Understand Marketing to better understand Digital Marketing
by Saju Joseph
Before getting to know and understand the digital marketing industry it is essential for you to know the Basic Marketing Principles.
Everything we do in digital marketing is governed by the basic marketing fundamentals and ideas, even though it is in a different form and uses different channels.
According to me, to understand Marketing you really don’t have to necessarily go to a business school and do an MBA in marketing or do a marketing course from an institute. Don’t get me wrong, there is absolutely no harm in doing a course and acquiring an MBA if you have the time and money.
I’m talking to people like me who never got the opportunity to do a marketing course and yet have a passion to pursue a career in marketing.
Marketing is not rocket science, it is in fact easy to understand if you put your mind into it.
I’m into digital marketing for last 13 years but have never done any course in marketing. Based on my educational qualification (B.Tech in Computer science) I’m supposed to be an engineer. I never learned or heard about marketing in my entire educational tenure.
The first company I worked for hired a bunch of freshers and trained them in digital marketing. I was one of them and that’s when I learned more about marketing.
Since then I spend a lot of time, energy and money understanding the marketing process so I can become a better at digital marketer. I’ve read all the top marketing books including the one by Dr. Philip Kotler which is part of the marketing curriculum at major universities.
It been 13 years now and I love the journey so far. Currently my passion is to teach what I learned to others.
In this article I will define the marketing principles and fundamentals so you can become a better digital marketer.
The dictionary definition of ‘marketing’ is
“the action or business of promoting and selling products and services, including market research and advertising”
Dr. Philip Kotler defines ‘marketing’ as
“the science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential.”
Marketing simply means to become creative and innovative in promoting a product or service that delivers values and satisfies the needs and wants of other people.
Marketing is all about the 4 P’s of the marketing mix.
P #1 is Product (or Service)
You need to focus on the Product/Service and make sure it fits the tasks consumers want it for, it should work, and it should be able to fulfill the consumers/customers expectations.
Unless you have the right product and the right service there is no point selling it.
Marketing is directly impacted by the quality of the product & service, therefore find out what you are trying to sell and make sure it is good quality. And if it not a good quality product then find out what’s missing and improve it before you sell it.
P #2 is Price
Make sure the product or service offers good value for price money. Here I’m talking about your pricing structure. Customers are usually happy to pay a little more for something that works really well for them.
As a Marketing person you need to evaluate and study the standard market rates, compare it against your offering and present the best price that people would be willing to pay.
P #3 is Promotion
Now that you know your product and have arrived at the selling price, the next marketing process is to communicate and promote your offering to you target audience.
Promotion includes Advertising, PR, Sales Promotion, Personal Selling, Social Media, Search Engine Marketing etc.
It’s time to choose your marketing channels, prepare your communication strategy and announce it to the world.
P #4 is Place
You need now make sure that your product/service is marketed and sold to the right audience at the right time.
For that you need to know your audience, their demographic, their location, their age group, their interests etc.
Unless you know your audience you will never be able to target them and therefore it’s important to figure that out.
Once we’ve thoroughly understood the marketing principles and also learn how to harness the power of the internet, believe me, you will be in a good position to sell anything.
So, take out some time and invest in understanding the marketing process by reading good books and articles that are available on this subject.
In my next article I will share a little bit more about marketing, so keep a watch.