Do you really need to know all the different types of marketing strategies to launch a product, or service?
Remember the 80 20 rule. 80 percent of results will come from 20 percent of your efforts.
The same with marketing.
So, although it is good to be aware of the different, type of marketing strategies, focusing on a few key ones, will give you much better results than spreading yourself too thin.
Let me show you 2 examples.
Marketing Strategy For Offline Business
In the first example, I help my partner launch an offline type business.
The marketing strategies included website, road show, brochures or flyers, and even calling existing customers. The business requires face to face interaction for the customers to purchase the products so it cannot be done entirely online.
After a full year, the results helped us to re-focus our marketing efforts. We found that roadshows, brochures and flyers weren’t that effective at converting new customers, after taking into account, the cost and time involved.
We slowly decided to reduce the efforts on this method.
At the end of the second year, we found the website and some additional articles, pulled in 50% of the sales from new customers. Roadshows, and brochures help pull in the other 50%.
I experimented with Adwords. From the short test, I found that it doesn’t really make sense since the competition was willing to spend a lot more to bid for the keywords.
Marketing strategy for an online product
When I launched my first product a few years ago, I used 3 types of marketing strategies. I didn’t have a lot of money to spend, so advertising was off the list.
I know how to build a website that convert, and write articles with targeted keywords. So my main strategy is to do this.
First, I created a simple website with just enough articles for main keywords, and also long tail keywords.
Before I wrote the articles, I did keyword research to make sure those keywords are what potential customers will key into search. I was fortunate that the market for the product wasn’t highly competitive. This is common for markets that are more niche, and the market size is not huge.
In order to get my website ranking fast on the first page of the search results, I also wrote articles for long tail keywords. As the website started to rank, the long tail keywords help to “pull” in visitor. The main keywords just followed suit.
However, I also know that most web visitors are initially just like window shoppers. They like to take a look, poke around, probably leave and never return.
Making each visitor count
I didn’t want to lose such visitors. Each visitor counted.
This is where I used email marketing as part of my lead generation system, to nurture those leads.
So, I created a resource that such visitors could download. In order to get the resource, a short 12 page e book, they must enter their email address.
Once I captured the email address, I followed up with a series of emails to gently persuade them not to procrastinate.
There wasn’t any hard sell type of emails, but rather educational and also, asking the subscribers if they have questions.
Quite a few of the visitor have questions which were addresses via email.
I also used email marketing to ensure those who bought my product will use it. Although some people don’t really care, I wanted to ensure my customers use my product.
Again, I didn’t want to hammer them on the head.
What I did was to create a series of emails which gave the customers a timeline to follow.
They can opt out of this but most did not.
What I found was that there were 2 groups of customers. The first group, completed without any further help from me or my email guide. The second group probably appreciated my gentle nudging.
Although I would not get into it in this article, in the online business, I also get to try out different pricing strategy. That was an interesting experiment of itself.
So, in conclusion, I combined 3 types of marketing strategies for that particular business. Website, search engine optimized articles, and email marketing.
Different types of market requires slightly different strategy
Recently, I launched some online training course. Due to the fact the keywords are highly competitive, getting ranked on the first page of search will be virtually impossible, or very expensive, since established websites with hundreds of back links already exist.
So, to do that, I used a marketing strategy targeting keywords with lower competition. Thrown into the mix, is also video marketing, as well as email marketing.
However, in this case, the email is with joint venture partners, not my own email list.
Other types of marketing strategy
Based on the 2 business above, the other possibilities are:-
- affiliate marketing
- relationship marketing
- word of mouth marketing
- content marketing
- mobile marketing
Due to the nature, and type of business, the following marketing strategies won’t work well:-
- viral marketing
- trade show marketing
- B2B marketing