Marketing strategy – the ultimate tool for establishing meaningful and lucrative connections with consumers.
It is your business’s plan of action for reaching potential consumers and convincing them to buy the product or service that you are offering. A means of turning your business from an average performer to a champion of the races.
Since marketing strategies are formulated for the consumers and for the company, they should be chosen according to the need of the business hour, the specifications of the brand, product or service, and the behaviours of the target audience.
Here are 5 types of marketing strategies you can employ to make sure that you receive perfect results on all ends.
A remnant of the traditional marketing era, paid advertising is advertising that you need to pay for. When you pay for advertising, you book an ad space on the internet, print media or broadcast media. And since the space you get is strategically placed to guarantee people’s attention, paid advertising can actually help customers get acquainted with your brand. In 2019, the Google Display Network reached 90% internet users worldwide (Google, 2019).
Like everything good though, there is a setback to it. The issue is – customers know the advertisements are paid for. They know that an advertisement is made up and is, therefore, almost always an oversell. So while ads may expose your brand to customers, they are less likely to believe their authority.
A simple way to explain relationship marketing is to delineate the difference between a polite and friendly customer service and a rude and self-centered one, even though marketing has many more layers to it. A rude salesman may get a purchase out of you the first time you visit the store, but are you going to go back? No, right? Because no relationship has been established between the two of you.
Instead, consider a grocery store where the employee at the register welcomes you with a smile, helps you look for what you want and wishes you a good day. Overtime they get to know you, your preferences and make sure to have some small talk. Wouldn’t you be almost lured towards entering the store every time you cross it?
This is relationship marketing. The seller builds a relationship with the buyer. The benefits?
- It is 6 to 7 times cheaper that purely transaction based marketing
- Customers are much less likely to switch to your rivals, hence, customer loyalty and retention
- A much greater ROI
Very hush hush and reminiscent of a spy movie, undercover marketing, also known as buzz marketing or stealth marketing, is a form of marketing that works on "secret" marketing activities. It involves a company employee using or talking about a good or service in environments where potential customers gather, as if by a lucky accident rather than a coordinated marketing campaign.
Undercover marketing has a lot of advantages. Consider a few:
- Reaching out to new consumers who are sceptical of ads
- Creating a grassroots sensation that has the power to go viral
- Giving consumers the impression that they "uncovered" a great good or service
- Requires less capital investment, which is a major advantage for small businesses
However, undercover marketing is tricky ground. "Roach baiting" is a word often used in the context of undercover marketing to describe a technique of deceiving buyers. No kidding, it has the potential to permanently ward off prospective customers.
Word of mouth
Completely dependent on what kind of impact you make on people, word of mouth marketing has been the most effective form of marketing since years past.
In the corporate community, it is important to be understood. When customers grasp the value of the service you provide them, they will recommend you to friends and family without doubt.
Modern word of mouth marketing encompasses both tailored campaigns and spontaneous occasions where consumers share their experience with the brand. In the contemporary society, a single referral can have a knock on effect leading to competitive advantage and capitalization of opportunities.
According to Nielsen, 92% of people prefer endorsements from friends and family to some other kind of advertisement. Plus, WOMM academic study has shown that it is effective in conversion. Especially on social media word of mouth marketing can significantly enhance a business’s social exposure.
Since content is what helps audiences and search engines like Google to find the information they need on the internet, content marketing is a vital tool in inbound and digital marketing. It entails producing, releasing, and delivering material to your target audience, according to the business theme. Social media networks, blogs, visual content, and premium content assets, like tools, ebooks, or webinars are the most common elements of a content marketing strategy.
The aim of content marketing is to assist your customer to make the purchase. First, recognise typical FAQs and questions that your customers have before they're even willing to purchase a product. Then, build a marketing calendar to help you create and organize your content.
Marketing strategies make it a thousand times easier to expose your business, products, services and all, to the audience that really needs to see it. Choose the marketing strategy that suits your business and watch it catch those elusive conversion rates like clockwork.