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10 Different Types of Marketing Strategies


1. Saving Customer Search Data

The business gathers and stores data on client searching and purchasing habits. Additionally, it keeps track of customers' information, offers reading suggestions for book searches, suggests products based on past shopping habits, and constantly collects feedback from customers on the goods they have purchased.

2. Product Development Strategy

A typical marketing tactic used by businesses that can benefit from their ties with current clients is the development of new items to sell to them. For instance, American Express has been successful in selling travel-related services by utilizing its connections with the holders of its credit cards. Similar to how Internet and phone services have been added to the offerings of cable television companies. Activities related to research and development are crucial to this strategy. Creating awareness, generating interest in, and making a product available should happen rather quickly once it is developed because the company already has a relationship with customers. A product development plan is also riskier than a market penetration strategy because it may not be possible to build the required product, at least not at a price that is acceptable to customers, or because the product that is developed may not meet those demands.

3. Market Penetration

A company is following a market penetration strategy when it concentrates on selling its present items to current clients. The marketing initiatives that place the most emphasis on improving existing customers' loyalty to prevent them from being lost to competitors, luring competitors' consumers, boosting the frequency of product usage, and turning visitors into users will dominate this sort of marketing plan.

Marketing activities that are frequently used in this kind of plan include raising awareness through marketing communications and expanding distribution to increase availability. A product's usage frequency may rise or current nonusers may become users if new use scenarios and applications are discovered. For instance, the orange juice advertising campaign with the slogan "It's not just for breakfast anymore" was a way to increase usage.

If there is justification to believe that a customer's trial of the company's product would lead to repeat purchases, price discounts may be utilized to attract such customers away from competitors. Programs that reward loyalty can be quite successful at keeping current clients. By relying on what the company already understands very well—its current products and its customers—this strategy lowers risk. It is a strategy where marketing expenditures should yield a quicker return because the business is constructing on an already-existing foundation of client relationships and product expertise.

4. Customer - Centric

Customers want to be recognized as unique individuals by a business, not merely as a demographic or a number. For instance, a consumer would want to see his or her name, product preferences, and communication preferences shown each time they enter into a business's website.

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Customers that use interactive marketing have the ability to receive and provide real-time, minute-by-minute feedback on a specific company or product. An excellent example of interactive marketing is Amazon. The main innovator in this marketing field is regarded as being Amazon.

5. Digital Push

The "push" component enables you to connect with customers and motivate them to purchase your goods or service. The push can be accomplished in many different ways. You can make use of technology like email, text messaging, podcasting, instant chat, and mobile marketing. Additionally, you can employ a variety of marketing strategies, including pay-per-click advertising, SEO, and even online banner advertising.

6. Market Development

A market development plan is the attempt to boost sales by offering current products in new markets. Such initiatives can include tapping into new geographic markets, including those abroad. Key marketing initiatives include expanding distribution networks and raising consumer knowledge of products. For a product to more closely meet the needs of the local market, some product modification may be necessary. For instance, as fast food businesses expanded into foreign markets, they frequently modified their menus to better suit local customers' dietary requirements.

Because the company and its products are not well recognized in the market and the new market is unfamiliar to them, there is some risk involved in expanding into it with an existing product. Due to the length of time needed to develop distribution, awareness, and product trials, the return on marketing investments in such a strategy will probably take longer than those in a market penetration strategy.

7. Internet or Online Marketing

An internet connection is necessary for an internet marketing campaign, often known as online marketing. Using this marketing strategy, you may connect with customers, carry out market research, and transact business online. You may, for instance, spread the message of your business. The meaning changes depending on how it is used. Selling online is one way that a person running a home business may describe this marketing.

Writing articles or putting banner ads on other websites to draw visitors to your site is still considered blogging if you have a website. It's crucial to remember that internet marketing goes by a lot of different names, including web marketing, online marketing, and website promotion.

8. Interactive Marketing Strategy

The term "interactive marketing" describes a marketing approach that promotes active consumer engagement with the marketing effort. This phrase frequently describes a rapidly growing transition from one-sided customer interactions to two-sided conversations. The demand from clients for a better online experience and innovations in internet technology have led to an increase in interactive marketing.

9. Diversification

Introducing new items into fresh markets is part of a diversification strategy. In reality, a brand-new business is being established here. This is the riskiest method and is probably going to take the longest to get a return on your investment.

10. Word of mouth

It entirely depends on the impression you make on others. It is typically regarded as the most significant kind of marketing strategy. In the realm of business, being heard is important. Customers that receive high-quality services from you are probably to recommend you.

© 2022 Justice Ndlovu

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