Do you have a product you want to sell? But still wondering how to reach customers? Well here’s when marketing comes into play.
Marketing refers to activities undertaken by a company to promote the buying and selling of a product or service.
To simply put marketing is how you tell your story to customers, partners, investors, employees and anyone else your company interact with.
Now that we know what marketing is, let’s have a look at the things one should know about marketing.
1. Buyer Persona
Do you know your ideal buyer? Do you know their top concerns about your product or service? Most importantly do you know where to find them?
Understanding your ideal buyer and understanding to them is critical if you want to stand out in today’s extremely crowded market.
So what is Buyer Persona?
Think of a Buyer Persona as a semi-fictional representation of your ideal customer based on the market research and real data about your existing customers.
While creating persona(s), customer’s demographics and behaviors are needed to be taken into account along with your own understanding of their motivations and challenges.
By creating persona(s) you will learn, who your buyers are and how best to market to them.
Consider a food brand such as Kellog’s, one of their persona might be Sasha.
Sasha is 32-year-old married women with two kids. She works in finance company with an income of 70K$ per year. Even in her busy routine Sasha tries to stay fit and healthy. Sasha works 9 to 5, relaxes a little bit after returning home and after dinner sometimes logon back to do more work. Sasha is organized, busy and knows the importance of a healthy diet. Due to her busy routine Sasha struggles to provide right nutritious breakfast for her kids. Sasha is looking for something which is easy to make and healthy for kids.
Now that you know who your ideal buyer is, it’s time for you to market your product with compelling content. But wait, what kind marketing to choose now? That’s what we will be discussing in next points.
2. Traditional Marketing
Traditional marketing refers to any type of promotion, advertising or campaign that has been in use by companies for years, and that has a proven success rate. Methods of traditional marketing can include print advertisements, billboards, flyers or pamphlets, TV, newspaper, radio, etc.
Let’s have a look at its advantages and disadvantages:
- Easy reach: Easy to reach local audience.
- Familiar with people: Familiar mode of advertisement for older people and businessmen, as they don’t need any explanation about the promotional material.
- Easy to process: Hard copy marketing is always easy to process mentally and recall in future.
- Greater exposure and new Audience: Traditional marketing will allow you to reach a large population and across many demographics. You can use billboards, television, and radio for advertisement.
- Static text: In traditional marketing, static text is used for advertisement. For example, if you place an ad for your product in a newspaper and you run out of stock, then you cannot edit your ad, and there will be many unhappy customers, and in this method, you cannot interact with the customer.
- Expensive: For putting ads on newspapers, or distributing any flyer or pamphlet, you need to pay for it every time you plan for running a campaign making it a bit expensive.
- Customized Marketing not possible: Specific customer cannot be targeted; only specific market can be targeted.
- Low response rate: It is mostly forced on the customer, as it is a part of their daily life. This type of marketing has a low response rate.
3. Digital Marketing
Digital marketing is defined by the use of numerous digital tactics and channels to connect with customers where they spend much of their time (i.e. online). From the website itself to a business’s online branding assets -digital advertising, email marketing, online brochures, and beyond, there’s a spectrum of tactics that fall under the umbrella of “digital marketing.”
Simply put, digital marketing refers to advertising delivered through digital channels such as search engines, websites, social media, email, and mobile apps.
Let’s have a look at its advantages and disadvantages:
- Brand Development: Existence on the Internet can help the development of the company from any regional market to nationwide and worldwide marketplaces at the same time, providing almost unlimited growth opportunities.
- Reduced cost: It allows the organizations to save cash, an element that is really taken into account by the organizations since the Digital marketing strategies don’t require a great amount of financial commitment.
- Simple to measure: Online everything can be calculated, thus it’s simpler for the organizations to know right away if their strategy is operating or not, what organization or customer is enthusiastic about their items, from what places or nations are they, etc.
- Available 24/7: The World Wide Web never rests and so does Online promotion, enabling business with little sources to maintain physical 24-hour functions to contend in the electronic industry using Online promotion resources that can run almost 24 hours a day and 7 days a week. So this is also one of the advantages of Digital Marketing.
- Promotion Strategy Can Be Copied: One of the hazards in Internet marketing is that a particular technique can easily be copied by a rival.
- Digital Marketing Includes Too Much Competition: Just like the growth of online ads, Internet promotion is experienced with a great process of too many competitors.
- Security Issue: For a person or client who queries online for products or services, there is a caution not to reveal all the private information as it might be used against them by unidentified people.
- Requires More Initial Investment: Playing Digital marketing contains various restrictions like developing delicate and professional looking for your website and planning an effective technique. Therefore, paid marketing like Search engines AdWords, Search engines Ads, and Social Media Marketing is quite expensive, especially for small enterprise owners.
4. Inbound Marketing
Inbound marketing is a marketing strategy designed to draw visitors or potential customers into your brand or product or service, rather than outwardly pushing a brand, product or service onto prospects in the hope of generating leads or customers.
Simply put, Inbound marketing is a digital marketing strategy focused on attracting the customer to your product or service rather than approaching them to try out your product or service.
5. Outbound Marketing
Outbound marketing refers to any kind of marketing where a company initiates the conversation and sends its message out to an audience. Outbound marketing included trade shows, seminar series, email blasts to purchased lists, internal cold calling, outsourced telemarketing, and advertising.
Simply put, in outbound marketing, marketers push his or her message out far and wide hoping that someone interested might show up.
6. Above the Line (ATL) advertising
ATL strategies focus at directing the communication towards the mass market. All promotional messages are untargeted, meaning they do not focus on a specific target group. The idea behind this is to inform customers about the availability of the product. Marketers seek to encourage customers to visit stores and actively seek the product. These strategies help companies reach a larger audience and create brand visibility.
Implementing ATL activities: –
- Television: Advertising campaigns directed at the regional or national level
- Print media: Promotional messages in newspapers, online articles, and advertisements
- Radio: Pan-country or pan-city radio broadcasts
7. Below the Line (BTL) advertising
BTL activities are more focused and they are directed towards specific groups of customers. They are highly targeted, with advertisements being created keeping in mind the demographic and psycho-graphic characteristics of particular customer segments. The communication is highly personalized and the objective is to gain conversions.
The major advantage of BTL advertising is that the results of the campaign can be easily tracked. Response rate is also higher here. Additionally, ad-campaigns can be customized for different subgroups of consumers within a single segment.
Implementing BTL activities: –
- Direct marketing: SMS, emails, social media posts, pamphlets
- Sponsorship: Events, competition
- Public Relations: Press conferences, viral marketing
- In-store promotion: Visual merchandising, retailer pop-ups, sampling, sales promotions