Different Types Of Marketing Strategies To Grow Your Business
As a small business owner, you are doing everything. Starting a business is no easy task. From customer service to bookkeeping to marketing, you are a one-man show. I bet you are even on a limited budget to execute your marketing. Sound familiar?
I have talked to multiple small business owners that just run out of marketing ideas to promote their business. Many of them run out of time and stop testing new ideas to grow the business.
So let’s take a look at a couple different types of marketing tactics your small business can implement to start growing your bottom line.
The inbound marketing methodology is about attracting visitors to your website through value-added content, turning these visitors into leads, and converting these leads into customers. The benefits of inbound marketing include lower cost of acquisition, alignment between sales and marketing, higher quality leads, and many more.
Inbound marketing is a marketing strategy that will grow your business through marketing your customer actually wants.
How is content marketing different that inbound marketing? Content marketing is the business process of creating relevant and valuable content to attract, acquire, and engage a clearly defined and understood target audience – with the objective of driving profitable customer action. Content marketing is only part of the inbound marketing methodology.
If you have a website, you should be taking part in content marketing. Start your blog and answer your customer’s questions. Content marketing will drive more potential customers to your website.
Paid search or search engine marketing
We all know how important Google and other search engines are to your business. Most people start looking online for a product or service, so you must be there.
Search engine marketing (SEM) is a form of Internet marketing that involves the promotion of websites by increasing their visibility in search engine results pages (SERPs) primarily through paid advertising.
I know what you are saying, I do not have the budget for that. I get it, but if you can get a return of 3-4 times, it is worth it. Get to know the keywords your customers are searching for and bid on them.
Paid search is a great way to get immediate results, but it does take some practice to get it right.
Social media marketing
Social media marketing might be the most well-known marketing tactic out there these days. We have all heard of the successful social media campaigns that resulted in millions of dollars. In reality, you can no longer dismiss social media.
The truth of the matter is that social media marketing is a great way to engage and delight your customers. If you are looking to break the bank with social media, it might never happen. So use social media as a way to build a following and use it to have conversations with your customers.
Email marketing can be a sensitive subject. I get it. We do not want to be seen as a spammer. So, never buy an email list, it is about adding value to your email messages.
Email marketing is directly marketing a commercial message to a group of people using email. In its broadest sense, every email sent to a potential or current customer could be considered email marketing.
Email marketing gives you a direct communication link with your customers. If used correctly it will have a huge return on investment. I have seen reports that state email marketing has an ROI of 4300%. Pretty good if you ask me.
Build your email list the right way and get more out of this very useful marketing strategy.
Marketing automation might be the best way to nurture your leads and turn them into paying customers.
This marketing strategy refers to software platforms and technologies designed for marketing departments and organizations to more effectively market on multiple channels online (such as email, social media, websites, etc.) and automates repetitive tasks.
If marketing automation is done correctly it can deliver very targeted marketing messages that result in higher conversions.
Set your marketing automation up based on your customer pain point and persona. This system will continue to deliver a message that adds value to the end user, increasing the chance that they become a paying customer.
Networking for leads
Networking is dead, right? According to articles on the internet, networking marketing has been dead for years.
I am here to tell you that is not the case. A good networking group will still continue to generate leads and grow your business. The trick is finding the right people and network with them.
It is also very important that you generate leads for others as well. It is a give and take relationship, not a take and take relationship (never a good way to do business).
So build relationships or partnerships with other business and share the love, share the leads. Add more than you take.
Print, TV, and Radio
Here is another marketing strategy that has been very effective in the past. However, print, TV, and radio continue to lose effectiveness because of technology.
The invention of the iPod, DVR, and the world wide web have all contribute to the decreased effectiveness of the traditional marketing tactics.
However, these marketing strategies are not dead yet. With the right marketing segmentation, you can still produce high ROI from these channels. Just make sure to have your sales funnels set up to maximize your efforts.
Do you love checking your mail? Unless I know that something has shipped from Amazon, I really do not care about the mail. I am sure you feel the same way.
Does direct mail still work? I would say yes, depending on the target market and the product or service. I would never recommend a CPA send out a direct mail to an entire zip code, but the local auto mechanic could still see a positive return.
Direct mail still works and it will never go away. If you are going to test the water on this marketing strategy, I would tread slowly and test your market.
As a business owner, I am always getting the direct sales pitch. I will admit that it does still work. If I have a need for the product or service, I can be persuaded.
About 2 months ago we had a really bad summer storm, a Haboob for all you non-natives. The next week all the creepy crawlers came out and who showed up at the door? The exterminator. Did the direct sales method work? Yes, sir. They were targeted and knew that I needed the service.
Now, this is not my favorite way to purchase a product or service, but it indeed works. In fact, I believe that I need to improve in this area myself to grow my business. In order to get the most out of your sales team, ensure that you have given them the tools for success.
A better way to market your business: holistic marketing
There is a better way to implement your marketing. It is called holistic marketing. Basically, your company must look at all marketing activities as a single campaign. No matter the channel you deliver your marketing message your goal is the same.
Here at CoBound, we use multiple marketing strategies to grow our mailing list. A larger email list means more leads that we can follow up with through marketing automation and email marketing.
For example, every time we are at a networking meeting and new contacts get placed into a marketing automation series that is set up solely for that event. The subject line read, “It was great meeting you at …..” There is then a series of other emails that are created for that targeted customer. It works!
Holistic marketing takes all your marketing activities (inbound and traditional) and gives you a better chance of converting these leads into customers.
Holistic marketing is how we have grown our business and helped our clients do the same.
Different types of marketing strategies…
Attracting customers to your business is vital to your success and growth.
The marketing concept definition states an organization should seek to make a profit by serving the needs of customers. The different types of marketing strategies that your organization uses to distribute your marketing message are up to you. Just make sure that your company has a holistic marketing plan in place to increase your return on investment.