New businesses are always looking for ways to grab the attention of new customers. Marketing strategies can help any business communicate a value or benefit to potential customers, but it’s important to pick the right type of marketing strategy when your goal is to describe a product or service. Here are a few of the most common types of marketing strategies and their examples.
As you may have noticed, there are several different types of marketing strategies out there, but why are there so many? It all boils down to your target audience. Some techniques work better with some demographics than others.
How to create a marketing plan
Before you begin launching digital marketing strategies, you need to create an overall marketing plan for your business. This plan will guide your various strategies and help you achieve your most important marketing objectives. Here are eight marketing strategy steps to creating an effective plan.
1. Define your brand
First, make sure you have a clear idea of your branding. Consult your brand guidelines or create guidelines if you haven’t yet developed any. Consider your brand voice, brand values, and unique selling points — the characteristics that set your business apart and convince customers to choose you over other options.
For example, an organic cleaning products company might make its products’ environmental friendliness the focus of its branding. A financial services company might highlight its experience and its transparent approach to working with customers. Your branding will help guide you when creating your marketing strategies for various channels.
Establishing your brand voice ensures you’re delivering a consistent message across all channels.
2. Build buyer personas
Another essential step is creating buyer personas — representations of the various kinds of people that make up your target audience. These personas are fictional but based on data about your real customers or website visitors. When creating your buyer personas, list as many relevant traits as possible, such as:
- Job title
When creating your marketing strategies, keep these personas in mind. They are who you’re trying to reach with your marketing efforts.
3. Create SMART goals
You’ll also need to set goals for your marketing plan. These objectives will keep you on track when creating your marketing strategies. Set overall goals and then break them down into smaller ones that will help you achieve them.
To make your goals more effective, set SMART goals. SMART goals are:
- Specific: Create detailed goals and avoid vagueness. For example, a goal to “increase leads generated by 20%” is better than just “increase leads generated.”
- Measurable: Set up a process for measuring your progress toward your goals.
- Attainable: Set ambitious goals but make sure that attaining them is realistic.
- Relevant: Your marketing goals should be relevant to your overall business objectives.
- Time-bound: Set a time limit on achieving your goals to keep you on track.
4. Set your marketing budget
It’s important to define and allocate your marketing budget to avoid overspending and ensure you make the most of your resources. Research digital marketing pricing and typical budgets for your industry to help you decide on your budget. Your goals will also be a deciding factor in how you allocate your spending since you’ll likely want to dedicate more resources to your most important goals.
5. Choose your digital marketing channels
Next, choose the digital marketing channels and strategies that will best match your brand, help you reach your target audience, and help you achieve your goals. You have numerous options when it comes to Internet marketing strategies. We’ll discuss many of these types of marketing strategy with examples in the next section.
For help choosing the right strategies for your business, consult with a professional Internet marketing strategist.
6. Plan your strategies
Next, you can begin planning your strategies for each channel, as well as how your various strategies will work together to achieve your overall objectives. The planning process varies based on the channels you’re using. Social media marketing, for instance, involves choosing which platforms to use, deciding on the kind of content you want to post, and creating a content calendar.
Pay-per-click (PPC) advertising involves deciding on the ad platforms you want to use, the types of ads you want to run, and creating targeting and bidding strategies. All plans should include a process for tracking and measuring your results. You’ll learn more about various strategies in the section below.
7. Launch your campaigns
Once you’ve completed the above marketing strategy steps, you can launch your campaigns! Be sure to follow the plans you created and carefully track the steps you complete, along with their results.
8. Track your results
As your campaigns run, monitor your results closely. As you gather data about campaign performance, you may uncover potential improvements. Feel free to refine your strategies as you go based on what you’ve learned.
You can also run A/B tests to gather more information about which approaches work best for your business.
Type of Marketing Strategies
Some of the main types of marketing strategies under the category of business to customer (B2C) marketing are as follows;
Cause-Marketing is the type when businesses and companies support social causes to raise funds or spread awareness and receive marketing benefits like customers and brand loyalty in return. According to some recent studies, approximately more than 90% of the customers say that they would purchase from those companies and businesses that support their social cause like; breast cancer, anti-bullying, anti-smoking, anti-suicide, etc.
