Marketing is one of the most important tasks for any business. With so many different types of marketing strategies out there, it can be difficult to know which ones are worth your time and which ones will actually work.
Knowing the different types of marketing can make a huge difference when you are trying to start your own business. Marketing exists to understand and profit from the needs of customers. A company should ideally target one objective customer or a cluster of closely related customers if research reveals that they share similar behaviors and motivations.
Marketing campaigns can be tailored for various demographic purposes such as age, class/socioeconomic status, ethnicity/race, gender, interests, or geographical region in order to reach specific targets with desirable traits. In this article, we’ll go over 20 of the most-known marketing types that you should consider using in order to grow your business.
What is Marketing?
Marketing is the process of understanding and meeting consumer needs by developing the strategies, messages, and contexts that make a company’s products or services unique. Marketing is the study and management of exchange processes, principally the buying and selling of products or services.
Marketing is not just about selling a product. Its purpose reaches much further than that, including raising awareness of and moving emotional attachment with its brands among consumers. All marketing communications have one primary purpose – persuasion – resulting in sales or increased awareness about the particular brand being marketed.
What is the Reason Behind Marketing?
The main reason behind marketing is it helps businesses to grow and prosper. A business needs to conduct marketing to build a customer base or product awareness. Marketing is one of the most important, if not the most important, parts of any business.
Marketing helps businesses become successful by providing them with a way to get their company’s name and products in front of more people than they would be able to reach otherwise.
Marketing creates an emotional connection between the customer and company, which helps to differentiate the company from its competitors in the customers’ minds. Marketing is also a tool that allows companies to build healthy relationships with their customers by listening, communicating, and acting on feedback from them.
Being customer-centric with marketing strategies can generate more revenue for your company than viewing marketing as solely a means of promotion or advertisement. Ultimately, businesses conduct marketing because it’s a strong investment in communications strategy, which ultimately pays off in terms of short-term profits and long-term customer engagement.
What are the Benefits of Marketing?
The benefits of marketing are wide ranging. Below are some of the main benefits of marketing:
- Increased Sales: Marketing helps to increase business sales by establishing a sense of familiarity and trust with customers. It achieves this through various ways such as branding, advertising, and feedback loops. Brands provide recognition which leads to more people wanting what they offer and seeing them in different places.
Advertising uses persuasive messages that can convince someone for just about anything because we believe one thing when heavily exposed to it but also the opposite if unfamiliar with it first hand giving ads an ability to affect us greatly without our input.
- Widens The Market Reach: Any marketing helps to widen the market reach by making an item accessible for a wider audience, drawing attention to overlooked markets.
Marketing draws in people who may not have otherwise been interested in the product, and it provides those who are already interested with more information about it. But marketing widens that demographic and reaches out to different generations as well.
Marketing is also responsible for changing or developing negative community opinions on products through persuasion media campaigns that get individuals talking.
- Provides Opportunities for Employees: Marketing is a driving force in our economy. It has the power to create jobs and opportunities for people across all industries, like manufacturing or farming.
In addition, it creates more social overhead as more roads are built. There’s also an increased need for warehousing facilities which generate new employment possibilities around engineering and construction fields too.
- Maintains Customer Engagement: Companies often use marketing strategies to maintain customer engagement, which helps them identify potential problems and come up with solutions that keep customers happy. This also helps companies gain accurate feedback on their products from existing customers.
- Helps in Decision-making Process: The marketing industry has become the keystone to every enterprise, as it is in charge of deciding which items are produced and who they will be sold to. There is no such thing as a ‘local market’ or direct link between producer/consumer that existed during periods before mass media was invented in today’s marketplace.
Marketing now takes up an entire branch within any company because producers largely depend on its ability to decide what products should be made for whom, when, and how much.
What are the Types of Marketing?
Here are 20 types of marketing you can use for your enterprise:
1. Traditional Marketing
Traditional marketing is a form of advertising developed before the advent of digital media and relies on mass communication through newspapers, TV commercials, telephone calls, or direct mail. It can also include public relations efforts to promote the company’s PR messages in front of journalists and the media.
