Marketing refers to the activities a company undertakes to promote the buying or selling of a product or service. This includes product, price, place and promotion. Essentially, a company needs to create a product that a particular audience wants and put it on sale where it’s easily accessible at a price that matches the value a person feels they would get out of the product. A lot of hard work goes into an effective marketing strategy, so the marketing mix (product, price, place and promotion) is a great tool to understand first.
In marketing, product refers to the variety, packaging, quality, design, features and positioning of a product or service. The product should fulfill consumer demand while also filling an absence in the market.
Price simply means how much a customer is willing to pay for a product or service. Price includes the base costs such as materials, manufacturing and shipping plus expenses such as rent and supplies. There are several pricing strategies to consider to keep up with competitors and demand, but the most important factor in price is that you make a profit.
Place refers to how accessible the product is to potential customers. Understanding your target market will help determine which channel is most accessible to potential buyers. Will you sell your product on Amazon, in stores or on a website? Place is essentially anywhere you can get your product in front of your consumers that compliments your budget.
Promotion includes advertising, sales promotions and communications. This is a communication tool that puts the right product at the right place at the right time with an end goal of being irresistible to your target consumers.
Types of Marketing
There are various platforms to market your products or services. Whether you choose to advertise through print, radio, email campaigns, direct mail or internet, developing your own set of marketing activities is a vital part of achieving success. Here are a few types of marketing strategies to consider:
Interactive marketing encourages active participation between the consumer and the marketing campaign. It’s becoming a trend a lot of companies are leaning towards because it provides a more personalized approach to marketing. Interactive marketing gives the consumer the power to receive instant and personalized feedback on the particular product or service they are interested in. A few examples of interactive marketing through a company website include:
- Inserting customers’ names into the header
- Providing suggestions based on past shopping behavior
- Asking for customer feedback
Digital marketing takes place using a digital platform. Creating a successful digital marketing campaign allows you to easily reach your target market, build credibility and trust, visually present the product that meets consumers needs and successfully close the sale.
Online or internet marketing is a marketing technique that allows you to reach customers, conduct research and sell your products or services via the internet. A strong online marketing strategy is key to boosting your business. Here are a few ways to enhance your online presence:
- Create a Professional Website
- Use Search Engine Optimization
- Utilize Affiliate Marketing Programs
- Create a Blog
- Use Email Marketing Campaigns
- Hold Virtual Contests and Giveaways
Simple Marketing Ideas
There are so many simple marketing ideas from advertising and public relations to promotions and sales. Not all marketing strategies need a hefty budget. There are several inexpensive or even free marketing ideas for businesses both small and large that will help you get the word out about your product or service and attract new customers.
Utilize Visual & Video Marketing
We live in a world today where people go to the web to find solutions for their problems. Visual marketing is a free and rather creative marketing idea for connecting with your target audience and showcasing your product or service for millions to see. Statistics show that images and video catch viewers attention over traditional text marketing. Videos also help strike a personalized connection with your audience. It’s a powerful way of starting conversations, building relationships and winning the attention of online users.
Connect With Bloggers & Influencers
Reach out to bloggers and influencers who already have a large online presence with trusted followers who look up to them for advice and recommendations. Influencer marketing is a powerful and effective tool to leverage a much larger audience in a very organic and authentic way.
Send Email Newsletters
Customized and targeted email campaigns remain a reliable way for achieving a strong return on your investment. A successful email marketing campaign will get your target audience to take action, engage with your business and will also get you more leads and sales. The most important aspect of creating a successful email newsletter is to carefully craft a great subject line, design the body of your email and end with a call to action that converts your readers to take action.
Establish Your Social Media Presence
Increasing your social media engagement and building an online community is an important area for growth. Social media is a way to increase brand recognition and build relationships with your target audience. Host online sweepstakes or contests or offer coupons or discounts to drive sales.
As you can see, there are numerous ways to get started with marketing your products or services. This guide will help your business grow, reach scores of potential customers, plus launch your business to great heights with increased brand recognition.