Marketing

Types of Marketing Strategies Explained

Marketing covers a lot of areas. You could say this blog is one of the many types of marketing strategies businesses use in order to gain the attention of their target audiences.  At any point you discuss your business with friends, family or strangers, you’re advertising it.

However, with a particular marketing strategy, you’re able to tune in to your audience and potentially gain new and interested buyers, sellers, or even readers. With this approach, you can create marketing strategies which lead to sales and profits.

A good marketing plan will guide you in the right direction. It should provide advice including which words to use to be effective. Not only that, but how and when to use them as well. The combinations should land you the handshake.

Having said this, it will only work if you understand your audience and their needs. Once you do, persuading them should be effortless. This theory works with online marketing strategies as well.

Types of Marketing Strategies

Once you start communicating with your audience, you’ll find a wealth of knowledge among the people you speak with. The more you talk to them, the more you appear to be genuine and concerned about their needs.

As you use target market research, you’ll find people with like-minds. This is one of the strategies which will help your business grow and prosper as you’re targeting potential customers and not some random database.

The success of a business greatly depends on an effective marketing strategy. No matter the scheme you choose, it should reflect the core of your business. With this in mind, let’s take a look at these successful marketing strategies examples you may want to implement into your conversion campaign.

Digital Marketing

Digital marketing is any form of marketing that strikes out from online. Any particular efforts can be considered marketing, including networking, pay-per-click advertising, email marketing, press releases that are based online, social media marketing and blogging- although this list is not exhaustive of the different types available. All of these bring your business in front of the eyes of those who might be interested in your product or service.

Below, we talk about the most common marketing formats available online, in more detail:

Search Engine Marketing

Search Engine Marketing (SEM) means that you would be driving traffic and gaining visibility online through search engines. This can be done organically, through formats such as SEO (search engine optimization), or through PPC (pay per click) which are paid ads that aim to appeal to your audience.

  • SEO (Search Engine Optimization) – SEO means to help users of search engines find what they are after, with little to no effort on behalf of the user. In order to complete this task, search engines, such as Google, scours through meta tags, keywords that match the search term (and it’s semantic phrases) and relevancy to the phrase requested. Keywords are the most used of this list, as they are the simplest and most effective way of relating to your audience. Latent semantic indexing (LSI) keywords can help your content become more contextually relevant to both users and search engines.

SEO marketing is a colossal industry. When done correctly, you should not need too much assistance from paid marketing, such as PPC.

  • PPC (Pay Per Click) Marketing – PPC works by allowing advertisers pay a fee each time one of their ads is clicked. Essentially, this is can still be counted as organic by some users, since only those who have an interest in your product or service will click on the advert. However, since you will be charged per click on that advert, this is usually considered a referral or paid marketing.

The advantages of PPC is that search engines will likely allow your advert to be placed at the top of their listings, when your preferred phrase is used. For example, if we bid on the keyword “PPC software,” our ad might show up in the very top spot on the Google results page. This is something that can’t be achieved organically, since Google, Bing etc will always save the top spots for paying customers- meaning that SEO alone won’t give you the best (most viewed) spots in search results.

Local Search Marketing

Local Search Marketing is booming, due mostly to the increase in customers wishing to “shop local” or requiring services nearby.  Google has helped with this immensely by allowing new business owners to gain control of a simple but effective “Google My Business” page, similar to a standard website- except that Google prefers these My Business sites, as it keeps users on their own page, where they can have greater control of the content available. Your business will also appear on Google Maps, which many users prefer to use due it’s ease-of-use, as consumers can easily see with one click what is available nearby.

Online reviews are also extremely effective- if an interested customer is undecided, a positive review can easily sway their decision one way or the other, when deciding whether to purchase. If a bad review is received, it’s important to open up a conversation with the reviewer to show other users that you are seeking to improve your services, and that customer service is a priority to you. This helps you to attract more customers and can even count as inbound marketing.

Content Marketing

Content marketing allows your business page to remain updated regularly, which Google holds as a positive account of your business. An inactive business page or e-commerce site shows a stagnancy that can leave you landing further down the results on search engines.

As well as this, you can use content marketing such as blog posts to utilize a greater variety of keywords and semantics, to draw in a larger audience over time. The best blog posts add value to your business, meaning customers are more likely to buy from you, than your competitors.

Again, though, the best strategy here is to plan ahead and be mindful of the content you publish. Conduct research and create a content marketing editorial calendar, figure out how often you want to create content, and develop ideas months in advance.

Email Marketing

When done right, email marketing can land your product directly in front of hot leads that have already shown an interest in your product or service. However, when done incorrectly, it can lead users to marking your email as “spam”, leaving you with wasted effort.

This can be one of the most effective tools available to you and should be used to give value to your customers, showing that you have an interest, in their interest. Third party applications such as MailChimp can often give you results as to how well-received your campaign was, so investing in these can be a big indicator of how you should go forward, once you’ve researched the results.

