8 Different Types Of Marketing Strategies For SME’s
What are the marketing strategies?
Businesses use some strategies to promote their goods or services and to have a connection with their customers, these are known as marketing strategies. It is important for the customers to know about the product, its special benefits and the specifications as well. The main motive of these strategies is to encourage the people to purchase the products.
The marketing strategies are created as per the product and the targeted audience.
HOW TO MAKE A STRATEGY FOR THE PROMOTION OF YOUR PRODUCT OR SERVICE
Strategies should be chosen on the basis of the requirement of the businesses. Some important things should be considered before selecting the right kind of strategy for promotion:
Know the target population
It is the most important step to define your audience before selecting the marketing strategy. You need to collect all the essential demographics to know more about them such as their age, sex, culture etc. It will help you make a perfect business strategy and promote your business in the required manner.
Make a check
After deciding the target audience, the next step would be to test their buying behaviour. For that, you can create a hypothetical buying process. In such way, you will have an estimate of how people react to the different situations and what are the things that affect their buying decision.
Study the strategies
You have to study the possible strategies to select the best one among them according to the need of your customers. There are different strategies for a different group of people. The strategy would be dependant on the knowledge of your target customers as well as their behaviour and attitude also.
After considering the appropriate marketing strategy, you have to find the one that is applicable. Evaluation is the process that is applicable even after applying the strategies. You must evaluate if the current strategy is bringing out the desired results or not.
You can also change the strategy if you find the current one not working appropriately.
DIFFERENT TYPES OF MARKETING STRATEGIES
There is a need for analysing your business, details of the commodities and the target customers for choosing a marketing strategy. Marketing strategies are of two types such as:
- B2B marketing
- B2C marketing
B2C known as business to consumer marketing is the most famous and the common form. The other types of strategies are:
Paid advertising refers to any sort of advertisement for which we have to pay. It includes the print media advertisement. Some of the examples are display ads, pay-per-impression and pay-per-click.
It is the type of marketing that is for a business supporting some kind of charity or a social cause. There are the for the non-profit organisations. It is also considered as the mutually beneficial business among for-profit business and non-profit business.
As the name suggests, relationship marketing focuses on building good relationships with the customers. They also work on enhancing the relationship with the customers already existing to make them loyal.
It is the strategy that helps to promote the product when the customer is not even aware of it.
Word of mouth
Word of mouth is automatic marketing which would be beneficial if you are serving the people right. It is the feedback that the customer would give to their friends or family and promote you directly.
It is the marketing in which the customers are encouraged by the retailers by offering additional discounts.
Internet marketing is the promotion of the business using the internet. There are various platforms on the internet that provide the opportunity to share the items and promote them.