Lots of people are talking about all the new forms of marketing a company can pursue. It’s true, certain traditional marketing has been around for a long time and is still used today, but with the Internet now playing such a huge role in any company’s success, people are coming out with more and more ways to market their products or services. The more we thought about all the different varieties of marketing, the more we realized there are so many different ways to promote something. Here’s a list of marketing terms that we hope you find useful:
Internet marketing is any marketing strategy that takes place online. Also referred to as online marketing, it encompasses a variety of marketing forms like video advertisements, search engine marketing and e-mail marketing. It is the opposite of offline marketing, and can also fall under digital marketing. Internet marketing needs a good approach in areas of design, development and advertising. A company with a total web site marketing plan will have more success online than one that has just designed a web site without thinking of how to market their company through it.
Offline marketing, the opposite of online marketing, includes all forms of marketing that aren’t done on the Internet. Examples of offline marketing are local advertising in newspapers and on television. In today’s marketing world, companies are finding ways to leverage their offline marketing campaigns with their online ones, making them complement each other.
When you think of marketing, the different forms you come up with are mostly outbound marketing (also called traditional marketing). In fact, the majority of companies today are using different types of outbound marketing to reach their potential customers. Outbound marketing includes any marketing efforts that are taken to introduce a product or service to someone who isn’t looking for that product or service. Some examples are cold calling, sending newsletters, billboards, and banner ads on different web sites.
Inbound marketing focuses on having your company found by customers, as opposed to reaching out to them directly like in outbound marketing. The important thing to remember here is that a person starts out with the want/need to purchase a product or service, and they go out to find it. When they search for that product/service on a search engine, the search engine results page will show inbound marketing results. Instead of using paid advertisements, inbound marketing is the search engine optimization (SEO) part of web marketing.
Newsletter marketing and email marketing refer to ways of promoting your company through emails. Typically, a firm using newsletter marketing will have a group of contacts that they will send a newsletter containing some interesting information to. The success of newsletter marketing depends on grabbing attention, writing good content and reaching a large number of potential clients.
Businesses will often write articles related to the industry they are in and distribute them online and offline. These free articles will inform people about an important topic and give the company that wrote it more credibility within the market. The organization can also include their business contact information in the article, allowing them to get new clients.
Trade Show Marketing
Companies that want to reach a large number of potential customers can participate in public or private trade shows. Trade shows and other forms of event marketing are often a large investment to participate in, but trade shows allow companies to demonstrate new products and examine what is going on in the industry.
Search engine marketing (SEM) is the way in which companies promote their business through paid placement on search engines like Google. Instead of increasing the organic search results that a website has, companies will pay to have their advertisements in the sponsored section of search engines. This is also known as Pay Per Click Advertising or PPC
Direct marketing’s main goal is to send a message directly to consumers, without having to use any third party outlets. Examples of direct marketing include mail marketing, telemarketing and direct selling. Direct marketing is often preferable because the results can be easily measured, giving the marketer a better understanding of the success of that campaign.
When a product or service is not being readily supplied to a certain portion of a market, a company can focus their efforts on that niche to address a need that isn’t currently being addressed. This targeted marketing is successful because the marketer has identified a need that isn’t being resolved by mainstream providers. Sometimes it is beneficial for a company to focus on a niche instead of trying to compete in a larger market.
Drip marketing is the act of sending out scheduled targeted emails that are all coordinated to a specific goal of client conversion. The sender uses email marketing software that allows them to setup multiple emails at one time and let them “drip” over time. This sometimes includes phone calls to check in on the clients along the way.
Social Media Marketing
Social network marketing and social media campaigns provide a window to market a product or service on the Internet through different social networks. Companies can use these outlets for their marketing, customer service and sales. The most common and successful means of social media marketing are found on sites like Facebook, Twitter, LinkedIn, YouTube and even company blogs.
One of the less strategic types of marketing, referral marketing relies on a company’s customers to refer new customers to that company. Also called word of mouth marketing, this is a more spontaneous way of receiving new business, and can not be solely relied on because results aren’t very predictable. However, word of mouth is still a powerful part of a company’s efforts to bring in new business, especially in the social media community where communication travels freely.
With a smaller budget, guerrilla marketing makes a splash by relying on energy, timing and unusual approaches to get the consumer’s attention. The unconventional marketing involved tries to get the most out something small, and make a lasting brand image in the consumer’s mind.
Promotional marketing is a common form of marketing strategy that companies use to motivate a consumer to make a decision and purchase their product. There are a number of ways that businesses will promote a product or service, including holding contests to win a prize, offering coupons for purchasing a product at a discount, and having samples of the product so people can experience it before they purchase.
