Every business should rely on its marketing strategies to get its business noticed. Having a strategy is dominated by ideas that can turn into well-defined strategies that can assist in building consumer satisfaction more than ever.
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The Role of Marketing Strategies
The focus of every marketing strategy should be to prioritise your product, services, and consumer needs. A flexible marketing strategy is the overall game plan that identifies and communicates the benefits of your business to the target market. It covers the four P’s of marketing-product: price, place and promotion. The main goal of a marketing strategy is to come up with sustainable competitive techniques against other businesses.
The 4 P’s in Marketing Strategies
Every business plan or strategy should include the four P’s of marketing, better known as the “marketing mix”. The mix is important as it helps bring the business plan together. Each P forms an important relationship with one other, as each brings an element to creating a good marketing plan.
Price is the cost of a product or service. Costing is important when marketing a service or product. Costing determines whether it will bring consumers or not. It will also determine if the business will be successful.
To make sure the price will be affordable for the target audience, you should ask yourself the following questions:
- How much is my target audience willing to pay?
- What price range are my competitors using?
- Where can I meet my target audience in the middle with pricing?
Promotion is about your advertising. Through promotion, you get the word out about your business, products and service with an effective campaign. There are many ways to promote your business, such as through traditional media (e.g. word of mouth or television commercials) or digital media (e.g. content marketing or social media marketing).
The following questions you should ask while product promotion are:
- What marketing channels will attract your target audience?
- What time would best suit your target audience?
The product is what you are going to market to your target audience. Consider the following when working on your product:
- What are you selling and why?
- What does your product or service do?
- How would you describe your product’s demographics?
- How is your product different from your competitors?
It is critical to know where you will sell your product and the distribution channels. That’s because selecting the right place to market is key to reaching your target audience. A strong location can help you build a connection with your audience and business.
While figuring out the right place to market your product or service, you should ask yourself these questions:
- Where does your target audience shop?
- Which distribution channels will reach your target audience?
Seven Types of Marketing Strategies You Can Include in Your Business Plan
Picking a marketing strategy includes analysing the needs of the business, the target audience and your product or service. There are two overarching types of marketing strategies, Business to Business Marketing (B2B) and Business to Consumer Marketing (B2C). Each category of marketing strategy encompasses specific strategies that may fit your needs more than others.
Business-to-Consumer Marketing Strategy
The business-to-consumer strategy refers to selling goods, products and services to consumers. B2C can be effective only if the business knows and understands its consumers because the goals of B2C are to raise brand awareness, drive more sales, boost brand and consumer loyalty, and increase engagement.
Types of B2C marketing strategies are:
Relationship Marketing: Relationship marketing is about building consumer relationships. It’s about redefining and developing consumer relationships. Improving consumer and brand loyalty. An example of this strategy would be sending out consumer satisfaction surveys.
Word of Mouth: It’s about the impression you leave behind. It is considered the most important type of marketing strategy. If you give an excellent service, free promotion is done through word of mouth from consumers. A word-of-mouth example would be leaving a review on a website.
Paid Advertising: Deals with traditional media that includes print or television. It’s the most well-known and easy to understand. For instance, a 30-second commercial advertises a product to consumers.
Undercover Marketing: Refers to making use of existing marketing tools to advertise the product while consumers remain unaware. This type of marketing strategy is also known as stealth marketing. For example, hiring promoters to promote products to the public.
Business-to-Business Marketing Strategy
Business to Business strategy is the commercial space where a business sells products and services to other businesses instead of consumers. B2B involves many types of content and can take place across multiple online and offline channels. B2B aims to increase awareness, traffic to your websites, and generate leads.
Types of B2B marketing strategies:
Podcasting: Social media keeps growing and platforms are being created to bring many businesses together. A podcast is a new savvier platform that many marketing strategies can use. Podcasts help you reach more audiences in real time and it is a platform for building networking relationships. Examples of B2B podcasts Make It Happen Mondays Podcast and B2B Podcast.
Websites: All businesses need a well-structured website because this is the base of your business. The website is where your audience will find everything about your business. Examples of this would be HubSpot or DropBox.
Social Media: Social media is essential for every B2B. Social media is well-known and effective in getting attention in real time. B2B’s can start accounts to interact with their audience. Social media is also a good platform to get feedback on your product or service, examples of this are IMB, Adobe, and Zoom.
Final Thoughts on Marketing Strategies
Marketing Strategies are the key to ensuring that consumer satisfaction is met. They help communicate the benefits of your business to your audience. Marketing strategies help build character in your business by bringing an emotional element to the process. The success of any business depends on a good marketing strategy.