A marketing Strategy is a long-term and overall game plan for achieving the company’s goals by understanding the customer need and connecting them to the company. Marketing is not all about only advertising, posting and selling. But also to build the customer’s relationship with the company and The relation of the trust among both.
Marketing Strategy is a broad technique from the company’s positioning to media relations, strategic partners, channels and tactics.
A marketing plan for your business is essential for any company’s success. Read the following 7 Types Of Marketing Strategy necessary for a successful business.
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7 Types Of Marketing Strategy
Once you have developed Marketing Strategies, you need to work on the seven P’s of marketing or 7 types of marketing strategy to evaluate your products and customer need.
These are as follows
- Product
- Prices
- Promotions
- Place
- Packaging
- Positioning
- Peoples
These are the 7 P’s one should know and understand for successful business and to surpass competitors.
01. Product
To begin the game with the product, build your habit of asking your marketing manager whether this product is worthy? or is the right business this time to do. Do people need it? Is your product or all products of the company suitable for customers today?
Whenever you have difficulty selling any product, Ask if that product is suitable for today and is with customer needs. Always do a competitor analysis and assess your products and what different you are offering to your customers.
Is your product or services adding value to your customer’s life? If yes, then what? If not, can you add some superiority to the product to sell in the current marketplace?
02. Prices
The second P in the 7 types of marketing strategy is price. Must develop the habit of assessing the costs of the products continuously. Compare your prices whether it is suitable according to the market or not. Sometimes you need to lower the price.
Also, sometimes companies have to raise prices because they find that they are not converting to profit. So they price up the products. This may lower their sales, but the remaining sales generate good revenue.
Sometimes you have to change terms and conditions, and sometimes you can sell for a more extended period with a high process to create good revenue compared to what you are generating today.
In a business where you face resistance, you have to assess your product’s price, be open to revising the prices of products, and check whether it is suitable for the current market.
03. Promotion
The third p of the 7 types of marketing strategy is promotion. It would be best if you always thought about the promotion. Advertising is how you tell your customers about your products and how they can purchase them.
Small changes in your marketing can give you drastic changes in sales. Small changes can give you 10x more deals. An experienced copywriter can increase 500x sales just by changing headlines on advertisements.
04. Place
The fourth P in these 7 types of marketing strategy is the place where you sell products. You should develop the habit of reviewing the location where customers meet the salesperson exactly. Sometimes little change in the place can boost your product sale.
You can sell products in different places. Some companies sell directly. Some send their salesperson out and meet customers and describe the products. Some sell in catalogues or through email. Some collaborate with the companies of the same product and sell there.
05. Packaging
The fifth P’s of 7 types of marketing strategy is the packaging. Develop the habit of standing out and looking at every visual element of packaging with a critical eye. Remember the customer has a bad or good gesture about your product from packaging too in first 30 sec of seeing the packaging.
Minor improvements in external looking or visuals can lead to an entirely different reaction from your customer. Regarding packaging, customers first interact with your company after purchasing your product, so make it outstanding.
06. Positioning
The sixth P’s in 7 types of marketing strategy is positioning. You should develop the habit of thinking about how people feel about your company and products. What is in their mind and heart? How do people think and talk about you when you are not present? What positioning does your company have in the market in terms of specific words they use about you and your company?
According to attribution theory, most customers think about your company as an individual about a product, sometimes about your excellence, sometimes about customer care, with readily mind how quickly they purchase your product.
07. People
The event P’s in 7 types of marketing strategy is People. Make your habit of thinking about the people inside and outside your business, and you will be responsible for every sale and marketing strategy.
It’s fascinating how marketers, Enterpernure and influencers have to think about 7 types of marketing strategy and think about every single person and how they feel and act. You have to find a reliable person with the skills and abilities to do the job you need to do.
To be successful in business, you have to think about everyone who will take responsibility and do tasks with these 7 types of marketing strategy and follow all P’s of the process. In many cases, you can not move forward until you find out the correct person in the right place to work.
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