5 Marketing Strategies That Helps To Grow Your Business
In the industrial age there was a marketing strategy that if you applied it, you knew that your company was going to sell, you were going to win. There was no question. It was a fact.
The strategy was the following: you have a product or service and you create an impressive, creative advertising and distribute it in a massive way . This guaranteed you success.
This strategy no longer works by itself, it does not guarantee that you will multiply sales.
But there are still a few strategies through which you can guarantee the success of your company . Of course, they are not as simple to start up as it might seem. Philip Kotler defined them a few years ago and here I give them to you with some examples so that you, as a manager of an SME or a small local business can apply them.
The winning marketing strategies are:
Being Able To Charge The Lowest Price In The Market.
It is a fact that the cost of a product or a service is one of the fundamental characteristics that affect the purchase of a product or service. There is a segment of the market that is growing and that is that of people who buy by price. This is helped by the lack of differentiation between the offers : when faced with two similar offers, the customer gets the cheapest one.
Today, low cost companies are based on this strategy. Normally they lower the costs of their businesses, outsourcing services, innovating in distribution, or developing new technologies.
The airlines, supermarkets began, and little by little it has spread to other sectors. Those that are able to offer the lowest price are the winners. Examples such as Vueling, ikea, PepeCar, Ryanair, Media Markt .Even Danone has brought out the low cost yoghurts Gervais, to use this market strategy.
If in your sector, industry or market you are able to charge the lowest price in the market, this is your strategy. If you find a way to produce the lowest priced product or service, you already have a strategy. If not, be very careful to use price as a selling strategy . You should communicate the rest of the values that your service or product offers to differentiate it from the cheapest one and that your client buys from you.
How Can You Apply This Strategy To Your Local Market Or Small Business?
For companies that sell physical products (of any kind) or face-to-face professional services (a lawyer, masseuse …), one way to apply this strategy even though it cannot compete in price at a global level is to offer the lowest price in your territory or field of acting .
For example, maybe the menu of the day in my restaurant cannot compete with other menus of the day in price, but perhaps it could be the cheapest in my AREA OF OPERATION. Your law firm may not be the cheapest in the country, but perhaps in your province itself. If your service needs physical closeness, you can apply this strategy.
Being Able To Offer The Best Product On The Market, The Highest Quality.
Companies such as Loewe in the textile sector, in its products, Bang and Olufsen in sound use this strategy. They are the best, and for that reason, they have their market segment assured. Can you offer the best product? The highest quality? Develop this strategy and you will have your market won.
If you have a local business or offer services, be the best in your locality , in your geographical area . Are you a pediatrician? Be the best pediatrician within 30 km around. Do you sell fruit? offers the best fruit in your city.
Offer Innovative Products.
Diversify, innovate, add functionalities to your services or products. Offer something that no one has offered before.
How to apply this strategy in your business? You may think that large companies have it easier, more resources, more staff … it may be. If you think that you cannot offer really innovative products, bring, import those products from other regions , from other places and offer them to your customers. Take a business trip to find out what’s on offer related to your business in other countries. Bring those ideas with you. It is one of the best marketing strategy.
Innovate The Business Model And Customer Experiences.
Let’s go back to the case of the pediatrician. You make physical consultations to children of your locality and bordering. Innovating the model could be to include a nursery in your center and a cafeteria for parents and children. You would be offering a different business model. User experience matters here. It is not about the product or the service itself, but about the experience.
An example of this marketing strategy can be the night shopping where the stores open at night in a festive atmosphere or the bookstores where you can have a coffee, attend talks, and read the books before buying them at comfortable tables.
Create experiences that your competition cannot copy. Here we go into experimental marketing. Kotler recommends that we move away from the product and focus on the experience of that product.
The Design .
Design is one of the main stimuli when buying a product. But the design does not only refer to the product itself, but to the delivery of the offer, the package, how it is opened, how the product is purchased, how they send you the documentation. User guides, post-sale information .what your physical office is like.
If you can differentiate yourself in Design (with capital letters and in all areas of your company) here is a winning strategy. Can you create your own style ? An innovative design that sets you apart ? And apply them to all areas of your company, product, service and consumer usability ? Cheer up then with this marketing strategy.
Also Read : All You Need To Know About NFC Technology