MARKETING
Marketing is an umbrella term for all promotional activities that a company undertakes. It comprises advertising, selling and delivering products from B2B or B2C. These days, marketing is also conducted by a company’s affiliates, such as influencers and celebrities. Marketing is a comprehensive term that covers all tasks undertaken by a company to attract and retain customers – building brand visbility and love. From creating brand slogans to sending thank you emails to clients, everything comes under marketing. With effective and innovative marketing, companies can provide value to their prospects, increase sales and maintain long-term relationships.
The marketing mix of a company generally consists of four Ps — Product, Price, Place and Promotion.
PRODUCT
Any item offered by a company to its customers is called a product. It may be goods, services or ideas. The main objective of a product is to satisfy consumer demand for a price. Before creating any marketing campaign, the company must understand what type of product is being offered, how it is different from its competitors, who are the target audiences, which is the right platform to market the product, can it be offered along with a complementary product and what are the substitutes of the product.
Simply selling a product in the market does not make your business successful. Marketing helps resolve your queries and make product modifications based on consumer demand.
PRICE
Price is the amount for which the company sells its products. Cost price per unit, marketing and advertising expenses, distribution costs and prices charged by competitors are generally considered when determining a price.
Marketers conduct surveys to identify competitor pricing and determine how much a prospect is willing to pay. If the price is too expensive, you may lose customers. On the other hand, if the price is too low, you might eventually lose more money than you gain. Marketing involves conducting industry research and analysis to set a proper price range.
PLACE
Place indicates how and where your product will be sold. In the marketing mix, the place represents the distribution of the product. Key factors to consider include whether the product will be sold via a physical store, online platform or both distribution channels. Marketers analyze potential customer requirements and suggest how and where to distribute the product. They also provide insights into feasible locations to sell the product.
PROMOTION
Promotion is the key aspect of integrated marketing communication (IMC). It involves various tactics such as advertising, public relations (PR), selling, sales promotions, sponsorship, direct marketing and guerrilla marketing.
The type of promotion can be decided based on the product life cycle stage. It generally entails using discount coupons and vouchers, specially customized packaging, sweepstakes, online customer engagement events and much more to increase brand awareness and customer interest in your product, thereby generating more sales. Marketing is part of all functions of a business; so it’s essential to understand various types of marketing strategies to choose from.
WHAT ARE THE TYPES OF MARKETING?
Marketing consists of a diverse range of strategies. Although these are ever-evolving, here are some popular marketing strategies used by most companies.
TRADITIONAL MARKETING STRATEGIES
Outdoor Marketing
Any marketing that happens outside a customer’s home is called outdoor marketing. Billboards, promotional stickers on cars, printed ads on benches and public transport are common examples of outdoor marketing.
Print Marketing
Businesses generally produce printed materials for promotion in bulk. Brochures and fliers are some examples of print marketing. Moreover, based on the type of newspaper and magazine subscribers, companies print newspaper and magazine ads and publish sponsored blogs and articles to reach their target audience.
Direct Marketing
This includes sending specific promotional content to prospects. Some common examples of direct marketing include product vouchers, coupons and pamphlets.
Electronic Marketing
This is the most common conventional type of marketing that uses radio and TV for advertising. It helps a brand share relevant information with its prospects via audio-visual channels to garner their attention.
Event Marketing
This involves gathering prospects at a particular location for an event, such as a conference, seminar or trade show. This type of marketing offers a great opportunity to meet the target audience and demonstrate products or services physically.
AND, KING IS DIGITAL MARKETING
Digital marketing has revolutionized marketing, making it more targeted and relevant. Here are some popular and innovative types of digital marketing:
Social Media Marketing
SMM is creating a strong digital presence of a brand on different social media platforms such as Facebook, Twitter, LinkedIn, Instagram, and TikTok. Brands can post paid ads on these platforms to increase their visibility among users. SMM can also be done organically by posting engaging content and connecting with followers.
Affiliate Marketing | User Generated Content
When companies use third-party advertising to attract customers, it is known as affiliate marketing. Affiliates may earn a commission from the sale or enjoy incentives like free products when they promote a brand’s products or services on their digital profile.
Influencer Marketing
This is similar to affiliate marketing. It aims to leverage popular social media influencers who are followed by most of the prospects. With influencer marketing, a brand collaborates with influencers, such as digital creators, celebrities and experts to promote their offerings via word of mouth.
Content Marketing
This includes creating relevant and engaging content to share information about a brand’s products or services with its potential and existing customers. Blogs, infographics, videos and e-books are some common examples of content marketing that encourage customers to learn more about the brand.
Search Engine Optimization (SEO)
SEO is the method of optimizing the content on a website to make it rank high on a search engine results page (SERP). SEO helps attract organic traffic by featuring content with keywords that are commonly searched by users.
Search Engine Marketing (SEM)
SEM involves paid search to enhance web traffic and make a website rank high on the search engine. Companies pay a particular search engine to place links on its index pages that are widely exposed to their target audience. This is done using the pay-per-click (PPC) method.
E-mail Marketing
This involves sending relevant emails to customers. These emails may include promotional coupons, deals or notifications for upcoming events of the brand.
Relationship Marketing
This is one of the best marketing strategies for building loyal customers. It involves customer segmentation based on various factors to focus on a niche target audience and build customer loyalty programs to attract and retain them.
Green Marketing
This includes promoting environmental-friendly products or services. It also comprises marketing efforts used by a brand to create, package and promote products in a sustainable way.
To determine the most suitable marketing strategy, it is advisable to conduct market research.
KEY MARKETING DELIVERABLES
- Attract target audiences
- Enhance brand awareness
- Help gather relevant demographic data
- Communicate your company’s information across the globe
- Improve customer perception of your brand
- Build loyal customers by enhancing customer retention
- Create a strong brand image with impactful campaigns
- Reach business and organizational goals
Finally, the ultimate objective of marketing is to generate sales. When customers view a brand as reliable and strong, they are more likely to make a purchase. With the right marketing, you can attract prospects and enjoy a competitive advantage.
BRANDING | MARKETING | SOCIAL MEDIA | WEBSITE DESIGN & DEVELOPMENT | DIGITAL MARKETING | INFLUENCER MARKETING | COMMUNITY OUTREACH | EXPERIENTIAL MARKETING | SEO SERVICES | GRAPHIC DESIGN | LOGO DESIGN | MEDIA BUYING | BRAND STRATEGY | BRAND ACTIVATION
LET’S MAKE THINGS HAPPEN
Would you like talk to our Branding & Marketing experts or
ask us a question?
We are looking forward to hearing from
you and will be pleased to help.
TEAM BRANDING ALOHA
