Marketing strategy definition
Different companies use marketing strategies to collaborate with their consumers. It is also employed to inform the customers about the features, specifications, and benefits of its products. It is focused on encouraging the target population to buy those specific products and services. The marketing strategies might be innovative, or they can be previously tried or tested strategies. Effective marketing strategies help to get ahead in the competition.
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 the specifications of your products.
The two main types of marketing strategy are:
- Business to business (B2B) marketing
- Business to consumer (B2C) marketing
The most common form of marketing is business-to-consumer (B2C) marketing. So let’s explore a bit more.
Following are the different types of marketing strategies available.
- Paid advertising
This includes multiple approaches to marketing. It includes traditional approaches like TVCs and print media advertising. Also, one of the most well-known marketing approaches is internet marketing. It has various methods like PPC (Pay per click) and paid advertising.
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.
- Relationship marketing
This type of marketing is focused on customer building. Enhancing existing relationships with customers and improving customer loyalty.
- 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.
- Word of mouth
It relies on what impression you leave on people. It is traditionally the most important type of marketing strategy. Being heard is important in the business world. When you give quality services to customers, they’d likely promote you.
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.
- Transactional marketing
Sales are particularly the most challenging work. Even for the largest retailers, selling is always challenging, especially when there are high volume targets. However, with the new marketing strategies, selling isn’t as tricky as it was. In transactional marketing, the retailers encourage customers to buy with coupons, discounts, and huge events. It enhances the chances of sales and motivates the target audience to buy the promoted products.
- Diversity Marketing
It caters to a diverse audience by customizing and integrating different marketing strategies. It covers various aspects like culture, beliefs, attitudes, views, and other specific needs.