Types of Marketing Strategies and Definition
Marketing strategies are used by businesses to promote their products and services. Let’s have a look at the proper definition.
Marketing strategy definition
Marketing strategy is used by different companies to collaborate with their consumers. It is also employed to aware the customers about the features, specifications and benefits of company’s products. It is basically focused on encouraging target population to buy those specific products and services. The marketing strategies might be totally innovative or they can be previously tried or tested strategies.
Effective marketing strategies help to get ahead in the competition.
The marketing strategies might be totally innovative or they can be previously tried or tested strategies.
Points to ponder for marketing
There are different types of marketing strategies available. You have to pick one as per your business requirement. Before choosing the right marketing strategy for your business, consider following points.
1. Define the target population
Defining target population is main and necessary step in choosing your marketing strategy. It gives the proper demographics which help in selecting the most appropriate marketing plan for your business.
2. Test your audience
Create a hypothetical process of buying to test your audience. Once you know the buying behavior of your target audience, you can select more appropriate marketing strategy.
3. Consider marketing strategies
Once you know the demographics; their knowledge, attitudes and behaviors. You can select more appropriate marketing strategy.
4. Evaluate those strategies
Once you have considered the marketing strategies and found the applicable ones. Asses them, apply them and evaluate them. This process must be for testing purposes and the most suitable and productive strategy must be applied.
Types of marketing strategies
There are different types of marketing strategies available. Picking up a marketing strategy includes analyzing the needs of your business, your target audience and specifications of your products.
The two main types of marketing strategy are:
- 1. Business to business (B2B) marketing
- 2. Business to consumer (B2C) marketing
The most common form of marketing is business to consumer (B2C) marketing. Let’s explore a bit more.
Following are the different types of marketing strategies available.
1. Paid advertising
This includes multiple approaches for marketing. It includes traditional approaches like TVCs and print media advertising. Also, one of the most well-known marketing approach is internet marketing. It includes various methods like PPC (Pay per click) and paid advertising.
2. Cause marketing
Cause marketing links the services and products of a company to a social cause or issue. It is also well known as cause related marketing.
3. Relationship marketing
This type of marketing is basically focused on customer building. Enhancing existing relationships with customers and improving customer loyalty.
4. Undercover marketing
This type of marketing strategy focuses on marketing the product while customers remain unaware of the marketing strategy. It is also known as stealth marketing.
5. Word of mouth
It totally relies on what impression you leave on people. It is traditionally the most important type of marketing strategy. Being heard is important in business world. When you give quality services to customers, it is likely that they’d promote you.
6. Internet marketing
It is also known as cloud marketing. It usually happens over the internet. All the marketing items are shared on the internet and promoted on various platforms via multiple approaches.
7. Transactional marketing
Sales is particularly the most challenging work. Even for the largest retailers, selling is always tough especially when there are high volume targets. However with the new marketing strategies, selling isn’t as difficult as it was. In transactional marketing the retailers encourage customers to buy with shopping coupons, discounts and huge events. It enhances the chances of sales and motivates the target audience to buy the promoted products.
8. Diversity marketing
It caters diverse audience by customizing and integrating different marketing strategies. It covers different aspects like cultural, beliefs, attitudes, views and other specific needs.
Marketing strategies have made it much easier to promote products and services. They also limit the strategy to target audience ensuring the proper advancement of the business.
Scarcity marketing is a type of marketing technique that’s based on the principle that people want what is difficult to obtain. It includes product, promotion, pricing and distribution strategies.
A common example of a scarcity marketing technique is an invitation-only event, product or service that is only distributed to high status individuals in a particular group. For example, a new technology platform may be initially released by invitation to a number of well known developers. This may create a sense of curiosity and jealously within a developer community. The goal is to generate demand as the platform opens up to wider availability.
Scarcity marketing is also a factor in product design and pricing in areas such as luxury goods and collectibles. Collectibles such as toys may be valued for their scarcity. High end fashion also tends to offer scarcity such as bespokeand haute couture fashions that are completely unique to the customer.
|Overview: Scarcity Marketing|
|Definition||Marketing strategies based on the principle that customers tend to want things that are difficult to obtain.|
Invitation-only events and product releases
Limiting production to be far below demand
Creating a large number of product variations in limited releases.
Unique artifacts that result from creative effort such as a work of art.
Things that are fundamentally rare such as precious metals or jewels.
|Related Concepts||Pricing Strategy|