Marketing is all about planning, setting concrete goals and consciously selecting suitable marketing strategies. In this article, we will talk about different marketing strategies with examples and you will learn about proven methods from offline and online marketing and find out what is particularly important for success. We will show you an example of what the development of an overall marketing strategy might look like in practice.
Table of Contents
What is a Marketing Strategy?
Marketing strategy combines all measures for the orientation of a company on the market in terms of its overall strategy. These include sub-strategies from the four areas of the marketing mix, also known as the 4 P’s: Product (product policy), Price (pricing policy), Place (distribution policy) and Promotion (communication policy). Often marketing is identified with advertising. But advertising measures are only one of several strategies from the field of communication.
Stay tuned for more information in our ultimate guide on marketing strategies with examples.
Steps to define a Marketing Strategy
Never apply individual marketing measures without a plan; instead, proceed strategically and work out a well-founded overall concept. To do this, the following steps are necessary:
Analysis of the current situation
For this task, among other things, the SWOT analysis is suitable, which illustrates strengths, weaknesses, opportunities and threats. For instance, examine the current market share, your corporate image and sales.
Objective
Starting from the results of the analysis, formulate strategic goals and also define the timeframe for achieving them. For example: In the next two years, the market share of product A should increase by 30%.
Defining the measures
Select from the possible instruments and marketing strategies those with which you can achieve the set goals.
Measuring success
Regularly monitor the degree of target achievement with suitable key figures. If results are insufficient, change the strategy.
In order to develop an effective marketing strategy, you must be aware of possible sub-strategies. In the following, you will learn more about them. Stay tuned for more information in our ultimate guide on marketing strategies with examples.
Different Types of Marketing Strategies
Marketing strategies can refer to any of the four areas of the marketing mix. The most appropriate in each case depends on the company’s individual situation and the goals it is striving to achieve. The list below is not a complete list, but only lists a few examples:
B2B marketing strategy
To business customers, suppliers have to pay attention to different issues than when marketing is intended to appeal to end consumers. As an example, purchasing decisions are frequently made by more than one person, and opportunities for information are more important than in the B2C sector.
International marketing strategy
When you want to enter international markets, you must proceed differently than when you limit yourself to the national market. Besides the different competitive situation, cultural differences are especially important to consider.
Online marketing strategy
Online marketing offers exciting opportunities that are based on the daily lives of most people. Often, however, a combination of online and classic offline strategies makes sense.
Market development
Use this marketing strategy when existing products are to be introduced into new markets. As an alternative, a product development strategy would involve developing new products for a market in which a company is already well established.
Promotional pricing strategy
Occasional, temporary price reductions are intended to stimulate the market. This should be distinguished from the predatory pricing strategy, in which products are sold below value to capture market share.
Skimming strategy
A company introduces new products to the market at a high price, thereby skimming off good profit margins. A while later, the price drops. For example, this works in the market for technical equipment, as clients are willing to pay more for innovative products.
Specialization strategy
One company may specialize in a relatively small product line ( for example, printed items) and sell it in several markets (for example, advertising, office equipment, gift items). Alternatively, it may specialize in one market (for example, sporting goods) and sell many different products in that market (e.g., clothing, equipment, sporting goods).
In the following two sections, we will look at specific marketing sub-strategies, which are mainly related to the area of communication. Here, a differentiation is made between classic offline strategies and online marketing.
Stay tuned for more information in our ultimate guide on marketing strategies with examples.
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7 Classic Marketing Strategies That Work
While marketing strategies in the online world offer many interesting possibilities, each classic method also has its advantages. When choosing and combining measures, consider how best to reach your target group.
Direct marketing
Direct marketing is typically more individualized than other classic marketing strategies. For example, you can achieve this by using personally addressed letters, using catalogs whose content is tailored to the recipient’s interests, or by directly addressing customers at the point of sale or in public.
The aim is often also to trigger a reaction or a dialog, e.g. via reply cards, questionnaires or the request for a telephone call on advertising materials. This engages the attention of the addressees and provides management with valuable data.
Sponsorship
From the point of view of a company, the aim of sponsoring is to enhance the awareness and image of its own brand. The sponsor supports an athlete, a cultural event or a social organization financially or materially, for example. It is contractually agreed in what form the sponsored party will present its sponsor’s brand in return.
As shown above all by many successful examples from sports sponsorship, often the effect is that strong emotions are linked with the brand. Be careful to sponsor a cause that is important to your own target group. An ecologically oriented company, for example, could support an environmental organization.
