Global ad spend will reach $605 billion in 2020 — a 4.2% increase compared to 2019. It is clear from this statistic alone that businesses are doing all they can to reach out and attract new customers.
It’s not all about pumping money into your ads, though. More money spent on marketing does not guarantee more reach or higher revenue.
Sometimes you need to get creative and find different types of marketing strategies to make your prospective customers convert.
When you give new marketing strategies a chance you can attract engaged customers and followers looking to learn more about your brand.
We’ve compiled a list of 18 winning marketing strategies your business can start using today:
1. Search Engine Marketing
Every business owner’s goal is to get higher website ranking in the SERPs. And they can generate massive ROI through search engine optimization (SEO). Creating data-driven and unique content around specific keywords can make your site more appealing to search engines and visible for potential clients.
2. Networking Events
Although search engine marketing is an excellent strategy in this day and age, not all marketing happens online. The best results sometimes come from stepping away from your computer screen and meeting people face-to-face.
When holding networking events, remember to:
- Focus on helping others before asking them to look at your products or services
- Keep your elevator pitch short
3. Contest Marketing
This is a type of marketing that benefits significantly from online platforms like Facebook and Instagram. Everyone likes a contest, so you should be able to drive traffic to your website and increase your conversion rate this way.
The simplest way to approach this is to give away some sort of digital product, such as a free course for example. Just make sure whatever you give relates to your products or services in some way.
4. Referral Programs
This marketing tactic can be used to bring new customers through your existing ones. Offer an incentive such as a discount to your customers for referring new people to your business. It can work for any type of business but works best in the retail space.
There are several existing referral program software solutions, but you can set one up manually as well.
5. Growth Hacking
You can think of growth hacking as sort of a meta-strategy. It involves “hacking” existing marketing tactics to make them more effective, thereby generating more growth in a shorter period.
One way to do this is to test multiple marketing tactics at the same time, which will provide you with lots of data. You can then use that data to draw conclusions and devise plans for the future.
In marketing, storytelling can allow you to reach your audience at a human level. Telling the story of your brand, or your personal story can relate to customers emotionally. This helps customers connect with your business and gives your content a strong backbone.
There’s no need to produce a movie or write a novel here. A good story can be as short as a few sentences.
7. Viral Marketing
This is a tricky one, mostly because it is impossible to predict what type of content will go viral. There’s no definitive way of determining the exact kind of video, blog article, or social media post that will spread like wildfire.
If you can somehow create a viral piece of content, it can prove to be the golden ticket in this day and age.
It has never been easier to generate word-of-mouth advertising. Back in the day, people had to talk face to face to share their experiences with a business. Now, a well-placed social media mention can reach hundreds or even thousands of people at once.
Reviews on your website can also be a great way of generating positive word-of-mouth. They provide proof of the quality of your products or services, thereby converting more customers.
9. Paid Media Advertising
Paid media advertising might be the best solution for those looking to grow their business fast. You might need to make a substantial investment, but there are good chances of significant ROI.
Set measurable and specific goals for the performance of each ad before you jump in. Don’t keep sinking your money into strategies that do not work.
10. Internet Marketing
This term covers many types of marketing, from landing pages and blogging, to email and social networks. Any marketing conducted through the internet can be considered internet marketing.
You’ll need to focus on a specific internet marketing tactic to grow your business. Think about what types of posts you want to share on social media for instance, or what topics you can cover on your blog.
11. Point-of-Purchase (POP)
This marketing strategy revolves around upselling at the place where your customers are already making their purchases. An example of this can be found at retail stores where small items are arranged near the counters.
This is a simple tactic that can drive larger transactions on each purchase.
12. Earned Media
Free exposure through public relations, such as a mention on a blog, in a magazine or newspaper, is what we call “earned media”. Satisfied customers turn into brand ambassadors and advertise your business with no incentive.
The only way to make this a consistent marketing tactic is to offer high-quality products or services people will recognize.
Your business does not only share an audience with its competitors, but with companies that complement it as well.
You could use affinity marketing or co-branding to partner up with a business that has a common interest and audience to yours. Pooling your audiences can lead to increased sales.
14. Direct Selling
Meeting potential customers face-to-face can lead to some excellent results. You will need a top-notch sales team, with extroverted and fun personalities.
Otherwise, you might not be able to generate the level of energy and excitement necessary to make your product or service interesting to the customers.
15. Cause Marketing
Partnering with a not-for-profit organization can be a great marketing tactic. People love knowing that their purchases can help further a cause they are interested in.
You will need a clear link between the cause and your business if you want to be successful at this type of marketing. Getting personally engaged in the cause will help you stay honest as well.
This type of marketing happens when one business markets its services or products to another. An example of this can be online courses for entrepreneurs or company employees.
The key to this type of marketing is identifying the decision-makers within a company and nurturing your relationships with them.
B2C marketing revolves around marketing your products or services to consumers directly. This can be done in a variety of ways, but it is mostly driven by consumer data.
Knowing your customers inside and out is the crucial component of B2C marketing.
18. Employee Marketing
Finally, do not overlook your employees as potential brand ambassadors. Many successful companies include employee discounts in their benefits package.
It is also important to build strong relationships with your employees and make them interested in the success of the company. Your workforce can be a huge asset in promoting your brand.
It is not easy to determine which marketing strategy will work best for your business. The good news is, there are many alternatives for you to choose from and combine to create a winning plan.
Once you’re familiar with what’s out there you can begin to narrow down the types of marketing tactics that would work best for your business.