Some of the benefits of traditional marketing include the ability for a company to reach hundreds or thousands of people at once with a message about their product. In addition, traditional marketers tend to have more money for advertising than those who use other forms of modern media. These financial investments allow these marketers “to create deeper connections with customers by providing them with accurate information quickly and persuasively.
Traditional marketing might be more appropriate to use by large enterprises considering its expensive nature. Basically, the target audience using traditional marketing is generalized knowing the majority of people watch television, listen to radio, and read newspapers.
Traditional advertising can be more expensive. For example, it may cost between $2K-$160K to run a print ad. It is difficult because you never know who will see your message, and results are hard to measure.
2. Outbound Marketing
Outbound marketing is the process of getting your marketing message out to the customer and media. Some websites call it “sending marketing messages,” which has a slightly different connotation. It’s also sometimes called offline or traditional advertising.
Typically, outbound communications are used by larger companies in order to reach the public at large or specific customer base segments more effectively than other forms of marketing. It is a process that involves crafting an outreach message and then executing an effort to get someone outside one’s organization to respond – usually through broadcasting, advertising techniques, or by distributing them on-premise.
The benefit of outbound marketing largely relies on how well you can get people to take action, whether that’s signing up for your e-newsletter, reading a blog post, or downloading an ebook.
Be sure to tailor your message and offer specifically to each person based on what they’re trying to accomplish with their business or personal life. From the first moment, they showed interest to know that they’re ready to make a purchase.
The average cost for one lead in an outbound marketing campaign is $332. If you have the budget for billboards, TV ads, cold calling and the likes, you can use outbound marketing to deliver excellent results in a little time.
3. Inbound Marketing
Inbound marketing is a customer acquisition strategy that encourages potential customers to come to their site or service through content and links. Low-cost inbound marketing can be accomplished through blogging, social media marketing, podcasts, and SEO copywriting. Search engine optimization (SEO) remains the best asset for reaching users looking online for specific topics or products and services.
The main benefit from inbound marketing is increased conversions due to trust between company and customer. Everyone appreciates hearing information about the product face-to-face rather than clicking on advertisements from anonymous sources all day long.
It creates a mutually beneficial relationship when both parties can see how they will benefit from interacting, creating a trust that translates into repeat customers. Marketing like this also proves less costly.
SMBs that work with an inbound marketing agency invest anywhere from $2500 to $12,000 per month or about $30K-144K annually, while those who manage their inbound strategy spend around $20,000a month.
4. Search Engine Marketing
Search engine marketing is an internet-based marketing technique designed to improve rankings on search engines, increase exposure, and attract web traffic. The purpose of SEM is to help those who need it find your business’s goods or services via the internet without even knowing where you are located.
The main benefit of search engine marketing is to improve SERP ranking. Businesses can use search engine optimization techniques to improve their SERP ranking, providing the main channel for attracting new customers and generating improved conversion rates.
This technique changes the “on-page” content to optimize how this page will be structured by Google’s spiders so that the page is crawled more often than other pages of its competitors. This content is geared towards keywords and phrases relevant to what a user might type into Google for queries related to the company.
When users click on these links within search engine results pages, they end up routed directly to the website, thus bypassing any distractions from affiliate marketing or advertisements.
Average SEO costs range from $2,500-$10,000 per month, and average SEO prices are around $100-250 an hour. Overseas companies may charge between 10 to 50 dollars hourly, which could be a cheaper option if looking for less costly alternatives.
5. Social Media Marketing
Social Media Marketing is a subset of internet marketing that focuses on the utilization of social media in order to achieve marketing objectives. Since their inception, businesses have been leveraging the power of new technologies to grow their brand while remaining profitable. Nowadays, social media marketing can be a great asset for smaller businesses that are looking for a specialty product or service.
The process of gaining traffic and advertising via social media marketing is one of the most common ways that brands and companies reach their target audiences today. Social media has changed the way people connect, learn about products and lifestyle businesses, consume information – so it should be no surprise that many businesses use it to promote themselves.
Social media marketing benefits companies by creating buzz for a company’s product. It also helps to build branding, create awareness and establish credibility. The point of social media marketing is to develop the public’s perception of your brand, which positively affects company revenue.
Social Media Marketing is not free like traditional advertisements and marketing campaigns. It requires more time to produce results, but many businesses believe SMSM gives them a platform where they can interact with their customers directly.
