Marketing: Traditional and Digital
Introduction
Marketing is a strategy of research, analysis and implementation.
Marketing can play a major role in the economic development of a nation. It can motivate people to undertake new activities and to set up enterprises for producing goods that are needed by the consumers. Marketing has acquired a vital place for the economic expansion of the whole country. It has also become a requirement for attaining the object of social welfare.
Marketing can help in overcoming obstacles posed by high prices due to imbalances in the levels of production and consumption. This connection between the business and expenditure centres, accelerates the economic movement leading to higher incomes, more expenditure and increased savings and investment.
Marketing is a tool used both to determine what products, ideas, or plans that customers are interested in purchasing, and to create new ways of advertising the products, ideas, or plans to the market.
Marketing also allows the company to create a more personal relationship with their customers or clients. One task of a marketer is to determine which market the company/organization is targeting. The marketer must also develop a relationship with the market.
Traditional Marketing
The previous traditional set of marketing was limited to door to door and mouth publicity.
If you go back in history, you can see that at times when customers used Radio, it gave birth to radio advertising and marketing. Next, we got the boom of televisions, it is one of the widely used device globally, which allowed the companies to reach a mass audience with TV ads. Even today TV advertising is one of the most used advertising strategies for companies.
Thus, in the old style marketing the marketers were using physical manpower to promote their products.
But now with the changing times, people want everything at their fingertips.Market needs always expand because solutions to needs give rise to new needs. And fulfilling the needs of the customers is the highest priority of every business.
Since the boom of the Internet, more customers started using the Internet, which gave birth to a new era of marketing originally called Internet marketing, which is now called Digital Marketing.
So the trend of digital marketing took off a few years back.
Digital Marketing
Digital Marketing industry in India is a booming career today. In a country with a rapid growth economy, it is expected to have a very high significant growth in Digital marketing career. Internet access is a main-stream which has intensified the use of mobile phones, computers, and laptops. This intensity leading to a high change in the growth of digital channels both in strength and volume.
Be it social media, surfing for information on Google or making purchases, India has transformed this medium into a full-fledged market.
India also has the World’s largest Facebook population. The high-speed digitization, online portals, social media channels, etc. lead to a growth of digital marketing in a trend par imagination.
Digital marketing is very much about influencing the audience online with mediums of content to increase a brand’s impact over the audience.
The amount of time spent by the people on the internet empowers digital marketers to create impactful strategies to influence consumer behavior. The right strategy converts the audience into sales.
As per 2019 stats, the digital marketing industry in India is worth $68 billion!
Global economics
The global economy is the world economy or the worldwide economy.
It is all the economies of the world which we consider together as one economic system. Put simply; it is one giant entity. It is also the system of trade and industry across the world that has emerged due to globalization. In other words, the way in which countries’ economies have been developing to operate collectively as one system.
The term has two meanings:
The economy of the whole planet, i.e., global GDP. GDP stands for Gross Domestic Product.
The way the world is today, with countries’ economies so intertwined and interdependent that they all seem like parts of one whole. That ‘whole’ we call the ‘global economy.’
These economic activities can have either a positive or negative impact on the countries involved.
We can understand the importance of the global economy by looking at it in relation to emerging markets:
Economic importance at a micro and macro level: The increase in the world’s population has led to emerging markets growing economically, making them one of the primary engines of world economic growth. The growth and resilience shown by emerging markets is a good sign for the world economy.
Long-term world economic outlook: According to financial and economic projections based on demographic trends and capital productivity models, the GDP in emerging market economies in 2019 are likely to keep increasing at a positive rate. According to an emerging markets economic forecast for 2019 conducted by Focus Economics, the economy is set to increase by 7.5% in India, 6.6% in Philippines, 6.3% in China, 5.3% in Indonesia, 5.1% in Egypt, 4.9% in Malaysia, 3.8% in Peru and 3.7% in Morocco.
The economy of a country goes up when the average age of the country goes up, People spend more.
