What Wikipedia Won’t Tell You About Marketing
In this article, we are going to understand how marketing works, the differences between traditional and digital marketing, the CATT marketing funnel, and the need for “integrated” digital marketing. We will also talk about the importance of personal branding and how it affects marketing. This article will be insightful for anybody willing to learn more about marketing, especially, online entrepreneurs and business owners.
“The best marketing doesn’t feel like marketing.” - Tom Fishburne
If you look up “Marketing” on Wikipedia, it says,
“Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services…”
Now, there can be many ways to explain Marketing, but the core concept will remain the same. It is like how you can create n number of songs out of the seven basic musical notes!
Marketing is based on science, and not on creativity. Simply put, sending the right message to the right person at the right time = Marketing. In fact, you are still reading this article probably because I marketed it in the very first paragraph, where I highlighted what it is about and who this is for. 🙂
Traditional Vs. Digital Marketing
Traditional Marketing has been around since decades and since there was no Internet, most businesses utilized traditional media such as TV, radio, or print media (newspapers/magazines) to market their products. Other media include billboards, flyers, directly mailed postcards, coupons, informational products, and telephone and text notifications. Many businesses still leverage these based on their requirements, as they have benefits such as the following:
- It can be very effective to reach an older demographic. Per this article by GlobeNewswire, people aged 50+ spend almost twice as much time reading newspaper and watching TV, as compared to those aged 21–34.
- It is usually a better approach for small businesses to build a larger local audience than trying to compete for digital space against larger businesses.
- Unlike some digital marketing items that can be skipped (by clicking “I do not want to see this” on social media ads, or “Skip ads” on YouTube, for example), these cannot be skipped.
- TV and radio commercials play multiple times in a day and keep reminding the people about a business
Despite the above pros, there are some cons as well:
- It can be quite expensive to send postcards even to just a local audience, and there is no guarantee they are interested in your product/service.
- Unless they decide to follow up, you can’t tell they have seen / heard about your ad.
- Even if they follow up, you need to run a survey to know whether your ad was the reason for the follow up.
Other than the above, there is no way to personalize the communication or reach the desired target audience as these are generic media. Now, this could be a great channel for marketing generic products (e.g. a mobile phone), but in most cases, it is not as efficient as digital marketing.
Digital Marketing or Online Marketing, on the other hand, helps you to reach a highly-targeted audience, while also enabling you to have deeply personalized communication with your customers which makes sales happen naturally without you pushing them to buy. But HOW, you may ask — Well, partly because of the Internet, and partly because of the CATT funnel, which we discuss next.
The CATT Marketing Funnel
Question: How do you create wealth?
Answer: By using your content to attract the audience in your niche, and building trust with them so that they transact with you, and are ready to buy again later.
So, the formula is
Wealth = n ^ CATT
[n]: Niche represents your area of expertise or knowledge. Eg. Photography, Cooking, etc.
[C] Content must be useful to people in your chosen niche and can be in the form of blog posts, videos, lead magnets, live webinars, etc.
[A] Attention of your target audience, or Traffic towards your Content is needed to build authority and for personal branding. SEO, social media, paid ads, referrals, etc. can be used for this
[T] Trust can be built by offering tripwires to your audience, marketing automation & retargeting
[T] Transactions or sales happen naturally when you have followed the CATT funnel completely
Rinse and repeat the above process and your customers will become customers “for life”!
Integrated Digital Marketing
This is like an engine that drives the CATT funnel explained above. In essence, this is the use of various marketing strategies in tandem to help convert your leads into sales.
For example, you can use email marketing, SEO, social media, and paid advertising to your content, which in turn, will drive more sales (see image above).
A lot of digital marketers ignore this, but it can be a game-changer.
Personal Branding & the “Mass Trust Blueprint”
Do you know that Ratan Tata has a larger following on Twitter than any of his 30 brands? This is because he has developed that level of trust and created a human connection with common people. Ultimately, this is because people like to hear from people, not brands.
People do not buy goods and services. They buy relations, stories, and magic. -Seth Godin
But how to create that human connection? By following the cycle of the Mass Trust Blueprint explained below.
Learn: Read about new skills and absorb the facts, concepts & procedures.
Work: Implement what you have learnt
Blog: Write about it and share with your audience. Hereon, you start connecting with people.
Consult: After the above steps, people start looking at you as an authority in your niche, so you can help them with your expertise by consulting them.
Mentor: Teaching someone is the best way of developing your knowledge about something while also helping them.
Startup: In the end, you can start a business around your knowledge and reach out to and help more people in doing so.
This is the Mass Trust Blueprint.
You can rinse and repeat the above cycle and keep developing your personal brand
While the downside of being a personal brand is that it cannot be invested in or sold, the rather big upside is that you can use your influence to create multiple other brands!
Marketing is a vast field of knowledge that keeps on evolving and you need to keep learning always.
Here are some great books on marketing which I would suggest reading:
- How Brands Grow: What Marketers Don’t Know, by Byron Sharp
- Influence: The Psychology of Persuasion, by Robert B. Cialdini
- Get Online, by Stacey Kehoe
- Blue Ocean Strategy, by W. Chan Kim and Renee A. Maugborgne
- Contagious: Why Things Catch On, by Jonah Berger
- Crush It!, by Gary Vaynerchuk
If you would like to learn more about marketing, you can join the Digital Deepak Internship program here. Thank you for reading!
Did you like the article? Would love to know your thoughts and suggestions in the comments section.