Any business that aims to thrive in today's competitive marketplace needs an effective marketing strategy. However, no single approach suits all businesses. There are a myriad of types of marketing strategy, and selecting the best one depends on your specific goals, resources, and industry.
“Marketing is really just about sharing your passion.” - Michael Hyatt, CEO and founder of Michael Hyatt & Company
To build a solid marketing foundation, it's vital to understand the different marketing strategies available and how they can help achieve your business objectives. This article aims to break down various marketing strategies' fundamentals and offer insights into selecting the right one for your venture.
Types of Marketing Strategies
Digital Marketing Strategy
In this digital age, online marketing strategies are no longer optional but integral. They include techniques like search engine optimisation (SEO), content marketing, email marketing, social media marketing, pay-per-click (PPC) advertising, and more. These strategies aim to reach customers where they spend much of their time: online.
Traditional Marketing Strategy
Despite the digital marketing boom, traditional marketing methods such as radio ads, print ads and advertorials, direct mail, brochures and trade marketing still hold value. These strategies are particularly effective in reaching audiences that are less digitally inclined.
Inbound Marketing Strategy
This strategy involves creating valuable content and experiences tailored to potential customers. The objective is to attract and engage your audience by providing solutions they value rather than interrupting their online experience with your marketing messages.
Outbound Marketing Strategy
Unlike inbound marketing, outbound marketing pushes the product or service to the customer through strategies like cold calling (lead generation), trade shows, email blasts, and digital advertising. It's a more traditional form of marketing but can be highly effective when executed correctly.
Content Marketing Strategy
This strategy involves creating and distributing relevant, valuable content to attract, engage, and retain a clearly-defined audience, ultimately driving customer action.
Growth Marketing Strategy
This strategy involves experiments and data-driven approaches to improve results throughout the customer journey. It typically involves using metrics to identify opportunities for growth.
“Marketing's job is never done. It's about perpetual motion. We must continue to innovate every day.” - Beth Comstock, a Former Vice Chair of General Electric
The Change Starter understands these strategies' intricacies and can help you select and execute the best approaches for your business. With our bespoke team of marketing professionals, we simplify your marketing challenge and align your marketing strategy with your business goals.
Choosing The Right Strategy for Your Business
The right marketing strategy for your business is one that aligns with your objectives, resonates with your target audience, and can be implemented within your budget. A few factors to consider when choosing a marketing strategy include:
Business Goals
If your goal is to increase brand awareness, strategies like content marketing and social media marketing can be effective. If the focus is on boosting sales, strategies like direct response marketing or PPC advertising could be more appropriate.
Target Audience
Your strategy should cater to your target audience's habits, preferences, and needs. For instance, if your target audience primarily consists of younger demographics, digital marketing strategies might be more effective. Conversely, for an older audience, traditional marketing methods may yield better results.
Budget
A marketing strategy should always be determined in line with an annual marketing budget. Some marketing activities like SEO and content marketing require a consistent ongoing budget before results can be seen, whilst other types of marketing such as ads and tend to work on the basis that the more you spend, the more you get. It's crucial to choose a strategy that offers the best return on investment within your budget.
Understanding the types of marketing strategies available is the first step in building a solid marketing foundation. However, navigating the complexities of these strategies can be daunting, especially for growing businesses.
At The Change Starter, we're committed to simplifying your marketing journey. With our strategic, planned approach, comprehensive results dashboard, and an outsourced team of specialists, we help you navigate the nuances of your specific industry marketing challenge. Whether you're ready to level up from 'DIY marketing' or need an expert to take over your marketing function, we're ready to help.
Remember, choosing the right marketing strategy can make the difference between being a business and being a successful business. So, take the leap, invest in your future, and start building a solid marketing foundation today.
FAQs
What are the types of marketing strategies?
There are various types of marketing strategies, including digital, traditional, inbound, outbound, content, and growth marketing strategies.
Which marketing strategy is best for my business?
The best marketing strategy for your business depends on your specific goals, target audience, and budget. Understanding different types of marketing strategies can help you choose the right one.
What is a digital marketing strategy?
A digital marketing strategy includes techniques like SEO, content marketing, email marketing, social media marketing, and PPC advertising, aiming to reach customers online.
What is the difference between inbound and outbound marketing strategies?
Inbound marketing involves creating valuable content and experiences tailored to potential customers. In contrast, outbound marketing pushes the product or service to the customer through methods like cold calling, trade shows, and advertising.
What factors should I consider when choosing a marketing strategy?
You should consider your business goals, target audience, and budget when choosing a marketing strategy.
How can a marketing strategy help my business?
A well-crafted marketing strategy can help you reach your target audience, communicate your value proposition effectively, achieve your business goals, and drive business success.
Why should I outsource my marketing strategy?
Outsourcing your marketing strategy to experts like The Change Starter can help you navigate the complexities of various strategies, align your marketing efforts with your business goals, and achieve better results.
How can The Change Starter help with my marketing strategy?
The Change Starter provides a bespoke team of marketing professionals, a strategic approach, a comprehensive results dashboard, and an outsourced team of specialists to simplify your marketing journey and help you achieve your goals.
Assess The Effectiveness Of Your Marketing With The Change Starter Scorecard!
Are you curious about how effective your marketing efforts are? Take our quiz to find out! Our 7-minute, online quiz will help you discover your relationship with marketing and determine if your marketing strategy is driving the results you want. Whether you're a small business owner or a marketing professional, our quiz is a great way to assess your current marketing efforts and identify areas for improvement.
The Change Starter® is a boutique marketing consultancy that builds outsourced marketing teams for established businesses who are committed to growth. Apply for a FREE Marketing Accelerator with Stevie to get crystal clear on the next steps you can take to promote your business to the right audience, at the right time, in the right place.