Types of Marketing Strategy

What is Marketing Strategy?

Marketing Strategy is defined as an approach by which businesses develop such sorts of tactics to draw customers to their goods. Stated differently, a marketing strategy aids a company in generating demand, promoting its goods, and outcompeting its rivals in the market. One can formulate marketing strategies by taking into account the seven Ps: Product, Price, Place, and Promotion, People, Packaging, and Process.

An entity may build a marketing strategy by implementing the aforementioned procedures:

1. The organisation’s primary responsibility is to determine the aims and objectives the business hopes to accomplish, be it growing its revenue, drawing in new clients, or establishing credibility.

2. Identifying interested and potential customers is the next step. The company must conduct market research to determine which consumer segment will be most interested in the product and have the means and willingness to make a purchase.

3. The company must decide on a strategy for encouraging consumers about its products. Customers want thorough information about the product, how it will benefit them, whether it is worth the money they are paying, and the message the brand is trying to convey.

4. Of course if a company decides to advertise their products, they need to have a sufficient budget to do so. Therefore, in the fourth step, the organisation makes a budget plan on how much its capacity to spend on the product.

5. Selecting a combination of strategies and marketing channels is the final step. They determine the product’s utility, specifications, different pricing strategies, marketing channels, and distribution channels at this step.

Types of Marketing Strategies

Mentioned below are some of the marketing strategies which organisations use to market their products:

1. Outdoor Marketing

When it comes to promoting a product or service, outdoor marketing is the way to go. This type of advertising takes place in physical locations such as billboards, shop signs, vehicle stickers, bus stop posters, and even digital platforms. The advantages of using outdoor marketing strategies are endless. Not only can it help businesses gain recognition in their local community, but it also boosts brand awareness and cuts costs. This tried and true method allows companies to target specific geographic areas and create captivating billboard designs, increasing their chances of winning over potential clients. Unlike digital marketing which has a limited reach, outdoor advertising can reach a wider audience and leave a lasting impression through repeated exposure.

2. Print Marketing

Print marketing is the process of utilising printed materials to promote brands and influence purchasing decisions. Not only does this strategy cultivate customer loyalty, increase return on investment, and drive successful conversions, but it also allows businesses to establish a meaningful connection with offline audiences, making a lasting impression amidst the constantly evolving world of digital advertising. The unique experience that print media offers sets it apart from other forms of media, making it a vital component of any comprehensive marketing plan. Despite its higher cost, print marketing has the ability to raise brand awareness, attract potential customers, boost sales, introduce new products, and differentiate businesses from their competitors.

3. Direct Marketing

Direct marketing is a tactic that connects with consumers through various channels, an email in their inbox, an ad on their social media feed, or a salesperson knocking on their door. Instead of blindly sending out mass messages, this unique approach seeks to establish a personal connection with potential customers. With tailored strategies, the ultimate goal of direct marketing is to persuade individuals to take a specific action, such as visiting a website, making a phone call, or even making a purchase. By tapping into extensive data, direct marketing can precisely target interested customers, leading to impressive results such as high ROI, cost-effectiveness, and personalised messaging. The use of personalised messaging effectively boosts response and engagement rates, as it targets customers based on their unique identities.

4. Electronic Marketing

The process of electronic marketing requires the utilisation of digital tools, such as computers and smartphones, to effectively promote products and services on the vast landscape of the internet. The electronic marketing landscape boasts a multitude of advantages, ranging from cost-effective sales and distribution to worldwide accessibility, user-friendly interfaces, streamlined information processing, and data-driven strategies. By leveraging the power of the internet, electronic marketing channels are able to effortlessly cater to targeted markets through various devices, providing unparalleled convenience, efficient data management, and cost reduction. Nevertheless, this approach also presents its own set of challenges, including limited opportunities for customer-product interaction and potential delays in delivery.

When it comes to designing electronic marketing channels, it’s essential to follow the same process used for traditional marketing channels, with a particular focus on three phases: identifying potential channels, assessing the performance of each channel, and selecting the right channel members. This is crucial because electronic marketing channels can lead to reintermediation rather than disintermediation. In other words, they may add intermediaries rather than remove them. Failing to carefully choose the channel members could result in a less effective and engaging electronic marketing strategy.

5. Event Marketing

Organising events centered around a specific theme to showcase products, services, initiatives, or businesses are known as event marketing. This approach allows for direct interaction with clients, creating a strong connection. Whether held in person or virtually, events offer a unique opportunity for attendees to experience the offerings firsthand. With the current cutthroat business environment, event marketing is a crucial strategy for companies looking to stand out and cultivate relationships with new and loyal customers. By hosting events, businesses can gain valuable insights into consumer behaviour and tailor their tactics to suit each individual.

