Learn about types of marketing, and the benefits you can get using it for your business and money making strategies. It has the power to transform your business.
The term “marketing” is tightly related to sales. It teaches you how to sell what you have to offer, how to locate your target customers and what advertising and sales channels to pick for your company. Mastering marketing can become one of your leading competitive advantages and it can minimize your risks and losses.
The great thing is that mastering marketing in Nigeria can bring multiple benefits. The market of this country is rapidly developing and good marketing can assist you in getting a significant share of it. Doing marketing means knowing your market (knowing your product, your market geography, and your clients). As it is, realizing what is marketing is crucial for any business success.
This term has been introduced at the second part of the nineteenth century. So, it is a relatively “new” concept. First it came to scene in USA, as entrepreneurs needed a strong tool and system that would allow them to manage their sales and profit. Nowadays, the importance of marketing does not evoke any doubts.
Officially this market management theory was recognized in the 20ss of the twentieth century, when some of the prominent US Universities, such as Harvard, have started the marketing research and singled out it as a special division. Moreover, National Marketing and Advertising Association was formed back in 1926, which has greatly contributed to fostering marketing ideas among the entrepreneurs. READ ALSO: What is communication? – 4 main types for Nigerians.
Types of marketing strategies and approaches
Marketing provides companies with valid advantages over their competitors. That is why marketing importance has to be recognized by every business owner. Strategies and approaches to marketing can be alienated into several groups.
This does not mean you have to go overseas with your produce. It just means that you need to develop an overall general strategy on how to promote your company and things you offer. Coming up with such strategy would help you align all the key business decisions you make. This involves making a marketing plan for your enterprise.
This means you determine what key benefits you have to offer and what singles you out from your competitors. This approach would help you to create your brand and gain competitive advantage.
Developing this strategy you map the paths for the future progress and growth of your business. You find all the opportunities, such as new products, new services, new markets, new targets, etc.
- Target market
Knowing your target market well enables you creating new offers that would become solutions for the needs of the market and your target audience.
This one tops the list of modern day approach to marketing, because presently promotions and sales become more and more personalized. Companies create lasting and trusting relations with their clients to boost their loyalty and to customize their offers and increase the level of sales.
This type allows you to confine the focus and emotions of your target audience to keep them excited about your products and to make them be passionate and share about your produce with others. It turns your customers into your promoters.
- Brand marketing
Brand is an intangible asset. However, some brands alone cost more than all the tangibles of a company. Coca-Cola is a good example. The name, color and what it represents cost billions of dollars. Once you create a brand and its values, you put yourself out of competition with other unbranded companies.
This is where you sort of shoot robins from the canon, but you make it big and spread it wide. One uses a generalized approach to business and instead of focusing on a niche, they aim to cover the entire market.
- You build up the relations with the public, create positive brand image and highlight the benefits of what you offer.
- Digital marketing
Presently online business covers up to 50 percent of all the business is done online. Digital marketing shows you new distribution and advertising channels and allows you to get a share of this huge market.
Certainly, there are many other marketing types, but these would give a general idea on what they are like.
Stages of marketing process
Any type or any marketing strategy involves a number of stages one has to go through to attain the desired results.
It all starts with the research: you research your own company and what you offer. This helps you to single out the unique benefits you have to offer and then you research the market. You find out who your target consumers are, where they can be found and how they can be reached with your messages.
You can develop new products and services based on the market research.
- Sales plan
You determine the volume and timelines for your products.
You pick the best marketing and sales channels for your company, such as offline or online promotions, third parties, direct sales, etc.
Your marketing strategy can help you set competitive and profitable prices.
- Future research
One research is not enough. You need to stay in touch with the market and be able to forecast it.
Feedback and analysis
- Any plan has to be monitored and evaluated, because marketing requires certain amount of investment and you need to be able to measure your ROI (returns on investment) and the efficacy of your plan.
What can marketing do for your business?
As it is, marketing plays key role in strategic planning for your business. Even a small business cannot survive without a good plan and prospects of growth. Nigerian market is a fresh and dynamic one. If you can research and analyze it, you can win it over and prosper.
- It can help to create you a name
Even one single person can be turned into a brand. This works great for bloggers, business consultants, person coaches, etc. Getting a plan on how to become branded puts you out of competition and establishes your expertise. It makes business and money come your way.
- It can single you out of crowd
In most cases, the problem is not the lack of clients. It’s the fact that they are not eager to work with you. They may not see your value or benefits. Proper marketing helps defining and singling out those values and benefits for your consumers.
- It can help you find out who your target clients are
How can you craft a great ad or call to action, if you have no idea who you are targeting? This could be the main problem for many business owners. Market analysis helps you get the idea and find out how to target those people.
- Set goals and grow business
Marketing allows you to evaluate the market prospect, set up goals and successfully pursue them. This means, you get good chances of giving your business a boost.
All these aspects of marketing make it clear how much we need it. It all starts with understanding what is marketing. Next, you master the art and reap its generous fruits.