Top 10 Marketing Strategies and Essentials for your Business in 2022 – 2030
Top 10 Marketing Strategies and Essentials for your Business in 2022 – 2030
By Olatuja Gabriel-Wealth (ACRM, Marketing Specialist).
What is Marketing?
Marketing is the process of exploring, creating, and delivering value to meet the needs of a target market in terms of goods and services (Source)
Marketing is the practice of increasing awareness, consideration, purchase or repurchase and preference for a product or service through consumer-driven benefits, advertising, packaging, placement, pricing and promotions.
The purpose of business is to create a customer by which stress is laid on two aspects: (a) identification of consumer needs, and (b) organizing the business to meet these needs. The modern marketing concept focuses on the consumers and their satisfaction. The approach of modern marketing is consumer-oriented instead of solely product-oriented.
What is Advertising?
Advertising is a marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service or idea. Sponsors of advertising are typically businesses wishing to promote their products or services (Source).
Advertising is a means of communication with the users of a product or service.
Advertisements are messages paid for by those who send them and are intended to inform or influence people who receive them to buy the product or service.
Advertising helps making people aware of the new product so that the consumers come and try the product. Advertising helps creating goodwill for the company and gains customer loyalty after reaching a mature age (Source).
What is the difference between Marketing and Advertising?
In a simple language, marketing is the process of identifying customer needs and determining how best to meet those needs. On the other hand, advertising is the exercise of promoting a company and its products or services through paid channels. Advertising is a component of marketing.
The aim of marketing is to make sales in order to earn reasonable profit.
A sale is a transaction between two or more parties in which the buyer receives tangible or intangible goods, services, or assets in exchange for money.
Marketing is the creation and the delivery of a standards of living, which includes finding out what customers want, then planning and developing a product or service that will satisfy those wants; and then determining the best way to price, promote and distribute that product or service.
Marketing is important because it allows you to share your products and services with a niche audience strategically. It helps you tell, show, and PROVE to people how terrific your business is and how you can help them. Without marketing, your business doesn’t have a voice.
When devising a marketing strategy, it is incredibly important to refer to the 7Cs of marketing; clients, convenience, competition, communication, consistency, creative content, and credibility.
Marketing objectives are goals set by a business when promoting its products or services to potential consumers that should be achieved within a given time frame. Alternatively, marketing objectives are the marketing strategy set in order to achieve the overall organizational objectives.
Some of the essential marketing objectives are:
- Creating brand awareness,
- Generation of high-quality leads
- Growing and maintaining thought leadership
- Increasing customer value
- Directing Traffic to a landing page
- Empowering existing customers to become brand ambassadors
- Increase conversion rates
- Increasing Product users, e.g. app downloads, video views etc.
Top 10 Marketing Strategies and Essentials: Marketing Mix.
The 4 Ps of marketing are place, price, product, and promotion. By carefully integrating all of these marketing strategies into a marketing mix, you are in the process of making your business visible and have an in-demand product or service that is competitively priced and promoted to their customers.
The 4 Ps of marketing are the key factors that are involved in the marketing of a good or service.
Product – the product is the good or service you are selling or rendering.
Price – the price is what the consumer pays for the good or service you are selling or rendering.
Place – the place is the location where a product or service is marketed
Promotion – Promotion includes advertising, public relations, and promotional strategy. The goal of promoting a product or service is to reveal to consumers why they need it and why they should pay a certain price for it.
Importance of Marketing to your Business
Marketing majorly focuses on achieving consumer satisfaction and maximising profits.
Customer Satisfaction: The primary motive of a company is to satisfy the needs of customers.
Ensure Profitability: Every business is run for profit, and so goes for marketing.
Difference between selling and Marketing
Here are some of the difference between sales and marketing
|1. Emphasizes product.
2. Sales are the primary motive
3. First production, then selling takes place at a profit without knowing customer’s needs.
4. Internal company orientation.
5. Company’s need is the motive.
6. Cost determines price.
7. ‘Selling’ views the customer as the last link in the business.
8. It is an activity that converts the goods into cash
|1. Emphasizes on consumer’s wants.
2. Satisfaction of the customer is primary.
3. First customer’s need is known and then production takes place; then the product is sold at a profit.
4. External-market orientation.
5. Buyer’s need is the motive.
6. Consumer determines price; price determines cost.
7. Marketing views the customer as the very purpose of the business.
8. It is a function that converts the consumer needs into products.
Top 10 Marketing Strategies and Essentials: Marketing Strategies you can adopt
- Traditional Marketing. Traditional marketing refers to brand promotion on offline channels that were around before the rise of the internet.