The average organization spends between $200 and $350 per day on social media marketing. It means that organizations will spend a staggering 6-10 grand every month or up to $72k+ annually.
6. Content Marketing
Content marketing is creating and sharing content to attract potential and current clients while also nurturing a relationship with these individuals. A successful content marketing strategy enables organizations to provide value by delivering helpful, important information that their audience needs. Such valuable information can range from opinions on popular topics to articles about certain products or services you offer.
Content marketing serves various benefits and purposes, including establishing thought leadership, educating and informing target audiences about products or services, capturing leads for future transactions, and increasing brand awareness. It increases the value that consumers get from interactions with your company by encouraging an emotional connection.
With content marketing, you’re not just attacking people with outright messages but providing them with articles that are relevant to their interests to make your product more appealing. Basically, the customer is much more inclined to be interested in what you were providing when they weren’t forced into seeing it.
The cost for content marketing can range from $5,000- to $50,000+ per month. Regardless of your business size or goals, it will take resources and budget to make this work effectively.
7. Voice Marketing
Voice marketing is a form of advertising or promotion where businesses use audio to communicate directly with customers, often over the phone. Voice marketing is a strategy in which businesses promote their products or services to people who’ve opted in for telemarketing calls on behalf of credible organizations.
The premise behind voice marketing is that it reaches the customer at a reasonable time where they are not engaged with any other medium and thus can more easily receive a process and respond to a message from a brand.
The benefits of voice marketing are that it is personal and immersive. Customers like the feeling of being heard, and they appreciate the customer service in this form. Voice Marketing generally generates a more personalized customer experience for the receiver of advertisements. It also includes understanding and interpreting the meaning of what you are saying.
While the cost of voice marketing is dependent per industry, the average voice over cost ranges from $100 to $249 per 300 words (up to 2 minutes speaking time).
8. SMS Marketing
SMS Marketing is a marketing strategy that uses text messages (Short Message Service) as its primary channel. Often the message comprises a commercial offer, but not always. An SMS can be part of an effective campaign to build and retain customer loyalty by generating repeat business, reminding customers of offers, or simply saying “thank you” to improve customer service levels.
The benefit of SMS Marketing is it can potentially increase customer loyalty with minimal effort immensely. Customers feel like they’re getting an exclusive service and are more likely to make purchases from people they recognize as trustworthy. It happens because texts somehow seem more personal as opposed to RSS feeds or emails for some reason.
SMS marketing is a cost-effective way to reach a large audience. Send text messages on any device, including your phone, tablet, and computer. Your message will go out automatically 24/7 at no extra charge to you or the recipient of your message.
You can either pay a monthly fee for keywords and texts, or you might buy them individually. The most common pricing model is between $5 to $25 per keyword with an additional charge of .01-0.05 cents per text message sent (depending on the company).
9. Email Marketing
Email marketing refers to the use of email as a platform for delivering an advertising message. Emails are sent in bulk and specifically targeted to individuals or groups who will not only be receptive but would also appreciate the offer being given. It is proven that customer retention rates are significantly higher for those targeted through a newsletter or other forms of an interactive email campaign.
The main goal is to send advertising and marketing information from a company through email. The benefits of delivering a marketing message through email are that it’s one of the most cost-effective customer acquisition strategies if done correctly. It also provides an ongoing opportunity for conditioned notifications about products and services when used with other tools such as social media display advertising.
The ability to test ads against each other helps identify ineffective ads with a minimal investment before running them live. It also allows marketers to capture detailed data on their prospects’ interest in their offers based on opens – clicks – bounces- deliveries records. It is an exclusive channel for reaching consumers who are not yet connected to your brand over various devices.
The cost of email marketing is surprisingly affordable for mid-size business owners. Spending between $9 -$1,000 per month on a self-managed platform or spending as little as $300-$500, if you work with an agency, can provide great results to any company trying to grow their customer base and increase sales without breaking the bank.
10. Influencer Marketing
Influencer Marketing is a strategic marketing technique that captures the attention of prominent social media users to promote products, brands, and services by endorsing them as their own. Most of these endorsements or campaigns are free for brands as influencers run ads that generate more awareness for the product/service on its website.