Having a strong brand presence is crucial for any company, and event marketing is a powerful tool to achieve this goal. Not only does it drive customer interaction, but it also generates valuable leads, enhances brand value, and opens up new business opportunities. Furthermore, sponsors and partners can see a clear return on their investment. That’s why it’s imperative for marketers to take advantage of every opportunity to build relationships, spread positivity, and win over potential clients. Fortunately, there are various types of events that can be utilised for marketing purposes, from small in-person gatherings to large-scale digital experiences like live streaming or webinars. Digital events offer a cost-effective and efficient alternative to traditional ones, allowing companies to connect with a global audience while discussing relevant topics. Live streaming events provide viewers with the opportunity to watch presentations and connect with the brand through social media, promoting transparency and giving the business a human touch. In-person events, such as trade exhibitions, conferences, meetups, or client appreciation events, allow businesses to engage directly with their customers.

6. Search Engine Marketing

SEM, or search engine marketing, is a tactic used to elevate businesses through paid promotions on search engine results pages (SERPs). By competing for relevant keywords, advertisers can ensure that their ads appear alongside users’ searches for products or services. These ads, which can take the form of enticing text or captivating images, operate on a pay-per-click model. The beauty of SEM lies in its ability to connect with interested buyers at just the right moment, making it a highly effective strategy. However, one common misconception is that success in SEM is solely determined by the size of the advertising budget. While a larger budget can certainly be advantageous, particularly when targeting competitive keywords, it is not the only factor that guarantees success.

7. E-mail Marketing

Email marketing is an incredibly effective digital strategy that involves sending promotional information and engaging in interactive communication with the audience through email. This tactic not only helps attract leads and conversions, but also plays a vital role in developing and maintaining strong relationships with clients.

The advantages of email marketing are plentiful, as it enables businesses to achieve precise and measurable results, scale up effortlessly, establish direct connections with subscribers, exercise greater control, and reach out to an audience that has explicitly given permission. This unique and personalised form of communication empowers businesses to engage with their target audience at their convenience, resulting in more impactful and tailored messaging. On top of all these benefits, email marketing also offers the potential to collect valuable data for future marketing decisions, all without incurring any additional costs which allows for unlimited potential to execute successful marketing strategies.

8. Social Media Marketing

Engaging audiences, driving sales, and boosting website traffic, these are just a few of the benefits of leveraging social media platforms for brand awareness. This powerful strategy, referred to as social media marketing (SMM), is rapidly evolving into a highly effective marketing tool. Over 80% of customers consider influencer content to be a major factor in their purchasing decisions. SMM has the ability to interact with consumers, and gather valuable data. Through a variety of channels, including eWOM recommendations, businesses can actively engage with their audience, tap into free advertising opportunities, and keep track of their social presence. With robust SMM solutions, companies can gather and analyse crucial consumer data, gaining valuable market insights and utilising the power of the crowd.

In the realm of marketing, there is no denying the superior effectiveness and impact of social media when compared to traditional advertising methods. Not only does it offer cost-effective solutions for businesses, but it also has the power to nurture customer loyalty, increase brand visibility, and provide numerous other benefits. By leveraging social media platforms, businesses can expand their reach and receive prompt feedback from their target audience. Moreover, it serves as a convenient avenue to direct customers to their websites. What sets social media apart is its personalised approach, tailoring content to specific demographics, interests, and behaviors of interested consumers. This is particularly appealing for smaller or newer companies seeking to make a significant impact without breaking the bank.

9. Affiliate Marketing

Affiliate marketing is a popular form of online marketing where businesses reward independent publishers for driving traffic or leads to their products and services. This allows them to tap into new audiences and increase visibility for their brand. Through tracking digital marketing strategies, analytics, and the use of cookies, this pay-for-performance model has grown into a billion-dollar industry. E-commerce companies utilise affiliates who promote their products through tactics such as email campaigns, text ads, and banners in order to reach a wider audience. These affiliates earn a percentage of the total purchase price, typically between 5% and 10%, whenever a user makes a purchase after clicking on a link or advertisement. The approach aims to boost sales and offer a lucrative solution for merchants and affiliates alike.

• The beauty of affiliate marketing lies in its cost-effective approach, allowing advertising companies and affiliate marketers alike to capitalise on innovative marketing techniques.
• This strategy works by the corporation paying solely for traffic that translates into successful sales, ensuring a high return on investment.
• While the advertising company retains control over the terms of the affiliate program, there exists a potential for fraud.
• However, there are also potential downsides, such as the risk of fraud and a potential lack of creative control.

10. Content Marketing

Content marketing involves creating and sharing valuable and informative materials, such as blogs, white papers, newsletters, social media posts, emails, and videos, with specific audiences. When executed effectively, this type of marketing demonstrates a company’s proficiency and commitment to its target audience. By consistently using content marketing, businesses can build strong and lasting connections with both potential and current customers. When a company is seen as a reliable partner that genuinely cares about its customers’ success and provides helpful advice, customers are more likely to choose that company over others. This strategy enables businesses to attract new clients, drive traffic, build trust with current clients, and establish themselves as industry thought leaders through the creation of informative and engaging content. By effectively utilising content marketing, businesses can establish credibility and solidify their position as experts in their field.

