5 Types of Marketing Strategies That Helps in Every Kinds of Business
Which One is The Right Strategy for You?
Marketing is the way in which a business, organization or any other entity communicates with its target audience to convince them to buy something or do something.
It is basically the most important part of the overall business strategy. There are various kinds of marketing strategies that are applied in different types of businesses.
The following are the 5 most common types of marketing strategies that help in every kind of business:
Traditional Marketing Strategy
The traditional marketing strategy is also known as Direct Marketing. This is basically a simple approach which uses direct mail, flyers, advertising etc. to promote a product or service.
It is the simplest type of marketing strategy that utilizes no new technology or technique but rather utilizes an existing one. This kind of marketing strategy has been around for many years and is still effective even today when it comes to promoting products and services for small businesses, small industries and companies with limited resources.
Traditional marketing strategy may have some advantages over other forms of marketing strategies, such as low cost per acquisition, high response rate, effective in increasing sales etc.
But, there are also some disadvantages too, such as less personalization, high rejection rate etc., which might be applicable for certain industries like real estate industry where direct mailings may not be effective due to low response rate.
Online Marketing Strategy
Online marketing strategy is the modern way of marketing which uses the internet, email, social media etc. to promote a product or service. This kind of marketing strategy is very effective as it provides the clients with an easy way to find out about a product or service and it can be used by any type of business, from small industries to large companies as well.
With the help of online marketing strategy, there are numerous advantages, such as the ability to reach a wider audience, save on cost and time, use technology for efficient communication etc., which makes this kind of marketing strategy a perfect choice for all types of businesses.
E-Commerce Marketing Strategy
E-commerce is basically an online shopping website where a customer can buy a product from a business by using an online payment method like credit card or debit card or cash on delivery (COD).
E-commerce has been one of the most important types of marketing strategies that helps in increasing sales for various types of businesses, from small industries to large companies. It also helps in making purchases from all over the world with the help of the internet and different payment methods that include credit cards, debit cards etc.
The main advantages that an e-commerce marketing strategy provides to a business are that it can be used by any type of business, from small industries to large companies and it also helps in reaching a wider audience. The main disadvantages of an e-commerce marketing strategy are that it can be expensive and time — consuming.
Social Media Marketing Strategy
Social media is basically a medium for social interaction between people which is created using various platforms like Facebook, Twitter, Google Plus etc.
This kind of online marketing strategy helps in building a strong brand image for the business by providing the clients with opportunities to interact with each other on social media websites.
The main advantages that a social media marketing strategy provides to a business are that it provides a unique opportunity for personalization, creates a strong brand image and generates leads, which makes this kind of marketing strategy a perfect choice for all types of businesses.
The main disadvantages of social media marketing strategy are that the results may not be immediate and cost-effectiveness may not be high due to the high amount of effort required in creating content and promoting it on social media platforms.
Referral Marketing Strategy
A Referral marketing strategy is basically a method where people refer to others by using word-of-mouth communication, which has been around for many years as well.
This kind of marketing strategy is mainly used by businesses that sell products or services to their customers and customers can use this strategy to refer to other people who are interested in buying the same product or service.
The main advantages that a referral marketing strategy provides to a business are that it can be very cost-effective, provides unique opportunities for personalization and also increases the number of sales. The main disadvantages of a referral marketing strategy are that it can be time — consuming and difficult to use in small industries.
Final Thoughts
Marketing is the most important part of the overall business strategy. With the help of various marketing strategies, businesses can increase their sales and improve their overall performance. However, each kind of marketing strategy has its own advantages and disadvantages.
The above-mentioned 5 most common types of marketing strategies are the most commonly used in various kinds of businesses. The key to success is to use the most effective marketing strategy that helps in increasing sales and also providing maximum benefits to the business.
About the Author
I hope that my post has helped you know more about Startups. Feel free to leave a comment and tag me and I will answer them. Follow my profile to get the latest content I post to stay ahead of the curve.
I am the Founder of Cudy Technologies, a full-stack EdTech startup helping teachers and students learn better. I am also a mentor and angel investor in other Startups of my other interests (Proptech, Fintech, HRtech, Ride-hailing, C2C marketplaces, and SaaS). You can also find me on Cudy for early-stage Startup Founder mentorship and advice.
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