All Types of Marketing
Marketing is a term that experts have defined in various ways. In fact, even at a business level, working professionals may interpret the term differently. In a layman language, it is a management process through which products and services move from concept to the customer. It involves the identification of a product, analyzing demand, deciding on its price, and selecting distribution channels. Marketing entails the activities of a business related to buying and selling a product or service. It includes finding out what consumers want and analyzing whether it is possible to produce it at the right price. The company then makes and sells it.
There are many types of marketing, but out of all, how many actually work for any business? Let us narrow down the number of marketing types. We are going to emphasize on the most effective types of marketing. And these all center on digital marketing and traditional marketing:
Types of Marketing Traditional/Outbound Marketing
Traditional marketing is not a new concept and a type of marketing that we have come across at one point or another. It is a standard mode of marketing that helps businesses to reach out to a semi-targeted audience with various offline advertising and promotional methods. Traditional marketing is a kind of marketing that can’t be ignored and includes the traditional ads we encounter on a daily basis. Many of the common and most tried traditional marketing techniques come under the following major categories:
- Print: It involves giving ads in magazines, newspapers, brochures, newsletters and other printed material for distribution
- Broadcast: It involves giving ads on radio and television, as well as specialized forms like an on-screen movie theatre.
- Direct mail: It involves giving ads in the form of postcards, letters, catalogs, brochures, and other material that is printed and mailed directly to leads
- Telemarketing: It involves requested calling and cold calling of leads over the phone
Traditional marketing is also known as outbound marketing, where businesses find and reach out to their audience through various modes.
Inbound marketing is one of the kinds of marketing helping businesses to connect with leads through materials and experiences they find useful. Content plays a vital role in Inbound marketing where businesses entice prospects through blogs, articles, and social networking, businesses entertain and inform their target audience about their products and services with powerful and effective content. Inbound marketing entices their target audience by connecting them with useful content through organic means, like search engines and sharing links with friends. For example, a skilfully created blog, post about a blogger’s favorite product, will speak to the lead in a way a banner ad cannot. This is a sort of more personal approach to marketing with the added advantage of reaching those who have already taken shown interest in purchase. In place of using an outbound approach/ traditional marketing (strategically placing ads where it is assumed customers will be), inbound marketing provides value to customers who are already actively searching for information about a product or service.
Database marketing is one of the types of marketing. In layman terms, database marketing helps in using customer data to generate personalized communications and scale-up the sales process. In other words, it facilitates the sales and marketing teams to create a robust database that allows them to identify leads and customers. After that, it’s simple to create and nurture strong relations with leads and existing customers resulting in better customer communication and sales.
Database marketing is highly effective as it offers ample of advantages that ease the job of the sales and marketing team and boost the sales process. Let us look into the significant advantages of database marketing that enrich customer communication and sales:
- Increased profitability: Database marketing is highly effective in helping your sales and marketing teams to divide and set its marketing efforts in a cost-effective manner, resulting in better productivity and profitability. With access to the most qualified leads, chances of converting those leads into valuable customers are higher, resulting in enhanced profitability.
- Target-oriented marketing: It is one of the major benefits of database marketing as it helps your sales and marketing team to expand its reach to most genuine buyers by using business directory and target those who are genuinely interested in buying your product or service.
- Time Saver: Structured and relevant data offers massive help in saving the valuable time of the sales and marketing team. It helps your team to focus on core sales and marketing activities as they get access to readily available qualified leads. In this manner, they sell more and save a lot of time, which was earlier wasted in looking for qualified leads.
Types of Marketing Email Marketing
Email marketing is one of the proven marketing techniques and a useful tool to communicate with the prospects that matter to the business. Email marketing helps businesses to position products and services in front of the target audience effectively. It enables sales and marketing reps to fetch good sales and revenue. Let us look into a few facts proving that email marketing is not dead yet:
- Email marketing is action-oriented: We are living in the digital age of communication and grown up with using emails. In our school days, we learned to manage the emails we get, whether it is replying, forwarding, or clicking on them; each email is going to incite some sort of action. As we know, an email is an organic and efficient way to bring direct traffic to any website, which is a good practice to undertake when trying to establish a business, get traffic, and drive better sales. It is one of the useful marketing techniques generating better results immediately by keeping multiple calls to action in a single email.
- Email marketing is measurable: Email marketing is highly measurable and produces results swiftly, which is, most of the time, measurable. By saying the results are measurable means that with these results, you can track the open rate, click rate, and the number of people who subscribe and unsubscribe the emails. SalezShark CRM offers the same features of email marketing that enable the businesses to gauge, track, and monitor the results; it also enables businesses to learn even more valuable information about their prospects so they can have a better understanding in which to improve for future email marketing strategies.
