How To Create Strategies For Marketing ?
The types of marketing strategies available to you as a business owner today are unlimited. The best marketers recognize and accept the fact that marketing is as much psychology as it is technique. Generally speaking, there are three broad types of marketing strategies:
Offline marketing[/b][/b]
Online marketing [/b][/b]
Word-of-Mouth marketing [/b][/b]
Offline Marketing[/b][/b]
The term offline market is a term that acknowledges the fact that the Internet has radically altered the way the world relates and communicates. Offline marketing refers to those types of marketing strategies which have long been accepted because of their proven and consistent results.
Offline marketing can be split into three categories:
Print - like newspapers, magazines, yellow pages, ads, flyers, coupons, etc.
Television and radio
Word of mouth
Offline marketing is either cheap or expensive, but if done correctly, is still highly effective.
The introduction of the internet as a powerful marketing tool, offline marketing still prevails as the main form of advertising for many large organizations.
Online Marketing[/b][/b]
The Internet has revolutionized the way we work, live and also spend money! Today, the Internet is a goldmine for businesses because of the ability to reach and service customers globally while reducing operating costs significantly. Online marketing offers businesses opportunities which would be insanely expensive in the offline world - at a fraction of the cost.
Still, much of what is done online in terms of marketing and sales mimics the offline world of marketing. Online, however, you have the ability to target your audience more finely - and more quickly.
Performance marketing by ad placement based on search engine queries, where the advertiser only pays for advertising when someone clicks on the ad. Google has become the leader in performance/search marketing because of its powerful search engine and data resources.
Banner marketing once the main form of online marketing during the tech bubble has lost favor to performance marketing. The once high cost of banner placements did not necessarily translate into sales conversions. Banners are now for the most part, considered as supplemental advertising, except when the banner is itself a form of contextual or performance marketing.
Email marketing and press releases considered by many today to be the "king" of marketing online. You can commonly hear marketers say stuff like "the money is in the list" when referring to email marketing. Beware though that there are acceptable and unacceptable forms of email marketing
Social Networking and Social Bookmarking [/b][/b]
This type of marketing has quickly gained favor with the explosion of social networks like MySpace, Twitter and Facebook. They are such powerful promotional tools that not only businesses are tapping into them - so are politicians, musicians and celebrities. It's phenomenal how quickly you can get the word out about something and have it travel the world within minutes.
Affiliate Marketing a bit slower to develop than other types of marketing strategies online, affiliate marketing has now become a multi-billion dollar industry. The concept of affiliate marketing is to let website owners promote your products or services and give them a commission for every sale or lead they generate for you.
Word of Mouth Marketing[/b][/b]
By far the most powerful form of marketing is and will always be word of mouth. People trust their friends and family and other users more than they trust banners or ads. The power of word of mouth should not be underestimated.
Word of mouth advertising transcends beyond all other forms of marketing because it can fit into any one of them. Take for example, the logo on a can of Coke. Someone drinks a Coke and leaves the can on the table. That in itself is powerful marketing. Even though there technically was no word of mouth, the mere fact someone drank a Coke and left the can behind for someone else to see it ... get my drift?
Multilevel Marketing is entirely based on word of mouth advertising - the idea that one user introduces other users to try and use a product, in the hopes of converting some of those users into promoters as well - is a powerful one.
Successful businesses don't just market to introduce new products or capture new users. They also market after-sales to upgrade or up-sell existing users.
Some types of marketing strategies are known as loss-leaders. This basically means he marketing efforts are done at a loss rather than profit - in order to first build up awareness and build up a user base. Once you have that user base, you can up-sell them to more expensive products or full-scale services.
If conducted properly, loss leader marketing can become profitable in the longer term and should be considered as one of the types of marketing strategies if it suits your product or service.
Depending on your business model and business plan - you will want to explore which of these types of marketing strategies best fit into your sales and marketing plan.
Types of marketing strategies
Every marketing strategy is unique, but if we abstract from the individualizing details, each can be reduced into a generic marketing strategy. There are a number of ways of categorizing these generic strategies. A brief description of the most common categorizing schemes is presented below:
1. Strategies based on market dominance - In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are three types of market dominance strategies:
Leader
Challenger
Follower
2. Porter generic strategies - strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firm’s sustainable competitive advantage.
Cost leadership
Product differentiation
Market segmentation
3. Innovation strategies - This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types:
Pioneers
Close followers
Late followers
4. Growth strategies - In this scheme we ask the question, “How should the firm grow?”. There are a number of different ways of answering that question, but the most common gives four answers:
Horizontal integration
Vertical integration
Diversification
Intensification
5. A more detailed schemes uses the categories:
Prospector
Analyzer
Defender
Reactor
6. Marketing warfare strategies|Warfare based strategies- This scheme draws parallels between marketing strategies and military strategies.
