When marketing and branding your business, you want to ensure that you use the right types of strategies. There are many different options for marketing your brand, but which ones are right for you?
There are many types of marketing strategies, but you must choose the right one for your business. The right strategy will help you achieve your business goals and build a strong brand image.
Instead of just jumping into things and trying various tactics until something works, doing some research first is essential. In this article, we will also see how to do market research. Then you need to figure out what will work best for your company before diving in headfirst.
What is a marketing strategy?
A marketing strategy is a plan of action designed to achieve a specific marketing-related goal or set of goals. Marketing strategies are typically developed with the help of market research and target audience analysis. There are many types of marketing strategies a business can choose from (we will discuss each in detail).
Once a marketing strategy has been developed, it will be implemented through various marketing channels, including advertising, public relations, and online marketing.
The success of a marketing strategy depends on its ability to reach the target audience and deliver the desired message. Therefore, it is essential to consider all aspects of the marketing mix when developing a marketing strategy.
How to perform market research for your marketing strategy
One of the first things to do is carry out some market research. This will help you to understand the current state of your industry and will allow you to identify the potential opportunities and threats that may be present in your market.
It can also be used to identify your target audience. There are different types of market research you can conduct.
Primary research is where you speak directly to customers and understand their needs, while secondary research looks at data and statistics from your industry.
You can also conduct qualitative or quantitative research to understand your industry better. Depending on your marketing strategy, you may want to focus on one type of research or a combination of them all.
Market research will help you understand your customers better, allowing you to create a product or service that meets their needs. It will also help you to identify ways to reach your audience and create a strong brand image.
Key pillars of marketing strategy
There are four key pillars of marketing strategy: product, price, promotion, and place.
Product: Ensure you have the right products or services to meet your customer’s needs.
Price: Set the right price for your products or services, which requires analyzing your costs, your competition’s prices, and the pricing of similar products or services.
Promotion: Get the word out about your products or services. This can involve everything from advertising to public relations to direct marketing.
Place: Make sure your products or services are available where your customers want them. The place is about choosing suitable retail locations or developing an effective e-commerce presence.
The right mix of product, price, promotion and place strategies will vary depending on your business and your customers. But all four key pillars of marketing strategy are essential to consider when developing a comprehensive marketing plan.
Now you have learned what marketing strategy is, how to do market research and what are the key pillars of marketing strategy. There are dozens of marketing strategies.
But in this article, we will focus on those marketing strategies most critical for business success in this digital era.
10 Most Important Types of Marketing Strategies in 2022
1. Digital Marketing Strategy
A digital marketing strategy is a plan that businesses use to market their products or services online. This can include content marketing, social media marketing, and email marketing. We will see each in detail.
A digital marketing strategy should be designed to achieve specific business goals, such as increasing website traffic or boosting online sales. To create an effective digital marketing strategy, businesses need to understand their target audience and what needs or wants they have.
They must also set realistic goals and objectives for their digital marketing campaign. Once these things are in place, businesses can develop their digital marketing strategy.
2. Email Marketing Strategy
Email marketing strategy is a subset of digital marketing. Still, it needs to be explained in detail as it can be an excellent and cost-effective way to reach out to potential customers and build relationships with existing ones.
However, a few things to keep in mind when developing an email marketing strategy.
- First, ensure that your email list is accurate and up to date is essential. Inaccurate email lists can lead to undeliverable emails, damaging your reputation, and losing customers.
- Second, it’s crucial to segment your email list so that you can send targeted messages to specific groups of people. Segmenting your email list will help you better customize your messages and ensure they are relevant to your recipients’ interests.
- Finally, it’s vital to Test different email strategies that will help you to determine what works best for your business and your customers.
With a little effort, email marketing can be a powerful tool for building relationships and driving sales.
3. Content marketing strategy
Any company that wants to succeed in this digital era must have a solid content marketing strategy. This strategy should be based on the company’s business goals and lay out a clear plan for how the company will use content to achieve those goals.
Without a content marketing strategy, it won’t be easy to measure the success of content marketing campaigns. The company will likely waste a lot of time and money on content that doesn’t help them achieve their objectives.
A content marketing strategy can help a company to focus their content creation efforts, target their audience more effectively, and measure the results of their campaigns so that they can adjust their approach as needed.
In short, a content marketing strategy is essential for any company that wants to create content that helps them achieve its business goals.
4. Inbound Marketing Strategy
An inbound marketing strategy is a comprehensive plan for driving traffic, engagement, and conversions. According to the Search Engine Journal, inbound leads cost 60% less than outbound leads. This makes it very important for any business to generate leads through Inbound Marketing.
