Marketing Vs two years of MBA

May 20, 2021 | Digital Marketing

Whether you are running a small business or a large organization, the marketing funnel plays an important role in your business.

Is that so?

Wait…!

Are you an entrepreneur struggling to build a brand for yourself / your organization?

Do you understand the importance of marketing for your business?

Do you know the use of Ps of Marketing?

Do you know how the Funnel helps?

Well, if you have answered ‘Yes’ to any of the above, then you are in the right place and it will be worthwhile to read further.

Let me start from the basics with

The fundamentals of marketing.

What do you think of making a good business?

A good product or services?

Let me first introduce the P’s of marketing to clear things and to start with great research.

In my MBA, I figured these P’s have to be updated to accommodate the behaviors and demand of the present customer and to fit in the present scenario of the digital world.

  1. Product
  2. Place
  3. Price
  4. Promotion
  5. People
  6. Physical evidence
  7. Process
  8. Proof & Photography(Social)
  9. Portfolio & Copywriting
  10. Prestige
  11. Productivity & Performance
  12. Packaged

I would advise any marketer working on a strategic level to learn the 12 Ps of the marketing mix, whether for use as a basis for testing and formulating ideas, or simply to enhance your understanding of marketing theory.

Certainly, there are more “P’s” which could be listed, but more me these tend to be the ones that help me through my marketing thought process.

Take a look at some of my favorite brands to understand the marketing.

Obviously, I’ll go through the “JIO” and “Zomato”

Do you also think of this?

I know what comes to your mind once you hear the name.

Well… Yes..!

You are right

That was the time the other telecom industries like Airtel, Vodafone, and Idea were providing costly internet and calling

The Jio comes in the market with a very different USP and many product lines like free call, free internet, Jio handset, etc

So for Jio and Zomato these two quotes definitely suit.

Don’t be the no.1, be the only one.

Marketing should be done even before the product/service is created.

Now it turns to “Zomato”

Zomato enters the market at that time when people are carrying tiffin box to their office, etc

The market really needs online food delivery to everyone at any time, zomato uses great marketing, offers on foods, referral programs, and a customer’s beliefs to sustain in the market.

Now zomato acquires the uber eats and food panda, hence it is the world’s largest online food ordering company.

 Digital Marketing Vs Traditional Marketing

Just Digital Marketing and Traditional Marketing,

You will be reading how digital marketing is better than traditional marketing.

So it means traditional marketing is dead, is it?

Definitely not!

Traditional marketing is not dead but the approach of using it has changed.

Modern marketing is a blend of both digital and traditional.

When I was roaming around the shopping malls, the billboard in front of the mall said, Don’t waste time in parking, take an uber!

Another example I remember is from Zomato,

Aree! Ghar pe daal bani hai?

Koi baat nhi..Hum hai na..!!

Order Paneer masala.

Another example I remember is from audible by amazon.

Right out of the corporate office they said, “ Stuck in traffic? Listen to Audiobooks instead.”

People don’t use Facebook in malls or traffic, therefore smart billboards do their jobs!

Also no matter how good your performance marketing is, It can’t replace the authority created by TVC.

Basically all these traditional medium works as remarketing which ultimately serves the purpose of top of mind awareness.

It’s just how creatively you use it.

Thoughts?

CATT Marketing Funnel

So here the question is why marketing funnel?

The answer to this question is to control the transaction.

Let’s understand with the statement below

It involves multiple interactions for different types of buyer readiness to make the purchase. Therefore, this process has to be broken down into phases, so that we can address objections and craft the right message at every single stage and for every multi-buyer.

But is it?

What does funnel solve?

The funnel solves marketing divides. It segments the process so that we can use different tools for different purposes.

Now one such marketing funnel is the CATT marketing funnel. A simple yet effective model of marketing, invented by Deepak Kanakaraju.

CATT Marketing Funnel or Framework shows the amount of wealth potentially one can make.

Wealth = n^CATT

Where n — niche

“C” – stands for Content which is the first step that describes you through writing and attracts people towards your product & service.

“A” – stands for Attention where you have to drive audience attention using marketing tools such as Paid Advertising on Social Media & SEO.

“T” – stands for Trust where you have to build with your audience using Email Marketing. And,

“T” – stands for Transaction which converts the audience into customers by sale

I’m going to show you the new marketing funnel, which also helps.

Integrated Digital Marketing

Running only email marketing campaigns or simply doing Search Engine Optimization will never give the dream marketing results. In a modern-day world where we have multiple ways to reach customers, why should we settle only for one channel?

That’s what Deepak sir talks about in week 2

People are cluttered with huge media noise around, so why will they even take action if you have one touchpoint between your brand and the customers?

The best way to resolve this issue is to create an integrated marketing plan, one that connects multiple channels. For instance, in the diagram below, we can picture how multiple digital marketing channels can be connected together to drive conversions for us.

When we want to execute the CATT Framework, things won’t be linear, all the things will happen simultaneously. All the phases will be interconnected.

Integrated marketing is the engine that drives the CATT funnel.

The content will be at the center and we will share it on social media, email newsletters, we will do SEO. People read the content – start trusting – they share on social media, giving even more boost – start buying product/service. The paid ads can boost the system’s efficiency.

Let me show an example:

Have you ever added to cart some interesting product on an e-commerce site to buy it later but you did not buy them.

Is it like you have also done that?

Yes, I have also done it!

Within a couple of hours, you kept seeing them everywhere.

In blog post ads, in FB ads, in my youtube recommendations, and even received emails from Amazon that you have a pair of boxers waiting in your cart.

But a good thing is, it made you buy the product ultimately, which was the purpose of that campaign.

One more example of integration from zomato.

My favorite restaurants.

Is it yours too?

I got a mail-in January 2021 from zomato about a review of 2020 ordering performance.

I thought why did they share it with me?

But, once I went from top to button of the mail, I enjoyed the memes they have created for us.

It motivates us to order food from the zomato.

You are thinking why?

Let’s have a look.

Have you ever thought of sharing these types of memes to customer mails box, this really motivates to do transactions to the business?

Conclusion – The Learning

Let’s summarized the whole article in a short way.

  • if you think of building a product then look for your consumer if it fits his requirement then it’s ok. But if it doesn’t fit the need then have the courage to change the product blueprint to suit consumer needs.
  • Think of how you can stand out against competition; Don’t be one of the options, be the only option available.
  • Use all media wisely (Traditional or Digital) as it is a saying don’t put all eggs in one basket.
  • Find a niche that no one has, and this eventually will lead to solving your consumer needs and building a relationship with the consumer.
  • Finally use Integrated digital marketing effectively with help of the CATT & Mass Trust blueprint as this will create a Brand positioning or say a Personal Brand that always has a rub-off effect on your product or service.

Until then take care, everyone!

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