No matter if your company sells clothing for children, treats for pets, or biotechnical equipment for government agencies, your business’ marketing strategy is what ultimately determines the overall measurable success. Without the use of proper marketing strategies, your business won’t experience any type of long-lasting prosperity, and this goes for small town businesses to multi-billion dollar companies. In the end, some companies may find that their marketing strategy means life or death of their business. But, with the right strategy in hand, on paper, and in action, businesses of all types, sizes, and locations will experience the necessary success in order to hold a place in today’s competitive market.
Before any company, especially those that are new to the business world, can develop not only a marketing strategy but also a marketing plan, it is helpful for business owners and the business marketing team to look for examples of marketing strategies. You’ll find that there are hundreds of strategies that can be used and each of them have specific pros and cons. Business owners and marketing employees will have to familiarize themselves with the given examples of marketing strategies and determine which methods are best suited for the company.
Picking And Implementing The Best Strategies
Below are seven examples of marketing strategies that your business can consider using in order to boost your sales and achieve success as well as sustainability:
1. Pricing Strategies – In the marketing and business world there are a lot of pricing strategies that companies use in order to keep their place in the competition. Some of the most commonly used pricing strategies include high-low pricing, market-oriented pricing, cost-plus pricing, and competition-based pricing. Each pricing strategy will focus on a main factor or specific factors that determine how much a certain product of service should cost. For example with competition-based pricing, a product’s price will be based upon the prices of other competing businesses that offer the product.
2. Grassroots Marketing – Companies nowadays tend to focus on using mass marketing, which broadcasts to the majority of society in efforts that a small portion of people within society hear and are attracted to the product message. While mass marketing has its perks and is well known for providing the expected results, it is generally only suitable for companies that have a high budget for marketing and advertising. Thus, a small town business wouldn’t experience much success using mass marketing. Instead, small businesses should focus on grassroots marketing which means keeping advertising simple and local, ie. advertising in neighborhoods local to your business location. With this a small business will find that over time the company will be able to form enthusiasts who are loyal to their company only, which often leads to referrals.
Grassroots marketing can be done through all sorts of methods. Posting flyers on light poles, going door-to-door, attending county fairs,
3. Niche Marketing – Niche marketing involves making your business appeal to a certain group of consumers, specifically those whose needs have not been addressed by larger scale companies. This type of marketing requires your business to directly impact and target those seeking a specific product. An example of a niche marketing company today is the television network Lifetime, which targets women of all ages, just as SpikeTV tends to appeal more to men.
Niche marketing not only means offering a widely sought product but it requires a business to target a specific demographic of people. If you sell baby products, you’ll want to target moms and first time mothers. If your company offers some of today’s latest and greatest fashion styles, your ideal audience would be teenagers.
4. Coupons – It is said that the first coupon ever handed out to consumers was provided by Coca-Cola for a free glass of the highly famous beverage. While coupons aren’t technical and are probably one of the most original marketing strategies still used today, it’s quite obvious that when done right, they work; just look at Coca-Colas success today.
Consumers like to save money and will often go out of their way to do so. From seeking out local deals, using coupons, or shopping during specific company sales, it’s a proven fact that saving money is a big plus for consumers. In fact, studies have shown that 9 out of 10 consumers today use coupons and have become especially popular among the younger crowds. Today not only is traditional paper coupons used but online coupon codes as well.
The coupon you provide to consumers will depend upon your business, target audience, and the overall success of your business. Making use of coupons during excess inventories or seasonal lows is an ideal way to keep business bolstering. Coupons can provide users with a certain dollar amount off, a percentage discount, or a buy 1 get 1 offer.
5. Guerilla Marketing – Guerilla marketing is one of the newest marketing fads today. It is highly unconventional but because of this, it has proven to be very successful when used properly. Guerilla marketing involves making use of time and energy opposed to focusing on big dollar amounts. This type of marketing should be unexpected and unique yet highly interactive with consumers.
Guerilla marketing and graffiti have gone hand in hand, though this is one method of guerilla marketing that should be avoided. Instead focus on approaching customers at unpredictable places. Set up a random stand in the city and give away sample products. PR stunts are also a good method of guerilla marketing.