Affiliate marketing most likely involves four different groups that contribute to the marketing effort. The Merchant is the company that is producing and selling the product, the Network is the outlet that is used to promote the affiliate link, the Publisher or Affiliate is the person who has the website with the affiliate ad and of course the customer doing the purchasing. Affiliate links are found on all types of websites, and they are used to drive traffic to outside websites.
This type of marketing relies on the message of a marketer being spread quickly through various social networks in order to increase brand awareness. The name viral marketing stems from the rapid spread of viruses in general. Typically, a viral marketing campaign will not last as long as other marketing efforts, but if a company can come up with a good idea for viral marketing and reach the right people, it will become highly successful in a short amount of time.
Any type of business, whether an organization, individual, government or other institution that markets to other businesses is involved in business to business marketing. Since B2B marketing involves companies trying to sell mass quantities of product to one another, there is a more personal relationship that needs to be established between businesses. If your company sells to other businesses, your marketing efforts will most likely be more direct.
Business to consumer marketing campaigns try to reach a category of people that will be likely to purchase their product or service. The marketing efforts the company takes should be more broad than B2B, which focuses on specific companies. B2C marketing can involve different marketing techniques such as door to door marketing, promotion marketing, newspaper marketing, television marketing and radio marketing. In today’s marketing world, B2C Internet marketing is becoming more important to reach consumers.
Along with Internet marketing, mobile marketing is part of the newest groups of marketing activities. Companies have been experimenting with the certain ways to reach consumers through their phones, especially with the rise of Apple’s iphone. Some ways to marketing a product or service through a mobile phone include SMS marketing, in-game marketing, banner marketing on different web pages and location based marketing.
This form of marketing is similar to inbound marketing. The goal of reverse marketing is to market a product in a way that will cause the consumer to seek the firm doing the marketing. Reverse marketing can be conducted through such means as television, print and Internet marketing. If a company has a product that solves a problem in the market, they will have more success using reverse marketing because they will seek out that product.
A form of direct marketing, telemarketing’s focus is on reaching consumers by phone. Most of what we thing of as telemarketing is cold call marketing, which is unpopular and has lead to laws being created against it. However, telemarketing can be effective if the right person is reached on the phone at the right time.
Direct Mail Marketing
Most people receive large quantities of marketing material in the mail, which is considered direct mail marketing. Companies will send paper mail with promotions or other information to a list of addresses, usually in a common geographical area. This form of marketing is also called junk mail by some, because the customers receiving the mail aren’t expecting it and usually don’t want to open it.
Database marketing is similar to other types of direct marketing, but the focus is more directed towards analyzing data. Companies try to narrow their marketing efforts down to certain groups of people, and they use database marketing to analyze statistics like name, address, or sales history, in order to create the most accurate model possible.
The goal of personalized marketing is to create a unique offer for each individual customer. This form of marketing doesn’t work for every company, but certain ones can capitalize on their unique products and customer demographics to market to individuals. With the Internet becoming a more popular place for marketing, companies are finding that personalized marketing is affective in cases when they can track a customer’s specific interests and send them more information for future suggestions.
This list should give you a good idea of different ways companies can market themselves to consumers or other companies, but there are still more types of marketing out there. If you think of any, let us know and we’ll add it to the list.
Depending on your company and the industry you are in, you will definitely choose different kinds of marketing that will produce the best results for you. No matter which type of marketing you want to use for your company, Design & Promote can help you research and implement a marketing campaign that will allow your company to win the consumer’s attention and hold the search engine results.
The 4Ps of marketing, also known as the producer-oriented model, have been used by marketers around the world for decades.
What’s Wrong with the 4Ps?
According to research published in the Harvard Business Review, a five-year study involving more than 500 managers and customers (in multiple countries) found that the 4 Ps model undercuts entrepreneurs and marketers in three important ways.
- It leads marketing and sales teams to focus too much effort on product technology and quality. Even though these factors are important, researchers stressed that they are not significant differentiators; they are just the cost of entry.
- The four Ps underemphasizes the importance of building a convincing case to explain the superior value of the solution being sold (I.e., not enough time is spent educating customers on why the offering is needed).
- It distracts businesses from leveraging their advantage as a trusted source of problem solving (businesses today can use information outside of FAQs/tutorials to aid customers and increase customer retention).
If the four Ps is no longer agile enough to work for modern businesses, what framework should entrepreneurs and marketers look toward instead?
According to Eduaro Conrado, Chief Marketing Officer for Motorola and one of the authors of the HBR study, business owners should look to the S.A.V.E framework as they craft and define their unique offering.
