A right marketing strategy plays an important role in the success of a business. Every company chooses and spends a lot of money for the right marketing strategy to boost their sales. Powerful companies opt for more than one marketing strategies.
Lets first learn about why businesses spend millions in the marketing of their products.
- Right marketing technique increases the visibility of the product.
- People become familiar with your product, thus, they start trusting you.
- Marketing creates loyalty for the brand for both prospects and existing customers.
- Marketing builds the credibility and authority of the brand in the market.
- Effective marketing positions a brand as an expert in the market.
- Motivates customers to move through the purchase decision making.
Types of Marketing Strategies
You might need more than one business marketing strategy to keep your business growing. Different market strategy can be used to target different audience at different stages. In this article, you will learn about the different types of marketing strategies.
1) Business-to-consumer strategies :
B2C market strategy is for those companies which market their products directly to consumers. These types of businesses can work online or in store. A business-to-consumer strategy is consumer driven. You must know your customers inside-out. There preferences of social media, where they live, and how much money they earn.
2) Employee marketing strategies
The strategy of this marketing type is to overtake its employees as potential customers and brand ambassadors. We all know that companies provide employee discounts as a part of their deal. Mostly, employees buy from their employees as long as they are getting the best deals. In this way, employees become the advocate of the company.
They not only come to work and get paid, but they promote your products and thus, help you to generate revenue. They will recommend your products to their family, friends, and acquaintances. they might share about your products on social media and can refer potential employees. Therefore, never make a mistake to ignore your employees while building a market strategy. They can be loyal customers of your business if treated right.
3) Business to Business strategies :
Business-to-business marketing takes place when a business markets its products and services to another business.
For instance, you produce equipment of machines, you are doing a business-to-business space. It requires a different approach than business-to-consumer marketing because there several more steps involved in it. You need to find out the decision makers and find out ways to persuade them to business with you. to do this, you need to build a relationship with them by providing superlative services.
4) Direct selling :
There are few products which can be sold by meeting your customers face-to-face and providing them a demonstration of your products. For example, if you selling a product used at home. You can call a group of customers in one person’s home and can provide a demonstration about how that product works.
There are companies like Amway, Vestige, Avon which apply direct selling marketing strategy to built their businesses. This market strategy is less expensive but works for a few products and it requires sales skills and an extrovert personality to convince your customers to buy products.
5) Cause marketing :
Many companies opt for this marketing technique to boost their sales. People get drawn towards the businesses which are working for a cause. They feel good knowing that their money is being used for a good cause. Therefore, there is no harm to opt for this strategy which benefits you as well as the community. To do this, you need to get into a partnership with a charity organization.
You can choose the cause of providing education to orphan children. For this, you can partner with an orphanage or an NGO working for this cause. Later, you can let your customers know so that they can add to a donation by purchasing things from you.
6) Earned Media/PR :
In the modern era, there is hardly a person who isn’t aware of this type of marketing strategy. Companies pay a lot of money to promote their products on various media platforms like newspaper, television, social media etc. They even pay celebrities to promote their products. People trusts earned media than any other sort of promotion.
7) Co-branding and affinity marketing :
By using this marketing strategy, you share your customers with businesses that compliment your own business. For example, if you are selling Yoga related products like a yoga mat, yoga pants etc. you can tie up with a famous yoga instructor to promote your products by sharing a percentage of profit with them.
If you follow yoga instructors on Instagram you must have seen them promoting products of certain brands. It is clear that co-branding or affinity marketing represents a partnership between two businesses with similar interests. They aren’t competitors to each other. Hence, there is no fear of losing your customer base. Affinity marketing refers to creating a product with another business to boost its sales.
8) Internet Marketing :
Internet marketing includes various marketing from social media, blogs, email, vlogs to landing pages. Any type of marketing that you conduct on the internet is called internet marketing. However, internet marketing requires a strategy that how and when you post your posts and how you encourage people to purchase your product.
9) Point-of-purchase marketing :
Point-of-purchase marketing strategy includes placing your product where customers make the most purchase. You must have noticed that many small products are being placed near the cash counter. This is done intentionally so that people make an impulse purchase. In addition to this, you must have experienced cashier who tried to sell your product. This is another example of POP marketing.
10) Word-of-mouth advertising :
Traditionally, word-of-mouth advertising was limited to face-to-face praise of the product. Nowadays, the method of this type of marketing has been changed.
When people mention your services or products on their social media page and give a positive review, they are doing word-of-mouth advertising of your business. You can also pay some review bloggers to write reviews about you. These days people have a tendency to read reviews about everything before making a purchase.
11) Paid media advertising :
Paid media advertising is the best solution to grow your business fast. Obviously, you will have to liquidate capital to get results. But there is Return of investment on every penny you spent. Followings are the types of paid media advertising.
