Are you looking for proven most effective marketing strategies to be implemented for your business growth? Yes, you are referring to the right article. This article unleashes the best seven marketing strategies for you to explore most easily.
When it comes to the best successful business, the main key components are sales and marketing. At a glance, you might think these two are similar because both are aimed at increasing the revenue. Thus, there are differences such as;
- Reaching the customer while building up a strong relationship.
- It contains the overall work of promotion, distribution, offers the maximum service to the client via the services which can be offered by the company.
- Contract a Brand Identity of the company
- Fulfill sales volume.
- Selling is the ultimate result.
- Contains the ability to meet the customers’ need at the right time.
- The objective is to fulfill the sales volume.
01. Niche Marketing
A niche market is where you can maximize the impact and make your mark. It is a subset of a larger market with its needs or preferences. So this can be differentiated from the larger market. When your market has become narrow and small, you have to know the customers better. Apart from that, you have to know about the market from A to Z. Most importantly, you have to know the product which you are going to implement will fulfil a need or want that is currently being not met by any other company in the particular industry. As well as to conduct the background research of why does the product is so special and how are you going to sell it to the target segment.
For example, – women’s shoes.
It has lots of segments, and the market is very large. But when it comes to shoes for plus-sized women, shoes for Nurses, Shoes for lady Civil Engineers would be a niche market.
02. Trade Show Marketing
With the invention of online marketing, everyone has forgotten about offline options. So one of the most important and highly effective strategies is the trade show marketing. It means to represent your company’s products or services at an industry event. This is the easiest opportunity to brand your company and build up more relationships to enhance the business.
There are two types of tradeshows; one is trade shows for the industry and tradeshows for the ideal audience. So you can Google search the next coming up trade show dates. The main purpose of the trade show attendees is to experience the new products or services. So you have to participate in the tradeshows with the latest launches. Then the attendees won’t get bored with the same range of products they have seen before.
03. Social Media Marketing
It refers to the different types of social media platforms where you can build up the brand, increase sales and drive website traffics. Nowadays, social media leads the way among all sorts of communications. From the little one to the senior citizens, everybody is addicted to social media. Facebook, Instagram, YouTube, Pinterest are leading social media platform, among others.
So they include activities such as image updates, posting videos with texts as well as the paid social media advertising. Before starting the social media marketing campaign, you should have a sound goal plan. Apart from that, you need to post regularly and offer valuable content for the customer, so they will find them more interesting and tend to wait for the next post naturally.
04. Freebie Marketing
Freebie marketing strategy is using as a tool to increase the volume of sales and brand awareness within the target audience. Via this Strategy company tends to sell its product for low cost and sometimes for free with another product. Thus the perfect common example is when you purchase a toilet cleaner, the company is giving you a cleaning brush.
So it is a complementary product. This strategy has been using in the industry for years. This came into being from Gillette. They sold blades along with a razor as a gift. It is one of the successful and most effective strategies to establish your business in the industry.
05. Undercover Marketing
Undercover marketing, from the true meaning of its word, a cover-up thing. It involves an introduction of a product or a service in a way that doesn’t seem like marketing. It is a strategy that is a part of stealth marketing where agents behave like normal people and show the products to the people who are unaware of the marketing push.
Nowadays, the majority of the business is practising this strategy in Sri Lanka. They send their newly launched items to celebrities. After that, they are posting them wearing or carrying the items as they Instagram stories, Facebook photos. The followers will automatically tend to check out the product because of the particular celebrity. Social media has opened up so many undercover marketing opportunities. Sometimes it a common thing to pay others to create positive reviews of the products in blogs, websites and especially for the online retailers.
06. Outbound marketing vs inbound marketing
Outbound marketing includes trade shows, seminar series, outsourced telemarketing, email blasts, radio, TV advertising, and social media advertising and other methods that are sent to a larger audience. The marketing strategy itself mirrors the meaning since the marketer has to push the message to the outside party. Most of the time is a single way conversation that focuses on the products and services by mentioning the customers why should they buy it. It is a traditional tactic and hard to work out under the current circumstances.
Inbound marketing is far different than outbound marketing. It addresses to the larger audience. Without sending messages blindly, inbound marketing allows attracting the best prospects, those who need online solutions. Most importantly, it costs you less. It offers content that is related and developed mainly for distinct customers. So the prospects are attached to those contents, and the searchers can find out content related to their desires and engaged in the conversation.
07. Cross Promotion Marketing
Cross Promotion Marketing strategies mainly enhances the marketing reach of a product. So this allows to advertise with various modes, and sometimes advertising can be done via cooperating with other companies. For that, you have to find the right potential company to build up the partnership. It is not mainly selling each other’s products, it’s sharing the reputation as well.
Usually, this is done via collaboration. Cross-promotion is happening around us every time. For example, McDonald’s full meal is coming with a cup of coca-cola, Kit Kat with Android, RedBull with GoPro. In previous days, only big brands used to work with the strategy, but the industry has changed now, even small business Holders can easily connect with similar companies. This means all sorts of a business can lay the groundwork for effective cross-promotion.
Please share your comment on which method you are currently using to succeed in your business.
We have published the latest blog post the best Small Business Ideas in Sri Lanka. By reading this article, you can get a clear idea about which business opportunities do you have.
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