Social Media Marketing

Social media marketing is one of the most fundamental yet crucial parts of any marketing strategy. Since there are billions of users across multiple social media accounts, this type of marketing is a great way of getting your products and services in front of a vast audience whom you may otherwise have been unable to connect with.

Quality content is key here- research your competitors and see what type of posts get the most interaction, followers and clicks through to your website using the insight tools available on each social media type. You can also mix this with a little PPC marketing available through your social media choice, which gets your advert in front of users who have shown interest in your area, previously.

Not only this, but you’ll need to discover the right platform for your business. A B2C corporation will have the most success on social media such as Facebook or Twitter, while a B2B will likely have a better reach on LinkedIn or Pinterest. No matter what type you use, always engage with your engagers. Allow yourself to become a little more intimate with other users (within reason) and show the personality behind the brand.

Affiliate Marketing

Affiliate marketing works in the same way as paying a sales person to promote your product/service.  Each time a sale is made, your affiliate earns a commission. There are no up-front costs to this method and you only pay for each sale made. Of course, bringing someone else in to represent your business comes with it’s own complications- you’ll need to draw up a contract that clearly sets terms and conditions before beginning, and be sure to choose the right person, who you feel comfortable representing your brand.

Influencer Marketing

Influencer marketing is a new type of marketing that requires the help of a popular social media user, who is able to get your product or service out in front of a new type of audience. For example, someone who runs a business in the fitness industry might decide to hire an influencer on Instagram who is known for their fitness modelling and/or develops popular videos demonstrating various workouts, using your product.

Word-of-Mouth

Technology is a terrific tool, isn’t it? Still, it doesn’t take the place of people and the one thing people do is talk. It’s easier now than ever to spread the word with the use of social media. It never sleeps.

So while you are, consumers worldwide are able to come online and search for a specific product or service.

By now, you should know the power of the hashtag. It’s how anyone can find a business or person on social media who they didn’t know existed.

Additionally, the hashtag is extremely useful for finding people who are interested in the same products and services you are. Want to know the best part? With it, you can find out what people are saying about your business.

At the same time, review websites are highly notable word-of-mouth instruments. They are used for discussing and rating businesses.  Review websites also give you the opportunity to salvage relationships with unhappy customers and attract new ones.

Employee Marketing

When it comes to marketing strategies for small business, too often do businesses look past their most valued assets… their employees.  They are not only employees, but potential and loyal customers. These individuals make awesome ambassadors for your brand.

Many companies give employees a discount as part of the company’s benefits package. Employees make purchases from their employers frequently,  especially if they feel it’s more than a fair deal.

With employee marketing, you want to build a strong relationship with your employees. As an employer, you want them to do more than just show up for work. The employee who readily promotes his workplace is one who will help you to achieve your goals.

You can expect the happy employee to post images of his job and co-workers on social media or brag about his new position or employee of the month plaque to his friends and family. Here’s the deal with employee marketing: It puts emphasis on basic marketing strategies such as word-of-mouth.

Cause Marketing

There’s nothing like a fund-raiser for a non-profit or cause your company and customers care about to bring everyone together. Pair this with co-branding and the consequences of this event can inspire everlasting memories and strong ties between the most unsuspecting individuals.

One of the most impressive giveaway marketing strategies belongs to Toms Shoes. His BOGO concept was simple but obviously with a brilliant kicker. You buy one pair of shoes and he’ll give a pair to someone who needs shoes.

The customer needs to do nothing more than make a purchase. This marketing technique has helped to build a compelling base for his business while giving back not only to his community but put it on a global level.

Database Marketing

Database marketing is a direct marketing approach which uses a database of potential consumers. The database populates personalized content with the intent to boost a business and its products or services.

The two methods, database marketing and direct marketing, have a distinguishing difference in that database marketing uses statistical techniques which comes from an analysis of the data.

Of the types of marketing strategies, businesses use:

  • Consumer databases (used when selling to customers)
  • Business databases (provides advanced information)

Since the same privacy laws don’t apply to both marketing strategies, the results are companies are able to know a buyer’s behavior. The company then uses this information to carefully target its customers. This method is especially common in B2b marketing strategies.

Affinity Marketing and Co-branding

Think of co-branding as a marketing methodological analysis. It involves the collaboration of two or more brands who team up to promote products or services. The brands, as a collective, seek to strengthen the viewer’s perception, the brand’s credibility, and value of the products or services.

What this does is allow the retailer to collect higher profits as the consumer pays more. In addition, co-branding discourages private businesses from imitating their products or services. This concept is easily one of the best marketing strategies for businesses to adopt.

Final Thoughts on Types of Marketing Strategies

You will find plenty of different types of marketing strategies and campaigns, including marketing plans for start-ups. These strategies make it less painful to promote your products and services.

Deciding to incorporate marketing strategies means you’ll receive an analysis of your business needs, who your audience is and any specific details about the products or services.

The campaign will only target the people who are interested consumers or potential buyers. This is will help to advance your business quicker than random hits, thus saving your business money.