Marketing strategy is a plan and set of policies to be implemented during the marketing and advertising campaigns carried out by manufacturers and sellers of goods and services. Many types of marketing strategies exist based on the specific needs of sellers, such as promotional strategies, product strategies, and advertising strategies. Marketing strategy development is complex process that can benefit from several proven guidelines once it has been decided what type of strategy should guide the overall marketing program.
Strategy is the foundation for all marketing programs. The five basic types of marketing strategy are: Product, Price, Distribution, Promotion and Alliances (sometimes also called partnering). Each type of strategy has its own distinctive objectives and approaches. Which one works best depends on what you’re trying to accomplish and your resources for doing it.
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.
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
Content marketing emphasizes education over selling to influence buying behavior. This strategic marketing approach focuses on creating and distributing information relevant to prospects’ needs in order to attract those best aligned with — and most likely to purchase — your product or service. Since communication is ongoing, content can be tailored to reflect what you learn about leads over time, and may include varied formats like infographics, webpages, podcasts, videos, blogs, white papers, webinars, and eBooks. It’s important to note that content marketing is not synonymous with inbound marketing (more on inbound below). Content marketing is an important component to an overall inbound growth strategy, but it does not integrate other marketing methodologies to maximize content value.
Content marketing is effective because it:
- Draws prospects through the sales funnel
- Grows brand visibility, credibility, and desirability
- Aligns target markets with relevant information
Inbound is far and away the most effective B2B marketing strategy because it leverages the strengths of the majority of the other nine strategies to attract, engage, and delight customers. Unlike traditional marketing methods — even the other strategies listed here — inbound marketers earn the attention of customers and pull them to a company website by producing and providing meaningful content. Because messaging is relevant and appears in the right place at the right time, inbound invites visitors in rather than annoying them with interruptive traditional advertising.
Inbound marketing is effective because it:
- Works for businesses of any size or type
- Creates more knowledgeable prospects
- Can be easily integrated and managed using a Customer Relationship Management (CRM) system and a content management system (CMS), like HubSpot
SOCIAL MEDIA MARKETING
Social media marketing focuses on providing users with content they find valuable and want to share across their social networks, resulting in increased visibility and website traffic. Social media shares of content, videos, and images also influence SEO efforts in that they often increase relevancy in search results within social media networks like Facebook, Twitter, LinkedIn, YouTube, and Instagram as well as search engines like Google and Yahoo.
Social media marketing is effective because it:
- Reduces marketing spend while increasing lead generation
- Provides metrics that give companies additional marketplace insight
- “Humanizes” brands and encourages conversions
SEARCH ENGINE OPTIMIZATION
Search engine optimization, or SEO, is the process of increasing awareness about — and traffic to — a particular website by making sure it appears among the top unpaid (or “natural”) search results on search engines like Google, Bing!, and Yahoo. While there is a common misperception that it’s a stand-alone marketing tactic, SEO is accomplished by many tactics working together and is central to an effective inbound marketing strategy.
While social media, email, banner ads, and other marketing tools generate website visits, SEO visibility is particularly important because search engines are the primary way users navigate the Internet. SEO automatically increases your audience in a relevant, targeted way — they self-identify as someone who is interested in your product or service.
Search engine optimization is effective because it:
- Continues to evolve to keep pace with mobile and local search engine use
- Simplifies searches for customers interested in your product or service
- Is a cost-effective way to keep your brand competitive with similarly situated companies
Mobile marketing describes using marketing to target mobile devices like smartphones or tables. Email, SMS, apps, websites, email, and social media are all tools used for mobile marketing. The primary advantage of mobile marketing is the ability to provide customers with personalized time- and location-sensitive information promoting goods and services.
SMS marketing is a specific type of mobile marketing where prospects agree to receive text messages (SMS) from your company. These are often used to share time-sensitive offers or important updates.
Email marketing refers to sending messages to a list of subscribers who have agreed to receive email from your business. It is an easy method for communicating with a large audience at once. Members on the list also receive valuable information, free materials, and other helpful tips, not just marketing messages. It is one of the most convenient ways for a business to keep contacts informed of business activities, special offers, and other relevant information.
Building and developing long-term relationships with customers proves to be more valuable to a company over time than only trying to sell them something. Companies who have a positive relationship with a company tend to purchase more and refer others more frequently. Some examples of relationship marketing are:
- Loyalty, incentive, and referral programs.
- Customer-driven content.
- Live video streams.
- Personalized, customer-focused, responsive customer service.
- Feedback — survey and collect feedback.
There are several different types of marketing strategies. There is the market penetration strategy, market development strategy, product line extension strategy, new market entry strategy, and many others.