Josephine O. Edwards Guest Writer
A business makes use of marketing to make its products known to its target customer. All tools of marketing are geared towards promoting products and encouraging consumers to buy them. To be frank, no business or startup can survive without one form of marketing or the other.
So what kinds of marketing strategies are there? What should your marketing goals be? How do you come up with a marketing strategy?
This article will answer all these questions and more. So let’s get started.
What do you consider when designing a marketing strategy?
While there are many forms of marketing, they all share the same foundational goal; to promote your business and its products. Picking the right marketing type for you should not be hard as long as you consider these few things.
- Identify your target consumer.
Who are you selling to? What demographic do they belong to? What are the key characteristics of your target audience?
Answering these questions will help you identify who your desired customers are.
- Do a test run
Rather than going all-in at once, first, run a hypothetical purchase scenario for your target consumer. What are the limitations they might possibly encounter while trying to buy your products? How will they receive your products after purchase?
A small scale test run will help you pick out the necessary components that your marketing strategy must employ.
- Look at various marketing strategies and pick the right one for your goals.
Armed with the identity of your target audience and the strengths and weaknesses of your business from the small scale test, it is time to choose how to get the word out.
Use customer attitudes and behavioural patterns to determine how your marketing strategy will work. Once you’ve done that, then you can go ahead and launch. Remember to always evaluate the performance of your marketing strategy and adjust accordingly.
Types of marketing strategies.
Most marketing strategies fall under two main categories
- Business to consumer marketing (B2C)
- Business to business marketing (B2B)
B2C marketing is the more common of the two. After all, there are more customers than specific businesses.
Now let’s go a bit further. Here are a few of the numerous marketing types available to you.
- Offline Marketing: Most traditional forms of marketing are offline. As long as it takes place offline, it can be considered to be one form of offline marketing or the other. You can place ads in newspapers, magazines, and on the television or radio.
- Internet Marketing: all marketing activities that take place on the digital space are examples of these. It is usually characterized by the presence of relatable content (text, image or video) that are created to attract customers to your business.
- Affiliate marketing: this usually requires at least four different groups working together to raise awareness for a product. These are usually the merchant, the network, the affiliate and the customers. Together, these four work to spread the affiliates links as far and as wide as possible.
- Personalized marketing: this involves creating a unique offer or deal to match the needs of a specific customer. While it doesn’t work for everyone, personalized marketing can help boost the chances of brand loyalty amongst customers.
- Promotional Marketing: this is a prevalent marketing strategy. It usually involves promoting a product (or service) by holding special events or contests designed around that product. Customers are typically rewarded with discounts in one form or the other for buying the product being promoted.
There are many other types of marketing. Choosing the right one for your product or service should be the goal of marketing teams of any startup or business.