The pandemic and no near hope for a vaccine, more people are looking at businesses in the digital world. Nowadays, relationships are not made on a face to face basis but rely on applications to communicate with consumers and supplies. Social media and other influencers have gained a strong foothold and challenging how traditional marketing strategies can cope up with the new methods of the times. SEO has greatly improved to allow consumers to find solutions and products online in a faster way. Many businesses need to grow with the times and have flexibility on the marketing strategies as well. But even with the changes, a businessperson should not be complacent. Every business needs planning and effort to guarantee success.
Guy Galboiz, a successful internet marketer and entrepreneur, shares some inputs on effective marketing strategies and the different types that can help in today’s business world.
Definition of Marketing Strategy
Marketing strategy is the company’s overall plan to reach customers and converting this to sales. This covers the business value proposition, key brand messages, target audience and demographics and other factors that affect revenue generation.
A marketing differs from marketing strategy for the reason that a strategy entails to the plan what particular marketing activities will be made. This also involve the rolling out of other marketing initiatives.
Choosing the Best Marketing Strategy
No strategy is considered the best but there can be one that will provide the promotions and revenues for a business. The steps below outline how to select the best marketing strategy:
- Defining the target audience
A clear and concise knowledge of the target audience is the building block of a strategy. Analyze existing customers and understand their habits and other indicators. Customer profiles is a good way to start on knowing who will be targeted.
- Testing the audience
Digital-based businesses can test a couple of landing pages or social media campaigns to determine which strategy is acceptable. However, campaigns that do not succeed can also provide inputs on what needs to be improve.
- Explore other types of marketing strategies
Once the demographics, buying habits and preferences are already know for the target audience, other marketing strategies can be tested.
- Assess every marketing strategy
With the application of marketing strategies, businesses should assess and evaluate the one that works well. The most productive and appropriate strategy can be chosen and implemented on a longer period.
- Review the strategy
An implemented strategy should be reviewed every 6 months until it satisfies the business. If the marketing strategy is not effective at some point, it can be changed to other methods.
Types of Marketing Strategies
- Business To Business (B2B) Marketing
This type of strategy involves the sale of products or service to another company. Most B2B transactions are based on profit potential share as well as the price.
- Business To Consumer (B2C) Marketing
This type promotes products and services to individuals. B2C strategy is most common in internet-based businesses. This includes promotions and selling of consumer products.
Best Marketing Strategies for Small Businesses
TV and print media ads are the traditional approach. For the digital businesses, this includes Pay Per Click (PPC) and social media ads.
It has been found out that 93% of people trust the recommendations of friends and relatives. A business should leverage on this. Since this marketing strategy mainly depend on the impressions of people then the business must show above par in services and other perks. A good and responsive customer service leaves a lasting mark on customers. Discounts to valued customers and special gifts go a long way to impressing the audience.
When a business establishes a good relationship with customers then it is sure that there is customer loyalty. Even if a business is online, a better relationship can be made through emails and messages
Some Marketing Strategies
- Social media presence
- Pre-event page
- Early bird discounts
- Partner outreach