In the world before internet, marketing strategies were different. It was a fact that if you invest in the marketing, you are going to increase your performance. You just needed to have a product or a service and advertise it in creative or shocking ways. However, a lot has changed since then. The aforementioned techniques may not work these days. Modern customers require modern persuasive techniques to be attracted to the product or the service. This is the reason why businesses spend millions on marketing. Global media owner advertising revenue is estimated at over $517 billion. It is expected to cross $630bn in the next three years.
Many marketing gurus on the internet will suggest some guaranteed-success strategies, but every business is different and that is why one should consider several aspects before following them blindly. Competition is tough in every sector and one has to be different from others in terms of advertising as well. The goal of marketing is to present your service or products in a way that the target market should get convinced. Here’re are some essential business marketing strategies that work in almost every kind of business.
The cost of a product or a service is one of the vital factors that affect the purchasing behavior of the customers. Customers compare the products or the services by their price in the first impression. Today, low-cost companies are based on this strategy. Normally, they lower the costs of their businesses, outsourcing services, innovating in distribution, or developing new technologies to offer services or products at a cheaper price than their rivals.
Airlines and malls are great examples here. Customers always prefer services or products that have lower prices than others. If you are in any business sector where you are able to charge the lowest price in the market, this is your strategy. You should communicate the rest of the values that your service or product provides so that customers can know how it is different from other cheaper alternatives in the market.
This could be a great marketing strategy for the business that can endure offering free services or products. In the past, we have seen many companies offering one product with another to boost their sale, and it worked. Customers love free stuff and that is why this strategy could be the best for you. Many surveys have stated that customers tend to turn to free perks offered by the business. This can be perfect for you if you are new in the market. This way, customers can test your products or services without risking their money.
Online streaming services and online casinos are great examples here. Streaming services like Netflix, Disney+, Prime Video, and many more offer a free trial of the month so that customers can get familiar with their services and then pay money. Similarly, online casino platforms offer free slots, free bingo, free poker, and many other games to attract customers to play real money games. This strategy can work best if you are able to deliver quality and persuasive service to the customers with the freemium offers.
Coupons and Offers
This is one of the classic business marketing strategies that can be used even in modern businesses. In order to boost sales, many businesses offer several discounting offers and coupons on special occasions. If you want to sustain the competitive market, you have to provide discount coupons and deals to the customers. This tactic is applicable whether you are in a business of products or services. Customers never want to purchase products at the maximum retail price.
Online shopping sites are the best example here. Most online stores offer various coupons and deals to entice customers. No matter there is a festive season or not, customers get attracted to purchase any service or the products at cheaper rates. You can promote them in newspaper for the local market. If you are in a business, where you can provide coupons to loyal customers or special deals on weekends or festivals, you will witness a boom in a sale.
Modernize the Business Model and Improve Customer Experiences.
The success of a business does not always depend on the product or the service. Customer experience also matters a lot here. You need to create experiences that your rivals cannot copy. This is called experimental marketing. Customers move away from the product and focus on the experience of that product.
An example of this strategy can be the night shopping where the stores open at night in a festive atmosphere or the bookstores where you can have a coffee, attend talks, and read the books before buying them at comfortable tables.
This is a great way to attract more customers to your business. Without spending a lot of money on other marketing tactics, you can reward your customers who bring new customers. This can work in the service businesses. Loyal customers who love your services will obviously refer you to their friends. But rewarding such customer encourages them.
Software and app companies are great examples here. Many apps offer “refer and earn” programs, where both, new and old, customers get some good deals. However, it is essential to provide quality services so that the users stay for a long time.