Everything You Need to Know about Marketing Strategy
The best marketing strategy ever: CARE
-Gary Vaynerchuk, entrepreneur, speaker & marketing speaker
Marketing encompasses a wide range of strategies that aim to yield the maximum profit. If you are planning to pursue a career in this field, you must know the basics of marketing strategies. Here is a detailed guide for you to understand what marketing is, its importance and the strategies it includes. Read on and enlighten yourself with some amazing facts related to marketing.
What Is Marketing?
Marketing is the process that is responsible for the transformation of goods and services from concept to reality. Putting it simply, marketing is what you say and you say it to explain how awesome your products or services are. It can be an advertisement, a brochure, a Facebook page or even a Twitter account. It consists of four crucial elements such as:
- Identification, selection and development of services
- Price determination
- Selection of a marketing channel to reach the customer
- Development and implementation of a promotional strategy
Marketing is mostly based on the needs and demands of your target clients. It isn’t completely similar to selling, though. Keep reading this post for more insights.
What Are The Types Of Marketing?
There are different forms of marketing that a company can pursue. Traditional marketing has been around the corner for years. With time, marketers have come up with more and more ways to market their products and services. Check out the list of different types of marketing plans:
It is an approach in which a prospect agrees on receiving marketing information. At times, you might be asked to sign up in advance to gather information regarding certain products or services. That is the best example of permission marketing.
Also known as online marketing, it includes several forms like search engine marketing, video marketing, and email marketing. This form of marketing needs a good approach and extends to cover aspects such as design, development, and advertising.
The forms of this marketing include local advertising in newspapers, radio and on television. Companies usually consider this form of marketing to cut down costs and they might rely on word of mouth while coming up with marketing strategies.
Majority of companies use different forms of outbound marketing to reach their potential customers. The approach targets people who are not looking for specific products or services. Some of the best examples are cold calling, sending newsletters, billboards and banner ads.
These are the most common types of marketing people use nowadays. Besides these, you can also use newsletter marketing, article marketing, search marketing, trade show marketing, direct marketing, etc.
Why Is Marketing Important?
Say you have written a wonderful article on Feminism. How can you ensure that people will know about it if you don’t share it with them? This is exactly where marketing dives in. Marketing is important because:
Marketing is important to educate your target clients about your products or services. This will make sure your customers are aware of the ins and outs of your business. It is through marketing that they will have a solid understanding of what your products are and how they can affect their lives.
Marketing can help you compete with the giant industries without spending a lot of money. For example, social media platforms and email campaigns can help marketers reach out to their potential customers while taking it easy on the budget. It definitely gives the small and medium sized businesses a leg up.
Marketing will help you interact with your customers, know what they are exactly looking for and take feedback from them to grow the business even more. If you want your target audience to build a relationship with your brand, marketing is the only solution.
Apart from these benefits, marketing also promotes sales and helps different businesses to sustain in this highly competitive world. It promotes the maintenance of long-lasting and ever-present relationships with the target audience.
What is Marketing Management?
Marketing management includes all the activities and functions required for the distribution of goods and services. It consists of analysis, planning and implementation of strategies to bring changes in existing market and achieve organisational goals.
Marketing management is important for every business since it helps in beating the competitors and improves the distribution methods to reduce cost and increase profits.
It employs competitive strategies and tools from economic to analyse the context in which a firm functions. Marketing management includes analysis of Porter’s five forces and value chain analysis among others.
What Are The Different Forms of Marketing Strategies?
Marketing strategies are used by different businesses to interact with their customers. It is employed to educate the customers about the specifications, features and benefits of the company's services. It focuses on encouraging people to buy those products. The different forms of marketing strategies include:
In this strategy, the marketer uses the money to promote his/her services or products. It includes print media advertising, internet marketing, PPC, etc.
This approach links the services and products of a company to a social issue. You can consider this as cause-related marketing.
This one focuses mainly on building relationships with customers. The approach enhances the existing relationships with customers and improves customer loyalty.
Other marketing strategies include transactional marketing, diversity marketing, word of mouth, undercover marketing, etc. You need to evaluate the outcome of each strategy before implementing them in real.
Some Examples Of Marketing Strategies
These days, the most common type of marketing strategy is digital marketing. It is easy and is comparatively cheaper. This strategy promises a return of the higher return of investment too. Hence, why not? Here a few examples of digital marketing strategy.
This involves creating relevant content and publishing them online. It enhances your online visibility and generates way more leads as compared to other marketing strategies.
This strategy is appropriate to stay connected with the modern trends of your business and with the rest of the world. It is considered the most powerful strategy.
This strategy is used to increase brand awareness among the target audience to encourage them to take effective action. This approach uses the art of storytelling to share valuable information about services or products.
Other digital marketing strategies include email marketing, pay per click ads, etc. If you are a beginner, it is always suggested to start your career with a digital marketing strategy.
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