Marketing is a very vague subject to understand and practice as it has many factors in implementation and success. If we talk about one line definition, Marketing is simply GENERATING LEADS in business. However there are now many components to generate business leads through various of activities.
Now the business is going global and crossing boundary of own region. Business is more competitive but creating more opportunities as well. To grab these opportunity to grow, opportunity to be popular by brand one should adopt the modern way of marketing. Following Philip’s Kotler concept which is defined as “”the management process that seeks to maximize returns to shareholders by developing relationships with valued customers and creating a competitive advantage”. This basic principle of marketing to be considered whatever marketing methodology we follow and implement. This essence to be considered when we design our marketing strategy and execution plan.
When we talk about marketing we should not exclude economics. Marketing is very much influenced by two prominent factors i.e. Demand & Supply. Demand and supply are two wheels of economics. Therefore when we think about marketing of a particular product in particular place for particular people, we always should correlate with the regional and global economics.
Marketing in the Current Global Context:
Though we remain in the same essence of marketing as described by Philip Kotler, the process has made a big leap due to technology. Three Ps of product, customer nature and customer taste are changing rapidly so the technology. In the current scenario of rapidly changing technology in the world, marketing should strongly adopt technology in marketing process. The conventional way of doing marketing through ATL and BTL are absolute as the targets were broadly undefined and monitoring was hardly possible.
If we look at the diversification in product variety, we find 100s of niches and micro niches. All these niches are the opportunities for professionals like digital marketing guys and entrepreneurs. Since the target should be well defined, message we deliver about products also should be very specific.
Content in communication for marketing success:
To generate all types of effective communications through variety of channels, specific, authentic and reliable content should be delivered to targeted customers. Such specific focused communication to targeted audience is possible through only digital marketing and here the role of digital marketing becomes very prominent. Creating brand, brand awareness, generating demand and prompting to business leads and conversion of leads to revenue with customers satisfaction are some elements of digital marketing and for this, strong marketing funnel can be implemented in digital market.
Role of Digital marketing:
Digital marketing is the most effective tool of marketing these days as the whole world is going digitally and it will last forever. Digital marketing is a holistic approach with integrated digital process which includes email marketing, paid advertisement, sell and convert, social media and SEO. All these tools cumulatively help to form a strong and automated marketing funnel. The beauty of digital marketing is that we can monitor and measure the activities with its output.
Another important factor of marketing which we should consider strongly is the personal branding. Though its not easy but its a long lasting brand as we are responsible for our own brand. We can build our brand as an individual with our identity of micro niche we select. This micro niche is our own representation of interest, expertise, passion and business opportunity. There are several tools available in digital marketing which can be used to build our own brand if we look for our own personal branding either in service we cater or product we offer.