These elements are some of the top business marketing strategies available today:
- Social Marketing
According to the American Marketing Association, marketing is defined as the following: “The activity, instructions, and process for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and Society at Large.”
First, it is important to understand Wants VS. Needs. We may want a Lamborghini in our driveway while needing a vehicle more reliable for regular transportation. Because of this nature, many customers weigh all of their options when looking to make important purchases.
The next important thing to consider is demand. Demand is at its peak when Wants & Needs are leveraged with the ability to pay. This, in turn, results in a high likelihood of sales.
Below are the five key business marketing strategies every healthy business should be aware of, and commit to which one works best for them:
Production Strategies are best for companies geared for production, manufacturing, and maximum efficiency. They believe that affordable cost and easy accessibility to their products are the keys to success. They would rather have low costs and high manufacturing output to saturate their market. Companies that follow this strategy believe in the economics of sales, decreasing overall costs, and finding the most efficient production methods.
Product-oriented businesses believe in quality over quantity. A great example of this approach can be seen by Rolex. Rolex polices the handcrafting of every watch, using only the finest parts assembled with the best labor. They know this will result in the most impressive products offered in their market. This commitment to quality is reflected in both the cost of marketing and performance of their products.
A company that utilizes a selling strategy is more likely to aggressively sell its products while putting a lesser priority on customer relationships. Customer satisfaction is not the most important goal, and in most cases, does not turn into repeat sales. Products are typically easier to find, however, due to efficient marketing techniques and advertising that are the cornerstone of success of this strategy.
Unlike the sales strategy, the marketing strategy places the consumer first. They typically build upon information that is gathered from and about their consumer audience. This can be seen from companies that have high brand recognition and loyalty from their consumers. Consumers are much more likely to return and in some cases become brand ambassadors for their favorite line of products.
Social Marketing Strategy
The more mainstream of all the strategies, the social marketing strategy relies mainly on the well-being of the customer and society as a whole. This strategy emphasizes the Wants & Needs of the public, believing that communication is paramount.
A strong company will utilize a logical blend of business marketing strategies to create an ideal, more complete, business plan. We at OCGnow know how important it is to implement these strategies with the workings of your business and offer a comprehensive consultation for businesses both big and small. Feel free to take a look around our website or give us a call for more information at (904) 600-3600.