Economy goes down when average age goes up above 50, household spending goes down.
Debt creates money.Deflation of money supply happens when people start repaying debt.
Key basic skill in Digital marketing
Today, digital marketing industry in India is growing at its peak, and is still continuous. Many factors are responsible for this growth. The use of communication tools has greatly changed in the year past. No one ever thought to have a credible deal online.
Whether we communicate better through writing or speaking, good communication skills are absolutely critical.
Communication helps in content creation, sales and becoming a successful professional or entrepreneur.
Good communication skills seem to come naturally to some people. If your communication skill is not good enough, it’s definitely something you can work on improving.
Easy ways to master communication
1.Read a lot (30 minutes a day)-start with simple books and move to complex ones.
2.Try to communicate with others in English as much as you can.
3.Improve your stock of words and be familiar with the terms the is used widely in Digital Marketing.
4.Listen to podcasts (30 minutes a day).
5.Watch stand up comedy shows to learn culture and local slangs.
6.Read different blogs related to Digital marketing as much as you can.
7.Take part in client communication if possible.
8.Write a lot, the more you write, the better you can write.(500 words a day).
9.Watch English sitcoms (The Office, Seinfeld, Silicon Valley, Mad Men and more).
How to select your Niche?
With hundreds of thousands of digital agencies around the world, you need to find a way to make your agency stand apart from the pack.
Focusing on a niche is a tested strategy to grow and scale your agency fast.Getting the niche right early on in your career can save you a ton of trouble down the road and position you as the “go to” in your industry or specialty.
Have you heard the term “jack of all trades, master of none?”
Generalists (the jack of all trades) are valuable professionals with a range of skill sets and experiences, but typically command lower prices.
Specialists (experts in a specific skill or niche), on the other hand, are able to charge higher rates because they’re in demand and and much more rare.
Niche should be a combination of passion, talent and market opportunity.
Have passion, enjoy doing it, and get better at it.
The three major niches are: Health, Money & Relationships.
Finding Market demand
The Market Demand Analysis involves conducting research activities to determine:
1.The online demand for your products and services.
2.The key questions your buyers are asking online about your products and services.
3.Use google Auto suggest.
4.Look for Amazon Reviews.
5.Talk to customers.
6.Who the key influencers are in your market.
7.An evaluation of your social networks and profiles.
8.Your social media reach.
9.Look for pre and post products/services of other products.
10.Your current social engagement.
11.Answer the Public.com.
12.Scratch your own Itch (Ex: BikeAdvice, DigitalDeepak).
Importance of Building your Personal Brand
People don’t do business with companies. They do business with people they like. We have relationships based on trust and mutual connections. There’s just something about a connection with a human being that creates a level of endearment and customer loyalty beyond any relationship a company could ever reach. The strong bonds people have with one another can’t be overestimated.
Only needed is a quick Google search to see that ordinary people from all over the world are using the new tools to craft personal brands that attract countless people to their websites and social media profiles.
The best known will always defeat the best.Inject personality into your personal brand.
Publish content in different forms-with more content, more of the internet is owned.Create your brand identity.Do not hesitate to put your content out there.Do not have the fear of standing out.Create and redesign your own personal site.Guest blog to promote your brand.
Benefits of personal branding
The benefits are as follows:
1.Your style, your tribe.
2.People want to hear from people, not from brands.
3.It's cool to be known by other people.Build your own fame within a community.
4.You can get a job, close a client or build your own consulting/training business.
5.Your Business Will Become Stronger.
6.You Can Leverage Your Brand to Build Partnerships.
7.You’ll Build Confidence.
8.You Control Your Brand Image.
9.Your Credibility Will Grow.
10.Your Online Relationships Will Flourish.
11.You Can Leverage Your Network.
12.Goals Become More Achievable.
