Author: Antony Williams Vadassery Page 2 of 3

Have you heard the phrase “economics is the mother of all sciences even to digital marketing”?

It is true, in fact, physics could be the father!

If you figure out the basic ingredients that economics spills then rest should be duck-soup. 

“Economics is an enquiry into the factors that determines the wealth of a country”.

Adam Smith

That is why they say learn economics before stepping on marketing whether digital or otherwise!

Let’s say if you had opted for the commerce group in class 11th. Your teacher would have explained economics as a science that studies human behavior which aims at the allocation of scarce resources in such a way that consumers can maximize their satisfaction, producers can maximize their profits and society can maximize its social welfare. So economics is technically the study of the economy at local and global levels. 

Economics speaks about how the economy of a country exists, and where they are headed to and what they would achieve at a specific point in time. It is the study of how a society uses its resources to grow consciously. Hence, divided further into two – Macro & Microeconomics which in turn helps us in projecting a global and local view of the scenario the economy is currently moving through.

If you are targetting the audience worldwide, then global economics is what you need and vice versa if targetting a local audience. Using a pinch of economics dissolved in digital marketing one can find and connect to their end-users effectively. After all who wants to sell to the wrong audience by spending billions?

This also proves economics a tool to evaluate the value of currency{£¢€¥$} in any given scenario of an economy. 

Now to convert this so-called currency into your bank from your end-user, you need “Marketing”.

Agreed or?

Then tell me, is marketing the same as selling?

#Marketing isn’t #Selling

Both are two ends of the world but interlinked by a thin dotted invisible line, as both compliments each other very well. Without the former, you can’t sell efficiently and without the latter, you can’t finish marketing.

Confused?

To make is lighter – let’s imagine Marketing is colored [^white ] and selling in [^red ]color. So what happens when you mix these colors? (Try it if you want to)

Well, you should get [_pink] now… (Did you?)

Then let’s tag pink as the Returns/Profits in your business. Hence proved that if you Mix:

Now there is a cost involved in both marketing and selling. From an accounting point of view, both are expenses in the profit and loss account ledger. But technically, because a mix of both ends up in revenue/profits/returns. The so-called cost involved actually evolves logically into an “INVESTMENT”. And this is why they casually say marketing and selling generated ROI(Return On Investment). The investment referred to is the cost involved in arriving at the ROI through the modes, tools, or techniques of marketing and selling.

How Is ^Marketing then different from _Selling?

So let us go back, Marketing is a broader term it involves planning, budgeting, targetting, promoting, and reviewing the sales penetrated.

The concept of marketing focuses on the end user’s needs and requirements, and finally, the means to fulfil that need is discovered. This is focused on the theory of “demand and need-based selling”.

Besides, on the other hand, the concept of Selling focuses mainly on the requirements of the seller. Therefore it is an action that converts the existing/available goods/services into money. Sales is an aggressive leap, hence the customer’s genuine needs and satisfaction is taken for granted.

“Marketing is an investment that plunges super ROI”.

AwV

Example:-

Clearly, if marketing is a ‘spear’ to hit on profits, then communication is the ‘spear-head’ of it. 

Interesting? 

Communication in this context simply means to Read, Hear, and Speak Marketing. Using marketing techniques to identify your target audience crowd. You must first know how to read, hear and speak into them to find out what they want and tell them what they need to reap your Profits. After all, it’s called need-based selling.

Irrespective of the language you communicate in, the objective here should be to understand what they need or to find out the right listeners who need your specific niche. 

So if you have read till now it means that we are at the same pace and page. And that I have found my right audience. Let me read ahead with you. 

Communication basically defines your objective of finding the right crowd to sell your goods/services via marketing tools. Without communication, marketing is like an Oreo biscuit without the mouth-watering cream between it.

      Imagine or just try and find out how that would taste. Won't you feel something missing, huh, right? 

Similar to the cream mentioned here, communication finishes or completes marketing. And it ends only when you receive feedback from your customers. That is when you could confirm that your communication with the end-user was successful. Only then a result in the form of a sale could be achieved. Hence communication bridges and connects marketing and selling. This proves that marketing was born before selling.

“Only when you communicate, you understand whether you can market something to sell; this is even true when it comes to relationships”. 

Not doing this right is why most products or services don’t reach nor last long. 

Example:- Campa cola and Citra. Have you tasted these? I have and these were my childhood chill time activities. But they are no more. Why? Because? These brands failed to connect consistently. They became invisible after Coca-cola and Pepsi started connecting (hear, speak, and read) and engaging better with their audience. These giants hooked their crowd’s mind better through different modes of communications then and now, hence the latter is still selling. I just had one yesterday!

Having crossed the words mode of communication instigates me to dive into the best mode of firing marketing techniques.

Am sure by now after figuring out economics you must have heard the viral term, “Digital Marketing”? 

If this is the digital era then what was Traditional Marketing --- Curious?

#Digital Marketing Evolved from @Traditional Marketing

With the revolution of technology the reach of mankind has gone beyond “pluto”. Typewriters have become antique, books are slowly getting replaced by reading apps and pads, grocery offline purchases are being effectively migrated to online purchases, and even further picked and doorstep delivered contactless at home.

Dunzo, Swiggy Genie and Zomato Market are helping souls big time in this pandemic situation with their bang-on and praiseworthy contactless grocery deliveries.

Plus if you know a store and want to pick up something specific except liquor at some cities though, then must use Dunzo & Swiggy Genie

     Why is all this happening suddenly?

 I thought about it and the answer is – Well it had to happen someday. It saves a serious chunk of time and money. Things have come extremely far, that you can even get your clothes picked up and delivered back to your office after laundry and steam ironing. Incredible isn’t it? 

