9 Different Types of Marketing Strategies your Brand can Follow
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A business without marketing is no business at all. Running a business requires a good marketing strategy to be put in place. Most brands don’t take marketing lightly. Since marketing helps them in spreading awareness about their products and services. Help them in reaching their target audience and encourage them in purchasing at the same time.
With their marketing plans, brands build not just a reliable customer base but also a trustworthy community. It gets easier for them to get ahead of the cutthroat competition and eventually generate better revenues.
According to Gartner’s Annual CMO Report, brands in almost every industry have increased their marketing budgets by 2.9 percent in 2022. It’s time for your brand to also gear up. Here are 9 different types of marketing strategies that have the potential to change your marketing game.
To pick the right type of strategy out of the pool, you need to figure out a few things beforehand such as:
You can decide your best marketing strategy once you are done pondering these questions. It can be one strategy or a mix of 2 or more. You can always switch over time, depending on hit and trial results.
Paid advertising is another name for digital marketing. By buying the advertising, brands target a specific audience based on their search history, buying habits, and recent interactions with other brands. For example, they use channels like sponsored Instagram ads, pay-per-click (PPC), website banners, etc. This strategy type has certain ups and downs.
This is an old-school method that is effective to this date. With word of mouth, people recommend products and services to their family or friends. It works as a chain or cycle where referrals go on and on. One such example is Netflix, the streaming service spontaneously attracts more subscribers with word to mouth strategy.
It’s an era of social causes, customers tend to like brands that care about others. The Cause Marketing is an approach that involves collaboration between non-profit and for-profit businesses. They aim towards generating more revenue while doing activist work for a better society. In 2020, Cadbury launched a cause marketing campaign for supporting lonely elders in the UK.
As the name suggests, this marketing is based on strengthening relationships with the customer base. Brands fulfill the requirements of their customers for good feedback, engagement rate, and loyalty. For example, Coca-Cola likes to incorporate heartfelt messages with its ads. It has helped them better connect with their consumers.
In the age of the internet, online marketing has become a priority. Brands aim to rank better on Google search engines with SEO practices, top on social media platforms, sponsor posts, do email marketing and so much more. They get their word out about their products with the help of the internet.
Even though the world is online, offline modes still hold a strong relevance to this day. This is the traditional kind of marketing. From large to small brands, everybody put advertising on newspapers, radios, billboards, TV, and other such forms of media.
This sort of marketing happens when brands promote their products in a hidden way. Back in 2002, Sony hired actors for their undercover campaign for their T68i mobile phone. The actors were instructed to act like tourists and approach people with Sony phones for pictures at tourist attractions. They ultimately presented the features of the T68i model through this method.
The hardest part of every business is to encourage people to invest in products. That’s why a lot of businesses use transactional methods such as discount coupons, occasional sales, offers, and many more incentives. They try to motivate people by making their products lucrative. The sole focus here is to ‘get more sales done’. It’s almost a win-win for both parties. However, there are a few drawbacks yet benefits to this as well.
Diversity marketing is best suited if the audience is diverse. A brand could forge a good connection with individuals from different backgrounds and cultures. For example, brands like Bumble celebrate the diversity among societies to such an extent that diversity has become their asset in the marketplace. When you have more diversity then adopting a single audience strategy is not going to be fruitful. Like every other strategy, this also comes with good and bad sides:
Marketing strategies facilitate more product sales and overall brand growth. There are many types of marketing strategies. Paid advertising, word of mouth, cause, relationship, online, offline undercover, transactional, and diversity marketing are some tactics that brands can adopt.
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