How the Funnel works
A digital marketing funnel describes the steps that users take to move from being a prospect to a customer. While there are multiple marketing funnels, most include stages focused on awareness, consideration, purchase, and retention. Businesses can use any funnel to guide their marketing efforts.
The old marketing funnel (often called the AIDA model) includes these four stages:
Awareness: A person knows your product or service exists.
Interest: A person expresses interest in your product or service.
Desire: A person wants your product or service.
Action: A person purchases your product or service.
Funnel works in the following ways:
1.Move the free line.
2.Build trust through the funnel
3.Make the funnel automated.
4.Build relationships on automation.
5. 1,000,000 people at the top of the funnel gives 1000 people at the bottom of the funnel.
Future of Digital Marketing
Digital marketing will not die because marketing will not die.
Digital Marketing is generating more employment opportunities. Digital marketing is a low investment business and one can also work as a freelancer, it is contributing in employment generation.
On the other hand, digital marketing gives businesses an online platform. Hence, increasing the profitability of businesses in India and making them advanced and helping them to stay in competition with other countries.
Comparing it with other marketing platforms, digital marketing is one of the most affordable media to promote the product. Gone are the days when one was spending thousands and lakhs n getting the ad printed in the newspaper. With digital media, it has become so easy. If you are a real estate company, you can promote your new project on social media by reaching thousands of people at one time.
If you’re involved with economic development marketing, chances are you are trying to reach business executives considering a relocation or expansion.
Using sponsored digital ads in your economic development marketing mix can allow your organization to take your message straight to the top with advanced targeting tools.
About 70-80% of the population is dedicated to making purchases online, and e-commerce websites like Flipkart, Amazon, Myntra, etc are making waves with their influence over the market.
The world is moving towards digital.
Online podcasts, web stories, entertainment, sports, business, social awareness and career in India gets more dependent on digital platforms for generating revenue, sharing information and country’s progress.
Digital Marketing is becoming a promising industry with rapid career growth, increasing influences, and widespread activities!
Marketing is a strategy of research, analysis and implementation.
Marketing can play a major role in the economic development of a nation. It can motivate people to undertake new activities and to set up enterprises for producing goods that are needed by the consumers. Marketing has acquired a vital place for the economic expansion of the whole country. It has also become a requirement for attaining the object of social welfare.
Marketing can help in overcoming obstacles posed by high prices due to imbalances in the levels of production and consumption. This connection between the business and expenditure centres, accelerates the economic movement leading to higher incomes, more expenditure and increased savings and investment.
Marketing is a tool used both to determine what products, ideas, or plans that customers are interested in purchasing, and to create new ways of advertising the products, ideas, or plans to the market.
Marketing also allows the company to create a more personal relationship with their customers or clients. One task of a marketer is to determine which market the company/organization is targeting. The marketer must also develop a relationship with the market.
Traditional Marketing
The previous traditional set of marketing was limited to door to door and mouth publicity.
If you go back in history, you can see that at times when customers used Radio, it gave birth to radio advertising and marketing. Next, we got the boom of televisions, it is one of the widely used device globally, which allowed the companies to reach a mass audience with TV ads. Even today TV advertising is one of the most used advertising strategies for companies.
Thus, in the old style marketing the marketers were using physical manpower to promote their products.
But now with the changing times, people want everything at their fingertips.Market needs always expand because solutions to needs give rise to new needs. And fulfilling the needs of the customers is the highest priority of every business.
Since the boom of the Internet, more customers started using the Internet, which gave birth to a new era of marketing originally called Internet marketing, which is now called Digital Marketing.
So the trend of digital marketing took off a few years back.
Digital Marketing
Digital Marketing industry in India is a booming career today. In a country with a rapid growth economy, it is expected to have a very high significant growth in Digital marketing career. Internet access is a main-stream which has intensified the use of mobile phones, computers, and laptops. This intensity leading to a high change in the growth of digital channels both in strength and volume.
Be it social media, surfing for information on Google or making purchases, India has transformed this medium into a full-fledged market.
