One of the biggest buzzwords in today’s economy seems to be “marketing.” With so many people running for the hills at the thought of it, the real question is, what the heck is it, and why do you need it? Marketing, at its core, is the act of promoting a product or service. And, if you’re not promoting your products and services, then you’re not marketing your business.
What is Marketing in Business?
Marketing is the process of making or selling something to customers or clients. It can be done via advertising, public relations, direct marketing, sales promotion, and word of mouth. Companies these days, especially construction businesses, seem to be using other methods such as hiring a time lapse photographer to make engaging videos of their projects. Using such tactic would help them to attract and impress new customers as well as serve as documentation for investors. Marketing strategies are designed to reach customers where they are, when they want, and through the media they use most often.
Types Of Marketing
B2B Marketing
Business-to-business marketing is a broad term that describes the marketing techniques used by businesses to market their goods and services to other business organizations. B2B marketing involves creating brand awareness, establishing trust, and generating sales leads. Such marketers use a variety of techniques, such as social media, email marketing, and event marketing. Effective B2B marketing strategies increase the likelihood that an organization will find new buyers.
B2C Marketing
Business-to-consumer (B2C) marketing involves selling a product or service to other businesses. In B2C marketing, the product or service might be for internal use within a business or for external use. It is about selling products directly to the consumer. This type of marketing requires businesses to target a specific audience and appeals to their emotions. B2C marketing is an effective way of promoting products to consumers and involves direct and personal interaction between the brand and the consumer.
C2B Marketing
C2B marketing involves business-to-business marketing. This type of marketing is utilized by companies that sell products directly to other businesses. Examples of businesses include, but are not limited to, hospitals, retailers, wholesalers, credit card companies, etc. This type of marketing is also known as direct selling. A customer first finds the product the company sells by walking into a retail store or visiting a website. The customer then either purchases the product or asks the company to contact them when the product is in stock. So, the way your products are displayed over the internet or in the store will attract customers to purchase them. For instance, in a physical store, the ease of finding items, proper labeling and directions, and quality store fixtures for display, all these matter a lot to convince a customer to purchase something. Whereas, in an online store, the website design, navigation through the webpages, popups and CTAs (call to action), etc., can persuade a person.
C2C Marketing
C2C marketing is marketing to other businesses, then using the results to offer products or services to other businesses. For example, a big corporation may buy a product or service from a small company, then tell other big businesses about it and use the information to purchase the product or service themselves, thus increasing their own profits.
What is Marketing Strategy?
Marketing strategy is the process of determining how a company will develop its products or services, position them in the marketplace, and plan to price. The strategy involves market research, strategies and tactics, and implementation. It is the process of aligning all the marketing elements and ensuring that they are all working together to support the business.
The Following Tips Will Help Simplify Your Marketing Strategy.
Use data to your advantage
Perhaps the most important thing in cultivating your marketing strategy is data. Collecting and analysing data is being done by most businesses today. It helps them get an idea of what is working and what isn’t about a particular business. Maybe one product is selling more than another, or maybe you find out that customers come back for a particular service more than another. You could read more about what data analytics entails on websites such as adverity.com and others. By using data efficiently, businesses could craft the most optimum marketing strategy.
Know your target audience.
Know your audience. It is really important. No matter what kind of marketing strategy you use, you have to know who your target audience is going to be. Know what makes your audience tick. What are they looking for? What do they enjoy? What types of things do they do? This is key to your marketing strategy. Moreover, you can decide what to charge for your product based on the information you have about your audiences, such as their age and economic status. Currently, many companies use tools such as Conjointly’s Van Westendorp PSM to determine what price range is right for them. You can also use such tools to select the most competitive price for your products.
Know where your audience is.
This is another important aspect of marketing. You need to know where your audience is. Surprisingly enough, you can find this information out for free. Get online and find all of the social media sites that cater to your target audience. Also, find out what other avenues people might turn to for information. For example, if your target audience is teenagers, find out what social media networks they frequent.
Create Multiple Resources
It’s crucial to have marketing assets that are easy for visitors to find. Get online and find all of the social media sites that cater to your target audience. Also, find out what other avenues people might turn to for information. For example, if your target audience is teenagers, find out what social media networks they frequent.
Marketing is one of the key factors in your company’s success. Without marketing, most businesses would not survive. Even if the company does not survive, the marketing campaigns can be repurposed into new marketing campaigns in the future.