With the growth of technology and internet accessibility, the modern trends of marketing and product selling have also changed. Globalization has made trading possible even across borders. However, with the break of the pandemic (Covid-19) the trends of trading and shopping have changed. People are now more inclined towards online shopping rather than visiting shopping centers. This has revolutionized the world of marketing.
In this following guide, we will explore the concept of marketing and how it works to promote businesses:
Defining Marketing and Its Importance
According to Hubspot.com defining marketing as the action of promoting or selling services through advertising is not fair. They consider its dimensions wide enough to encompass all in it. According to them:
‘‘Marketing refers to any actions a company takes to attract an audience to the company's product or services through high-quality messaging. Marketing aims to deliver standalone value for prospects and consumers through content, with the long-term goal of demonstrating product value, strengthening brand loyalty, and ultimately increasing sales.’’
Marketing is quite essential when you pose to sell and compete with your opponents in the world of e-commerce. As balancesmb.com says, there are three primary purposes of marketing:
- Attracting the target audience towards your product
- Persuading customers about the suitability of your products
- Facilitating customers with low-risk action that is easy to take
Four Stages Of Marketing
If your company has an objective of growing by leaps and bounds and you surely want to exceed your competitors then you must go through the following four crucial stages of marketing:
Making a blueprint and road maps before the execution of your plan is very significant. Before launching a product or service, you must consider the quality, the packaging, and the presentation you are going to utilize.
2. Research and testing
Before publishing your ideas the second most crucial step is research and testing. Research all the products similar to your idea. Ask marketing departments to test your products keeping in view the focus group, latest surveys to gauge consumer interests and find the most suitable price.
The third most important step is to decide your marketing strategy. For this purpose, several companies offer their services, one of the most trusted among them is the Strata Company. Take their help and create an advertising campaign for your services. Campaigns can include media, prints, events, direct advertising, paid partnerships, public relations, and more.
The last step in marketing is determining the domain where you want to sell your product. It may be either local, national or international. Your product distribution plan and sales channels decide who is your buyer, how he reaches it, and when he buys it.
Types Of Marketing
There are numerous types of marketing including Green Marketing, e-Marketing, Social Marketing, Service Marketing, Holistic Marketing, Direct Marketing, Internal Marketing, Interactive Marketing, External Marketing, and Relationship Marketing.
Among these methods, the five most popular types of marketing are as follows:
Type #1: Social Media Marketing
Social media marketing similar to commercial marketing is a way of selling ideas, attitudes, and behaviors to the masses. The concept of social media marketing encompasses behavioral change for social benefits.
For instance, marketing the use of helmets while riding bikes helps to promote human safety. Likewise awareness about child vaccination or smoking hazards also promotes social causes.
Type #2: Service Marketing
Services are the intangible economic activities that are proposed for assisting customers in various spheres of life. Unlike products, services lack the tangible component and require more specific techniques of advertising. Examples of services are vehicle insurance services, wedding planning services, and medical services.
However, services also possess some physical manifestations like the ambience of a bank, the response rate of an insurance agent, and flexibility of the service packages according to the customer's demands. One can say that the quality of services and the sincerity of the people providing the service also contribute to the perception of the clients.
Type #3: Green Marketing
Marketing products in an environmentally friendly way is known as green marketing. It relies more on the needs of the customers along with the conservation of the natural environment as compared to other types of marketing.
Green companies launch products that are environmentally friendly with production methods least damaging to nature. This type of marketing is also called sustainable marketing.
Green marketing is, thereby, different in its strategy and function. The elements that matter the most include nature-friendly products, additional premium prizes, and promotion techniques such as direct marketing and sale promotions.
Type #4: Holistic Marketing
The modern world demands marketing to be looked beyond the traditional outlooks. Holistic marketing enables organizations and companies to view marketing efforts and services as a whole and bring up a comprehensive marketing plan.
Holistic marketing considers the whole ecommerce system with no exception to the marketing team involved. The focus here is not merely restricted to the products and services for sale but it also involves the marketing team in it. In this type of marketing, the strategy is made as a potent part of an overall unified strategy.
Type #5: Direct Marketing
Direct marketing is the method of selling goods bypassing the retailers. The products are sold directly to the customers through various marketing techniques. The firms doing direct marketing influence their target audiences directly with special promotional techniques. Here the customer and seller relations are built directly connecting the prospective customers.
The concept of direct marketing builds loyalty in existing buyers and prospecting new ones. Its impacts vary from that of other mass media marketing as it helps reach particular target markets. Examples of direct marketing include direct mail, email marketing, mobile marketing( sending messages to the customers) and telemarketing (where customers are called and informed about the new sale plan).
In a nutshell, the modern world has widened the domain of marketing. The technological revolution has made it the most effective way of attracting the target audience. Today, the strategic planning and proper execution of a marketing plan decide the growth or fall of a business.