A proper marketing strategy plays an important role in the success of a business. So which marketing strategy is appropriate to increase sales, boost sales. Join WilliamReview to find out the 15 types of marketing strategies needed for businesses in 2020.
1) Business-to-consumer (B2C)
B2C market strategy is for companies marketing their products directly to consumers. These types of businesses can work online or at the store. Business strategy with consumers is aimed at consumers. You must know your customers inside and out. There are social media preferences, where they live and how much they earn.
2) Employee marketing
The strategy of this type of marketing is to surpass your employees as potential customers and brand ambassadors. We all know that companies offer discounts for employees as part of their deal. Most, employees buy from their employees as long as they get the best deals. In this way, employees become supporters of the company.
They not only come to work and get paid, but they promote your products and therefore, help you generate revenue. They will recommend your product to their family, friends and acquaintances. They can share your products on social media and can recommend potential employees. Therefore, never make the mistake of ignoring your employees while building a market strategy. They can be loyal customers of your business if treated correctly.
3) Business to Business (B2B)
Inter-enterprise marketing takes place when a business markets its products and services to another business.
For example, you produce equipment of machines, you are making space from business to business. It requires a different approach to business-to-consumer marketing because there are many steps involved in it. You need to understand the decision makers and find ways to convince them to cooperate with you. To do this, you need to build relationships with them by providing first-class services.
4) Direct Sales
There are a few products that can be sold by meeting your customers face-to-face and offering them a demonstration of your product. For example, if you sell a product used at home. You can call a group of customers at one’s home and can give a demonstration of how that product works.
There are companies like Amway and Vestige, Avon applies direct sales marketing strategies to build their businesses. This market strategy is less expensive but works for a few products and it requires sales skills and extrovert personality to convince your customers to buy products.
5) Cause Marketing
Many companies choose this marketing technique to increase their sales. People are attracted to businesses that are working for a cause. They feel good knowing that their money is being used for a good reason. Therefore, it is not harmful to choose this strategy to benefit you as well as the community. To do this, you need to cooperate with a charity.
You can choose the cause of providing education for orphans. For this, you can cooperate with an orphanage or an NGO working for this reason. After that, you can let customers know so they can add donations by buying things from you.
6) Earned Media/PR
In the modern era, almost no one does not know about this type of marketing strategy. Companies pay a lot of money to promote their products on different media platforms such as newspapers, television, social media, etc. People believe media earn more than any other promotion.
7) Brand Cooperation And Relationship Marketing
By using this marketing strategy, you share your customers with businesses that praise your own business. For example, if you are selling Yoga related products like yoga mats, yoga pants, etc. You can combine with a famous yoga instructor to promote your products by sharing a percentage of profits with them.
If you follow yoga instructors on Instagram, you must have seen them promote products of certain brands. It is clear that brand cooperation or marketing relationships represent cooperation between the two businesses with the same benefits. They are not rivals. Therefore, there is no fear of losing your customer base. Relational marketing refers to creating a product with another business to increase its sales.
8) Internet Marketing
Internet Marketing includes various marketing activities from social media, blogs, emails, vlogs to landing pages. Any kind of marketing you make on the internet is called internet marketing. However, internet marketing requires a strategy about how and when you post your article and how you encourage people to buy your product.
9) Point-Of-Purchase Marketing (POP)
Buying point marketing strategies include placing your products where customers buy the most. You must notice that many small products are located near the checkout counter. This is done intentionally so that everyone makes an impulse purchase. In addition, you must have an experienced cashier who has tried to sell your product. This is another example of POP marketing.
10) Mouth Advertising
Traditionally, word of mouth advertising is limited to the face-to-face compliment of the product. Today, the method of this type of marketing has been changed.
When people mention your service or product on their social media page and make a positive review, they are doing word of mouth advertising about your business. You can also pay some bloggers reviews to write reviews about you. Today people tend to read reviews about everything before buying.
11) Paid Media Advertising
Paid media ads are the best solution to grow your business quickly. Obviously, you will have to liquidate the capital to get results. But there’s an investment return on every penny you’ve spent. The following are the types of paid advertising media.
- Pay search
- Pay on social networks
- Commercial television and radio
- Display advertising
- Print advertising
This type of marketing requires specific planning and goals for each ad performance. In case, your ad doesn’t work, don’t waste your money instead of thinking about some other ways to market your product.
Storytelling is an emotional way to reach your audience. You can produce personal stories, brand stories or a story about one of your customers after getting their permission. There is one more tendency to say a story in exactly six words. Here the writer requires excellent writing skills to create a meaningful short story. This type of marketing strategy helps you win customers’ trust and loyalty.
13) Referral Program
This type of marketing strategy makes use of your existing customers to get new customers on board. You pay some incentives or benefits to customers if they ask their friends to buy your product or service. People often do word of mouth marketing to get benefits. The amount you pay them is quite small before the profit you receive. Find ways to keep track of referrals made by your customers before giving them benefits.
14) Growth Hacking
This type of marketing strategy is used to achieve resurgence in the audience for a short period of time by hacking into one of the internet marketing strategies. There are many experts who can do this for you in exchange for money. One method is to try several marketing strategies at the same time. You can get a huge amount of data by following this technique.
15) Networking Events
There are other marketing techniques that you can’t do from behind the computer screen. For this, you need to step out into the real world and organize some networking events to get potential customers who can enjoy your service. For example, if you are offering an online course, you can set up a booth where people can reach you and you can share your knowledge with them about your course and promotion. Encourage them to take the course by offering them more discounts.