Marketing… what does it even mean? In this blog, we’ll break intricate marketing concepts into simple words. Understanding and applying these concepts is not just a trend but a necessity for the growth of your business. As marketing continues to evolve, it’s crucial to be familiar with these concepts and put them into practice during your next product release.
Content Marketing:
Once you have created your marketing campaign, organized it into interviews, articles and blogs and finally advertised it through different mediums, you have essentially practiced Content Marketing. It’s about gathering information from blogs, market research, articles, white papers and user-generated content and turning it into something attractive and engaging to your audience.
Global Marketing:
The four Ps of global marketing are product, price, place and promotion. Before promoting your product, you must ensure that it fills a gap in the market by completing market research. Market research helps you determine what consumers want but aren’t getting, and what product can fill in this gap. This will give your brand a competitive edge because consumers can only get what they are looking for from your company.
Price can sometimes be tricky because a business must ensure its price meets its profit objectives while being accessible to its target market. Businesses can consider many pricing strategies, such as value-based pricing, which is pricing a product based on what the company believes consumers are willing to pay, rather than a company’s profit margin goal. This is a consumer-centric approach, as the product’s price is determined by what consumers believe it is worth.
Another example of a pricing strategy is competitive pricing. This is when the company prices its product based on what competitors charge. A company may set a lower price than competitors in order to attract customers and gain competitive advantage.
Place involves using distribution channels to send your products to locations where your target customers can easily find it. For example, if you are a high-end luxury shoe retailer, you can sell your shoes in Nordstrom to target high-income customers. On the other hand, car parts can be sold at auto part stores or online.
Lastly, promotion is the most essential part of the four Ps because to sell a product, you must ensure people know about it. Promotion methods range from traditional advertising methods like print advertisements, TV commercials and positive word-of-mouth marketing to modern marketing methods like content marketing, email marketing and social media marketing.
Brand Strategy:
Branding is about the “personality” given to a business’ products to help differentiate it from others and communicate a business’ story to consumers. Your products’ brand is a unique selling point, making it a key reason customers decide to purchase from you instead of another brand. Communicate your business’ values, voice, identity and story through your brand and ensure those themes resonate with your products. In all consumer touchpoints, companies should communicate a consistent brand identity. And remember, at the end of the day, this brand needs to appeal to and attract your target audience.
And there you have it! We’ve broken down these big marketing strategies into digestible bites to implement in your business. Put these strategies into practice and thank us later, AVtweeps.
