What is marketing?
Marketing is an art of promoting and selling products or services, which includes market research and advertising. It thinks about business in terms of customers’ needs & satisfaction, which includes diverse discipline like public relation, sales and pricing. A good marketing plan can help you to achieve your desired objectives of business that needs lots of strategies and market research.
Here are the most likely and effective marketing strategies that are used widely nowadays.
Connect with the wide range of consumers that requires internal knowledge what your company or organization care about and who they want to help in the world, is a mutually beneficial for both customer and company. It will increase ability to reach possible supporters or followers through a company’s customer base. American Express first used the phrase “cause-related marketing” in 1983 to describe its campaign to raise money for the restoration of the Statue of Liberty. American Express donated one cent to the restoration, every time someone used its credit card. As a result, the number of new cardholders grew by 45 percent, and card usage increased by 28 percent.
Instead of transactional marketing many companies try to build relationship with their customers to leverage their services or products. it’s also known as cross-functional marketing. Customer or buyer who loves your brand will definitely spend more money with your brand. It will also increase customer retention and satisfaction, which will recognize long-term value of customer relationship. Existing customers and new customers both require different strategies, new customers require transactional marketing because the goal is to buy our product or services, while existing customer engage in relationship marketing to continually attract repeat business. Ultimately the basic goal is to convert every customer into returning customers.
Word of mouth Marketing
Passing of information from person to person by oral communication. A brand lover or a buyer who recommends a brand or product to end-user is called word of mouth marketing. EWOM refers to electronic word of mouth marketing, which consist via Internet. Eg. Website, Social Network, News Feeds about a product, service or a brand. To promote and manage word-of-mouth communications, marketers use publicity techniques as well as viral marketing methods to achieve desired behavioral response. Companies can also focus on brand advocates, the people who proactively recommend or testimony their favorite brands and products without being paid to do so.
It is marketing effort in communication with diverse demographic market. It refers different types of cultures and consumer group, because of different tastes, values, expectations, lifestyle and beliefs. It must also offer an alternative way of communication to all groups. Lots of valuable companies use diversity marketing for their products and services to different diverse groups, in order to reach in each of diverse group presents in the market. The following are the companies who have successfully used diversity marketing to reach into new demographic markets for their products and brand. Eg. McDonald’s, P&G, AT&T and Harley Davidson.
People nowadays attract more of the things that is relevant to their current needs and expectations. Many businesses have discovered, holidays and special events are perfect opportunities to run special and limited-time promotions. Seasonal marketing is all about putting your products or services in the right place at the right time. To take an advantage of offering discount code or offer through seasonal marketing, companies get widest possible audience through social media platforms such as a Facebook, LinkedIn, Twitter, Google+ and Email Newsletter.
It is marketing using database of customers or potential customers. It will help to communicate in order to recommend or promote your service or product for repeat business marketing purpose. Technology vendors, Internet services and B2B companies, mostly use database marketing techniques to increase their direct marketing campaigns. They may segment different groups based upon a demographic and behavioral factors. Now a days CRM system is more effectively used for database marketing campaigns. It increases sales, repeat business, improve profitability and improve marketing communications.
It is an advance form of word-of mouth marketing in which companies develop consumers who trust and believe strongly in our product or service. Guy Kawasaki, former “Chief Evangelist” of Apple, is the father of evangelism marketing. People who recommend your product, are often your best sales representatives. They are like a free advisers of your product and service. Case studies and Testimonials are two great resources to have, because they feature the direct interaction of your customer, which makes them seem trustworthy.
So, these are the seven dynamic marketing techniques used for products or service promotion. We are going to discuss each of these seven marketing strategies in our upcoming posts. Stay tuned to get the detail insights about the versatile marketing strategies.