Influencers are discerning concerning what their followers want and need and can reach large amounts of consumers with proven track records. It has been shown that employing an influencer can lead to a significant return on investment (ROI).
There are several benefits of influencer marketing, including aggregated reach, a viral social media phenomenon that can be amplified many times. Additionally, the communication potential is more powerful because it can spread through channels such as blogs and hashtags. Finally, these influential people have large audiences and strong social networks, making them valuable to brands looking to build awareness among their target audience.
Influencers have the power to leverage their huge following to drive traffic back to your website by recommending products or ideas they think will resonate with their followers and then linking back for a commission on any sales made from those visits.
The cost of influencer marketing varies greatly depending on the level and number of partnerships you want to make. The most common is $1,000-10,000/year, with 19% planning to spend this amount in 2020 while 18% are spending between $100k-$500k per year.
11. Brand Marketing
Brand Marketing is a strategy companies use to differentially position their brand when competitors’ products are closely related. It aims to secure the loyalty of consumers to the company rather than the product by means such as advertising and other marketing tools. Brand marketing is the process of analyzing and managing a brand’s identity, which is predictably composed of consumer perceptions.
Brand Marketing has many different benefits. One such benefit is increased demand for a product by creating an emotional response in customers. It means that brand marketing can increase the demand for specific brands of products by using topics like popularity and appearance to create an emotional response in consumers.
Another major benefit that brand marketing holds is that it increases brand awareness and gets the message across to consumers more directly than other types of advertising would be capable of doing. The reasons behind this are that branding usually takes place over a lengthy period. During this process, consistent messages are being sent out by brands that help them reach their target audience.
The range of services is typically between $1,000 and $5,000. However, the more strategic you want to be with your branding efforts, the more you expect to cost a lot more for each hour an agency spends on this process.
12. Guerrilla Marketing
Guerrilla marketing is the idea of executing an event or action that attracts attention to a brand in a new and creative way. These guerrilla marketing tactics are most often used by small, entrepreneurial firms and artists who don’t have budgets for traditional marketing efforts.
The effectiveness of these unconventional advertising tools depends largely on how well marketers can execute them, as they do not happen naturally but are made up of little more than ingenuity, hard work, and a small budget.
The benefits are that guerrilla marketers often target areas outside their normal environment, which engages others who usually wouldn’t have been reached by the brand or its message. It would circumvent advertising clutter and hopefully increase messaging effectiveness as more people will see it.
The lower cost is another definite benefit since small companies with limited budgets can expand into new markets without spending too much money on brand visibility. It helps companies grow their word-of-mouth through customer testimonials and referrals.
Small businesses can spend less than $400 per month with guerrilla marketing, a more creative and cost-effective way to market. It takes only an injection of about $400 in cash for this type of marketing strategy that returns benefits as soon as or even sooner than traditional methods.
13. Affiliate Marketing
Affiliate marketing is a form of online advertising that entitles an affiliate to a share in an advertiser’s product revenue. The advertiser pays the affiliate within a mutually agreed period, such as monthly or annually.
Affiliate Marketing refers to the income that comes from an affiliate using links either made available on the company website or by their creative means to promote and sell the company’s product, such as an eBook. When someone visits one of their links and completes a given action like buying a product or filling out details for something free, they earn money based on the price paid (or conversion rate).
The obvious benefit of affiliate marketing is that it requires no upfront investment, meaning you don’t need to make as much money to reap the benefits. You just sign up for an online business and then promote their products on your site, blog, or social media pages.
You can create as many promotions as you want with zero investment because affiliate platforms handle all logistics and customer service for you. Then, they split the profits on each sale with you.
An average affiliate commission rate varies between 5% to 30%. Factors include the type of products and services, efficiency in converting prospects into customers, number of sales generated per customer on an annual basis (ROI), conversion rates for visitors are considered.
14. Partner Marketing
Partner Marketing is a joint venture between two or more companies that promotes the output of each company while working to produce mutually beneficial results. Partner marketing is a type of digital marketing in which you work with one or more businesses to promote their products.
One of the biggest benefits that come from participating in Partner Marketing is cost reduction. Companies will have fewer costs because they are no longer required to advertise and promote themselves and instead can easily outsource much of it to their partner company. This may also make them seem more trustworthy, as they don’t need any doggy bags either.
