Marketing has always been the heart and soul of business. However, for somebody who hasn’t studied this field, everything can be quite confusing. There are so many types of marketing strategies that it’s hard to keep up with all of them. At the same time, it’s great to have a choice when you want to promote your own business. Let’s have a look at some of these options:
Useful Types of Marketing Strategies
1. Cause Marketing
It’s one of the best ideas when promoting your business to create a common cause for your customers. You need to know what the business cares for and what is their aim in the world. For example, Tom’s Shoes is a great company. They are famous for giving away one pair of shoes to people in need for every shoe bought by their customers.
2. Close Range Marketing (CRM)
Also called the Proximity Marketing, CRM uses Bluetooth or Wi-Fi to send promotional messages about the service or the product. The customers who have a smartphone or a tablet connected to one of these networks and are in close range will get the messages.
3. Relationship Marketing
A lot of companies tend to focus on building a relationship with their customers. This is one of the best types of marketing strategies you can use. People who love the brand are going to spend more money. One example in this sense is Walgreens. They noticed that customers who use all their purchasing channels spend even 6 times more than the average customer.
4. Transactional Marketing
One of the strongest pressures in the marketing world is the need to sell in high volume. To keep up with the demands of their investors, many retailers need to convince their users to buy. For this purpose, they use discounts, coupons, sales events or liquidations. Look at Target, they always have promotional events to attract the interest of their customers.
5. Scarcity Marketing
Another one of the best types of marketing strategies is the limited edition one. Because the raw materials are hard to get or the quality of the product is unusually high, many choose to take up scarcity marketing. This means that a company makes their products accessible to just a few customers. Take as an example the Chinese Edition of the Rolls Royce Phantom.
6. Word of Mouth Marketing
This type of marketing relies on the information being passed from person to person orally. Customers have a great tendency of sharing with other people the brands they love. It’s one of the simplest, yet ancient ways through which other people find about a brand. A modern strategy is to create an authentic word of mouth for a company and its products.
We hope that this brief list of 6 types of marketing strategies is useful to you. If you’re a beginner and want to promote your business, you can use it as a guide. Moreover, it also comes in handy if you want to change the strategy you are currently using. Remember to choose one that suits you and your company best.
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