Inbound Marketing begins with identifying your target audience and understanding their needs and pain points. Once you know who you’re catering to, you can create targeted content that speaks to their interests.
This content should be distributed across various channels, including your website, blog, social media, and email. Additionally, it would be best to have a call-to-action (CTA) at the end of each piece of content to encourage the reader to take action.
Finally, you must continually measure your results to optimize your inbound marketing strategy. Following these steps can develop an effective inbound marketing strategy to help you achieve your business goals.
5. Social Media Marketing Strategy
Social media marketing uses platforms like Facebook, Twitter, and LinkedIn to build relationships and interact with potential and current customers. Social Media is a subset of Digital marketing, but it needs to be discussed separately as we live in a socially connected world.
When done correctly, social media marketing can effectively reach new customers, engage with existing ones, and build brand loyalty. However, social media marketing takes more than creating a profile and posting updates.
To succeed, businesses need a well-thought-out social media marketing strategy that considers their goals, target audience, and available resources. Without a clear plan, companies will likely waste time and money on social media without seeing any results.
By developing a social media marketing strategy, businesses can ensure that their efforts are focused and effective, ultimately helping them achieve their goals.
The Strategy Story adds value to its social media followers with its great content. We regularly post content on social media channels like Instagram, Facebook, and LinkedIn to strengthen our brand positioning as a thought leader in the marketing business. Check out one of our posts.
6. Marketing Communications Strategy
A marketing communications strategy is how a company’s marketing team decides to communicate with its target audience. The plan should consider the company’s goals, budget, and target audience.
It should also be aligned with the overall marketing strategy. Many different channels can be used for marketing communications, such as advertising, public relations, events, and digital marketing. The key is to select the channels that will be most effective for reaching the target audience.
In some cases, a multi-channel approach may be best. Once the channels have been selected, the next step is to develop messages that align with the company’s brand and resonate with the target audience.
The final step is to execute the plan and track the results to ensure that the desired outcomes are achieved. A marketing communications strategy is integral to any marketing plan and can be a powerful tool for success.
7. Paid Advertising
Paid advertising is a form of marketing in which businesses pay to have their products or services advertised. This can take many forms, from paid placement in search engines to paid sponsorships of websites or online events.
Paid advertising can be an effective way to reach a large audience with a focused message, and it can be a valuable part of any marketing strategy.
However, before committing to any campaign, it is crucial to consider the costs and benefits of paid advertising. Otherwise, you may spend more money than expected with little to show.
8. PR marketing strategy
Public relations marketing is a strategy that uses Public Relations techniques to influence perceptions, build credibility and create a positive image for a company or organization.
Public relations marketing is about using the media to generate positive exposure for a company. It can achieve various objectives, including increasing brand awareness, establishing thought leadership, generating sales leads, or building relationships with key stakeholders.
Public relations can effectively reach target audiences and complement other marketing activities such as advertising, digital marketing, or direct marketing.
9. Word-of-mouth marketing
Word of mouth marketing is one of the most powerful tools available to businesses. After all, nothing is more convincing than a personal recommendation from a friend or family member.
And yet, word-of-mouth marketing is often overlooked in favor of more traditional advertising methods. The good news is that there are plenty of ways to encourage word-of-mouth marketing, and the best part is that it doesn’t have to be expensive. Here are a few tips:
- Make it easy for customers to share their positive experiences with your business. This could include providing social media buttons on your website or setting up an online review system.
- Reward customers who refer new business to you. This could be in the form of a discount or a free product.
- Make sure your product or service is top-notch. This may seem common sense, but it’s important to remember that word-of-mouth marketing only works if your product is worth talking about!
10. Influencer Marketing Strategy
Influencer marketing strategy is a framework that organizations use to identify, engage and activate influencers to achieve business objectives through influencer marketing programs.
With the rise of social media platforms, brands can no longer avoid influencer marketing. Once considered something that’s just nice to have, influencer marketing is fast becoming an essential component in a brand’s marketing arsenal. In 2022, influencer marketing is projected to expand to a whopping $16.4 billion industry.
The influencer marketing strategy should support the organization’s business objectives. It should also be aligned with the organization’s brand identity and values.
The influencer marketing strategy should take into account the following:
- The organization’s business objectives
- The target audience
- The influencers that best align with the organization’s brand identity and values
- The type of influencer relationships that best support the organization’s business objectives
- The goals and metrics for measuring success.
If you play the right cards, influencer marketing can help amplify brand awareness, improve credibility, reach the target audience, and boost conversions.
To be a successful marketer, it has become imperative to have hand on experience in all these ten marketing strategies.