Marketing Principles

It is good to refer marketing concepts and principles all-in-one-place.

STPD and 4 Ps

Not knowing these core concepts has created a lot of confusion because the prevailing online content on modern marketing is skewed towards just one of the 4Ps - promotions / communication / content. Refer to Mark Ritson's video.

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Target Audience, Customer Persona, ICP?

For the sake of continuity, this section is duplicated from the 'growth marketing' page.

Your ideal customer [ic] is someone who fits the product-market fit:

  • they have a problem which your product can solve.

  • they are unhappy about their current tools and are motivated to switchover.

  • they are capable of and are willing to pay for your type of product.

  • they are within your means and channels to reach out to.

  • most importantly they are likely to convert.

Your ideal customer persona or profile [icp] is how well you define them in a sentence or a detailed paragraph.

  • You bring them to life.

  • You know their objections, pain points, triggers.

  • Your sales copy reflects these and you are more likely to convert them.

  • A customer reading it says "yeah, that's me" or "yeah, I know someone who fits that description".

Your target audience is what you want to target on an ad platform or using a channel.

  • Facebook audience and targeting.

  • Database that you create to send your email marketing campaign.

Nomenclature for Users / consumers at Different Stages

  • Prospect - that's basically the entire crowd. Hopefully most of them are thirsty. You are not standing in front of a bunch of chefs who just finished their lunch and are relaxing with a beverage in their hand.

  • Lead - Someone in the crowd raised their hand and showed an interest in knowing more about your lemonade.

  • Opportunity - You start talking to that person, answering their questions on freshness of your lemons and if the source of your water is really somewhere deep in the Himalayas. It is very likely they are going to buy.

  • Customer - Finally, she reaches out to her purse, pulls out a dollar bill and pays you. You hand over the lemonade to her. The transaction is closed.

  • Advocate - She liked your lemonade so much that she started talking to her friends.

Think you already knew this? Good for you. Many sales and marketing teams don't know these distinct terms, and operate on completely different pages. That results in completely messed up marketing database, and marketing programs. Yes, definitions are crucial.

Product Lifecycle

Technology Adoption Lifecycle

Gen Z, X, Y 🤔 ?

As on Aug 2020: 😁

  • Gen Z: born between 1996 - 2015 | under 24 years old.

  • Gen Y i.e. Millennials: born between 1980 - 1994 | 24 - 39 years old.

  • Gen X: born between 1965 - 1980 | 40 - 55 years old.

  • Baby Boomers: born between 1946 - 1964 | 55+ years old.

Customer Lifecycle Marketing

From 'The 1-Page Marketing Plan'

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