Convenience – has made man lazy…

No, I don’t think so…

Rather, this convenience has made humans kill un-productive jobs. 

Have you heard about the _ROBO-VACCUM cleaner Vs The ^Maid Story?

Will you believe me, if I told you that a Robo-vacuum cleaner at home is slowly replacing the maid in most of the bling cosmopolitan capitals. This has even become a trending status quo or a status symbol.

I have heard those rich house-wives answering in posh English “oh, am at the spa while my Robo is cleaning the house”. 

Whatever! 

The point is do you know who is promoting this and spreading this like a pandemic other than these ladies? 

Yeah, you guessed it right — it's our own digital marketers. 

Gone are those days, when I have heard or seen a Nike, Puma or Adidas ad on radio or TV. Even the hoardings or billboard ads have come down in time. Well, this is all the so-called Traditional Marketing!

If so, then what's the Digital form of it?

Let’s do a simple exercise and find out – Go to google search type ‘Buy Bicycle Online’ and you will see small size pictures of it on the right side of your web-page with price mostly plus the website name to buy. Okay?

Now after viewing this, click on any of those ads, don’t buy anything yet, and come outback, then surf through a couple of other interesting pages, blog or article pages probably, read or watch videos, and later shut down the device. 

Here comes your surprise!

Login after a couple of days to understand the simple economics of digital marketing and go surf anything else of your choice. And tell me this, did you see it, did it pop-up on you?

What? did it?

Obviously, if it did, then you would be stunned to notice that some ads of the bicycle you saw last time would be following you now, of course not haunting you, but something like a reminder – “hey you forgot to buy me, hey click that button now”; on almost everywhere on the web or even on the irrelevant website pages you surfed on. Well, this is what Google Adsense is all about!

Just like the other Digital ads via FB, Bing, Twitter, Inst, Pinterest, LinkedIn and so on. These are more or less the action of the digital platforms.

So, tell me which ads do you trust/follow now, the traditional or the digital ones?

Let us check for more information!

While the Digital mode of Marketing is what I like personally to refer best because of its reach, cost, and the result of simple economics. The Core Marketing objective remains constant in both.

That is why CATT Marketing is a bang-on dart on the bullseye. 

Bang, goal achieved! 

Well, it’s not that easy like it is mentioned above as there is a heck a lot of conscious effort to it. And after all these triggers are an opportunity to a second sale. If the product has exceptionally high utility it ensures that it creates feedback (another CATT) which will lead to another sale and go on again creating a vicious circle. 

So how do we adopt this — CATT?

Don't stop now, you have come this far to know about - Integration is the way to a beautiful CATT. And that is our next topic. 

(Take a break if you want to, but come back, this is going to be a short read now and I hope you are jotting all learnings down?)

#Integrating Marketing via Digital Hooks

Just picture this, you are a big affiliate and want to sell a product online. Now to promote this to your target audience, you have Emailed it, posted it on Social Media platforms, ran ads on Google and FB. Plus grabbed SEO for the attention of the crowd via organic search and tagged backlinks to your quality content created via the economics of digital marketing techniques.

Well, you have done it, you have hooked every medium and tool together, that is Integrated-Digital-Marketing. As only by doing all these collectively and effectively one can rim maximum profits.

And I am sure you would respond to me on this!

Have you ever heard a “NO” from someone while trying to sell a product or service, if so WHY?

The reasons could be:-

#1) No Demand.

#2) Zero Trust.

#3) Poor Quality.

#4) Not Price Effective.

#5) Better Stuff In The Market.

#6) No Reviews Or Feedbacks.

Well, as per me there is one more reason — BRAND!

In my 10yrs of hardcore sales & explosive marketing experience in the BFSI and Private Banking industry. Technically, logically, and practically I have figured out that people buy from you mostly if they know you, trust you, heard about you, or if you have been recommended by their peers or well-wishers.

I was once surprised when a client of mine referred me to one of his competitors! Now that’s the power of trust and not just branding…

Researched more on it and this is what I found out — An example: In the automobile industry, FIAT engines are being used by TATA and MARUTI SUZUKI in their premium cars. This is how trust is solidified in business.

Now let's check your trust instincts!

So then, you have decided to buy a BMW car. And you know that your brother and a best friend of yours have been using the said car for two years. But then, you get a call from a sales executive who says buy an AUDI car instead, as they have better, cheap, reliable and high utility unlimited offers and lifetime warranty. Whom would you trust and which car would you buy?

Now that was a deep insight on Personal Branding for you!

Hence, before you conclude, here is a free take away — Do you know behind the curtain in availing a loan from a bank? Not the paperwork to get the loan, but the technical stuff involved….. Do you?

Here is my catch — The loans, savings account, and fixed deposits given by the banks are technically managed by CRR, SLR, and REPO rates which is decided and regulated by the RBI according to our economic growth. The flow of money is a vicious circle. You take a loan from a bank and buy something from someone else, which in turn transfers the money from bank A to B and again back to bank C and so on in a rapid flow. Thereby debt creating a momentum of cash flowing in the economy even though no value is been added. And this goes on and on, so your DEBT creates another CREDIT for someone in accounting terms.

Let’s #Conclude For Now!

Understanding the logic of economics is the best way to find your audience via digital marketing. After finding them, to attract them you need engaging communication skills, and if you have mastered this then Marketing via Digital mode will be like duck-soup!

But wait, remember a bowl of duck-soup kept on a table can be best tasted if you add a personal branding with a trust note to it…. “Try it and I would love to hear your success story”.

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Thank you, for your time and effort.

Until we read again…

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