Before diving in, let’s find out what marketing strategies really are? So to conclude the term marketing strategies means a process or scheme devised to increase or develop a customer base to increase sales of products or services provided by the business to achieve competitive advantage.
Marketing Strategies types
There are different types of marketing strategies for Every aspect or field, Market strategies are influenced by a number of factors and these strategies play a crucial role in the marketing of a product such as:
- Marketing strategies of small business
- Marketing strategies for new entrepreneurs
- Marketing strategies to increase sales
- Marketing strategy for new product
- Marketing strategy for small businesses
Today we are mostly gonna talk about marketing strategies related to entrepreneurs or for new entrepreneurs.
What are the best marketing strategies to use?
Every new and aspiring entrepreneur must be aware about the P’s of marketing and the changes in the business environment and new strategies being developed to make the process of marketing quite easier.
- Product can be defined as a set of tangible and intangible attributes which include shape, size, colour, brand image etc
- Very few firms may be selling a single product instead they sell many products. This helps a firm diffuse its risk across different product groups.
- The number of products carried by a firm at a given point of time is called product mix.
Product decision areas
- Number of products
- Product design
- Product quality
- Product colour
- After sales service
2. Set the price ( Pricing Strategies )
- Pricing governs the very feasibility of any marketing program because it is the only element in the marketing mix accounting for demand and sales revenue.
- Price is the only variable factor determining the revenues or income.
- Economists define price as the exchange value of a product or service always expressed in money. To the consumer, the price is an agreement between seller and buyer concerning what is to receive.
- Price is the mechanism of divine for translating into quantitative term i.e., rupees and paise.
- To maximize profits
- To penetrate the market
- To increase the market share
- To counter competition
- To create image
- To create liquidity
- Return on investment
- To undertake social responsibility
3. Place/physical distribution
- One of the most important features of the contemporary market is centralised production and decentralized markets.
- Customers are widely scattered throughout the world in order to satisfy them manufacturers must distribute product conveniently.
- Obviously, the prominent marketing goal, i.e. customer satisfaction can be achieved only when the most desired products are distributed conveniently at a reasonable price in time.
Factors determining the channel of distribution
- The problem of selecting the most suitable channel of distribution for a product is complex.
- The most fundamental factor for channel choice and channel management is economic criteria, viz, cost and profit criteria. However, channel decisions are not made entirely on the basis of rational economic analysis.
- We have to consider a number of factors such as the nature of the product, market trend, competition outlook, pricing policies, typical consumer needs, as well as needs of the manufacturer himself.
- Market communication is also called market promotion.
- Marketing Communication referred to the method of communicating messages to the market with the motto of selling firms products.
- A good marketing communication requires several elements which include personal selling, public relations, publicity, trade fair and exhibition, advertising, internet promotion (E-marketing), sales promotion, audio and visual, direct marketing, brands etc.
- The mean aim of any marketing communication is to obtain and retain customers. However, there are a number of other important objectives which are – To inform, To persuade, To remind.
5. Use ads with retargeting
One of the most powerful methods you can use to market just about anything Is ads. Advertisements have really diversified the way marketing was done and it just doesn’t stop there. It is now constantly improving the way promotion of products is done. The best advantage about this is that it helps you to reach the target audience, you can reach a very specific audience and you can do it very easily. You can target by interest, age, relationships status, geographic location, and so much much more. There are many platforms to use for ad targeting, retargeting and Facebook Ads and Google Ads is a great way to try it.
6. Social Presence/Leveraging Influencers
Well, everyone is aware of the social media platforms these days and people every day engage on these platforms to exchange thoughts, find out new friends, or just for fun. People tend to stay on these platforms for a much longer period and Brands took this opportunity in their favor to market their services and products either by creating their own page or by leveraging influencers to promote them. It has now become a trend for getting a product promoted by a celebrity or by an influencer with a social media audience.
7. Building a lead magnet.
Effectiveness in the market does boil down to creating a lead magnet. The right lead magnet if presented to the right audience can have terrific results. The best way to do this, if you can find out the correct pressure points and propose a solution in your lead magnet such as; what problem are customers facing in your niche? What made you get into business in the first place? Ask yourself these questions before building out your lead magnet.
The better you recognize the problem or pressure points at the outset, the better you’ll be at actually addressing that with a solution in your lead magnet. What type of lead magnet should one build? It could either be an ebook, a video, a checklist, a cheat sheet, and others. Of course, it’s not just about the lead magnet. You have to have a squeeze page with sizzling sales copy to get people to drop into your funnel. But it all starts with a great lead magnet. The better it is, the more effective you’ll be at reaching your audience.
Well, Every entrepreneur wants to scale their business, solve the problem with their product or services and between this earn some profit to keep the working process going on and to keep them afloat & stand the competition they try new techniques, strategies, working models to make their product better and reasonable. These 7 strategies are the basic strategies that are being used in business which budding new entrepreneur ought to know.
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