If you are considering starting your own business, one of the most important things you need to know about is marketing. Marketing is how you market your company, its products and/or services to your target market. Here are 10 types of marketing strategies you should be aware of as an entrepreneur.
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1. Affiliate Marketing
affiliate marketing an increasingly popular form of marketing where you, as a business owner, pay a commission to a website or individual when they promote your product and make a purchase through their referral link. In some cases, this is similar to having brand ambassadors, although brand representatives tend to get products for free (because they have a lot of online followers), while affiliates still have to buy from the company.
2. Brand marketing
The goal of brand marketing is to get as many people as possible to know about your company and your brand in general. Your company’s brand identity consists of its name and logo, as well as your tone of voice and your core values.
3. Marketing reasons
Cause marketing is a type of strategy that plays on your company’s brand. This is where companies publicly support a specific goal that reinforces one or more of their core values. For example, if you want to support a cure for cancer, you can donate a percentage of your earnings to charity. American Cancer Societyand advertise it on your social media website.
4. Event Marketing
As follows from the same, event marketing is a marketing strategy that is implemented in the form of a personal (or virtual) event. This allows your customers to experience your products and your brand more directly. An example of event marketing is a pop-up store. This is where companies set up a temporary “shop” where customers can purchase their products.
5. Inbound/outbound marketing
Inbound Marketing uses strategies to bring customers to you, as opposed to outbound marketing. Outbound marketing focuses on getting the message across to your target audience. The former uses other strategies such as SEO (search engine optimization) to drive organic traffic to your site and gently encourages potential customers to become buyers. The latter is similar to your traditional marketing methods like billboard advertising.
6. Mobile and email marketing
These are two forms of marketing that take advantage of years of continuous advances in technology. Mobile marketing involves sending marketing content via text messages, while email marketing sends similar messages via email. Both allow the consumer to opt in and out of these communications, and email marketing relies heavily on content marketing (graphics, photos, videos, etc.).
7. Public Relations Marketing
The goal of public relations (PR) marketing is to create more buzz around your business, especially when you launch a new product or make other types of big announcements.
8. Recruiting Marketing
This is a completely different type of marketing, because your target audience is not consumers, but job seekers. If you’ve just started your small business, you may not need to hire employees just yet, but it’s likely that you will need to in the future. Therefore, you need to know the basics and best recruiting marketing practices— although you can hire a recruiting marketing agency to help you find the most qualified people.
9. Social media marketing
If you’re an aspiring entrepreneur, it’s likely that you already use social media marketing in some way. This form of marketing uses leading social media platforms (Facebook, Instagram, tik tak, YouTube and Twitter) to increase product and brand awareness. These platforms allow you to create a business profile and/or access business tools to help you promote your business to the nearly five billion people who use social media.
10. Word of mouth marketing
Word of mouth marketing may not reach the same number of people as the other forms of marketing listed above. But it is still a very effective form of marketing. You can do it yourself by simply telling others about your new business. However, this also includes your current customers telling their family and friends about your business. Just keep in mind that you have the least control over this form of marketing.
As an entrepreneur, you should at least have a working knowledge of each of these 10 types of marketing strategies. For the most success, you should hire a digital marketing firm or professional who is well versed in the various types of digital marketing. Just keep in mind that digital marketers are not necessarily well versed in recruitment marketing. So it will be a separate firm that you will need to hire.
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