The framework advises focusing on the Solution, Access, Value and Education of a product or service. Below we’ll discuss the important differences it emphasizes over the old four Ps marketing mix.
1. Focus on Solution instead of Product
Customers don’t care about product features or usability if a product fails to solve their problem. It’s not about the features youwant your product to have, it’s about the problems that customersneed to solve. Solve their problem better than anyone else and you’ll end up with a product your customers can’t live without.”Ruben Gamez
Too often, businesses get too caught up in the features, functions and technological superiority of their product over the competition.
The harsh reality is that none of that matters to customers because all they care about is solving their problems.
If your products’ features help a customer solve their problems then they will care, but if you’re building a product or service based on features and not based on customer needs, you’re working backwards.
Don’t let your product developers (or even yourself) get caught up with needless features, product additions and “improvements”—if the great new thing is not going to help your customers out in a serious way, it’s nothing more than bloat.
2. Focus on Access instead of Place
In an age where many businesses operate around always-on, high speed Internet access, “place” is irrelevant. When you can dip into almost the entirety of the world’s knowledge from the phone in your pocket, you’re always able to research, buy and advocate. It’s not about Place any longer. Now, it’s about Access. What can a brand give me at this precise moment that I want or need? That’s the bar companies now have to clear, and it’s not easy.”Jay Baer
The key here is not to disseminate your “home base” (your store or website), but rather to create a cross-channel presence that considers a customers’ entirepurchase journey, not just where they seal the deal.
This idea deals with product promotion, but also goes far beyond it; for example, Help Scout’s presence on Twitter has as much to do with providing great customer service through fast answers as is has to do with promoting our articles and resources.
Customers want your business to be accessible. They want to know that your support will have their backs. To achieve this, they need to see you engaging with other customers to get a sense that you’ll be there should something go wrong.
3. Focus on Value instead of Price
We occasionally have customers tell us that our product is too expensive, and they’re sure that they can find a similar service on the web for free… but to us, price isn’t just a number, it’s a strong connotation of brand and value. When we hear customers say that our product is too expensive, before wondering if we should lower the price we are more concerned with whether we should increase our product’s value. That orientation is vital in directing the drive toward improving a product without competing against others on bottom-dollar prices.”Walter Chen
Do customers care about your price in relation to your production costs, profit margins and competitor’s prices?
We can answer this for you—they don’t care.
Sure, customers have concerns about price, but that comes after their concerns about value. Are you clearly articulating the benefits of your offering relative to your prices?
If you’re not, you should be. Research from Stanford University shows that comparative pricing is often a horrible way to frame your prices, and numerous additional studies on “context pricing” reveal that perception of value is far more important to customers when accepting higher price tags.
The old four Ps model doesn’t fundamentally encourage this need to build a robust case for showing customers why your business is offering a superior value versus the competition, and it places too much emphasis on the literal price of the product (or service).
4. Focus on Education instead of Promotion
One of the old truths of marketing is the “law of 7″. Someone needs to see or interact with your brand for 7 times until they eventually sign up or buy what you have to offer. Over the past 2 years since we started to heavily focus on content marketing for Buffer, I genuinely believe that we have brought that number down. Simply because providing someone with free, and useful information, creates a much stronger bond and connection than any banner ad or press mention ever could.”Leo Widrich
The old methods of marketing were strictly limited to interruption marketing, but the entrepreneur of today has the opportunity to be involved with customers’ needs at each point in the evaluation and purchase cycle.
Businesses today can act as “entreproducers,” providing current and potential customers with information relevant to their interests to create a sense of familiarity and trust long before a purchase is even made.
For a relevant example, you need look no further than the article you’re readingright now; in fact, the entirety of our blog is focused on customers’ needs and not our own.
We write about relevant content that our customers want to read, such as building customer loyalty programs that actually stick, how to create “frugal WOWs” for small businesses on a budget, and the specific tactics we used to increase our email response times by 340 percent.
This attraction-based marketing is essential for any business with an online presence. A medium such as the Internet that provides an instant escape route (E.g., clicking the back button) does not kindly lend itself to the traditional interruption techniques.
The Final Case for S.A.V.E
Businesses that continue to embrace the outdated 4 Ps model are running a serious risk of involving themselves in a repetitive and increasingly unproductive technological arms race.
The customer of today has far more say in the business-customer relationship, and it’s high time for businesses to start embracing frameworks that care more about what the customer wants.
The S.A.V.E. framework allows businesses to keep this mindset at the forefront of their operations, acting as the centerpiece for this new solution-selling strategy.
The businesses who choose to ignore these warnings do so at their own peril!