Marketing plays a vital role in the development and success of a business. Many find it hard to figure out what type of marketing suits their business model because it could be a confusing step for many startups. The rise of new technologies and even marketing approaches has upended most of the traditional marketing expectations, and so many marketers are using strategies that can overcome generational and technological divides. Any business owner needs to consider these and other factors, such as costs, customer opinion, and even reception. Here’s a brief rundown of the different types of marketing strategies that might suit your business.
Paid Advertising
This type of marketing is the go-to strategy for most established businesses. Traditional media such as radio, television, newsprint, and magazines reach a wide array of audiences and can be a significant boost to your business. This type of strategy is usually suited for businesses that are already established and can afford to pay the admittedly high paid advertising expenses. Also, significant amounts of time will need to be allocated to tracking the advertisements’ progress and figuring out how the demographic reacted the most positively.
Paid advertising is a serious commitment and can take up a lot of resources. However, the rewards can be lucrative if successful.
Transaction Marketing
This strategy is well suited for businesses that put great emphasis on selling. Retail establishments are the ones that most often employ this strategy. Transaction marketing uses coupons, discounts, and gift vouchers to encourage customers to buy more products.
Choosing to utilize transaction marketing will show immediate results. The concept itself is designed to attract new and existing customers and to grow your current market. However, the strategy is viable for short quantities and is not meant to be a lasting endeavor.
Cause Marketing
This strategy involves linking the business’ efforts to a noble or charitable cause. There are various ways to accomplish cause marketing. One such method is through green marketing. Green marketing, or sustainable marketing, is a strategy centered around producing products that have less damaging effects on the environment. It also focuses on modifying parts of a business to be more environmentally friendly.
It is a viable strategy for small and medium enterprises. Employing the use of green marketing can address the growing need of consumers for more environment-friendly options. These could include eliminating plastic packaging, utilizing renewable energy sources, pledging parts of revenue to sustainability, and even sustainable building design and commercial landscaping are all acceptable for green marketing.
However, cause marketing is not limited to sustainability. Pledging to charitable institutions, health and wellness research, or attempts made by the business for the community’s benefit are great examples. All kinds of businesses can utilize this type of strategy. The result will be a better public image and increase customer loyalty.
Relationship Marketing
This strategy focuses on maintaining the existing market and forming a tight bond between the company and its customers. Relationship marketing often involves the use of loyalty rewards, after-sales follow-up, free consultations, and other such tactics to continue a customer’s patronage. The desired result for using the strategy would be the customer’s perception of your place of business as a safe and comfortable place. Relationship marketing can be used by a business that already has a stable market and focuses on maintaining its current customers.
Digital Marketing
Digital marketing is widely-used and caters to various types of businesses. It often involves the use of social media and other online sites to promote products and services. It is a popular choice among corporations due to its ability to reach the target audience and other potential markets. Digital marketing often works in conjunction with different marketing strategies.
This type of marketing has no limitations regarding which types of businesses can utilize it. Small, medium and large corporations alike can employ digital marketing and see mostly good results. It is a low-risk, high-reward type of strategy that has garnered many business owners’ attention since they seek an affordable way to advertise and promote their goods.
Overall, different factors can play a role in a company’s decision-making process. Timing, finances, and current market situation should also be considered when deciding a marketing strategy. Significant amounts of research before a decision will need to be done. Customer opinion should be gathered and analyzed, as well. All these factors, and their results, can lead you to a better decision and avoid unnecessary expenses or costly mistakes. If you find a strategy that suits your style, your market and your goals, you will surely find it easier to reach your marketing and sales objectives.