India also has the World’s largest Facebook population. The high-speed digitization, online portals, social media channels, etc. lead to a growth of digital marketing in a trend par imagination.
Digital marketing is very much about influencing the audience online with mediums of content to increase a brand’s impact over the audience.
The amount of time spent by the people on the internet empowers digital marketers to create impactful strategies to influence consumer behavior. The right strategy converts the audience into sales.
As per 2019 stats, the digital marketing industry in India is worth $68 billion!
Global economics
The global economy is the world economy or the worldwide economy.
It is all the economies of the world which we consider together as one economic system. Put simply; it is one giant entity. It is also the system of trade and industry across the world that has emerged due to globalization. In other words, the way in which countries’ economies have been developing to operate collectively as one system.
The term has two meanings:
The economy of the whole planet, i.e., global GDP. GDP stands for Gross Domestic Product.
The way the world is today, with countries’ economies so intertwined and interdependent that they all seem like parts of one whole. That ‘whole’ we call the ‘global economy.’
These economic activities can have either a positive or negative impact on the countries involved.
We can understand the importance of the global economy by looking at it in relation to emerging markets:
Economic importance at a micro and macro level: The increase in the world’s population has led to emerging markets growing economically, making them one of the primary engines of world economic growth. The growth and resilience shown by emerging markets is a good sign for the world economy.
Long-term world economic outlook: According to financial and economic projections based on demographic trends and capital productivity models, the GDP in emerging market economies in 2019 are likely to keep increasing at a positive rate. According to an emerging markets economic forecast for 2019 conducted by Focus Economics, the economy is set to increase by 7.5% in India, 6.6% in Philippines, 6.3% in China, 5.3% in Indonesia, 5.1% in Egypt, 4.9% in Malaysia, 3.8% in Peru and 3.7% in Morocco.
The economy of a country goes up when the average age of the country goes up, People spend more.
Economy goes down when average age goes up above 50, household spending goes down.
Debt creates money.Deflation of money supply happens when people start repaying debt.
Key basic skill in Digital marketing
Today, digital marketing industry in India is growing at its peak, and is still continuous. Many factors are responsible for this growth. The use of communication tools has greatly changed in the year past. No one ever thought to have a credible deal online.
Whether we communicate better through writing or speaking, good communication skills are absolutely critical.
Communication helps in content creation, sales and becoming a successful professional or entrepreneur.
Good communication skills seem to come naturally to some people. If your communication skill is not good enough, it’s definitely something you can work on improving.
Easy ways to master communication
1.Read a lot (30 minutes a day)-start with simple books and move to complex ones.
2.Try to communicate with others in English as much as you can.
3.Improve your stock of words and be familiar with the terms the is used widely in Digital Marketing.
4.Listen to podcasts (30 minutes a day).
5.Watch stand up comedy shows to learn culture and local slangs.
6.Read different blogs related to Digital marketing as much as you can.
7.Take part in client communication if possible.
8.Write a lot, the more you write, the better you can write.(500 words a day).
9.Watch English sitcoms (The Office, Seinfeld, Silicon Valley, Mad Men and more).
How to select your Niche?
With hundreds of thousands of digital agencies around the world, you need to find a way to make your agency stand apart from the pack.
Focusing on a niche is a tested strategy to grow and scale your agency fast.Getting the niche right early on in your career can save you a ton of trouble down the road and position you as the “go to” in your industry or specialty.
Have you heard the term “jack of all trades, master of none?”
Generalists (the jack of all trades) are valuable professionals with a range of skill sets and experiences, but typically command lower prices.
Specialists (experts in a specific skill or niche), on the other hand, are able to charge higher rates because they’re in demand and and much more rare.
Niche should be a combination of passion, talent and market opportunity.
Have passion, enjoy doing it, and get better at it.
The three major niches are: Health, Money & Relationships.
Finding Market demand
The Market Demand Analysis involves conducting research activities to determine:
1.The online demand for your products and services.
