Marketing is all about understanding the customers’ expectations and providing optimum solutions in a way that they prefer. Today we are going to discuss some of the most important marketing strategies that you can use in the digital era. We will continue the discussion of these Types of Marketing Strategies in this series of marketing posts.
What is marketing?
Marketing is the art of promoting and selling products or services, which includes market research and advertising. It thinks about business in terms of customers’ needs & satisfaction, which includes diverse disciplines like public relations, sales, and pricing. A good marketing plan can help you to achieve your desired objectives of the business that needs lots of marketing strategies and market research.
Here are the most likely and effective marketing strategies that are used widely nowadays.
#1. Cause Marketing
Connecting with the wide range of consumers that requires internal knowledge of what your company or organization cares about and who they want to help in the world, is mutually beneficial for both customer and company. It will increase the ability to reach possible supporters or followers through a company’s customer base.
American Express first used the phrase “cause-related marketing” in 1983 to describe its campaign to raise money for the restoration of the Statue of Liberty. American Express donates one cent to the restoration every time someone uses its credit card. As a result, the number of new cardholders grew by 45 percent, and card usage increased by 28 percent.
#2. Relationship Marketing
Instead of transactional marketing, many companies try to build a relationship with their customers to leverage their services or products. It’s also known as cross-functional marketing. Customer or buyer who loves your brand will spend more money on your brand.
It will also increase customer retention and satisfaction, which will recognize the long-term value of a customer relationship. Existing customers and new customers both require different strategies, new customers require transactional marketing because the goal is to buy our product or services while existing customers engage in relationship marketing to continually attract repeat business.
Ultimately the basic goal is to convert every customer into returning customers. you can try a 10xplusmedia marketing agency to engage customers and grow revenue.
#3. Word of mouth Marketing
Passing of information from person to person by oral communication. A brand lover or a buyer who recommends a brand or product to an end-user is called word-of-mouth marketing. EWOM refers to electronic word-of-mouth marketing, which consists via the Internet. Eg. Websites, Social Networks, and News Feeds about a product, service or brand.
To promote and manage word-of-mouth communications, marketers use publicity techniques as well as viral marketing methods to achieve desired behavioral responses. Companies can also focus on brand advocates, the people who proactively recommend or testify about their favorite brands and products without being paid to do so.
#4. Diversity Marketing
Diversity marketing is a marketing effort in communication with a diverse demographic market. It refers to different types of cultures and consumer groups, because of different tastes, values, expectations, lifestyles, and beliefs.
It must also offer an alternative way of communication to all groups. Lots of valuable companies use diverse marketing for their products and services to different diverse groups, to reach each diverse group present in the market. The following are the companies that have successfully used diverse marketing to reach new demographic markets for their products and brands. Eg. McDonald’s, P&G, AT&T, and Harley Davidson.
#5. Seasonal Marketing
People nowadays attract more of the things that are relevant to their current needs and expectations. Many businesses have discovered that holidays and special events are perfect opportunities to run special and limited-time promotions.
Seasonal marketing is all about putting your products and services in the right place at the right time. By taking advantage of discount codes and offers through seasonal marketing, companies get the widest possible audience through social media platforms such as Facebook, LinkedIn, Twitter, and Email Newsletter.
#6. Database Marketing
It is marketing using a database of customers and potential customers and will help you communicate to recommend or promote your service or product for repeat business marketing purposes. Technology vendors, Internet services, and B2B companies mostly use database marketing techniques to increase their direct marketing campaigns.
They may segment different groups based on demographic and behavioral factors. Nowadays a CRM systems is more effectively used for database marketing campaigns. It increases sales, repeats business, improves profitability, and improves marketing communications. With digital marketing training, you can effectively utilize databases to repeat and maximize profits with more personalized ad campaigns.
#7. Evangelistic Marketing
It is an advanced form of word-of-mouth marketing in which companies develop consumers who trust and believe strongly in our product or service. Guy Kawasaki, former “Chief Evangelist” of Apple, is the father of evangelism marketing. People who recommend your product are often your best sales representatives.
They are like a free adviser for your product and service. Case studies and Testimonials are two great resources to have because they feature direct interaction with your customers, which makes them seem trustworthy.
So, these are the seven dynamic marketing techniques used for product or service promotion. We are going to discuss each of these seven marketing strategies in our upcoming posts. Stay tuned to get detailed insights on versatile marketing strategies.
