The key points from this module are:
Marketing is not sales: Sales is selling /converting prospects while marketing is more about generating prospects. It can overlap with sells but people doing marketing might not need to do sales.
The aim of marketing is to know and understand the consumer so well that the product or services fit their sales.
The core components of what every marketer should be doing are as follows:
Identify target market: This includes an understanding of the marketplace and competitors.
Positioning: This addresses the needs and pain points of your target market portraying the right message.
Communicate and persuade: This involves the delivery of your message.
The four core principles of marketing are as follows (4P's):
Product: The concept of product is how we actually define it. Is it a product or service, luxury or staple? How is the item different from competitor items.
Price: Different prices can convey different things. You need to consider the costs of the product and perceived value.
Promotion: This is the way we bring our products to the world. These are the marketing channels we use.
Place: This is where the consumer can purchase the product and deliver the product.
Robert Cialdini identified six powers/techniques of persuasion in his book "Influence"
Liking: This includes getting people to like you.
Reciprocity: This involves people returning a favor.
Social proof: People doing similar things to other people or following the leads of others.
Scarcity: This involves people wanting more of what they can have less of.
Authority: People referring to what experts tell them to do.
Consistency: This involves people committing to something once they have started it.
Marketing tools can be categorized into three categories
Industry tools: These are third party tools and it includes digital surveys and polls, keyword research, digital trends, etc.
Competitor research tools: These are also third-party tools but related to competitor research and it includes Facebook and Linkedin page transparency, keyword data sites, and email marketing.
Owned properties: These are owned properties that your business already has and includes website visitor tracking, Facebook audience insights, CRM's, etc.
The following are some key marketing models:
AIDA funnel: This is the traditional marketing funnel and has been around since 1898. It is used and talked about widely. It has four phases: awareness, interest, desire, and action.
A.R.E model: This is a new perspective on the AIDA funnel. The framework has three simple stages: acquisition, retention, and engagement. This model provides a lot of perspective around what is important.
A.A.R.R.R: This model is new and very focus on startups and high-growth products. This model is also built on the AIDA model and has five steps: acquisition, activation, retention, referral, and revenue.
Experimentation model: This model is also known as the test and learn strategy. The idea is to try something, review the results, work on it and improve.
Growth loops: This model uses a completely different structure and leverages compounding effects. People go into the funnel and it ends up bringing more and more people into the funnel. This model focuses on one outcome: growth.
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