7 September 2020
There are so many types of business strategies; it’s challenging to keep track of them.
Whether you’re trying to find marketing styles for now or the future, you need to know what your options are.
Read on to learn all about types of marketing and find out what works best for you.
Types of business strategies
There’s quite a bit of confusion about the difference in marketing strategies and business strategies. When you hear the term business strategy, what does it call to mind? Essentially, a business strategy is a roadmap that guides an organization in decisionmaking and gathering resources to accomplish goals.
One way to retain customers is to enhance customer service. If your company prides itself on earning the highest customer satisfaction possible, you have a strong chance of retaining customers’ loyalty.
Whether this means updating your marketing styles from outdated to modern ones or implementing new technology for your company, this type of business strategy is a necessity. You can implement technological advantages by adapting customer service platforms, adding employees with specialized skills, or acquiring a smaller company for their technology (which is a business to business or B2B connection).
You can incentivize your customers with low prices, discount deals, loyalty bonuses, and more. Depending on the number of products you sell, your profit margins will be high or low. You can increase your brand’s exclusivity with the right pricing strategies.
Depending on the quality of your product or service, you may offer a competitive advantage. A standout type of business strategy uses things that make it stand out and draws attention to your company to build brand loyalty.
Types of marketing
Marketing styles are strategies that help organizations achieve their business goals, particularly in revenue generation and company growth. Many kinds of marketing may benefit you and your business.
An interactive marketing strategy encourages a business to customer (B2C) experience. There are different kinds of marketing interactively.
For example, customer-focused initiatives engage your customers as individuals, not just as numbers. This focus boosts brand loyalty through personalized experiences. It emphasizes feedback and communication, too.
Part of the process for customer-centric marketing is the storage and collection of customer search data. Types of business strategies that use search data for their marketing are focused on building relationships with their customers.
Types of business strategies that employ digital marketing are invested in virtual storefronts as their medium. Companies like yours use these marketing styles for wider spread promotion of products and services in a bigger market.
Digital marketing strategies employ a push and pull method. When you connect with customers online, you push your product or service through a variety of media, including:
- Instant or text messaging
- Content marketing
- Mobile marketing
- Email marketing
Once you have pushed your product or service, you then pull customers in with search engine traffic and website visits. These customers, now pulled in, will potentially subscribe to whatever mediums you’ve chosen to employ in your marketing strategies.
Inbound and outbound marketing
Outbound types of marketing use print ads, TV ads, cold calls, and email blasts, and are also part of the pushing used in digital marketing. Inbound marketing pulls customers through attractive experiences that positively impact customers with helpful content and personalized interaction.
Search engine marketing
Also known as SEM, search engine marketing uses optimized language to increase website traffic. You can pay for better search engine optimization (SEO) with pay-per-click campaigns and more.
Used mainly in inbound marketing strategies, content allows customers to learn about your company in-depth. Although content can be visual, tools like blogs help you connect with your target audience. You can craft guides, FAQ pages, and more to help your customers’ buying process.
Types of business strategies that successfully use email marketing campaigns understand inbound marketing. Email marketing is about cultivating relationships and increasing brand loyalty.
Marketing styles that focus on outbound marketing will not benefit from email marketing campaigns. With today’s oversaturated inboxes, there are lots of mistakes to avoid in email marketing.
Social media marketing
Social media marketing works best for types of business strategies with visual content, although it can be useful for other content. Whichever platform(s) you use to market your product or service, your content should be tailored to said platform.
If you choose to use videos, depending on their length, you may prefer some platforms over others. You can use your employees for video marketing, although hiring influencers may be another option for your product or service.
Influencer marketing uses a community of customers that are connected to a niche expert. The influencer you consult should be tied to your product or service in some way. You can hire an agency to conduct influencer research and outreach for you to avoid working with someone too outside of your target audience.
Acquisition marketing is focused on lead generation. It expands on prospective clients attracted to inbound marketing strategies. There are a variety of tactics used in acquisition marketing, such as:
- Free premium products
- Education hubs
- Conversion rate optimization
- Tightened copywriting
- Lead optimization
These tools turn generated leads into revenue. Types of business strategies that emphasize acquisition marketing often have a handle on inbound marketing strategies and seek to expand their brand’s impact.
Finding your type: what business and marketing strategies will work for you
As you seek to employ new types of business strategies and marketing styles into your company’s growth, you may find yourself struggling to connect to other business prospects or clients.
We at Kompass International have the solution to your marketing needs. Don’t hesitate to consult more of our content for helpful information like this or to contact us for assistance.