Marketing can be referred as an activity associated with selling and buying products and services. It also includes activities like branding and advertising of those products and services.
Marketing can also be defined as an act of teaching consumers what is good for them and what is not, why should they choose your product or service over others. If one isn’t able to explain such things to one’s prospect, honestly saying, you aren’t into marketing. You must learn marketing.
One can only be successful in the marketing if one knows the correct marketing method and the correct marketing strategy. What’s that? Well, we will learn as we proceed.
What Is A Marketing Strategy?
Marketing strategies are actually the marketing techniques used by different companies or businesses to promote their products and services.
Marketing strategy is a method used by companies to connect with their consumers. It is done so by making the customers aware of the features, specifications and benefits of products or services offered by the company.
Strategies are developed, in order, to target various mass of people to buy those certain products or services.
An effective marketing strategy always helps to get ahead in the competition and be the market leader.
Types Of Marketing And Different Marketing Strategies
In general, there are two types of marketing and various types of marketing strategies available. Choosing a marketing strategy for your business includes analysing the needs of your business, your target audience, and specifications of your products and services.
The two main kinds of marketing are:
- Business-to-Business (B2B) marketing
- Business-to-Consumer (B2C) marketing
Business-to-Business (B2B) Marketing
B2B marketing is a form of marketing which involves selling products and services to other businesses. The purchase process for B2B sales is very complex and need authorization from many.
Business-to-Consumer (B2C) Marketing
B2C marketing is a form of marketing in which product or service is sold directly to the consumers. Hence, the purchase process is simple and direct.
Types Of Marketing Strategies
A marketing strategy is something that has a direct impact on your business. Success and failure of a business or company is the direct result of the strategy that shows if the marketing strategy applied was effective or non-effective.
Here are some of the marketing strategies that could be considered for the business:
Ø Paid Advertising
It’s a kind of marketing where you have to pay for advertising. Marketers pay the owner of a particular ad space in exchange for use of that – in which the price paid is settled through a bidding process between both of them.
Examples of paid advertising are pay-per-click (PPC), pay-per-impression (PPI), and display ads.
This kind of marketing can be very effective since it is paid and the result is guaranteed.
Ø Internet Marketing
As the name suggests, the marketing happens over the internet. It is also known as the cloud marketing. All the marketing stuffs are shared on the internet and promoted on various platforms. Since a great part of the world is using the internet, this kind of marketing can also result effective.
Ø Transactional Marketing
Sales is already a very challenging task and with high volume targets it becomes even more challenging. But with new marketing strategies, selling has become little easy. Transactional shopping is a form of marketing in which retailers attract customers to buy by giving them greed of shopping coupons, discounts and huge events. This kind of marketing improves the chances of sales and encourages the target audience to buy the promoted products.
Ø Cause Marketing
Cause marketing is a form of marketing that links the products and services of a company to a social cause or issue.
Ø Relationship Marketing
Attracting new customer is not always the wants and needs of the business. But enhancing the relationship with old customers is also very much required. This can be something related to lead nurturing. Hence, relationship marketing mainly focuses on customer building. It enhances the existing relationships with customers and improving customer loyalty.
Before you proceed to any marketing types, these are the points one must ponder:
- Deciding on your audience: Knowing your audience is the very first step toward developing an appropriate marketing strategy. One should know their audience’s demographics very well that includes- age group, region, country, interests etc.
- Test your audience: It’s very important to know the buying behavior of your target audience. For this you can create a hypothetical process of buying to test the audience. Once you get to know their buying behavior, you can select the most appropriate marketing strategy.
- Create a customer profile: After you have done all the surveys and have researched you target audiences well, then you should create a customer profile of each customer.
- Choose a better marketing strategy: Based on your business needs, understanding of your target audiences, you can choose a type of marketing strategy that you believe will have the greatest positive impact and can bring a better result.