- Paid search
- Paid social
- Television and radio commercial
- Display advertising
- Print ads
This type of marketing requires planning and specific goals for every ad’s performance. In case, your advertising is not working, don’t keep wasting your money instead think about some other ways to market your product.
12) Storytelling :
Storytelling is an emotional way to reach your audience. You can produce personal stories, brand stories or a story of one of your customers after taking their permission. There is one more trend of saying a story in exactly six words. Here writer requires great writing skills to create a short meaningful story. This type of marketing strategy helps you to win the trust and loyalty of your customers.
13) Referral Program :
This type of marketing strategy makes the use of your existing customers to get new customers on board. You pay some incentive or benefits to your customers if they ask their friends to buy your product or service. People usually do word-of-mouth marketing to get the benefit. The amount you pay to them is quite small in front of the returns you are getting. Find the way to keep the track of referrals done by your customers before giving them benefits.
14) Growth Hacking :
This type of marketing strategy is used to gain resurgence in the audience in a short span of time by hacking into one of the internet from many types of marketing strategies. There are many professionals who can do this job for you in return for money. One method is to try several types of marketing strategies simultaneously. You can get a huge amount of data by following this technique.
15) Networking events :
Yes, internet marketing will get your audience. But there are other marketing techniques too that you cannot do from behind the computer screen. For this, you need to step out in the real world and organize some networking events to get prospects who might enjoy your services. For example, if you are providing an online course, you can set up a booth where people can reach you and you can share knowledge with them about your course and encourage them to take the course by providing them additional discounts.
16) Content Marketing :
People enjoy participating in contests. You can use online platforms like Facebook, Instagram, YouTube or other online platforms to run contests. Organizing contest is the best way to direct traffic to your website and optimize the conversion rate. You can keep digital devices or travel tickets as prize money.
17) Retargeting :
Using this type of marketing you target people who have shown interest in your business before. For example, Facebook let you place a pixel on your website. A user will see the ad of your product on Facebook if he/she has recently visited your website.
As they already know about your brand, they will recognize it and there are high chances for them to get convert. There are other retargeting platforms too like Instagram, YouTube etc. where you can retarget your prospects.
18) Search Engine Marketing :
Everyone wants their content to appear first in a search engine using search engine optimization (SEO). Search engine marketing can help you generate a massive return on investment. To do this, you need to have unique, creative, value-driven content so that your content appears appealing to search engine. You can learn online how to use search engine optimization to market your products and services.
19) Social Media Marketing :
Businesses make the use of social media platforms to share value-rich content and directing traffic to their websites and landing pages, thereby, improving brand awareness and multiplying customers. social media marketing strategy works better if you know how to use hashtag, links, images, and videos to increase engagement.
20) Content Marketing :
This type of strategy involves sharing the content that you write of your blog or landing pages to social media platforms. It is one of the effective marketing strategies because it gets organic traffic to your blog and convert visitors into loyal followers. You need to upload value-rich data constantly to keep your followers. Therefore, you should plan your content months in advance.
21) Social media and viral marketing :
It is unpredictable that what kind of content will go viral through social shares, email, search engine etc. however, getting your business in the eyes of your audience is one of the best methods to increase your business. There are a few ways that you can try to make your content viral on the internet such as
- Post visual posts like images and videos.
- First, build your audience and then release your content.
- Produce content on a trending topic.
- Encourage your followers to share your content.
- Share emotional, inspiring, or entertaining content.
- Give an incentive for every video share.
This is the oldest type of marketing strategy. Where rather than sending emails you send postal mail to your prospect. There is one glitch in this type of marketing strategy that you can’t do cold-call. You need to have a list of qualified prospects who will not let your email go waste.
23) Inbound Marketing :
This type of market strategy is effective when you want to build a positive relationship with your prospect audience without spending too much money. This includes marketing strategies which attract your customers to your business like a magnet. You can make your presence visible on social media use an email list to share free content. As people have become blind to television advertisement these days. This type of marketing strategy will surely get their attention.
24) Influencer Marketing :
This type of marketing involves online influencers like bloggers, YouTubes to recommend your products and services to their audience. You can either give away free products or pay them to promote your business. Every influencer has its own terms and conditions. You should discuss with them before lending into partnership.
25) Behavioural Marketing :
In the present time, businesses can generate more data than ever before in history. Behavioural marketing exploits this advantage to target specific consumers. By tracking IP address, cookies, and web histories you can make sure that your audience is viewing your content at the right time.
The above were all the different marketing types and Types of Marketing strategies which can be planned and executed by a company. Hope the article helps you with coming up for strategies to run for your organization uses one of the types of marketing strategies.