Referral marketing
When a customer is very satisfied with your company, they will ideally recommend it to others. For you, this is a free and very effective form of advertising, one that you can promote with targeted referral marketing. There are several ways to do this, including:
- Ask customers to
- Reward successful referrals
- Give out vouchers not only for the customer, but also for their acquaintances
- Ask for references, which you can publish (for a reward)
- Encourage communication about the company, e.g. through give-aways with advertising imprints or events
Engage not only customers in your referral marketing, but also employees and partners in business networks. Particularly smaller companies often benefit from networking and mutual referrals.
Event marketing
Providing events is something that are not commonplace, so they attract attention. They get the company talked about and provide a space for cultivating contacts as well as showcasing what the company has to offer. Participation in events as well as organizing such highlights yourself can be part of the marketing strategy. Examples are:
- Participation in trade fairs
- Company tours
- Lectures, seminars, conferences
- Cultural or sporting events
- Charity events
- Family celebrations
- Hands-on activities and competitions
A lot of events have the potential to trigger positive emotions in the target group, and this in turn promotes customer loyalty. In this connection, it is a good idea to capture special moments by photo or video and share them on social networks.
Guerrilla marketing
One of the distinguishing features of guerrilla marketing is that it is eye-catching. It belongs to the marketing strategies that require a lot of creativity and unconventional thinking, but that do not necessarily have to cost a lot. The campaigns often appeal to emotions and sometimes are polarizing.
From unusual public space installations to original reactions to current events or staged sensations, guerrilla marketing may take on a wide variety of forms. That actions often go viral on social networks and therefore significantly enhance the effect demonstrates in turn that marketing strategies from the offline and online sectors can be combined well.
Voucher marketing
Targeted issuing of vouchers is one of the classic marketing measures that are simple but effective. You essentially achieve two effects with them: First, you give your customers a treat and reinforce customer loyalty. Second, you use vouchers to encourage further purchases. Most often, they are used to grant price reductions, but free services or small gifts for the next purchase are also conceivable.
There are numerous opportunities and occasions to distribute vouchers, for example:
- Special promotions, e.g. via flyers
- Directly before or after a (larger) purchase
- Birthday or Christmas vouchers for existing customers
- For special events such as new openings or company anniversaries
- Rewards for recommendations or customer loyalty
Alongside classic paper vouchers, voucher codes that can be redeemed online are gaining in popularity, as are barcodes or QR codes that are provided for redemption in stationary retail via apps.
Corporate identity
The corporate identity contributes to branding and must therefore not be ignored in the context of marketing strategies. Be it in design, communication or employee behavior, uniform standards improve the public’s perception of the company and strengthen customer loyalty.
As a founder, you should already decide on suitable corporate colors and a logo (corporate design). A memorable slogan also appeals to customers and increases brand recognition. Stay tuned for more information in our ultimate guide on marketing strategies with examples.
7 Successful Online Marketing Strategies
Since people are increasingly active online, marketing should also reach them in this way. In comparison to traditional marketing strategies, online methods offer more opportunities, especially in terms of customizability and measurability.
E-mail marketing
For companies, e-mail marketing via newsletters is a relatively inexpensive and effective way to remind customers and interested parties from time to time and to introduce current offers. To do this, however, companies must not only know the e-mail addresses, but also obtain the consent of the recipients to receive the e-mails.
Nonetheless, many advertising e-mails are deleted unread. In order to prevent this, newsletters must be designed attractively and contain valuable information for the recipient. They also should not be sent too frequently. In this regard, customization is an advantage, which can also be automated with the help of CRM tools.
Social media marketing
Raising awareness of your own brand, attracting new customers and boosting loyalty with existing customers is what social media marketing is very suitable for. Make use of networks that are interesting for your target group, post interesting content regularly and respond properly to your users’ comments.
Targeting customers via social media is one of the marketing strategies that is also suitable for smaller companies. For example, occasional postings can encourage customers of a local retail store or restaurant to make more frequent visits. It is also possible to post customized advertisements in addition.
Search Engine Optimization (SEO)
In most cases, anyone looking for a specific product or a solution to a problem on the Internet will use a search engine. Companies whose websites are then displayed among the first search results have a good chance of being noticed by potential customers.
In the medium to long term, the ranking on the search results pages can be enhanced by SEO measures, in which both technical and content-related aspects play a role. However, search engine optimization is a requirement for other marketing strategies such as content marketing or inbound marketing to work.
Content marketing
When potential buyers are interested in something or are looking for solutions to problems, they do their research on the Internet. For this reason, companies publish targeted content that is of interest to the target group. This content is intended to draw the attention of those searching to the company’s own offerings. Among other things, the following content forms are possible:
- Guidebook articles
- Videos
- White papers
- Online tools (e.g. comparison calculators)
- Podcasts
By providing high-quality and useful content, companies not only win new customers, but also boost customer loyalty and gain expert status. Especially in the B2B sector, content marketing is therefore one of the most popular marketing strategies.
