This marketing guide will help new business & beginners to cater immense knowledge about different types of marketing strategies.
What is Marketing?
Many People think that marketing is advertising. No it is not. Marketing is not advertising, then what is Marketing?
In very simple words Marketing is the art & science of creating demand to drive profitable growth.
You can also check the below link to read about marketing in detail.
What Is Marketing Strategy?
Marketing strategy is a part of your business plan for how you’ll discover and pull in customers or clients to your business.
Please don’t get confuse between marketing strategy & marketing plan. Marketing strategy focuses on what you want to achieve for your business and marketing efforts. A marketing plan details how you’ll achieve those goals.
You must watch the amazing marketing strategy by Steve Jobs in the below link
Importance Of Marketing Strategy
- Marketing strategies helps an organization to make optimum utilization of its resources.
- It helps an organization to grow far beyond his competitors.
- Marketing strategies helps to make a proper plan & fix the advertising budget in advance.
- It helps the organization to fix right price for goods & services after doing a proper market research.
- Marketing strategies helps in discovering the effected area in the business & rectify it as per the customer needs.
- Strategies helps in making profit by developing the goods & services.
The Marketing mix refers to the to the arrangement of activities or strategies, that an organization uses to promote its brand or product in the market. Marketing mix is made of 4Ps – Product, Price Place & Promotion. However nowadays people also considers 7Ps of marketing which includes Packaging, Positioning, People and even Politics are included in this.
4Ps Of Marketing
Product: It refers to the goods or services being sold. Product is one of the most important element in the marketing mix, If it doesn’t shows some value to the customer the other elements wont be any good.
Price: Price is nothing but the value put on the product, there can be various pricing strategies depending on cost of production, marketing cost, purchasing power of the customer etc.
Place: Catching the customer eye ball is one of the most important strategy in retail business. Place means the point of sale, so for a successful retail business correct location in very important. In the modern business not only physical presence but online presence is also very important because from online presence you can sell your product to any part of the world.
Promotion: It means to publicize your product to the user through various means such as word of mouth, direct marketing, contests, advertising etc.
You can also go through this link for reading about marketing mix in detail
Top 4 Digital Marketing Strategies For New Business
SEO (Search Engine Optimization)
One of the digital marketer have quoted that if you want to bury a dead body than you can place it in second page of goggle.
It means that if your website is not ranking in the first page of goggle there won’t be any traffic in your website.
There are many websites with the same niche and if your website rank on the first page with the related keywords which the potential customers are searching for, than it gives a lot of value and trust.
PPC (Pay Per Click)
Pay per click (goggle AdWords) is a marketing tool to generate traffic in your website. It’s a very highly effective tool but it should be done by an expert only otherwise it can exhaust your budget very quickly & there would be more clicks than conversions.
Social Media Marketing
It’s a very powerful marketing tool nowadays, most of the marketers have confirmed that it’s very important for their business & gives a lot of exposure.
But it is very important that you make your customer persona (customer profile) before creating a social media strategy.
You shouldn’t be running Facebook ad if some other business is getting huge traffic from it. If your product is for professional users than you should be creating strategies in LinkedIn not in Facebook.
Email marketing is not bulk mailing, please don’t bombard your customer with mails who are not your subscribers.
Every time please don’t send a mailer with a direct sales approach, most of the time you should be sending informational mail to create interest of your reader and in between you can send some sales mail.
In this way your customer won’t unsubscribe you and your mails won’t be landing in the junk.
Top 8 Offline Marketing Strategies For New Business
Branding can of different types like hoardings, banners, drop downs, pole banners, no parking board’s e.tc. these kind of branding in the correct location were your potential customer can observe it can give a lot of presence of your business in the market.
Local Newspapers, Radio & television ads
If you are start-up and don’t have enough capital I won’t suggest this idea as it’s not pocket friendly. But for brand building and to show your presence to a larger audience these print media, Radio & television ads are very good options if you place your ads in the correct slots & page.
Trade Shows Participation & Sponsorship
Participation in trade shows as per your sector would be very useful, it gives your presence in front of your competing brand & you will also get to know a lot of new ideas from the other brands brochures, sales pitch & presentation.
Educational workshops & seminars
Educational workshop gives you an opportunity to speak in front of a larger audience about your brand and also take their feedback and improve your product or service.
There are many media agencies who can cover your start-ups business ideas & interesting facts about your product in there newspaper or magazines. These kind of PR can be both paid and free depending on your contacts in the media houses.
Brochures, Handouts, Coupons
You can always market your brand distributing these materials to your target audience.
Product & Service Sampling
If your product is of low cost you can always give it for free to your target audience, if it’s a service you can give them 15 – 30 days free subscription. It’s a low cost marketing strategy if they like your product they will always get back to you.
Cross promotion is very popular in the retail industry but in other industry also you can find out similar kind of business and explore different ideas to promote each other’s business.
Marketing is a vast topic and as per me there is no proven marketing strategies that will 100% work. I am suggesting to implement the above marketing strategies to any new business, start-ups, franchise business as i have an experience in these fields & they worked for me.