Well, to build an empire, We must know what is Marketing?
So, What is Marketing? and how to use it in our business?
In the words of Philip Kotler- “Marketing is a social and managerial process by which individuals and group obtain what they need and want through creating, offering and exchanging products and value with others”.
In simple words, Marketing is getting people to know who you are, getting them to like you, and getting them to buy something form you.
The purpose of marketing is to research and analyze our customers all the time, send surveys, study online shopping habits and trends, and ask one question; “Where, When, and How does our customer want to communicate with our business?”
Now, let's discuss the Fundamentals of Marketing
Marketing revolves around 4 things- Product, Price, Place and Promotion.
Product- This is what a company sells whether a physical good or services. A product can be dresses in a store or chocolates in the mart. It can be services in the form of counselling or events as a guest.
Price- It means how much you charge for your products or services. “What is the market rate per unit of a product?' ”How much discount should be given?". All these marketing consideration requires market analysis and research.
Place- The right product needs to be in the right place for people to find and buy it. Our customers need to be able to find and purchase our product. Prices are set according to how much a customer is willing to able to pay. The customer always wants value for money.
Promotion- If a product launches but no one cares, does it even exist? YES, it does, but it just exists no one's buying it because no one knows about it. Promotion is important because once a product is out there, it needs to be promoted so customers can know about it.
The first thing that came into our mind is “What is the difference between both?” “ Which one is better?”
Let's start with Traditional Marketing
Traditional Marketing is nothing new as it's a form of marketing that we have been exposed to at one point or another. Through traditional marketing, we reach out to audiences with offline advertising and other traditional marketing promotional methods.
Common traditional marketing method includes Print, Broadcast, Direct mail, Telephone, and Outdoor (like fliers)
Through traditional marketing you can connect with your local audience, you reach a more diverse audience.
With advantages come disadvantages- So, What are traditional marketing disadvantages?
It can be more costly than digital marketing when you add total production cost and the media buy.
Traditional Marketing doesn't have the same ability to target as digital.
NOW, What is Digital Marketing?
Digital Marketing is the promotion of brands to connect with potential customers using the internet and other forms of digital communication. This includes not only emails, social media and web-based advertising, but also text and multimedia messages as a marketing channel.
The digital marketing industry is very dynamic. According to Internet Live Stats, the average number of people who uses Google on any given day is 77,000. This translates to at least 2 trillion searches within a year. What this means is that one of the best search engines to leverage is Google.
If we provide our customers with a great social media experience, they're likely to recommend it to others.
The main advantages of digital marketing is that a target audience can be reaches in a cost-effective way as a properly planned campaign can reach the customers at much lower costs.
Through digital marketing, results are trackable and measurable which means we can track and measure our online marketing with web analytics and other tools
Disadvantages of Digital Marketing
While you can reach a global audience with digital marketing, you are also up against the global competition, It can be a challenge to stand out against competitors and to grab attention among the many messages aimed at consumers online.
Any negative feedback or criticism of your brand can be visible to your audience through social media and review websites. Carrying out effective customer service online can be challenging.
Negative comments or failure to respond effectively can damage your brand reputation
Well, What do you think?
Digital Marketing is probably the best option for most people. If you want to reach a particular group of people, wherever they may be, while keeping costs low, go with DIGITAL MARKETING
There is still a place for traditional marketing. If you want to reach a local audience, TRADITIONAL MARKETING method may be more useful and provide better results than digital marketing.
So, the answer is- IT DEPENDS.
Integrated Digital Marketing is the integration of multiple marketing strategies to form a online approach for your business. The friction diminishes between buyers and sellers.
