Marketing is the core of any business. The word “marketing” itself is clear in its meaning. Marketing is to market your product. But its scope is quite vast. In order to launch your-self in the market a whole array of research is done on different aspects. Marketing is responsible for deriving sales and growth for any business. It is of most importance to invest in good marketing strategies.
For any business to survive and flourish in the market, marketing is of utmost importance. Marketing able businesses to excel in their field. Marketing is not a single entity; it is actually an amalgamation of so many different scenarios. This is the reason why every business has a separate marketing department nowadays. Almost every business has a separate department that is dedicated entirely to marketing. The role of marketing department is to carry out research and competitive analysis keeping various factors in mind. After that they use research to build marketing strategies in order to make a niche for you in your segment. It helps you in creating yourself as a brand.
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The idea of whole marketing rotates around “generating revenues” for your business. The main task of marketing is how to sell your products in order to generate profit for the business. hence it works out different strategies how to target the market. There are various marketing strategies but which one works best for your business will be decided by the marketing department according to various parameters. Often businesses have to follow more than one marketing strategy in order to widen its reach. In this article we will discuss about various marketing strategies.
Different types of strategies in market are as follows-
- Relationship marketing
- Word of mouth marketing
- Internet marketing
- Diversity marketing
- Cause marketing
- Paid marketing
- Transactional marketing
- Undercover marketing
- Event marketing
Let us discuss all these different types of strategies in marketing in detail
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Relationship marketing-
relationship marketing is all focused on building a long-term relationship with customers. Customer is at the heart of any business and to retain them is very important for the growth. Relationship marketing applies strategies that make customers feel special. It takes their feedback and preferences. And make customization and changes in the product according to customer’s requirement. It focuses on creating a personalized experience for their customers.
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Word of mouth marketing-
it is one of the old ways for marketing and actually helps a lot. It’s all about creating a positive experience for your customer and leaving a good impression on the customer. If you make a good experience for your customer then definitely he will tell others about your product or service. And they further tell others. It’s all about being heard.
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Internet marketing-
it is one of the most used marketing strategies nowadays. Today’s customer is really empowered with all the technology that they use. Hence it is one of the most effective strategies nowadays. Internet marketing uses all the online platforms to market their product. It includes social media marketing, email marketing, Google ad words, search engine optimization, PPC, facebook, instagram, banners, videos etcetera.
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Diversity marketing-
diversity marketing is required when you have to entertain different audiences. It requires planning and customization according to population you are targeting. It includes various aspects like belief, views, culture, demographics and need. For example – if you are targeting a rural population then the same marketing strategies won’t work for rural area as you have applied for targeting urban population. You have to keep in mind their preferences and mind- set.
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Cause marketing-
in cause marketing a company relates its product and services to a cause. It has become one of the best ways of marketing nowadays. Many companies assign some percentage of their sale to a cause. In return companies get loyalty from their customers and are also able to prove their authenticity and goodwill. For example- if you buy X product some amount from what you buy will go to girls education and hygiene etc.
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Paid marketing-
paid marketing as the name suggests is paid. You have to pay a certain amount of money to publish or market your product on different mediums. It is bit expensive but returns are good. It includes advertising on TV, in newspapers, and on social media platforms.
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Transactional marketing-
it is the best way of marketing when you have to derive a large volume of sales from business. It includes giving customers promotional discounts, coupons, one-on –one free, cash back etc. Due to increasing competitiveness in the market, sales has become quite difficult. But with these marketing strategies , it gets quite easier. It helps businesses in carrying out large volumes of sales. It keeps customers from buying again and again and also makes them buy promoted products.
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Undercover marketing-
it is also known as stealth marketing. It is a type of marketing where they promote their product but make customers believe that they are not promoting. They actually change the perception of the customer without even realizing them. Its main motto is to excite the customer about your product by giving them a few details. People love talking about things which they know little about.
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Event marketing-
event marketing includes organizing events in order to grab people’s attention. It is based on targeting large number of people at a single time. It is one of the best way to let people know about your product or service. Event marketing helps in deriving large volume of sales. People loves to shop when are given a reason. For example- a toy store in a mall is organizing a story telling session with the kids favorite cartoon character and also giving them coupons to buy from the store with the purchased ticket. Event marketing offers the reason to the customers to buy.
Conclusion-
Marketing is the main activity of business. It derives sales for the business. There are different types of marketing strategies. One has to choose relevant strategies according to their requirements. Often businesses apply many marketing strategies according to their targets. Marketing strategies not only derive volume and sales for the business but they also help in making good will of the brand in the market. They help businesses to win a market share for themselves. Each marketing strategy is different and customers also have different needs and wants. So one can choose according to their target audience. Applying the right marketing strategy not only speaks with the customers but also create a niche for the business in the market.
