The Ultimate Guide to Different Types of Business Marketing Strategies
Marketing is the backbone of any business, a function responsible for positioning and promoting a brand, product or service in the market. That being said, understanding the myriad of marketing strategies available today can be challenging. In this article, we’ll cover ten of the most popular types of business marketing strategies and provide examples that can inspire you to develop an effective marketing strategy for your own company.
1. Social Media Marketing
Social media marketing is the practice of promoting a brand, product or service on social media platforms such as Facebook, Twitter, LinkedIn, Instagram, etc. This marketing strategy is potent as there are billions of active users on various social media platforms every day, and businesses can connect with a highly targeted audience.
One practical example of successful social media marketing was when Oreo, the popular cookie brand, launched a social media campaign during the 2013 Super Bowl. Oreo’s social media team tweeted a cleverly crafted message that immediately went viral, generating more than 15,000 retweets and 20,000 likes in just a few hours.
2. Content Marketing
Content marketing involves creating valuable and relevant content like blog posts, eBooks, videos, etc. for your target audience. The idea is to capture the attention and interest of your audience, eventually persuading them to engage with your brand or product.
The makeup brand Bobbi Brown is an excellent example of successful content marketing. The company publishes makeup tutorials on YouTube, provides skincare advice and health tips on its blog, and promotes new products via Instagram and Facebook.
3. Influencer Marketing
Influencer marketing is the practice of partnering with influencers- people with a significant following on social media platforms, to promote a brand, product, or service. This relatively new form of marketing gained traction over the years due to the rise of social media influencers.
One prime example of successful influencer marketing is the collaboration between luxury brand Chanel and fashion blogger Kristina Bazan. The brand enlisted Bazan’s help by offering her the chance to attend its show during Paris Fashion Week and also promoting some of its products on her social media accounts.
4. Search Engine Optimization (SEO)
SEO is the practice of optimizing your website content to rank your website higher in search engine results pages (SERPs). SEO involves techniques such as keyword research, on-page optimization, and link building, among others, to improve your website’s ranking.
A perfect example of how SEO can drive business results is a small online retailer that sells eco-friendly products. By implementing an SEO strategy that included detailed keyword research, product descriptions optimization, and relevant link building, the retailer’s website traffic and sales grew by 53% over six months.
5. Email Marketing
Email marketing is the practice of sending promotional emails to a target audience to strengthen your relationship with them or persuade them to engage with your brand or product. This marketing technique is highly customizable and can convert a vast percentage of potential customers, generating one of the highest ROIs in digital marketing.
One example of a successful email marketing campaign is Spotify’s. By presenting personalized, humanized messages such as “happy birthday” or “happy listening anniversary” to users, Spotify creates a sense of connection with its audience.
6. Event Marketing
Event marketing involves hosting or sponsoring an event to promote your brand, product or service. This is a perfect marketing strategy for businesses looking to create an experience that deeply influences customer behavior.
One notable example of a successful event marketing campaign was when Nike hosted the “Breaking 2” marathon in which three elite athletes attempted to break the two-hour marathon barrier. Even though only one of the athletes was successful, Nike’s brand remained in the headlines, generating valuable publicity.
7. Guerilla Marketing
Guerilla marketing involves taking a creative approach to promoting your product or service with tactics that are typically unconventional or unexpected. This marketing strategy can be particularly useful if your company is looking for a way to stand out from the competition.
A classic example of guerilla marketing was when the American Red Cross painted a duplicate of a child’s bedroom on an after-hours firehouse door. This simple tactic raised awareness of the fire safety measures parents should take to safeguard their children.
8. Video Marketing
Video marketing involves using videos to promote your brand, product, or service. This type of business marketing strategy allows businesses to tell a story or educate the audience about their product, making it more engaging and memorable.
An excellent example of video marketing is the well-known Dollar Shave Club commercial. The company crafted a humorous video that set them apart from other brands in the market, generating more sales and online viewership.
9. Out-of-Home (OOH) Marketing
OOH marketing encompasses advertisements seen outside the home, such as billboards and transit advertising. OOH is a powerful marketing strategy designed to engage directly with the target audience.
A great example of OOH marketing was when Netflix started advertising its series, “Narcos,” via bullet holes that appeared on a billboard in Hollywood. This unique and creative approach gained the attention of many passersby and generated significant hype for the show.
10. Affiliate Marketing
Affiliate marketing is the practice of partnering with third-party websites and publishers to promote your product or service in exchange for a commission. This business marketing strategy is more cost-effective than other forms of marketing since brands pay only when a sale is made.
A good example of successful affiliate marketing is Amazon.com’s affiliate program. The program is so successful that Amazon has transformed into one of the largest e-commerce businesses globally.
Conclusion
Marketing is a crucial component of any business, and there are countless methods to promote your brand, product, or service. The strategies reviewed in this article range from social media marketing to out-of-home marketing and affiliate marketing, but the possibilities are truly endless. By exploring new marketing strategies and testing multiple methods, businesses can identify the most effective tactics for their needs, grow their business, and increase customer engagement.
