Marketing is an embedded component all businesses. Whether a business owner is aware of it or not, he or she is engaging in some form of marketing, from the pricing of the product to the layout of the store. The difference lies in the degree of knowledge one possesses about how to effectively market.
Contrary to some beliefs marketing begins internally. Marketing begins with market research, identifying competitive advantages, understanding pricing strategies, assessing location and distribution, identifying target markets, and so on. These things must be done effectively in order for communication marketing efforts to work.
Communication marketing, or promotion, is what people tend to think of when they address marketing needs. This is where the advertising and external marketing come alive. From here on, we will refer to these specific needs when referring to marketing.
Determining the best marketing strategy for a particular business depends on several factors, including the budget. This why most small companies don't consider TV as an outlet; they simply cannot afford television advertisements. To get a good air spot is extremely expensive and there is a risk of no return if the ad is not well received.
Radio ads
Getting a radio spot is relatively inexpensive; however with the emergence of new technology and changing consumer behavior, radio is beginning to phase out in many ways. For example, the young demographic has replaced the radio with iPods. Radio also faces a short advertising life because of the lack of visual treatment and the lower comprehension and retention rates by the listener.
Print ads
Print advertising can be effective and is less expensive than broadcasting. The most important thing to remember if you're seeking this avenue is not to forget your target market. Don't just choose a publication because it has a high circulation or you enjoy reading it. The larger the circulation the more expensive the ad space, and if you're not sure that its reader base embodies the customers that you are trying to market to, then this just amounts to wasted marketing dollars. Look for a niche publication that narrowly focuses on the market your business is trying to tap into.
The great things about print ads are they have long advertising life, geographic selectivity (newspapers), and a high pass-along rate. The downsides are that they have a slow audience buildup, a long lead time, and can go unnoticed among other ads (i.e. 1/8 page ads).
Direct mailers
A direct mail campaign can be a good way to appeal to new customers. This can get a little pricey, but it is rather easy to figure out whether the benefits outweigh the costs. With direct mail you know exactly how many households will receive your ad - it may be 10,000 or 20,000, or whatever. You also know the area in which the mailers will circulate. With some research you know the demographics and average household incomes as well. You can figure out how many customers you must reel in to cover the money you put out for the mailer. You can make a reasonable estimate (make it on the low end) of how many people will respond to your ad based on the research you have done. Now you can better decide if this fits into your marketing repertoire. If so, make sure you track sales to find out who's responding to the money mailers.
The Internet
The Internet has revolutionized the marketing world in several ways. In this new age of technology, everyone is connected to the web. With the keyword driven ads of Google, you get selective, national advertising. The great part is, you pay when your ad gets clicked on, so there is a guarantee, with the exception of some scenarios, that you are actually paying when viewers look at your ad or go to your website.
Blogging is another form of Internet marketing that is experiencing a great deal of popularity. Also, linking up with an affiliate site is a way of maximizing your money spent. Affiliate sites often act as directories and attract customers that are interested in a certain market. If an affiliate site fits your particular market, you can put a link to your website on their site. You then pay a transaction fee for a purchase made through their site, or you can pay by lead or per click.
Guerilla Marketing
If bootstrapping is the name of your game, then guerilla marketing is for your business. Guerilla marketing essentially diverts attention away from the monetary component of advertising and focuses on using time, effort, and creativity to the company's advantage. Guerilla marketers understand the importance of retaining customers and are effective at managing customer relationships and one-to-one marketing, and rely heavily on referrals.
Guerilla marketing also utilizes creativity byway of plastering their business name everywhere large amounts of people travel through or congregate. Guerilla marketers will utilize automobiles, signs, the internet, the free press, and their clothing. They will use flyers, social networking, and even rent people. Guerilla marketers have been known to cater to the customers' needs and allow them to partake in the customization of their purchase, in return for word-of-mouth promotion.
There are tons of ways to market your product or service, but it seems that the companies that do it most effectively know how to diversify their marketing campaign and creatively connect to their customers.