Marketing
Posted 29 Jul 2019, Editor's Desk
Introduction
People often misunderstand Sales with Marketing; they consider Sales as a part of Marketing. However, marketing and sales are very different from each other.
Sales increase your revenue by increasing the sales of products, while Marketing works on increasing the recall value of your product.
Although Marketing supports the Sales function, it is not directly linked to it.
Marketing is an overall game plan through which your product’s value proposition and unique strength get instilled in your customer’s mind like recall value. |
Below are 7 types of business marketing strategies that will help you to scale up your business.
1. Niche Marketing
Niche marketing focuses on a specific demographic, psychographic, and geographic customers. It is a kind of marketing which focuses on customers of a specific region, with one specific product of a particular price range.
It refers to selling a specific product to a specific customer at a specific price. This kind of marketing reduces the size of the market, finishes the competition, and captures the whole market.
For Example:
There are many genres of TV channels like news, sports, music, and entertainment. However, there is only one channel dedicated to cricket- Star Cricket. It is a channel-focused only on one sport i.e. Cricket. It has created a recall value in minds of the audience, that whenever they want to watch cricket they switch to Star cricket.
It reduced the size of the market by focusing on one specific sport and audience, which helped it to remove competition and capture the whole market.
2. Trade Show Marketing
It is becoming a very popular business marketing strategy for showcasing products and services among corporates. As industries and businesses are evolving, everyone from the same industry is coming under one roof to showcase their products.
For Example:
In the trade show of the Apparel Industry, all industries involved in cloth making will showcase their products under one roof. It includes manufacturers of fabric, thread, finished cloths, sewing machines, and retailers coming under one roof to market their products.
This kind of marketing helps corporate get bulk orders, vendors, clients and make new partners without big effort. You can also organize- demonstrations, speeches, and promotional offers to attract people at your stall in trade shows.
With increasing digitization around the world, social media marketing has become the most important business marketing strategy example to advertise your business.
You can’t afford to miss the opportunity of advertising your products on the social media platform, as it has emerged as one of the most intensive and the cheapest way to reach out to the customers.
Social media is the platform where customers themselves promote your product while sharing it with others, which has credibility and trust factor.
Data analytics tool gives information about who are your customers, and where are they from, which helps you to retarget and remarket your product.
4. Freebie Marketing
Among other effective business marketing strategies example is freebie marketing. Giving Freebies along with your main product in a strategic manner helps to run a successful business.
Many companies offer small freebies with their main products to attract customers and increase their sales.
Under this marketing strategy, you can offer a low-value item with a high-value item to allure customers. It helps to build a recall value for your product among customers.
For instance, you can offer a small pouch of tomato sauce with a pack of noodle, or a coffee cup on the purchase of two packs of Coffee, or a small backpack with a Suitcase.
It is a hidden style of marketing which is also called Buzz marketing. Just like undercover agents, these products are kept a secret, while creating hype around it through advertisement.
Undercover marketing creates excitement among customers which sparks curiosity revolving around products, event before its official launch.
It is more like a teaser of a movie, which generates curiosity among the audience through hyped propaganda, without revealing much about it.
Moviemakers insert some social, political and religious elements in movies to en-cash the hype sparked by the controversy around it.
6. Outbound Marketing and Inbound Marketing
Outbound marketing: In this, you tell customers about your product through various mediums like Tele Marketing/Calling, Tele Shopping, Letter, and TV and Radio Commercial Ads. In this, you reach out to customers through various mediums.
Inbound marketing: In this, you have to generate magnetic energy around your product to attract customers through different ways of online promotion. Here customers automatically reach out to you through the influence of Blogging, Email, Social Media, SEO, and Webinars.
Cross-promotion marketing has emerged as one of the most unique ways of marketing of two or more products in a single advertisement, without investing much of energy, time and money.
For Example:
The advertisement of BMW Car can be done with the Louis Vuitton handbag in a single advertisement as the target audience of both products is similar. Those driving BMW cars will only be using Louis Vuitton bags as both products are of premium quality.
Other Examples of Cross Promotion:
With the changing demand of customers and advancement in technology, the traditional method of marketing has become outmoded.
It is time to influence your customer base through the third party by adopting modern types of business marketing strategies.
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