Definition of Marketing

Marketing refers to the process of advertising, selling, and delivering valuable goods to customers, clients, partners, or other businesses for the benefit of both parties. This is done with the aim to satisfy the needs and wants of the consumer market. But marketing goes beyond the use of the creative arts, as it also involves the coordination of the different elements of marketing. This includes product development, price determination, channel selection, and strategy implementation. Although a great deal of advertising and promotion still play a key role in the success of your marketing strategy, there’s more to it that some marketers fail to acknowledge.

Common Marketing Samples

Check out these samples to see how you can improve and execute your marketing strategies for the best.

Best Types of Marketing for Your Business

Among the many marketing strategies available, which ones will actually work for your business?

Here’s a quick rundown of the types of marketing strategies commonly employed.

Cause Marketing: Also known as philanthropic marketing, cause marketing is done through a company‘s support for various charities and nonprofit groups in an attempt to polish their image and promote their brand. These fund-raising events offer an opportunity for businesses to show how much they care about the community and its members. A sense of involvement is bound to build a positive image for the company as it leaves a lasting impression among consumers. Relationship Marketing: Some business owners make the mistake of prioritizing new prospects as opposed to retaining old customers. That’s because converting prospects to leads and leads to customers is far more time-consuming and expensive compared to keeping your old customers satisfied. With that said, it’s also important to focus your efforts on customer retention and satisfaction in order to increase consumer loyalty. Digital Marketing: It’s clear that the digital age has revolutionized the marketing world in ways no one would have ever imagined. Social media marketing, email marketing, and other forms of online marketing have paved the way for businesses to expand their reach and connect with an audience through different platforms. Customization, content-based ads, and an interactive atmosphere also offer a relatively cheaper and versatile means of marketing for businesses that are just starting out. Referral Marketing: Word-of-mouth marketing is more powerful than what some people might think. Consumers frequently talk about the products or services they’ve been using at the moment with friends and family. It’s also a subject matter that people openly discuss online through forums and social media. Creating a buzz around your business is one way to increase your market presence. Point-of-Purchase Marketing: How many times have you put an item in your cart all because you were enticed by its packaging? A lot of people are guilty of being impulsive buyers, which usually benefits the seller more than the consumer. Product packaging can play a part in brand recognition, consumer safety, and retail opportunity as well. If you execute this strategy successfully, you’re sure to become a household name over time. Guerrilla Marketing: As the most unconventional strategy of the bunch, this is a marketing technique designed to obtain maximum exposure for a product. Guerrilla marketing is a type of publicity done in public places to attract the attention of a targeted audience. What makes it tricky is how innovative it is compared to other forms of marketing. With proper execution, guerrilla marketing can yield maximum results for your business to flourish.

Marketing requires money, so choosing the right strategy to pursue is crucial to your company’s financial resources. Narrowing down your options will help you focus on strategies that are effective in the type of business you run. Keep in mind that some approaches that fit well with others might not generate the same outcomes for you. In the same sense, it’s easy to get stuck in a marketing rut if you aren’t brave enough to take risks.