- Personalization and segmentation are easier: Nowadays, email marketing software enables businesses to personalize business emails based on the first and last names of the prospects. As per one random study, personalized emails generate a 14% increase in CTR (Click through Rate) and a 10% increase in conversion. Also, personalized subject lines generate a 26% higher open rate. Email marketing software nowadays also tracks Buyer’s Journey. Businesses now can send relevant emails as per the buyer’s requirement. It enables businesses to offer the right product at the right time in front of the relevant buyer, which guarantees higher conversion rates and lower unsubscribe rates.
- The popularity of smartphones: Most of the people today are connected through smartphones, and they use smartphones for many different activities throughout the day involving checking on emails and maintaining communication and correspondence. It doesn’t matter people are traveling or waiting for a meeting to begin, or see some downtime, they have access to their smartphones so they can easily check their emails while they are on the go. Checking email is one of the most used daily activities on a Smartphone, which brings us to an average of approx. 90% of people using their smartphones to check their emails.
Pay-per-click (PPC) marketing is nothing but simply purchasing targeted advertising space on Internet platforms that take advantage of organic search terms. Businesses pay the owners of web space, like a search engine results page or a specific webpage, a certain amount of money every time an Internet user clicks on their specific advertisement.
The top search engine giants like Google and Bing are the most profitable platforms to experiment with PPC (Pay-per-click). This marketing works best for small businesses who want to crawl their way up on search engines or want to enhance their brand visibility online at a lower cost. For example, if you type a keyword like black leather shoes on Google, you might see ads for similar products, so you see, it’s all about relevance.
Social Media Marketing
Social Media Marketing is the most buzz word nowadays. It is a type of digital marketing that reaps the advantages of social networking sites as a tool for promoting websites, thus amplifying website traffic towards them and learning from consumers’ direct reactions. Social Media Marketing is established on the theory of organic search, which explains that whenever the website or its associated social network pages are more active, the website’s position on the search engines page will scale-up, i.e., it will be in seen the first few results on search engine pages.
The main objective of Social Media Marketing is to enhance communication with users, amplify brand visibility, and reach out to more prospects. Social Media Marketing is only possible through crafting quality content that urges users on social networking sites to share that content with their friends and family.
Let us look into a few benefits of Social Media Marketing:
- Enhanced brand awareness
Social media marketing is one of the most beneficial types of digital marketing that can be used to enhance business visibility. By using social media marketing techniques, it significantly enhances brand recognition. By giving only a few hours every week, over 90% of marketers claimed that their social marketing efforts dramatically enhanced their brand visibility and increased the user experience.
Social media marketing is actually the most cost-effective way to place products and services in front of the target audience. Generally, all social networking platforms offer the provision of creating an account and signing up for free. However, if you wish to use paid advertising on social media, always take baby steps to see what you should expect. Simply by investing a small amount of money and time, you can enhance your conversion rates and get a guaranteed return on investment on the money that you invested in the beginning.
- Engage with your customers
Social media marketing is one of the effective ways nowadays to engage and interact with consumers. The more you communicate with the consumers; the chances are higher in conversion. With social media marketing, you establish two-way communication with consumers so that their wishes are known, and their interest is catered with ease. Thus, in this manner, your brand will reach out to more audience and gets itself established without any challenges.
- Increased traffic
One of the other advantages of Social Media Marketing is that it also accelerates your website traffic. By sharing your business product and services information on social media, you give users a reason to click-through to your website. Thus, the more information you share, the more inbound traffic generates, resulting in more conversions.
- Enhanced SEO rankings
Nowadays, to attain successful ranking, SEO requirements are continuously changing and dynamic in nature. Hence, it is not sufficient enough to only optimize your website and updating your blogs regularly. Businesses need to share their content on social media networking sites that send a brand signal to a search engine that speaks about business brand validity, integrity, and constancy.
Word of Mouth Marketing
Word of mouth marketing is completely based on customers’ recommendations of a brand to their friends and family, which is the most trusted form of marketing nowadays. To create maximum word of mouth marketing, you need to stay laser-focused on crafting the best product or service possible and providing impeccable customer service. In other words, you just not need to meet the expectations of the customer but to exceed the expectations of the customer. Then only your customers will turn into a loyal, passionate tribe that will recommend your brand to their family and friends.