- Outbound Marketing.
- Inbound Marketing.
- Digital Marketing.
- Search Engine Marketing.
- Content Marketing.
- Social Media Marketing.
- Video Marketing.
MARKETING ESSENTIALS FOR YOUR BUSINESS
When developing your own marketing plan, the following are integral in creating business success. Each one on their own is great, but when you put them all together, the results will expand your bottom line immensely.
1. Start with a compelling story
According to Erin Berman, founder of Blackbeard Studios, a digital creative agency, “effective marketing contains all of the elements of an irresistible story. These include characters (target audience); their challenges (pain points) and motivations (desired outcomes); a setting (connecting the dots); obstacles (to the desired outcome); the climax (the value your solution provides); and a conclusion (the delivery of that value).”
Once you have these elements in place, you can begin to build the central message that demonstrates how your product or service takes audiences from where they are now to an ideal scenario in which their lives are improved.
2. Online Presence
Your website is your first marketing tool for new customers and existing customers. Make sure your website is attractive, presents what you do and who you are, and provides social proof of success.
If you need professional website development agency, you can contact Geewealth Technology.
Your online presence can also be enhanced by leveraging on social media, business directories like UList, as well as branding and marketing materials are a great place to start in building your marketing message and attracting clients.
3. Social Media
Stay active with your social media community by posting engaging contents from time to time. Social media presence has become the indicator of life in a business. You can get paying customers to transact on social media.
Social media has also become a place for quick customer support, and if comments and queries are missed, it would be accounted as a poor business reputation.
4. Building Customer Relationships
This is the most active and important part of your marketing strategy. By providing a good customer experience (CX), you make your existing customers happy and help them to engage with you and your business. This is the most is the most profitable area of marketing.
Happy customers stay loyal and also bring new customers. When you constantly exceed your customers/ expectations, they become your brand advocate. That gets you repeat business and referrals.
It is expedient to continually find ways to bring value and service to your existing customers in unique and personal ways.
5. Content Strategy
Creating quality and engaging content that is valuable to your users not only builds engagement and loyalty but also helps build your website value through search engine optimization (SEO).
Quality content will help increase your organic traffic as you increase in your search engine ranking. If you’re looking for a long-term marketing effort that pays big profit for your business with little or no cost, informative content is a great investment.
If you need the services of a Content strategist, you can contact Geewealth Technology.
6. Partnerships and Collaborations
Partnerships and collaboration is usually being overlooked, but it is one of the best known secrets of small business marketing. Collaborating with businesses who service the same target market can help you promote your services to additional customers and provide better service.
It is goods to seek collaboration with businesses that are non-competing and align with your company values. You can expand your reach with either joint promotions or events.
Always network with people. You need to keep building your network for you to remain in business. By networking, you continually make new relationships and maintaining the existing ones.
You can attend events and business conferences with potential customers, employees etc. It may not pay off right away, but over time, you reaffirm your consistency in business and your commitment to growing relationships and community.
8. Develop technical expertise
As the number of messaging distribution channels continues to grow, the number of systems required to integrate these channels grows with it. Christine Alemany of Trailblaze Growth Advisors explains, “You have to have much more than a cursory understanding of the underlying technologies involved in the entire ecosystem to successfully establish metrics that enable you to manage a marketing program.”
As your marketing efforts mature, be sure to invest in the technology, education, and personnel required to keep them effective over the long term.
9. Incorporate employee voices
Authentic content relies on your brand’s unique voice, and your employees are a part of that voice. It is important to empower employees to become brand advocates. Don’t be one of the organizations who are reluctant to let go of control in fear of what, or how, the employees will alter the marketing message.
Rather than fear what they might say, as a business leader and marketer, you should encourage employees to talk about the services and value their organization provides. If you trust your employees, they’ll typically reward that trust.
10. Focus on branding, not selling
Your marketing messaging should always center on telling your story, not selling your products or services.
Instead of trying to reach everyone, your story will resonate with the customers who share your values and draw them to you. Legendary marketer, Gary Vaynerchuk uses Apple as an example of a company that has mastered strategic brand storytelling.
He asks, “When, if ever, have you received an advertisement from Apple telling you to BUY their product? It never happens. Apple focuses on building a relationship.”
Apple’s marketing draws potential customers into its brand story, showing them what life is like when they live that story (by using Apple products). The results speak for themselves.
Marketing is both an art and a science, and if you’re struggling to do it right, take your cue from the experts here. Focus on implementing the critical elements outlined above, and you may even become one of them.