Marketing Fundamentals 101
Edited & Updated January 6, 2019 If you think that digital marketing is something modern, then, unfortunately, you would be wrong! Want to know why? The term digital marketing gained popularity in the 2000s but is in existence for more than a century (yes a century), and here the definition will let you know what exactly we mean. Want an easy definition to remember what is digital marketing? Here is one: “Using digital technologies/electronic devices for any form of marketing product or services is digital marketing.” Isn’t it easy? Umm-Hmm it is! As per our definition, using electronic devices for marketing any brand is digital marketing, so aren’t we using them from a long time ago? Obviously, the usage of electronic devices started for more than a century right after the discovery of the first mean of communication invented in 1837 and Boom! Just with the inventions of electronic devices, the digital marketing strategy was born. People through radio and television broadcast started marketing their products or services to get high leads. Which means that digital marketing I hope now you’re clear with your Digital marketing definition and why it is not only about smartphones, apps, Facebook or Google Ads, blogs and other modern means. Digital marketing can be done both offline and online and has nothing to do only with the internet. Which means that both kinds matter to execute an effective digital marketing strategy. In this digital age, when the whole world in on the fingertips, there are still many marketers whose marketing is just not working, and they keep questioning themselves why? The answer is they are not following fundamental marketing principles and are lacking in the concept of 4 P’s, which has been around in marketing since forever. While marketing is the science of 4 P’s and here they are:
Want to know about 4 P’s in more depth? You can read it in a post from Business Development of Canada. Get one thing clear in your mind, Digital Marketing is still only marketing and instead of discussing the technical details of digital marketing – we start our discussion with something more macro in nature; marketing fundamentals 101. Some reason in the day to day and given how technical digital marketing has become – we forget this simple fact. We start off by reminding ourselves that the end goal with Digital marketing with all the design, the technical SEO, the social activities, the advertising, the writing, the analytics and the development: Is to help you get more leads. We talked about having a website in our earlier post. However, even before we get to that step – these below fundamentals need to be in place before we get to defining yourself online with a website. Also if you want to get the fundamentals of digital marketing nailed down, then you need to know the key things that can make your company one of those killing it with digital marketing campaigns. Before any marketing efforts are undertaken to draw in new customers or satisfy the existing ones, two fundamental questions about your business should be answered: 1.Who is your customer and how will you help them? 2.What makes you different from others?
Marketing Fundamentals – Creating a Buyer Persona
Most businesses need more customers. Some need a different type of customer. While in other cases, businesses may even need fewer customers. ⠀ Business needs and customer needs are often one in the same; so, to better understand how you can make your business grow, focus on understanding your customer first. ⠀ Everything else flows after that, whether it is the messaging, the copyright, the product packaging, the placement, the channels to service them through, the keywords to optimize etc. Knowing the preferences, demographics, values and other traits of your ideal customer will help in creating the necessary borders around your marketing efforts. ⠀ All of this will help you create a brand that resonates with your targeted and wanted customer. This will also help you differentiate from your competitors. ⠀ Some places where you can find information online about your customers:
Help your customer by helping yourself first. Take the time to understand your ideal customer with as much detail as possible. Conduct research. Ask questions. Hold interviews. Solicit Feedback. Understand their pain points that your product or solution will solve. Write it down. Give this ideal imaginary customer a name, a personality and a profile. Stick it on the wall. ⠀ ⠀ This is your buyer persona. A buyer persona is a representation of your ideal customer based on market research and real data that your business will target. This work initially will save countless hours in all forms of marketing (digital or otherwise) and it will minimize waste. ⠀ Now every time you run any kind of marketing initiative, always refer back to this ideal customer. Ask yourself, will this new product, feature, promotion, advertisement solve the problems of the ideal customer? If yes, then you know the marketing initiative is worth considering. Otherwise, you risk ending up with customers that you did not want in the first place.
Your Unique Selling Proposition
The question you are trying to answer at this stage of the marketing development plan is how your product will serve the customers successfully? Unique Selling Position defines your value proposition in the market you are looking to operate in. You want to take care in defining this correctly as it will mean you are different and stand apart from the crowd. Do not sell yourself short here. Take the time to assess the marketplace. Do SWOT analysis on your competitors (Strengths, Weaknesses, Opportunities and Threats). Then do it on your own brand that you are defining. Find the points of differences and focus and expand on them. Answer these questions in defining your Unique Selling Proposition:
Vision & Mission
After you have done the work in defining your unique value proposition and understanding your customer. It is important to go through the steps of defining your vision and mission statements. If you have a mission & vision statement already, then hopefully, the above steps will help you refine it a bit better. Both of these are highly important and serve different purposes for a company. The goals of the vision statement are to articulate clearly what difference your company will make in the lives of your customers. This statement should be inspirational both for internal and external stakeholders (i.e. employees vs. investors or customers). Some examples of a vision statement from proponent companies are:
Again, both of these have something inspiration – but Amazon’s is a lot more specific. It also combines the vision and mission statements a bit. However, both of them work. Both are very successful companies. Both are effective and creating the necessary borders to help create the inspiration and call to action for its employees. You can use either approach. However, our recommendation is that the more specific you are, the more focused you become and it is a lot easier to steer a ship that has a clearer direction than one that does not. Let us know how focused you are and what are you trying to achieve better leads?
Ultimately, a business can be run without the above fundamentals in place. However, to help yourself, and really carve out your niche, these steps in the initial stages of the business are vital. Even if the business has been running successfully for a while, taking a step back and going through the above exercise in defining your customer and your business can open new doors for you. At Web Worx Labs, we take the time to work with you to define your brand, your business before we get into marketing it for you digitally. Find out about our mission and vision on our About Us Page. If at any time, you feel you can use our assistance in understanding your business better, we encourage you to reach out, and we will help in any way we can. Stand out from the foray, and really make better-informed decisions that help you create the necessary focus to move ahead in marketing your business successfully!