Things to Learn in Digital Marketing – Things to learn before starting digital marketing: Understanding Marketing Basics. Social media is growing faster, reliable digital marketers are being hunted by big companies. Do you really want to be good at digital marketing? Work as a marketer for big companies?
The problem is that digital marketing must hold the platform and almost every month there are updates.
Now Digital Marketing is included in this Online Marketing Communications.
Where in charge of Content Marketing, SEO, Organic Social Media, SEM, CRM, Social Media Ads, etc.
Well, the Digital Marketing job is very broad.
Now, this Social Media Specialist is more focused on handling Social Media channels.
So how can I get digital marketing knowledge that is that wide in scope?
Things to Learn in Digital Marketing
How to do a simple customer research consists of 3 principles, namely:
a. Demographics: age, gender, income range, occupation
b. Geographic: country, province, city where the potential consumer lives
c. Psychographics: values, behavior, interests, lifestyle
The 3 points above must be researched to form a persona or buyer avatar who will be the target market.
2. Competitor Research
It is obligatory to know competitors in the market. But remember, don’t get hung up on competitors, your business will continue to be left behind if you keep glaring at competitors.
The point is to learn what competitors are doing, find out their strengths and weaknesses and try to take a different approach from what competitors are doing
Example: Brand A sells 50k t-shirts with the tagline “cheap quality” clothes, you can’t sell them that cheap because your t-shirt production costs are already 50k, following competitors instead of giving up is crazy
you can market products with the tagline “quality clothes that are not cheap”. This tagline gives the impression that your product is of high quality, that’s why the price is not cheap.
(Cont to no.3)
3. Pricing – Determining the price
Don’t know how to determine the price? It’s a good idea to learn how to set a price before selling an item. How do you determine the price? There are several ways, namely:
a. Cost based: Cost + % profit margin. For example: T-shirt production with HPP 50k wants 100% profit, the formula is = 50k x 100% = 50, selling price = 50k + 50k = 100,000.
The problem with cost-based is that we will only focus on price, if competitors lower prices then we have to follow suit, so it’s like a commodity, if they go up we will also go up, tired, it’s never finished.
b. Value based: this method does not have a patent formula, this is very subjective and depends on the brand and how the brand packs it so that the goods sold can be times the price.
An example of a brand that uses this method is the Apple iPhone. iPhone production is not as expensive as other cellphones, but the value they build starts from investing in OS development, user experience, elegant cellphone designs (to be the center of today’s cellphones), self-esteem and other values.
managed to make this apple logo brand very valuable time and time again. He said that if you use the Apple brand, the degree goes up. Even the price of the cloth, which functions to clean the cellphone screen glass, is set at USD 19 or IDR 276k.
(cont to no.4)
4. Customer Lifetime-Value (CLTV)
CLTV is the age value of a consumer. Simply put, how much income do you generate as long as the customer subscribes to your store.
Example: Boedi bought a t-shirt at your store in January 2020 and spent 20 more times until January 2021, Marco shopped at your store in February 2020 and shopped again 3 times until July 2020. Of these 2 people, Boedi’s CLTV is higher than Marco.
How to calculate CLTV
Simple way to calculate CLTV: ((Transaction Value x Purchase Frequency) / Retention Value) -> in years
Every time A spends the transaction value is 100 thousand, A spends 50 times for 1 year, the value of A’s retention period is 3 years. Count =
(1)100k x 50 = 5 million
(2)5 million/3 yrs = 1,666,667 -> CLTV si A
Disclaimer: there are many methods to determine CLTV, there are several more complex ways, please google and find which one suits your business.
So, those are some things to learn about marketing before going further in the world of digital marketing or other marketing.