Building a strong business model is not an easy job, be it for an established entrepreneur or an individual has a top qualification pack with an ambition to become an entrepreneur. The foremost requisite will be having a viable business idea with a properly drilled down business plan. However, even a viable business idea is useless until you have a strong marketing strategy for your business. The marketing strategies play a key role in the success of a business. In this article, let us understand some of the basic concepts related to marketing strategies and a few real-time examples for marketing strategies.
Therefore, recognizing the right business strategy for the market will often look like rocket science. The fundamental question behind the success of a business lies in how effectively you can trace the problems of individuals and organizations and how your solution solves those problems.
Marketing strategy a game plan for meeting the requirements of consumers and converting them into customers of the products and services. The marketing strategy explains the types of marketing tasks and timespan for the execution of the plans. It is important to note that the marketing strategy of a business will have a much longer lifespan than the individual life span.
A strong marketing strategy of a business should have its roots in the value system of the company which reflects the competitive advantage a business enjoys against its competitors. For example, Walmart is positioned as the discount retailer with promoting its products under the hashtag “everyday low prices”. The company’s marketing strategy revolves around the core belief system of the business.
What are the Examples of Marketing Strategies?
Some of the examples of marketing strategies are listed below:
- GoPro: Leverage User-Generated Content (UGC)
- World Wildlife Fund for Nature (WWF): Be Creative
- Warby Parker: Monetise Your Brand Story
- Frito-Lay: Be Original, Be Fun
- Taco Bell: Be Where Your Audience Is
- Heineken: Ace the Sponsorship Game
- Bounty: Surprise Your Audience
- My fix Cycles: Retarget Consistently
- Vogue: Power Your Loyalty Programs
- Coca-Coca: Champion a Cause
Marketing Strategies for Start-ups
As you know, start-ups face unique challenges in the business world as they run a scarcity of business resources quite often. For example, they may not have a brand name which often the game-changer in the business world. The start-ups may not have bargaining power due to the volume of their operations. The competitor with a high volume of operations enjoys economies of scale and high bargaining power in the markets. Further, the start-up business entities may not have the capital to expand operations as and when the business opposites pop-up. The start-ups may not have the ability to offer high-cost advertisements and promotional activities. Therefore, crafting the marketing strategies for start-ups will be more challenging than the business that has already established its base in the market.
Though high budget marketing strategies ensure consistency of business and visibility, the start-ups may not be able to afford those strategies. No worries low-cost marketing strategies like SEO optimization of the business website would also yield good returns. Some of the best marketing strategies for the start-ups are listed below:
- Encouraging a promotional based marketing strategy is the trending one in the market. The start-ups instead of spending a heavy budget on the advertisements, they try to use their existing client base for promoting their products. The start-ups pay their customers in terms of referral bonuses, incentives, discounts as and when they promote products and services in their network.
- The press release is another method the start-ups use to promote their offerings. This is one of the cheapest methods of promoting products and services through printed media.
- Content marketing strategies like SEO optimization, blogs, and publications will also help the company in promoting products and services.
- Email marketing is another low-cost marketing strategy used by start-ups. The SMS blast, email, and other IP based triggers will help internet users who show their interest in the product.
What are the Best Marketing Strategies?
Long-term success in the business requires steady revenue. Though, constant success for a business is not just a statistical game; it gets more depth. From a marketing point-of-view, long-term success is accomplished if you are competent to regularly boost return on investment from your strategies. Therefore, the markers need to understand some of the best marketing strategies used across the industry so that they can remain relevant to the industry. Here are a few best marketing strategies a business can use to optimize the business results.
- Using Search Engine Optimisation tools to create awareness and leads for the business
- Content is the king. Understand that and make the best use of content to describe and position your product in the minds of consumers
- Personalize your marketing strategies to make the consumer feel the belongingness to the company.
- Let the big data drive your decisions towards the promotional and business strategy
- Invest in research activities as it pays business in the long run. Without research, a business may not be able to introduce a niche product in the market. To become an industry leader, the business would require introducing a product that is unique across the industry. This is possible only when the business is ready to invest in research activities.
- Regularly update your marketing content according to the needs of the consumers. Keep an eye on the changes in the tastes and preferences of the consumers so that you can be the first one to tap the market when there is a need for a unique product and you know that unique product in the market.
- Building a long-term relationship with the existing clients is as important as creating a new customer base.
what are the 4 types of marketing strategies?
Below are some of the most popular marketing strategies used in the market.
There are 4 types of marketing strategies generally used by marketers. They are:
1. Paid Advertisements
Paid advertisements may include, traditional methods like Television advertisements, newspaper posts, and pay per click advertisements. However, in the changing business world, paid advertisements may include, brand endorsement, campaigns, reward coupons, etc.
2. Word of Mouth
Word of mouth marketing strategy involves customers to spread the good news about the company and its. The word of mouth marketing strategy believed to be the most effective way of promoting products and services in the market. When the satisfied customer speaks about the quality, quantity, design, price, and other specifications of the product, the individuals who are planning to buy products would get attracted to your product since it is endorsed by your customers.
3. Internet marketing
Internet marketing promotes your product and services on the websites. The products are sold on the cloud which usually happens over the internet. The users of the internet promote your product and connect you to the customers whom you cannot physically meet personally. You would require a strong supply chain network to cater to the needs of your consumers on the internet as they are geographically spread across various locations.
4. Relationship marketing
Building a strong customer relationship is critical for the success of the business. A satisfied customer will not only come back buy from you again and again, but they may also refer other people to your products since they are satisfied and happy with your product.
Overall, a marketing strategy is an approach to grow a business, get new profitable customers, make more money and keep all the stakeholders happy by meeting their aspirations.
I hope you are now clear about the fundamentals of marketing strategies, what are the examples of marketing strategies, what are the marketing strategies for start-ups, what are the best marketing strategies, and what are the 4 types of marketing strategies used in the market. I hope you enjoyed the reading.
Please feel free to share your thoughts in the comments section. Let us connect again with an another article on marketing strategy.
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