There are countless marketing strategies out there, but only a select few are truly effective. In general, the most effective marketing strategies can be grouped into three categories: paid advertising, earned media, and owned media.
Paid advertising is any form of marketing where you pay for placement, whether it’s through Google AdWords, Facebook Ads, or sponsorships. Paid advertising can be an effective way to reach new customers and generate quick results. However, it can also be expensive and time-consuming to manage.
Earned media is any form of publicity that you didn’t have to pay for. This could include press coverage, positive reviews from customers or influencers, or being featured on a popular blog or podcast. Earned media is often more credible than paid advertising because it comes from a third party instead of being biased due to payment. However, earned media can be harder to control and may take longer to achieve results.
Owned media is any type of marketing that you create and own yourself, such as your website, blog content, social media accounts, or email list. Owned media is an excellent way to build long-term relationships with your audience because you have complete control over the content and messaging. Additionally,.
Product strategy. This lever is about what is being delivered to the marketplace and consumed by the customer
Product strategy is the marketing strategy that focuses on the development and marketing of a company’s products. It is a crucial element of any business and should be given careful consideration in order to ensure that a company’s products are able to meet the needs and wants of its target market.
There are a number of different factors that need to be taken into account when developing a product strategy, such as the type of product, the target market, and the competition. The most important thing is to make sure that the products being offered are able to address the needs of the target market.
Once a company has identified its target market, it can then begin to develop a product mix that will appeal to this group. The mix should include both new and existing products, as well as those that are being discontinued. It is also important to keep in mind that not all products will be successful in every market; therefore, it is necessary to tailor the mix specifically for each individual market.
In order to successfully execute a product strategy, companies need to have strong marketing capabilities. This includes having an effective promotional mix and an efficient distribution system. Additionally, companies need to have good relationships with their suppliers so that they can obtain high-quality raw materials at competitive prices.
Service strategy. This lever is about defining how to provide customer support to the marketplace
Service strategy is a critical marketing tool that companies use to determine how they will provide customer support to the marketplace. It is important to have a well-defined service strategy in place in order to create a competitive advantage and ensure that customers are satisfied with the level of support they receive.
There are three key components to consider when developing a service strategy:
1. The type of customer support that will be offered. 2. The channels through which customer support will be offered (e.g., phone, email, chat, etc.). 3. The resources that will be dedicated to providing customer support (e.g., number of customer service representatives, hours of operation, etc.).
The type of customer support that will be offered should be based on the needs of the target market and the products/services being offered. For example, if a company sells complex products or services, it may need to offer more extensive customer support than a company selling simpler products or services. The channels through which customer support is offered should also be based on the needs of the target market; some customers may prefer phone support while others may prefer email or chat options. Finally, the resources dedicated to providing customer support should be sufficient to meet demand; if call volume is high, for example, then more Customer Service Representatives (CSRs) may need to be hired or hours of operation extended.
failing.
Pricing strategy
The most common pricing strategies are cost-based pricing, value-based pricing, and competition-based pricing. Cost-based Pricing: Cost-based prices are set by taking into account the costs involved in producing and selling a product or service. The price is then set at a level which will cover these costs and allow for some profit. This type of price setting takes no account of customer demand or what competitors are charging for similar products or services. Value Based Pricing: Value based prices are set by taking into account the perceived value of a product or service to customers rather than production costs. This means that companies must research their target market to find out what they believe is an acceptable price for their products or services before setting their own prices. Competition Based Pricing: Competition based prices take into consideration what other companies in the same industry are charging for similar products or services before setting their own prices. This approach is often used when there is little differentiation between products or when customers have few alternatives available to them. In these cases, companies will tend to charge similar prices in order not to lose out on business.
Pricing Strategy Case Study – Amazon In recent years, online retail giant Amazon has been using a mix of all three types of pricing strategy depending on which sector it is operating in. For example, when Amazon first started selling books online it used cost-based prices; this meant that it was able to undercut traditional bricks-and-mortar bookstores by offering lower prices. However, as Amazon has grown it has started to focus more on value-based pricing in order to maximise profits from areas such as electronic goods where there is less price competition. In 2015, for instance, Amazon was found to be using dynamic pricing algorithms which raised the price of goods when demand was high and lowered them again when demand dropped off; this helped amazon maximise its profits while still offering low prices compared with other retailers.
Christine
Christine is a content and visual marketing specialist with more than 10 years of experience crafting content that engages and informs her audience. She has a keen eye for detail and a passion for creating beautiful visual displays that capture her audience's attention. Christine has worked with a variety of brands and businesses, helping them to communicate their message effectively and reach their target audience. She is a skilled writer and communicator, and a strategic thinker who is always looking for new and innovative ways to engage audiences.