Inbound marketing
The fundamental principle of inbound marketing is that potential customers find the company’s products and services on their own when they do their research. Conversely, outbound marketing measures encounter people unwillingly in their everyday lives, e.g. in the form of advertising.
To make inbound marketing work, you have to combine several marketing strategies. This primarily includes content marketing in conjunction with search engine optimization. Also make use of social networks to increase the reach of your content. For many industries, it is worthwhile to identify contact data of interested parties (leads) in conjunction with the retrieval of content and to motivate these potential customers to make a purchase, for instance, through individualized e-mail marketing.
Affiliate marketing
As an entrepreneur, you can cooperate with publishers who, for example, operate a blog, an advice site or a comparison portal. These publishers integrate links to your online store or website. You pay the publishers a commission for every click on the link or for every sale or lead that results from it, as agreed.
You can either use your own affiliate program to handle the technical side of things, or you can choose to use a network that specializes in this area. Affiliate marketing is a relatively inexpensive marketing strategy with performance-based payment. Choose affiliate partners that are interesting for your target group.
Influencer marketing
When using influencer marketing, you leverage the influence of well-known people to promote your own company, brand, or offers. This marketing strategy isn’t limited to the online world, but is most relevant there thanks to the wide reach of certain formats. Collaborate, for example, with bloggers or YouTubers who address a target audience that largely coincides with yours.
It is important for the credibility and effectiveness of influencer marketing that influencers with whom you cooperate can identify with your company. You agree on the form of cooperation individually. You can, for example, pay for posts in which influencers test and evaluate your products.
Stay tuned for more information in our ultimate guide on marketing strategies with examples.
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Marketing Strategies with Examples in Practice
A start-up company wants to sell self-designed outdoor and leisure clothing, both in a brick-and-mortar store in a small town and via its own online store. The development of the marketing strategy could proceed as follows:
1. SWOT analysis of the current situation
- No stores with a similar product range in the immediate vicinity (opportunity)
- Large competition in online retail (risk)
- Unique selling proposition: own design (strength)
- No customer base yet (weakness)
2. Objective
- Building a customer base in brick-and-mortar and online retail (definition of customer numbers as target values)
- Branding
- Planning of sales for the first year
3. Definition of measures
- Choosing corporate colors and designing a logo
- Coupon campaign for the new opening (online and via locally distributed advertising flyers)
- Sponsoring a sports event in the city
- Running a blog (including SEO measures) about outdoor activities with a link to the newsletter registration for e-mail marketing
- Building a community via Facebook
- Affiliate cooperation with publishers from the outdoor themed area
4. Measuring success
- Tracking the development of the customer base, also in connection with individual Marketing strategies.
- Monitoring online and offline sales
- Cost control: Which marketing strategies are profitable and which are not?
Stay tuned for more information in our ultimate guide on marketing strategies with examples.
7 Tips for a Successful Marketing Strategy
Besides a skillful selection and combination of individual sub-strategies, there are other aspects that play a role in the success of your marketing efforts. Pay particular attention to the following aspects:
Keep your target group in mind
Think about which marketing strategies you can use to best address your target group. You are likely to reach a mixed clientele in a highly competitive market best with guerrilla or event marketing, whereas all online marketing measures are only suitable for appropriately Internet-savvy target customers.
Don’t forget to measure success
The only way to know whether a marketing strategy is successful or whether you would be better off to invest in other measures is to monitor its success on a regular basis. With online marketing, suitable tools can support this task.
Combine online and offline strategies
Using marketing strategies from both areas can be a good way of complementing each other. For instance, if you organize an open day and share that on social networks, you combine event and social media marketing.
Work with storytelling
You can effectively support many marketing strategies with storytelling. Be it as content, via social media or in personal conversations with customers – interesting stories connect with people emotionally.
Use a CRM system
Customer relationship management software helps you stay on top of your customer relationships. Not only does this allow for better service, but also individualized marketing strategies.
Consider existing resources
Different marketing strategies cost different amounts of money. During planning, consider what resources are available to you and consider how you can use them as sustainably and profitably as possible.
Adjust strategy regularly
Businesses and markets continue to evolve. For this reason, review your marketing strategy on a regular basis and make any necessary adjustments.
Any of the marketing strategies will only engage your customers if they provide them with added value. This could be information, but also entertainment or a sense of belonging to a community.
Conclusion: There is no marketing without a strategy
Marketing strategies are an issue in any case, be it for start-ups or established companies, and they must always be tailored to the specific situation. In each case, the starting points are the overarching goals that the company wants to achieve.
An overall strategy is made up of several sub-strategies that are aligned with each other. Besides the many possibilities of online marketing, this also includes classic offline strategies, which still have an effect.
In this article we shared many information about marketing strategies with examples, if you have any questions feel free to ask us in the comments section below.