Another potential benefit is increased exposure – if one of the partners has a large number of customers interested in what the other offers, it could help both brands get new customers that would have entered otherwise had there been no such partnership in place.
For digital marketing services, you can expect to pay anywhere from $3000 to $12000 per month if your business is a small-to-midsize company (SMB) or up to $20000 for larger enterprises. The price varies depending on the number of channels and tactics used in each plan.
15. Word of Mouth Marketing
Word of mouth marketing can be defined as the persuasive talk about a person, product, or service that one prospective customer gives to another. This definition hints at its effectiveness in getting customers on board and telling other people about the company.
Word of Mouth Marketing primarily generates word of mouth traffic without any investment on an internet-based platform. Utilizing this form of marketing is more affordable than other forms such as commercials and print ads which require heavy investments upfront before seeing the payoff.
Word-of-mouth need not always cost money to generate results – many satisfied consumers have been heard telling their friends and family about products they are fond of cheaply, especially new ones they tried out themselves.
Word of mouth marketing is the most efficient form of marketing because it eliminates costly advertising and facilities. Word of mouth by customers is often one of a firm’s primary sources for acquiring new business.
Because firms do not have control over customer behavior, persuasion efforts must be directed towards making satisfied customers into loyal ambassadors that actively recommend the company they are such satisfied consumers.
16. Event Marketing
Event marketing is the process of making customers aware and inviting them to be present for a company’s event. Companies use event marketing strategies to create awareness, attract qualified prospects, and create positive word of mouth among different audiences.
In contrast to direct mail campaigns, which only target potential customers who have already shown interest in the product or service, event marketing attracts potential buyers who have not yet indicated their intention concerning engagement. The main goal is basically about spreading awareness of an upcoming campaign and educating consumers about your brand’s values and accomplishments while also acknowledging consumer needs.
There are many benefits of event marketing. We know that attendees are likely more receptive to your brand, as they’re present and have the time and attention necessary. Also, lots of your peers in your industry will be at events, so it provides additional opportunities for collaboration and networking with them.
The cost of event marketing is not definite. There are several factors to consider such as the event theme and number of guests, among others. As a general rule, businesses can spend up to 4% of sales revenue in event marketing.
17. Informative Marketing
Informative marketing is a strategy for engaging people by providing information about products and services. It can be in the form of text, images, or video. It is a strategy for creating brand awareness through various messages that provide information without the expectation of immediate conversion.
In its purest form, informative marketing makes claims, provides objective data such as research findings or case studies, along with expert opinions from subject matter experts on items like health benefits or performance enhancement potential.
Through this approach, brands can increase consumer knowledge about how products work and why they are better than competing products to raise concerns over competing brands’ efficacy and value.
The benefit of informative marketing is that it isn’t directly selling anything. Hence, it educates people and creates a positive emotional reaction while not always requiring any kind of financial purchase.
The goal here would be to offer valuable content in your market niche or industry on an ongoing basis and use it to build relationships with readers you wouldn’t otherwise be exposed to.
Neuromarketing is a discipline that studies how consumers’ neurological, cognitive and emotional states are affected within an economic exchange. It is the study of how we react to advertising and other marketing messages in our brains.
For example, companies find it interesting to know what shapes a consumer’s judgment at different stages of their decision-making process, like unconsciously identifying an advertisement or consciously responding to it.
The benefit of neuromarketing is that advertisers can understand how consumers perceive and relate to their products. Traditionally, advertising focused on the information from mass media.
For example, billboards focus on having a clear message for viewers while outliers like subliminal advertising are banned as deceptive. Neuromarketing takes a more hands-on approach by measuring neural responses to predict consumer perceptions better and purchase intentions. Using brain scans in marketing may sound odd, but even competitive research teams use neuromarketing techniques.
The price of neuromarketing is outrageous. A single fMRI machine can cost up to $5 million, and the setup costs are equally expensive at twice that amount. For a research group of 20 people, it may already be too much for you as well, which would mean paying more than $10k just for their time.
19. Buzz Marketing
Buzz Marketing is an emerging trend in marketing that utilizes social media-based communication to create awareness with consumers or leads. BuzzFeed marketing is a tactic where people are influenced by social media and word of mouth to talk about what they like. You can use this to market whatever you want.
