Apr
Simple way for Marketing
Marketing has been used for years by businesses to advertise their business.But with change in time, meaning and importance of marketing both have changed entirely and it is important for businesses to understand the technicalities and application of marketing strategy for its effectiveness.Due to emerging changes in marketing industry and dynamism of market, businesses now have started hiring specialised people for marketing.& on this note first get to know why marketing is important and why are businesses worried about their marketing and sales.
Types of Marketing
1.B2B Marketing-
In this method i.e. Business-to-Business model, marketing and sales done from one business entity to another business organisations. It requires formal marketing emphasis on cost and quality factors of the product.
2.B2C Marketing-
In B2C marketing, i.e. Business-to-Consumer model, the marketing efforts are directed towards customers, i.e. end users of the product, as business deals directly with the users of the product. This marketing method requires a lot of creativity, use of promotional tools such as discounts and rewards, and marketing methods must be innovative and creative in order to grab the attention of customers.
3.C2C Marketing-
C2C marketing is not very common, in this Consumer-to-Consumer model, consumers interact with co-consumers. Selling second hand products comes under this model. This model requires marketing which communicates the true picture and details of the product being dealt, as trust and belief is the key factor for making the purchase decision.
4.Digital Marketing-
This uses digital platforms for marketing and promotion of business. It uses the Internet as a medium for communicating the message to masses regarding business, product and its benefits.
Tools such as - SEO, PPC, Social Media, etc come under the head of digital marketing.
5.Offline or Traditional Marketing -
Contrasting to digital marketing, traditional marketing is headed for all the mediums used to communicate messages without use of the internet.
Mediums such as - Magazines, Tv, Radio, Etc are tools of traditional marketing.
Traditional marketing sounds like an old flame but few mediums of traditional marketing such as Television advertisements still have one of the strongest reach in the marketing industry.
6.Outbound Marketing-
Outbound marketing is marketing which uses push strategy. It is a form of marketing where businesses push messages and information about their business and products and may use tools such as - direct mails, advertisements, pop-ups, calling, etc.
In this marketing, advertisements are directed towards the target audience and prospects.
7. Inbound Marketing-
Inbound refers to pull and inbound marketing is tactful marketing which aims to attract customers into the business with content.
Inbound marketing uses content as the leverage to pull the customer into the business.
8.Affiliate Marketing-
In this method, businesses use third party sources or websites to get traffic for their business. It includes promotion of business at external websites and paying commission to that site for the traffic or sales generated. Pay per click is one of the tools that is commonly used for affiliate marketing.
9.Content Marketing-
It is a type of inbound marketing which uses content as a door for requesting prospects and target audience for their personal information and details.
Content marketing generally targets common problems and provides their solutions in the form of content, creating engagement with target audience and then asking them to provide information, which can be further used for outbound and direct marketing.
10.Social Media Marketing-
Extension to digital marketing is social media marketing, which uses social media platforms such as Facebook, Instagram or LinkedIn for advertising and promotion of business.
The objective is to grow the reach, engagement and traffic with the target audience initially at social media platforms and eventually directing them towards sales.
It may include posting of content, advertisements, videos, interacting with the audience through messages or comments.
11.Influencer Marketing-
With the change in time, the form of influential marketing has also changed. Earlier brand ambassadors and celebrities were only influencers which used to influence consumers into buying products after watching them in advertisements. But the digital revolution and growth of influencers on social media has made influencer marketing one of the most powerful forms of marketing.
It refers to working with influential people, and asking them to promote business, products and brands.
The leverage of influence, fame, trust, belief, inspiration and followers is used to market product and business in this form of marketing.
12.Direct Marketing-
Extension of outbound marketing, it is a tool which includes direct communication of messages from business to its target audience using mass media.
Pros of this form of marketing is cost efficiency as it is very economical when calculated per unit.
13.Word of Mouth-
The oldest and most reliable form, from a customer's perspective is word of mouth. In this marketing the satisfied consumers spread praises and market the business or product. Quality and satisfaction is the leverage for this marketing tool to work.
Why is Marketing Important ?
1.Marketing creates presence in market-
There are several businesses in marketing, dealing in the same products, with the same customers, and marketing is the only tool which makes a business stand out in the ocean. Have its own unique identity and chance of getting known to customers.
Marketing helps customers to get the sneak peak of the business, and its products.
With innovation and technology, marketing has also become an area which needs specialised people to do it in the right way.
2.Marketing boosts sales
Marketing is the easiest way to get customers to know about business, products and benefits of the products. Marketing educates people and creates demand for product, once demand is created, people make purchase to meet their demand and ultimately result in growth of sale of the product in market.
3.Helps to look into bigger picture
Marketing analysis gets businesses to know about customer’s perception of their business and products. As marketing is always done with masses, it helps to get information as well from masses, hence huge number of feedbacks and information to draw out the results from. This analysis, if done in the right way, helps businesses to set the right objectives and goals for business and setting up the right set of goals and objectives help businesses to grow exponentially. By practising correct marketing strategies and doing correct analysis, businesses can easily become brands and gain popularity among its target audience. Setting up the right goals and objectives also help and motivate employees to work up to their best capacity, resulting in optimum utilisation of resources and growth of business.
4.Business to Brand-
Marketing can make a business a brand and build its market reputation, for which it is important to put the marketing efforts in the right way, targeting right and potential customers, through suitable and reliable platforms and using optimum investment. Along with marketing, quality and usefulness of product is equally important. As only advertising and marketing alone can not build a reputed brand out of a business.
5.Generates organic traffic -
Marketing helps businesses to get organic and natural traffic, when business communicates its truth to people, they connect to them, helping in building networks and increasing reach of business. Businesses with higher reach enjoy the benefit of more customers, sales, profit and growth.
Marketing brings Success -
Behind every brand and reputed business, a key role is played by its marketing strategies. Marketing is one of the key drivers of business’ success and its benefits speak for it.
Many businesses do provide quality and useful products but they fail to sustain and grow in the market due to lack or in-efficient marketing practices. Sometimes people do not know about a product or business, in this case it is of no use to have quality goods or services as no one knows about it, no one will buy it. Marketing aware people and this awareness brings sales, profits and growth for the business.
Marketing also helps in image building of the business and brand. When a business is regularly visible to customers, fulfils what it promises, and markets what they are doing, they create a certain image in the eyes of the public, once the image is built and efforts are made to maintain that image, Business becomes Brand.
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