am quite sure you would have experienced direct response marketing some or the other time in your life. So understanding direct response marketing is easy for you.
CATT MARKETING FUNNEL
The basic formula of CATT marketing is explained in the image below.
n stands for a niche — You should be very careful while selecting a niche because your success and wealth depend on the niche. Select a niche that you are passionate about, you have talent in it and there is a market for that niche.
Content — Once you have selected your niche, you should create useful and informative content for your audience. This can be done by a blog, video, lead magnets, etc.
Attention- Next you have to grab attention to your content and make people aware. This can be done through SEO, social media, paid ads, etc. This is also called driving traffic to your content.
Trust — As discussed earlier trust is the strong base for good marketing. Once you have gained attention, you should build trust in people and this can be done through marketing automation, retargeting, etc.
Transaction — At last comes the major part of the funnel that is the transaction. Once your leads develop trust in you, you should convert them into your customers. If you are successful in achieving the above methods, sales or transactions happen in a natural way.
INTEGRATED DIGITAL MARKETING
Since you have understood the CATT funnel, now let us understand what integrated digital marketing is.
Integrated digital marketing is a framework that drives the CATT funnel. If you try to get results or sales separately from each segment such as only from content marketing or email marketing or social media marketing, there is a high chance of it being a failure. You cannot achieve the desired sales by applying the marketing technique only in one segment. Integrated marketing helps to integrate all the segments to achieve results.
For example: If you have good quality content in the center of the framework and you try to drive attention to it through paid ads, SEO, social media and then you build trust using email marketing and then you transact using sales and conversion. There is a high chance of this marketing technique being a success.
You have a niche and you apply the funnel of content, attention, trust, and transaction and you execute this CATT funnel using integrated digital marketing techniques to achieve success in your business.
BUILDING A BRAND
“A brand for a company is like a reputation for a person. You earn reputation by trying to do hard things well.” — Jeff Bezos
Your brand shows the success of your business. For creating a brand for your business or for personal branding, you have to choose a category. You have to be number 1 in that category for people to recognize your brand. People always tend to remember whatever is in the first position. If your category is vast, you can choose a subcategory and strive to gain the number 1 position in that subcategory.
For example, Levi’s is the number 1 brand in clothes, Lakme number 1 brand in cosmetics. You trust these products because of their brand names. In the same way, if you think of personal branding Virat Kohli is brand in himself in the field of cricket as is Madhuri Dixit in the field of cinemas. Take the number 1 position, become a brand and you are successful. You are a brand in yourself and you would not need intense marketing. People trust you by your brand and name.
Read more on branding here: DigitalDeepak.com
POWER OF PERSONAL BRANDING
People will reach you only if they know you and how will people know you?
People will know you if you are a brand in yourself. If you are a personal brand, you have the ability to influence many people. One disadvantage of personal branding is you cannot invest or sell the personal brand because it is to do with a person, but the personal brand has the ability to give rise to many brands and create your own companies since your reach is high and people already recognize and trust you.
So this brings us to the end of the fundamentals of digital marketing for beginners. I hope you find this article informative in spite of it being a lengthy one. By now you have an idea about how the market works, what are the things you should learn to be a successful marketer, direct response marketing, the CATT funnel, integrated digital marketing, and personal branding.
To know more about various topics in digital marketing, please check: DigitalDeepak.com
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