To take advantage of a product or service, you ask your followers to broadcast it with enthusiasm for the company. It generates an increase in business as well as buzz around the advertised thing.
Buzz marketing is an effective tactic that companies use to create a positive word of mouth buzz about their products, which in turn gets more people talking about the brand and ultimately purchasing it. It can also help large brands stay marginally competitive against smaller, newer brands that don’t yet have the same customer reach and awareness.
The cost in buzz marketing is wide ranging. The average cost for buzz marketing is often significantly less than traditional marketing methods. It can cost around a thousand dollar minimum.
20. Video Marketing
According to a Wyzowl survey from 2021, 87 percent of marketers believe video provides a good ROI in their marketing approach. Video can increase brand recognition, create conversions, and complete transactions, whether it’s for your website, YouTube channel, email list, or social network following.
How to Use Marketing More Effective?
To use marketing effectively, do it in ways that don’t feel too pushy. Transparency with your customers can often be a more effective tool than forceful PPC campaigns or SEO strategies. You could, for example, try to pump your most recent blog posts into platforms like Facebook or Twitter and see if anyone reacts positively to them.
If they share them with their friends, then you know you’re on the right track, and you should replicate this type of message-sharing messaging campaign. You may also want to consider emailing your current subscribers about the latest piece of content that’s being released and letting them know what else they can expect down the road from your company.
It will help future clients anticipate how much value they might receive from your company and set expectations accordingly.
How to Choose the Right Audience in Marketing?
To choose the right audience for your marketing strategy, begin by doing a lot of research. It’s essential to research before jumping into a market. The simplest thing you can do is prepare questions about your brand, product or service, and competitors.
Once you get the answers for these questions, even just a few of them, it’ll give an idea about who should be interested in what you’re selling, which will help with marketing decisions like target audience. Still, Google, social media groups, and communities are good tools that might have already done some work on this, so don’t overlook those either.
A lot goes into understanding whether there’s interest in your products before diving headfirst without doing any background knowledge-gathering – preparation may seem simple at times as basic questionnaires completed by asking yourself, ‘Who would want my services?
It would also be good to start by understanding a few demographics. With that in mind, let’s dive into what demographic factors are most commonly associated with different types of audiences.
Demographics is not about which school a person went to or whether they can speak English or Spanish – it’s about who we see out on the street each day and who we know personally. Every day, there are people around you whose interests you might know nothing about but who will help push your product in front of people like them. If they see it placed where they shop and browse.
Come up with a game plan for how to monetize your target market. How can you integrate into their life and make them feel like they need what you’re selling? What features will bring the most value to those who use it or have access to it?
When determining if your product fits within an individual consumer profile, one important consideration is figuring out where else this customer might encounter other brands that compete with yours.
How to Reach Out to the Audience via Marketing?
To reach out to the audience via marketing, use your data. Data is the lifeblood of every marketer, and we can tell so much about our customers just by looking at it. We know what brings them to us, how they behave when they get there, who’s talking about us online – even if that person doesn’t follow or Like anything on Facebook. Marketing has never been more potent than now. Today, data provides a competitive advantage like no other time in history.
Additionally, speak their language. Don’t let your business speak a language that doesn’t reflect the needs of its audience. You need to know and understand them better than anyone else, for you want them to connect with their desires successfully.
Social media is a goldmine of information if you know how to read it. Simply by using the right tools, or even just paying attention as people chat on social networks like Facebook and Twitter, we can learn more about them than they might think of themselves.
How Can Marketing Affect Your Company?
Marketing can affect how your company does because it allows companies to reach more people more easily than they otherwise would have been able to. In turn, it will enable the businesses to access larger markets so they can grow their companies. Additionally, when done correctly, good marketing campaigns can increase customer loyalty for the brand being promoted while also enhancing brand reputation.
Marketing is a form of marketing that emphasizes the exchange and transfer of goods from producers to consumers. A company will employ its marketing efforts to promote products. Despite this, the goal of marketing is not always to sell a product by any means. Rather, it’s about connecting with people, creating an emotional bond, and meeting needs or desires, and educating potential customers.