The types of marketing strategies available to you as a business owner today are unlimited. The best marketers recognize and accept the fact that marketing is as much psychology as it is technique. Generally speaking, there are three broad types of marketing strategies:
Offline marketing[/b][/b]
Online marketing [/b][/b]
Word-of-Mouth marketing [/b][/b]
Offline Marketing[/b][/b]
The term offline market is a term that acknowledges the fact that the Internet has radically altered the way the world relates and communicates. Offline marketing refers to those types of marketing strategies which have long been accepted because of their proven and consistent results.
Offline marketing can be split into three categories:
Print - like newspapers, magazines, yellow pages, ads, flyers, coupons, etc.
Television and radio
Word of mouth
Offline marketing is either cheap or expensive, but if done correctly, is still highly effective.
The introduction of the internet as a powerful marketing tool, offline marketing still prevails as the main form of advertising for many large organizations.
Online Marketing[/b][/b]
The Internet has revolutionized the way we work, live and also spend money! Today, the Internet is a goldmine for businesses because of the ability to reach and service customers globally while reducing operating costs significantly. Online marketing offers businesses opportunities which would be insanely expensive in the offline world - at a fraction of the cost.
Still, much of what is done online in terms of marketing and sales mimics the offline world of marketing. Online, however, you have the ability to target your audience more finely - and more quickly.
Performance marketing by ad placement based on search engine queries, where the advertiser only pays for advertising when someone clicks on the ad. Google has become the leader in performance/search marketing because of its powerful search engine and data resources.
Banner marketing once the main form of online marketing during the tech bubble has lost favor to performance marketing. The once high cost of banner placements did not necessarily translate into sales conversions. Banners are now for the most part, considered as supplemental advertising, except when the banner is itself a form of contextual or performance marketing.
Email marketing and press releases considered by many today to be the "king" of marketing online. You can commonly hear marketers say stuff like "the money is in the list" when referring to email marketing. Beware though that there are acceptable and unacceptable forms of email marketing
Social Networking and Social Bookmarking [/b][/b]
This type of marketing has quickly gained favor with the explosion of social networks like MySpace, Twitter and Facebook. They are such powerful promotional tools that not only businesses are tapping into them - so are politicians, musicians and celebrities. It's phenomenal how quickly you can get the word out about something and have it travel the world within minutes.
Affiliate Marketing a bit slower to develop than other types of marketing strategies online, affiliate marketing has now become a multi-billion dollar industry. The concept of affiliate marketing is to let website owners promote your products or services and give them a commission for every sale or lead they generate for you.
Word of Mouth Marketing[/b][/b]
By far the most powerful form of marketing is and will always be word of mouth. People trust their friends and family and other users more than they trust banners or ads. The power of word of mouth should not be underestimated.
Word of mouth advertising transcends beyond all other forms of marketing because it can fit into any one of them. Take for example, the logo on a can of Coke. Someone drinks a Coke and leaves the can on the table. That in itself is powerful marketing. Even though there technically was no word of mouth, the mere fact someone drank a Coke and left the can behind for someone else to see it ... get my drift?
Multilevel Marketing is entirely based on word of mouth advertising - the idea that one user introduces other users to try and use a product, in the hopes of converting some of those users into promoters as well - is a powerful one.
Successful businesses don't just market to introduce new products or capture new users. They also market after-sales to upgrade or up-sell existing users.
Some types of marketing strategies are known as loss-leaders. This basically means he marketing efforts are done at a loss rather than profit - in order to first build up awareness and build up a user base. Once you have that user base, you can up-sell them to more expensive products or full-scale services.
If conducted properly, loss leader marketing can become profitable in the longer term and should be considered as one of the types of marketing strategies if it suits your product or service.
Depending on your business model and business plan - you will want to explore which of these types of marketing strategies best fit into your sales and marketing plan.
Types of marketing strategies
Every marketing strategy is unique, but if we abstract from the individualizing details, each can be reduced into a generic marketing strategy. There are a number of ways of categorizing these generic strategies. A brief description of the most common categorizing schemes is presented below:
1. Strategies based on market dominance - In this scheme, firms are classified based on their market share or dominance of an industry. Typically there are three types of market dominance strategies:
Leader
Challenger
Follower
2. Porter generic strategies - strategy on the dimensions of strategic scope and strategic strength. Strategic scope refers to the market penetration while strategic strength refers to the firm’s sustainable competitive advantage.
Cost leadership
Product differentiation
Market segmentation
3. Innovation strategies - This deals with the firm's rate of the new product development and business model innovation. It asks whether the company is on the cutting edge of technology and business innovation. There are three types:
Pioneers
Close followers
Late followers
4. Growth strategies - In this scheme we ask the question, “How should the firm grow?”. There are a number of different ways of answering that question, but the most common gives four answers:
Horizontal integration
Vertical integration
Diversification
Intensification
5. A more detailed schemes uses the categories:
Prospector
Analyzer
Defender
Reactor
6. Marketing warfare strategies|Warfare based strategies- This scheme draws parallels between marketing strategies and military strategies.