11. Blogging

Blogging has become a prominent means of online expression in recent years, as bloggers regularly update and share their thoughts on a dynamic virtual diary known as a weblog. This form of communication has gained significant momentum with the growing number of internet users and avid readers. As a result, blog marketing has emerged as a powerful tool for promoting websites, businesses, brands, and services through various strategies such as content recommendations, reviews, and cross-syndication. Influential figures in the blogging community, such as renowned bloggers, critics, and reviewers, possess a valuable ability to drive sales for companies by offering impartial reviews and mentioning products through collaborative efforts. The undeniable viral effect of blog marketing is evident in the snowball effect created when readers share captivating content across multiple blogging platforms.

Although this approach has advantages, there is some inherent risk involved as the original creators may have limited control over how their message is received. This could potentially result in negative publicity for the sponsors. However, blog marketing offers numerous benefits, such as its cost-effectiveness, user-friendly nature, ability to drive website traffic and improve search engine rankings, boost credibility and customer trust, increase market engagement, and potentially even lead to a growth in revenue. While navigating blogging platforms is generally simple, it does require a domain name and web hosting. By sharing valuable insights, relevant news, and useful advice, businessmen can enhance how their product or service is perceived by customers. Furthermore, blogs provide a platform for open communication with target audience, establishing a sense of connection and trust.

12. Word-of-Mouth

The power of word-of-mouth (WOM) marketing is indisputable. By seamlessly integrating a company’s product or service into everyday conversations, it creates a powerful impact that exceeds customer expectations. This approach harnesses the influence of customer experiences and employs a range of tactics such as buzz, viral, blog, emotional, and social media marketing. Unlike organic word-of-mouth, which arises naturally, WOM marketing involves strategic promotional efforts, often known as “seeding.”

• The Word of Mouth Marketing Association (WOMMA) has implemented a code of ethics in order to promote ethical and impactful word-of-mouth marketing. This code prioritises fundamental values like integrity, transparency, and authenticity, encouraging companies to uphold socially responsible and trustworthy marketing practices.
• By leveraging the influence of word-of-mouth advertising, businesses can not only increase their profit, but also amplify their brand recognition and cultivate a loyal fan base.
• With deliberate tactics aimed at generating favourable customer reviews, companies can ignite a ripple of conversation, proving word-of-mouth marketing to be a more effective and budget-friendly approach.

13. Transactional Marketing

In the fast-paced world of business, there is a widely-used strategy known as “transactional marketing” that prioritises efficiency in order to boost revenue through the swift completion of deals and sales. This approach is particularly popular among businesses that offer generic products or services and are focused on attracting short-term customers. The success of this tactic is heavily influenced by the key elements of the marketing mix – product, price, place, and promotion. By reducing barriers to sales, establishing a strong reputation for their products, and crafting a compelling and affordable offering, the ultimate aim of transactional marketing is to streamline and facilitate transactions.

• Beyond its immediate benefits of rapid profit generation, transactional marketing also has long-term advantages, such as facilitating customer loyalty and paving the way for repeat business.
• In addition to these advantages, it also promotes long-term cost management, adding to its value as a marketing strategy.

14. Sponsorships

Marketing sponsorship is a strategy that companies use to advertise and financially support events or organisations that may not be directly associated with them. This approach not only helps enhance the company’s brand, but also boosts its public image. It covers a diverse range of events, from virtual gatherings and trade shows to charitable events and local community gatherings. In return for sponsoring such events, businesses gain access to valuable advertising opportunities, connections with new contacts, and exposure. Marketing sponsorships can take the form of media, monetary, or in-kind sponsorships, all of which can be incredibly valuable for businesses.

15. Niche Marketing

In order to effectively connect with a specific and clearly defined audience, businesses often turn to niche marketing, a targeted advertising approach. This strategy is not only used to boost sales, but also to support marginalised communities and cultivate strong customer loyalty. To successfully implement niche marketing, companies must have a deep understanding of the unique needs and preferences of their target market. By catering to the specific desires and tastes of specialised consumers, niche marketing offers a simpler alternative to trying to reach a vast audience. In this approach, brands segment their markets based on factors, such as values, interests, and quality standards. To enhance the effectiveness of niche marketing, businesses can utilise various tools, including social media monitoring and Facebook’s highly targeted ad capabilities.

• Through niche marketing, businesses can easily connect with their target audience and build strong relationships.
• Utilising the diverse array of tools on social media, businesses can effectively reach specific demographics, making the most out of their marketing budget and establishing loyal brand followers.
• By honing in on specific niche markets, businesses can set themselves apart from the competition and foster meaningful connections with devoted customers.