2.The key questions your buyers are asking online about your products and services.
3.Use google Auto suggest.
4.Look for Amazon Reviews.
5.Talk to customers.
6.Who the key influencers are in your market.
7.An evaluation of your social networks and profiles.
8.Your social media reach.
9.Look for pre and post products/services of other products.
10.Your current social engagement.
11.Answer the Public.com.
12.Scratch your own Itch (Ex: BikeAdvice, DigitalDeepak).
Importance of Building your Personal Brand
People don’t do business with companies. They do business with people they like. We have relationships based on trust and mutual connections. There’s just something about a connection with a human being that creates a level of endearment and customer loyalty beyond any relationship a company could ever reach. The strong bonds people have with one another can’t be overestimated.
Only needed is a quick Google search to see that ordinary people from all over the world are using the new tools to craft personal brands that attract countless people to their websites and social media profiles.
The best known will always defeat the best.Inject personality into your personal brand.
Publish content in different forms-with more content, more of the internet is owned.Create your brand identity.Do not hesitate to put your content out there.Do not have the fear of standing out.Create and redesign your own personal site.Guest blog to promote your brand.
Benefits of personal branding
The benefits are as follows:
1.Your style, your tribe.
2.People want to hear from people, not from brands.
3.It's cool to be known by other people.Build your own fame within a community.
4.You can get a job, close a client or build your own consulting/training business.
5.Your Business Will Become Stronger.
6.You Can Leverage Your Brand to Build Partnerships.
7.You’ll Build Confidence.
8.You Control Your Brand Image.
9.Your Credibility Will Grow.
10.Your Online Relationships Will Flourish.
11.You Can Leverage Your Network.
12.Goals Become More Achievable.
How the Funnel works
A digital marketing funnel describes the steps that users take to move from being a prospect to a customer. While there are multiple marketing funnels, most include stages focused on awareness, consideration, purchase, and retention. Businesses can use any funnel to guide their marketing efforts.
The old marketing funnel (often called the AIDA model) includes these four stages:
Awareness: A person knows your product or service exists.
Interest: A person expresses interest in your product or service.
Desire: A person wants your product or service.
Action: A person purchases your product or service.
Funnel works in the following ways:
1.Move the free line.
2.Build trust through the funnel
3.Make the funnel automated.
4.Build relationships on automation.
5. 1,000,000 people at the top of the funnel gives 1000 people at the bottom of the funnel.
Future of Digital Marketing
Digital marketing will not die because marketing will not die.
Digital Marketing is generating more employment opportunities. Digital marketing is a low investment business and one can also work as a freelancer, it is contributing in employment generation.
On the other hand, digital marketing gives businesses an online platform. Hence, increasing the profitability of businesses in India and making them advanced and helping them to stay in competition with other countries.
Comparing it with other marketing platforms, digital marketing is one of the most affordable media to promote the product. Gone are the days when one was spending thousands and lakhs n getting the ad printed in the newspaper. With digital media, it has become so easy. If you are a real estate company, you can promote your new project on social media by reaching thousands of people at one time.
If you’re involved with economic development marketing, chances are you are trying to reach business executives considering a relocation or expansion.
Using sponsored digital ads in your economic development marketing mix can allow your organization to take your message straight to the top with advanced targeting tools.
The return on investment for businesses through digital platforms has exceeded than that from real-life platforms. Companies are today shifting towards a more digitally empowered set-up to make the most of the golden period of digital marketing that India is witnessing.
About 70-80% of the population is dedicated to making purchases online, and e-commerce websites like Flipkart, Amazon, Myntra, etc are making waves with their influence over the market.
The world is moving towards digital.
Online podcasts, web stories, entertainment, sports, business, social awareness and career in India gets more dependent on digital platforms for generating revenue, sharing information and country’s progress.
Digital Marketing is becoming a promising industry with rapid career growth, increasing influences, and widespread activities!
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