8 Types of Marketing Strategies and Definition

Types of Marketing Strategies and Definition

Marketing strategies are used by businesses to promote their products and services. Let’s have a look at the proper definition.

Marketing strategy definition

Marketing strategy is used by different companies to collaborate with their consumers. It is also employed to aware the customers about the features, specifications, and benefits of the company’s products. It is basically focused on encouraging the target population to buy those specific products and services. The marketing strategies might be totally innovative or they can be previously tried or tested strategies.
Effective marketing strategies help to get ahead in the competition.

The marketing strategies might be totally innovative or they can be previously tried or tested strategies.

Points to ponder for marketing

There are different types of marketing strategies available. You have to pick one as per your business requirement. Before choosing the right marketing strategy for your business, consider the following points.

1. Define the target population

The defining the target population is main and necessary step in choosing your marketing strategy. It gives the proper demographics which help in selecting the most appropriate marketing plan for your business.

2. Test your audience

Create a hypothetical process of buying to test your audience. Once you know the buying behavior of your target audience, you can select a more appropriate marketing strategy.

3. Consider marketing strategies

Once you know the demographics; their knowledge, attitudes, and behaviors. You can select a more appropriate marketing strategy.

4. Evaluate those strategies

Once you have considered the marketing strategies and found the applicable ones. Asses them, apply them and evaluate them. This process must be for testing purposes and the most suitable and productive strategy must be applied.

Types of marketing strategies

There are different types of marketing strategies available. Picking up a marketing strategy includes analyzing the needs of your business, your target audience, and the specifications of your products.
The two main types of marketing strategy are:

• 1. Business to business (B2B) marketing
• 2. Business to consumer (B2C) marketing

The most common form of marketing is the business to consumer (B2C) marketing. Let’s explore a bit more.

Following are the different types of marketing strategies available.

1. Paid advertising

This includes multiple approaches for marketing. It includes traditional approaches like TVCs and print media advertising. Also, one of the most well-known marketing approaches is internet marketing. It includes various methods like PPC (Pay per click) and paid advertising.

2. Cause marketing

Cause marketing links the services and products of a company to a social cause or issue. It is also well known as cause-related marketing.

3. Relationship marketing

This type of marketing is basically focused on customer building. Enhancing existing relationships with customers and improving customer loyalty.

4. Undercover marketing

This type of marketing strategy focuses on marketing the product while customers remain unaware of the marketing strategy. It is also known as stealth marketing.

5. Word of mouth

It totally relies on what impression you leave on people. It is traditionally the most important type of marketing strategy. Being heard is important in the business world. When you give quality services to customers, it is likely that they’d promote you.

6. Internet marketing

It is also known as cloud marketing. It usually happens over the internet. All the marketing items are shared on the internet and promoted on various platforms via multiple approaches.

7. Transactional marketing

Sales are particularly the most challenging work. Even for the largest retailers, selling is always tough especially when there are high volume targets. However, with the new marketing strategies, selling isn’t as difficult as it was. In transactional marketing, retailers encourage customers to buy with shopping coupons, discounts, and huge events. It enhances the chances of sales and motivates the target audience to buy the promoted products.

8. Diversity marketing

It caters diverse audience by customizing and integrating different marketing strategies. It covers different aspects like cultural, beliefs, attitudes, views and other specific needs.

Final Word

Marketing strategies have made it much easier to promote products and services. They also limit the strategy to target audience ensuring the proper advancement of the business.