This post is going to be a little more high-level than what I typically write, more or less for my own interest. While I love to talk with you about nitty-gritty things like social media, youtube, and other topics, I rarely talk about the theory behind it all. That’s where this post is coming from; laying out the classic tenants of marketing to give you a better understanding of the science behind it all.
Today I want to start with laying out the different types of marketing strategies commonly used and how to develop a strategy. Marketing development strategies are essential for businesses of all sizes. They help companies identify and target new customers, create new products or services, and build relationships with key stakeholders.
But which development strategy works for your business? Here are three you should start with.
What is a Marketing Development Strategy?
It’s hard to define marketing strategy without first understanding what marketing is. Marketing is the process of creating value for a company through the creation and distribution of products or services.
Opinions vary on this but in my mind, there are 3 types of marketing strategies: product, service, and mixed.
Product marketing involves developing, pricing, and promoting products to reach consumers. Service marketing focuses on creating customer relationships that result in customer loyalty and repeat business. Mixed marketing combines elements of both product and service marketing by using five key components.
Types of Marketing Strategies
Type 1: Product
Product marketing involves developing, launching, and selling products. Product marketers typically work with engineers to create new products and improve existing ones. They also oversee the production process and work with sales teams to ensure that products are sold in a profitable way.
One advantage of product marketing is that it allows businesses to control the entire product cycle. This means they can decide when products are released, how they’re marketed, and what prices they’re sold for.
Product marketing can be done in a variety of ways, including through traditional channels such as advertising and retail stores, or through new channels such as social media and online reviews.
Type 2: Service
Service marketing focuses on creating customer relationships that result in customer loyalty and repeat business. Service marketers work with customers to identify their needs and then develop solutions that meet those needs. They also ensure that the customer experience is positive by setting up quality control processes and training their employees.
One advantage of service marketing is that it allows businesses to focus on one customer at a time. This means they can personalize the service they provide and ensure that customers are always satisfied.
Service marketing can be done in a variety of ways, including through traditional channels such as advertising and retail stores, or through new channels such as social media and online reviews.
Type 3: mixed
A marketing mix is one of the more popular types of marketing strategies since it combines the best of both worlds. However, there’s a process to it that involves a set of five components that together determine how a company will market its products or services. The five components are product, price, place, promotion, and distribution.
Product marketing focuses on developing and releasing new products. It can be done through traditional channels such as advertising and retail stores, or through new channels such as social media and online reviews.
Price marketing focuses on setting prices for products so that they’re affordable for customers and profitable for the business. It can be done through traditional channels such as advertising and retail stores, or through new channels such as social media and online reviews.
Place marketing focuses on where products should be sold in order to reach the most customers. It can be done through traditional channels such as advertising and retail stores, or through new channels such as social media and online reviews.
Promotion marketing focuses on getting the word out about a product or service. It can be done through traditional channels such as advertising and retail stores, or through new channels such as social media and online reviews.
Distribution marketing focuses on getting products into the hands of customers. It can be done through traditional channels such as advertising and retail stores, or through new channels such as social media and online reviews.
How to Implement a Market Development Strategy for Your Business
To implement a market development strategy for your business, you should:
1. Research your target market. When starting a business, it is important to do your research so you can target the right customers. You cannot sell to everyone; you need to pick a group of people who need the solution you’re creating and focus solely on them.
2. Identify the needs and wants of your target market Before you can use any of the types of marketing strategies for your business, you must first understand the needs and wants of your target market. Consider their pain points and what problems they’re looking to solve.
3. Develop a plan of action. Once you have identified the needs and wants of your target market, you need to develop a plan of action. This will outline what you will do to reach your target market and meet their needs.
4. Implement your plan of action. Once you have developed a plan of action and implemented it, be sure to track the results. This will help you determine if your strategy is working and if you need to make any adjustments.
5. Adjust your plan of action as needed. If you find that your plan of action is not working, you will need to adjust it accordingly.
6. Repeat the process until you achieve your desired results. In order to maintain success with your marketing strategy, you will need to repeat the process until you achieve your desired results. This will require patience and dedication, but it is well worth it in the end.
Final Thoughts
Marketing is an essential part of any business, and it is important to have a plan of action in place to ensure success. Don’t try to implement all types of marketing strategies at once; start with one and add on as you go. That way, you can track your progress and make adjustments as needed.
