Marketing – Benefits and types
Marketing is not just about selling. It is about understanding your customer or target audience so well that the product or service sells itself. The purpose is to deliver standalone value for consumers and prospects via engaging and exciting content, with the long-term objective of boosting brand loyalty, demonstrating product value, and accentuating sales. Marketing benefits the brand in multiple ways and can help take a business to greater heights.
Marketing helps boost sales
Good marketing tactics always result in higher sales. There is a common misconception that marketing only involves targeting new customers. However, it is not true. With a well-designed marketing strategy, you can encourage higher sales from past and existing customers. It can be highly beneficial for the future of your business. Great marketing strategies make you more visible and easier to locate when customers seek what you sell or need to know about what you do.
Marketing increases the standard of living
With the provision of more comforts, luxuries, and necessities and higher amenities and services at their disposal, the community enjoys a higher standard of living. Consequently, even the poorer sections of society can get access to more things because of the reduced cost of services and commodities.
Marketing helps the business stay relevant
Every marketer understands the need to disrupt the potential consumer’s view about other products. However, brands cannot take this chance for granted. You cannot assume that simply because you are a consumer’s favorite now, you will always be so. Your clients may love your services, but you must always look for newer ways to stay relevant to them.
Every good relationship demands constant effort. With marketing, you can stay relevant and maintain a good relationship with your clients. More than gaining new customers, your priority should be retaining the existing ones.
Marketing builds a reputation for the company
By incorporating the correct marketing strategies, you can build a reputation for your brand. However, it is vital to back it up with beneficial offerings and top-notch quality. It will help you carve a good reputation for your services and the brand.
Types of marketing
Businesses employ different marketing strategies to realize the many benefits associated with marketing. Below, we will address some of them:
Traditional marketing
Marketing the products or services on offline channels like flyers, billboards, and radio spots is traditional marketing. Here are a few examples of traditional marketing:
Outbound marketing
Outbound marketing proactively reaches out to consumers to develop their interest in your product or service.
Inbound marketing
Inbound marketing is if you engage with the audience by providing them with helpful content organically. Social media marketing and content marketing are two prevalent forms of inbound marketing.
Digital marketing
It is a broad term referring to any promotional activity that employs the internet as the primary marketing channel.
Search engine marketing
It comprises all the tactics to make your business visible on the search engine results pages.
Personalized marketing
It is a popular strategy wherein the company employs historical data to carve a personalized experience for you.
Content marketing
It involves planning, creating, and distributing content to attract an audience organically.
Growth marketing
A company’s attempt to boost revenue via an integrated, experiment-driven approach to attract new customers is known as growth marketing.
Social media marketing
Platforms like Twitter, LinkedIn, Instagram, and Facebook, make it easier for businesses to engage with their audience personally, known as social media marketing.
Telemarketing
Telemarketing is when a company calls individuals over the phone to sell its products.
Marketing principles
The primary marketing principles are:
Product
It is one of the most crucial marketing principles. The product can be goods or any service you offer. To sell anything, understand your customer and know what appeals to them. Furthermore, you should consider the product’s quality, safety, and highlights that’ll sell the product.
Price
A business should incorporate market-oriented pricing for the product to sell. For this, you need to assess what the customers are willing to pay and what price your competitor charges for a similar product.
Platform
You need to estimate where your product will find a better connection with the customers. It can be online, offline, or both, depending on the customer’s convenience and the ease for them to connect to your platform.
Promotion
Promotion helps increase awareness about your services, products, brand, and company. With the promotion, you must give the customers a reason to buy your products or services.
Hence, for any business or brand, marketing has a pivotal role to play. But, it demands time, effort, and money. So, go find out which marketing type sells your product or service.