Example: Slap her by Fanpage.it
Domestic violence is a serious issue across the world. Fanpage.it created a video in 2015, where they ask the young children to slap their female friend and their reaction and response are so innocent. The point was to make adults realize that what changed them from innocence to cruelty. Slap-Her video went viral and it gained more than 50 million views since then.
In return, Fanpage.it received a lot of personal branding and customers’ loyalty worldwide which they couldn’t have done it without it.
Relationship marketing is the art and process of developing a long-term relationship with customers. It’s much more than a conventional transactional sale relationship, where your primary focus is on just selling the product/service.
Technological advancement has made customers more informed and empowered. Nowadays, the customer has all the power and businesses follow this principle that the customer is always right. Relationship marketing is all about satisfying the needs and wants of customers, getting their feedback, and making the product/service better.
Example: Customer Lifetime Value (CLV)
Some companies offer CLV to those customers who make repetitive purchases over time. Some companies make their loyal customers “brand ambassadors” to their brand. The point is to recognize their importance to the company and it attracts many new customers towards the brand.
Worth of Mouth Marketing
Word of mouth marketing is based on the principle of making a good impression on customers. If the customers have good experience with the company’s product/service, they would refer it to their friends and relatives and do the same in return. Word of mouth marketing creates a chain reaction; if it works then it’s one of the most interesting marketing techniques.
Example: Happiness Machine by Coca-Cola
Coca-Cola, of the world’s leading soft drinks brand, started a campaign by the name of ‘Happiness Machine’ in 2012. It means that the company has installed specific machines at different location points worldwide. If you hug the machine, then it would give you free coke.
Later on, Coca-Cola launched a WOM campaign, where the company installed phone booth in Dubai that allowed customers to make telephone calls using the coke-cape instead of real money.
Paid marketing also goes by the name of digital marketing, it’s a marketing strategy where businesses and companies target customers based on their interests and previous interaction with the brand. It’s a costly technique, but if you plan it well, then it would give you better results.
Businesses usually use different channels for paid marketing campaigns like social media platforms, search engine result pages, sponsored posts on social media, affiliate marketing, pay-per-click, TV advertisements, banners on different websites, and guest posts.
Social media ads pay per click, banner ads, influencer marketing, and ad retargeting are some of the prominent examples of paid marketing that companies and businesses employ to reach their target audience.
Diversity marketing is a technique that businesses employ when they have to deal with a diverse population. It means devising a different marketing plan for different customer segments based on their attitude, behavior, beliefs, views, and needs.
Example: BornAndMade Campaign
Beauty companies and brands have recently realized that the only way to succeed and take their business worldwide is to follow diverse marketing. You must have observed that beauty companies and competitions take models from different backgrounds and ethnicities. The point is to target different segments of the customers’ market.
Transactional marketing is a marketing type when retailers employ different methods like discounts and coupons to increase sales. The purpose is to encourage and motivate customers to purchase more and more products. It’s because sales have become very difficult in recent times due to crowded competition in the market. Transactional marketing is the opposite to relationship marketing.
Discounts, coupons, special bundles, and offers, bundle offers, group offers, and buy-one and get-one-free offers are examples of transactional marketing that retail businesses employ to increase the sale volume.
Search engine optimization (SEO), paid marketing, sponsored post, guest posts, advertisements, banners, video and written ads, and e-mail marketing are some of the main examples of e-marketing.
Undercover Marketing also goes by the name of stealth marketing. It’s a very intelligent form of marketing strategy where businesses and companies advertise their product/service or brand without showing that they’re marketing it. In undercover marketing strategy, brands manipulate the perception of customer into believing that they aren’t aware of them.
Examples: Scandals of Celebrities
Undercover marketing is very common in the showbiz industry, where celebrities leak their private photos and videos from an unknown source. When their private life all over the media, they behave like they don’t know anything about it.
Offline Marketing also goes by the name of traditional marketing. It means businesses the business and companies employ traditional channels for marketing. Like, TV, radio, print media, billboards, pamphlets, and newspaper ads are some of the main examples of offline marketing.
In this age of technological revolution and e-marketing, it may seem like offline or traditional marketing is out of business. But the worlds’ leading brands still rely on the traditional marketing channels to reach more audiences along with e-marketing.
Marketing strategies are used by businesses to promote their products and services. Online marketing includes a wider range of marketing elements than traditional business marketing due to the extra channels and marketing mechanisms available on the internet.