Marketing is more than just billboards and advertisements.
It is a strategy companies use to communicate their products or services to their target market.
The American Marketing Association describes marketing as:
“the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.”
Since this definition is so broad, it offers a lot of room for the world of marketing to grow as our technology expands.
As our needs change and develop, so do the available marketing strategies that companies use.
Understanding The Basics Of Marketing
Marketing is the way companies communicate with their audience and establish their brand.
A company’s marketing strategies are iterative, and strategies change with the needs of their audience.
Marketing has been around since the 1800s, and there are many different marketing techniques that a company can use.
The most effective marketing strategies are the ones that are based on careful marketing research and understanding of the target audience.
Business To Consumer (B2C) Marketing
B2C marketing stands for “business to consumer.”
This means that the target audience is a direct consumer of the product or service.
Depending on the type of product, the sales cycle for a B2C product can be very short.
And the decision-making process that consumers go through is not as involved.
Most advertisements that people see are types of B2C marketing.
For example, B2C marketing strategies include TV advertisements, Instagram ads, and direct mail coupons.
Business To Business (B2B) Marketing
B2B marketing stands for “business to business.”
This means that the company’s target audience is another company.
B2B marketing typically requires a much longer buying cycle and is extremely strategic in terms of what customers want and need.
B2B purchases often also have an extremely high purchase intent.
This means that the target audience will be doing a lot of research before purchasing the final product. Many B2B strategies are often executed digitally.
Traditional Marketing Strategies
Traditional marketing encompasses strategies that have been used since the invention of marketing itself back in the 1800s.
These strategies are much more overt and sometimes less targeted.
Take a look at these common traditional marketing strategies.
Outbound marketing happens when a company shares their message with an audience.
Personalised marketing is a strategy in which the company uses historical data to create a custom experience for you.
Direct mail is when companies send advertisements to a specific address.
Digital Marketing Strategies
Digital marketing encompasses all marketing strategies that are implemented in a digital format.
Some of the strategies above may sometimes happen digitally, but the following seven forms of marketing only happen online.
Inbound marketing is a strategy used to bring potential customers to you instead of sharing a message.
This is a long-term strategy that involves many different types of digital marketing tactics to encourage a potential customer to move further down the marketing funnel.
Event Marketing Strategies
Event marketing has transformed quite a bit in recent years.
The strategy of meeting people face to face—whether that’s in-person or virtually—is still an extremely effective marketing strategy.
Experiential marketing is a marketing effort in which you hold some kind of experiential event in an effort to promote your product or service.
Interactive marketing is a marketing strategy that involves some form of interactive component during an event or face-to-face interaction.
In conclusion, there are many different types of marketing strategies that companies can use to communicate with their target audience.
Understanding the different types of marketing, from B2C and B2B to traditional and digital, can help companies develop an effective marketing strategy that meets their needs and goals.
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