A strategy is a structured plan or model to achieve a goal. In marketing, that goal is to increase sales in your business. There are 5 main strategies in marketing, but what are they?
A strategy is a structured plan or model to achieve a goal. In marketing, that goal is to increase sales in your business. There are 5 main strategies in marketing, but what are they?
The 5 Marketing Strategies
1. Performance Marketing
Performance marketing is aimed at generating direct leads, and therefore sales. The most obvious types of performance marketing are SEO and traditional Google Ads. When someone is looking for a product and service, these channels make sure that they show up where they are looking. In other words, when they search “Plumber Mooloolaba”, they see Google Ads and website pages targeting this search.
2. Brand Marketing
This strategy is aimed at getting your business recognised by people. Whilst it might not lead to direct sales, it can have a huge impact on other strategies to help convert sales. Let’s use our “Plumber Mooloolaba” search example above; imagine if the searcher sees a brand that they recognise, how much more likely would it be for them to click. This is also becoming critical in getting mentions in AI.
3. Retention Marketing
Now we’re getting into the strategies that most small business owners forget about. These are strategies to ensure that your customer loves your product and service and remembers you when they need them again.
4. Referral or Word-of-Mouth Marketing
Whilst a brand marketing strategy goes hand in hand with performance marketing strategy, this strategy does likewise with retention marketing. How are you ensuring that your customers are referring you to their friends?
5. Account-Based Marketing
This strategy involves identifying high-value prospects and then marketing to them. The obvious trade example would be marketing to Real Estate Agents or Builders. Firstly you need to find a list and then develop campaigns to convert them into customers.
Now let’s look at Methodology or Direction
If strategy is the overall plan, the methodology is how we go about doing it. In this case, there are 2 main directions we can go.
1. Inbound Marketing
Inbound marketing is intent-based marketing. The market you are targeting is actively looking for something and you are making sure that you are found. The best example is, when they do a search, your business comes up. Whilst you may think this is essentially performance marketing, you’d be wrong. If they are looking for a product or service, then this is very much performance marketing. However, if they were looking for information, this could be brand marketing (eg. what is the best hot water system etc).
2. Outbound Marketing
Outbound marketing is interruption-based marketing. You are pushing your message out to people that may not be interested in the hope that they may be, or that they remember you when they do. This is very much what traditional marketing was all about (eg. Radio, TV, Newspapers etc). However, it is also what display ads, social media posts etc are about.
So if you want a balanced overall marketing strategy, you should make sure you have implemented these into your marketing plan.
Jarrod Sweetman