What Are The 4 Types Of Marketing Strategies?
According to an Article published in Harvard Business Review in 1957, there are four various different types of Marketing Strategies to ensure the growth of your business.
According to the same Article, these four different types of marketing plans identify the different types of investments and activities which are related to them in some way.
But, What are Those Strategies?
According to a Famed Marketing Agency in Harrisburg, the four different types of strategies:
1.Market Penetration Strategy:
If you choose to sell existing customers to your existing customers, this tactic is known as market penetration marketing strategies.
This marketing strategy happens to be the best strategy if you want to gain customers loyal to your brand. When you gain customers loyal to brand, you will have to not worry about the many competitors that may exist in your market.
In order to increasing brand loyalty amongst your customers, it is essential that you increase the frequency of product use and also convert more people to being your customers.
You can use various kinds of marketing communications to increase your brand loyalty too. Moreover, you can also increase the availability of your products following various marketing activities.
In this strategy, it is very essential to realise a window for growth and introducing newer uses from your product. This way, you might end up increasing the usage frequency, as well as generate newer clients.
2.Market Development Strategy:
When you strive to sell your existing products in newer markets, this strategy is defined as a market development strategy.
There are many different things that might fall under the category of this specific marketing strategy. One of the many examples of this marketing strategy is entering new geographical markets, ie. International markets.
Now, in order to make this strategy successful, you must ensure to create awareness amongst your clientele about your products. This is one of the key aspects of ensuring success of your business.
If you are looking for examples, then you must look at the restaurants that have moved to the International markets. It is very important to increase the awareness of your products. Not only that, you must also be quick when it comes to creating different distribution channels. This is one of the most important things to do to ensure that this marketing strategy works for you.
3.Product Development Strategy:
Marketing experts define product development strategy as the strategy in which you create new products that you then sell to your pre-existing customers.
Without a doubt, this marketing tactic is the most common marketing tactic.You will also notice that there are many firms out there that use their relationships with their customers.
One of the most prominent examples of this case is the American Express. The said firm has leveraged the relationships it has with it’s customer card customers to sell travelling services too.
In the same way, there are many cable television companies that have used their pre-existing clients to sell their Internet and telephone services as well. Having said that, you must keep in mind that this strategy requires a lot of Research and development.
You must make sure that the products that you launch do not falter in any case. Although ensuring this might take time, but it will make sure that you are able to sell effectively.
This Kind of strategy involves introducing newer products into different new markets.
When someone is adapting this business strategy, it basically means that they are totally creating a new business overall. This happens to be the most risky strategy out of all the options that we have mentioned.
But, that’s not all. Marketing experts also have something to say about this marketing technique. They believe that if you try out his strategy, you will have to have patience to see a returns on whatever investment you put in this strategy.
People resort to many different marketing strategies when it comes to making their business take the flight. Hopefully, this article will help you classify different marketing Tactics into four major categories.