8 Types of Marketing Strategies
"Sometimes, it’s ok to throw rocks at girls" ~ A North Carolina Jewelry Store’s way of trying to get people to buy diamonds.
1. Paid Advertising This includes multiple approaches for marketing.
They include "traditional" approaches, such as, TV and Radio Commercials, Print Media Advertising and Promotional Merchandise.
Nowadays, "Online Marketing" has become a highly effective marketing approach, and for some businesses, has supplanted more traditional marketing methods.
Online Marketing refers to a set of powerful tools and methodologies used for promoting products and services through the Internet which includes channels and marketing mechanisms.
These include Paid searches via PPC (Pay Per Click), PPI (Pay Per Impression) via targeted Words or Phases on popular web sites with high visibility (Facebook, Google, YouTube, et.al.).
Organic searches enhanced via SEO (Search Engine Optimization) making the targeted information highly relevant.
2. Cause Marketing
Cause marketing links the services and products of a company to a social cause or issue. It is also well known as cause related marketing.
3. Relationship Marketing
This type of marketing is basically focused on customer building. Enhancing existing relationships with customers and improving customer loyalty.
4. Undercover Marketing
This type of marketing strategy focuses on marketing the product while customers remain unaware of the marketing strategy. It is also known as stealth marketing.
5. Word of Mouth It totally relies on what impression you leave on people.
It is traditionally the most important type of marketing strategy. Being heard is important in business world. When you give quality services to customers, it is likely that they’d promote you.
6. Internet Marketing Also known as cloud marketing.
It usually happens over the internet. All the marketing items are shared on the internet and promoted on various platforms via multiple approaches.
7. Transactional Marketing Sales is particularly the most challenging work.
Even for the largest retailers, selling is always tough especially when there are high volume targets. However, with the new marketing strategies, selling isn’t as difficult as it was.
In transactional marketing the retailers encourage customers to buy with shopping coupons, discounts and huge events. It enhances the chances of sales and motivates the target audience to buy the promoted products.
8. Diversity Marketing
It caters diverse audience by customizing and integrating different marketing strategies. It covers different aspects like cultural, beliefs, attitudes, views and other specific needs.
Final Word
Marketing strategies have made it much easier to promote products and services. They also limit the strategy to target audience ensuring the proper advancement of the business.
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