Developing a successful marketing strategy can be a game-changer for your business. A strategy outlines the ways and resources you should use to reach your target audiences, understand their needs, generate leads, and increase sales. below in this article, we will cover the 10 Types Of Marketing Strategies.
Today’s dynamics have affected all sides of business performance and every company is looking for ways to stay competitive and grow further.
But how do you decide which type of marketing strategy to choose from when there are so many options — and how do you make sure that you’re successful?
There is no better way to know the right answer than by asking the best in the industry.
Let’s explore the insights of top experts from a respected professional website design agency. They will elaborate on what a marketing strategy is, why it is important, how to build one, and the most common types of marketing strategies.
What Is A Marketing Strategy?
Your marketing strategy promotes your company’s products and services and networks with your target audiences to encourage them to buy your products and services.
The marketing strategy you choose may be based on conventional and tested approaches or on innovative trends that you consider beneficial for your company.
Why Is A Marketing Strategy Important?
A marketing strategy can bring a number of benefits to your business.
A marketing strategy:
- Lists your unique value proposition
- Defines marketing objectives for your company
- Sets a specific direction for your business
- Analyzes your competitors
- Studies your customers
- Helps you identify new areas for growth
- Helps you create new products and services
- Gives you a competitive advantage
- Enhances your brand
How To Create A Marketing Strategy
The success of every marketing strategy depends on proper planning and step-by-step execution.
Based on detailed research and industry insights, your marketing strategy will build the skeleton of your business efforts and will make them worthwhile.
Let’s explore the stages to create a successful marketing strategy.
- Set Goals
Define your marketing strategy goals and make sure they’re harmonized with your business goals. They may include generating leads, increasing customer value, promoting brand awareness, increasing revenue and more.
- Study Your Customers
Research your customers’ needs and problems and think about what solution you could offer. Combine the traditional research methods with modern trends like social listening. The result will be collected data on demographics, consumer behavior and audience reactions.
- Create Buyer Personas
A buyer persona represents what your typical customer looks like. It focuses on age, job, interests, income and other relevant factors.
Buyer personas are the center of your marketing strategy. Take your time to study your customers and their needs — this will pay off!
- Analyze Your Competitors
Check the situation in your business industry/niche. Define who your competitors are, what they are doing, their competitive advantages, and their weaknesses.
This will help you identify market gaps and benefit from market opportunities.
- Choose Your Tools
Use adequate tools like analytics platforms to measure your goals. This will give you important feedback on your marketing strategy performance and achievements.
- Plan Your Resources
Define the resources that you already have that could help you create and achieve your strategy.
Consider owned media (blogs, infographics, etc.), paid media (for example, the paid options of platforms like Facebook and LinkedIn) or earned media (Instagram photos, tweets, social media shares and more).
Think of your team members’ expertise and how each of them can contribute to the planning, creation and execution of your marketing strategy.
- Create A Marketing Plan
Your marketing plan shows the specific actions that you need to take to achieve your marketing strategy over a certain time period.
Typically, it includes sections on your business, target markets, business initiatives, marketing channels and budget.
Create a document that outlines every step of your strategy for the next 12 months, i.e., define your strategy.
Go through your plan regularly and adjust it when needed. This will keep you updated on any changes and new opportunities.
10 Types Of Marketing Strategies
The needs of your business and your customers, as well as the characteristic features of your products and services, form the foundation of your marketing strategy.
Based on this, you can distinguish two main types of marketing strategies: Business to Business (B2B) or Business to Consumer (B2C).
Many of the existing marketing strategies may be suitable for both B2B and B2C, but some can bring more benefits to one of these two groups. Consider which of them will be most useful for your individual business scenario.
Let’s explore the most common strategies for B2B and B2C.
B2B Marketing Strategies
1. Content Marketing
The focus of content marketing is on educating rather than selling. It includes the creation and distribution of information that reflects your prospects’ needs.
It can include webpages, blogs, videos, webinars, infographics and more.
Benefits: Content marketing increases brand visibility and credibility, supplies relevant information and leads prospects through the sales funnel.
2. Inbound Marketing
The emphasis of inbound marketing is to attract your customer’s attention through meaningful messaging. It appears at the right place and time and leads users to your company website through quality content and a unique user experience.
Benefits: Inbound marketing is easy to use and integrate through a Content Management System (CMS) or Customer Relationship Management (CRM) system. It builds knowledgeable prospects and adapts to businesses of different types and sizes.
3. Search Engine Optimization
SEO increases traffic to your website and improves its ranking on the search engines. In other words, it increases your target audiences and the awareness of your business among them.
Benefits: Search Engine Optimization is an affordable way to simplify your customers’ searches and keep your business competitive.
4. Search Engine Marketing
SEM uses paid online advertising to increase traffic to your website.
One of the most common SEM methods, pay-per-click (PPC), works when consumers search for products and services and see the link to your website in the form of an ad. Your company pays to the search engine every time a visitor clicks your link.
Benefits: SEM is cost-effective, generates visibility and adapts to markets and audiences.
5. Industry Events
Industry events can flourish in both physical and virtual locations. They gather representatives of your industry to network, share achievements, discuss trends and opportunities and strengthen relationships.
Industry events can include trade shows, case studies and more.
Benefits: Industry events ensure fruitful cooperation, substantial attendance and business opportunities.
B2C Marketing Strategies
1. Direct Selling
As the name implies, direct selling markets and sells your products directly to your consumers.
Sales agents meet customers face-to-face and perform sales demonstrations, and talk about the product characteristics and benefits.
Benefits: Direct selling establishes relationships and allows answering questions, focusing on products’ benefits and more.
2. Online Marketing
Online marketing, or Internet marketing, uses web, email and social media platforms to promote and e-sell. You can often combine it with traditional marketing formats like printed materials, radio, TV and more.
Benefits: Online marketing goes beyond geography to show your expertise and build relationships with your customers. In addition, online reviews on your products and services add to your product and service, advertising in an organic and powerful way.
3. Email Marketing
Email marketing reaches your target groups and aims to influence their buying decisions.
The metrics for its success include click-through rates, open rates and more.
Benefits: Easy to share and measure, email marketing delivers your business message to your target groups, builds interest and drives revenue.
Everybody likes stories — including your customers! Engage them to create an emotional relationship by sharing engaging tales on your company history, traditions, values and important community projects.
Benefits: Exciting and engaging, used both to communicate and educate, storytelling builds memories and deepens your connection to your consumers.
5. Conversational Marketing
Conversational marketing keeps you and your customers centered around a conversation that answers their needs: be it related to products, services, questions or pain points.
Available 24/7 through chatbots or live chats, it provides immediate feedback, personalized engagement and a unique user experience.
Benefits: Cost-effective, timely and authentic, conversational marketing provides easy and clear communication, strengthening your consumers’ relationship with your brand.
The Marketing Strategy For Your Business: Considerations
Building a marketing strategy is an essential part of your business development.
It provides important insights into your company, clients and competition.
Study every detail and consider which of the marketing strategy types could be successful for your business.
Depending on your goals and budget, you can opt for a combination of strategies to ensure your company’s successful performance and growth.
Experienced digital agencies can help you research all important factors related to your business.
They will assist you in coming up with a type of marketing strategy that will attract and keep consumers and add to your brand’s reputation.
Ellie Northcott is a long-time marketer, currently working as a freelancer in Miami, Florida.
Editor at Digital Strategy One.
She is also a passionate writer and loves to explore new, innovative and digital news.
In her spare time, she is an eco-activist.