Effective Marketing Strategies for New Age Business – Proven

Say no to a business plan without marketing strategies. Because; you will not get the profit by luck. You have to work and prepare a goal before you want to jump right into the gain.

Without a clear goal and the right marketing channel, it is like; shooting arrows in the dark. No matter what stage your business is on, a well-planned strategy can give your business a great ROI and deliver a brand value proposition.

What is a Marketing Strategy?

It is an overall plan that draws steps for your business growth by targeting the right audience, spending money in the right places, and building a powerful brand.

  • A marketing strategy plan ensures the appropriate direction to achieve marketing objectives.
  • It defines the correct marketing channels, media, and demographic data to reach your targeted audience. A proper strategy will help you manage conversations with the target market.
  • The target marketing strategies should deliver your branding message to the consumers and convince them to purchase your product or services.
  • It is the part of your marketing plan that should tell your company goal, product or services, the price, and how it works in response to solving problems for a successful business.
  • A great marketing strategy should direct your advertisement and other marketing campaigns’ goals. It should also give you a competitive advantage over your rival businesses.

Related: Use of Mind Map for a Great Business Idea

Why Is It Important for Your Business Success?

The success of your business depends on how well you have prepared your strategies for marketing. A great marketing strategy is a roadmap for achieving your business goal and crafting a value proposition. It helps you know who your ideal consumers are and how you can turn them into customers of products and services.

What are the best marketing techniques to use?

During the COVID-19 pandemic, marketing has changed dramatically. With the increasing use of digital media, consumers’ behavior in purchasing products and services has changed too.

The world is moving to virtual sources to make their purchase. Now, adopting online marketing techniques is necessary for every business.

I am very sure everyone has some idea about online marketing techniques. Let’s see how effective these strategies are for marketing your business with online channels like blog posts, search engine ads, and more.

Research by Higher Education and Oriental Studies (HEOS) proves Social Media Marketing (SMM) is one of the most effective marketing strategies.

The market research was done to find out how Covid-19 has changed the way of marketing for SMEs.

Why SMEs?

Because according to a report from World Bank, SMEs (small and medium enterprises) hold 90% of the market and 50% of employment worldwide.

The research says Social media is a great marketing tool, especially during the Covid-19 pandemic. It had become a medium to interact with consumers without physical contact. Businesses can expand their reach to the new target market and even more consumers by using social media marketing channels (SMM).

Related: SWOT Analysis for Business Planning

Types of Digital Marketing and Their Effectiveness

JBMS (Journal of Business and Management Studies) researched digital marketing strategies’ usefulness under extreme pandemic conditions like Covid-19.

1. SEM (Search Engine Marketing)

There are two types of SEM:

  • The first is ads in search results. In paid search, the product or service is promoted by doing a paid activity on the search engines, like PPC marketing.
  • The second is SEO (Search Engine Optimization). In this, your website is promoted organically by following the search engine algorithm. It is better for long term growth because once your website starts ranking page first, you’ll keep getting quality traffic on your website.

    Search ads are the fastest and most strategic marketing method to generate high quality traffic on your websites to capture. It is one of the most used PPC marketing strategies.

    When you search for a product or service on Google, you may have noticed the ads search result first in the list that is one of the examples.

2. Digital Content Marketing

During the studies, it is absorbed that content marketing is more effective than traditional marketing. It is about creating relevant and high-quality content to attract potential customers. 

3. Social Media Marketing Strategies

Social media marketing is one of the digital marketing strategies for gaining profit, building brand loyalty, and increasing website visibility.

Zarella (2010); Kaplan & Haenlein (2009); Weinberg (2009), companies can use social media channels such are online gaming, blog, micro-blogging, and many more, to promote their products or services, provide support, and build an online community.

4. Email Marketing for Improving Loyalty from Clients

Businesses use email marketing to engage existing customers. Email marketing is the most affordable way to interact with your customers. It takes less time to prepare and execute. It is a simple digital marketing tactic that has the availability to direct traffic to your website and sell your product and services to the right audience.

Email marketing is generally a tactic used to increase the loyalty and retention of existing customers instead of a form of lead generation.

5. Influencer Marketing Tactics for Small Business

Influencers are people who have followers and community on social media channels. They entertain or educate their followers by some medium and prompt products or services by reviewing and recommending them.

Companies that want to promote or sell their products and services work with these influencers to collect feedback and receive endorsements.

So, you have come so far reading about the strategies of marketing. Hopefully, you have already selected the mix of the above tactics to capture your target market.

Wait, we ought to select the best one as per the studies. Keep reading to get a picture of the best tactics for your strategic marketing campaign.

A Study About Winning Digital Marketing Strategy

300 MSMEs business owners in NCR are the subject of this study. MSME stands for Micro, Small, and medium enterprises. The researchers have used methods like; online surveys, email, and telephonic surveys to collect the data.

The study used the Likert scale to collect the response from the participants. The researchers have analyzed the data and presented it in tables.

Mathematical and Statistical Method Used for Analyzing Data

  • Correlation – As its name appears, it shows the relationship between variables and is represented numerically.
  • Regression – It is a statistical method used to analyze and comprehend the relationship between variables.
  • Mean and Standard Deviation (Resource to learn about this) – It shows the effectiveness of digital marketing tactics.

Table 1: shows the effect of online marketing strategies on MSMEs in NCR.

effect of online marketing strategies on MSMEs in NCR
Image reference: JBMS

Table 2: shows the convincing and worthwhile digital marketing strategies by MSMEs.

convincing and worthwhile digital strategies of marketing
Image reference: JBMS

Table 3: shows the relationship between all the digital marketing tactics under the new standards.

relationship between all the digital marketing tactics
Image reference: JBMS

So, here is the result for helping you prepare a successful business marketing plan using the above statics.

1. Search engine marketing has a low association with influencers and a moderate positive relationship with digital content marketing.

2. Digital content marketing has a low to moderate positive relationship with the rest of the four marketing tactics.

3.  Meanwhile, influencer marketing has a low positive relationship with the rest of the strategies.

4. Email marketing has a low approving relationship with digital content and influencer marketing.

The importance of Social Media Marketing is well known. It has an inferior opposing relationship with social media marketing and an increased favorable relationship with search engine marketing.

Result Proves SMM is an Effective Online Marketing Strategy

Social media is a powerful way to deliver your brand message to your audience. It is one of the most effective target marketing strategies to achieve your brand goal.

It can brand and prompt your products and services to a large audience and increase sales.

The researcher has seen MSMEs have gained long term growth by leveraging social media tactics.

If you are preparing strategies to market your business; SMM can play the most significant role in your marketing plan.

Reference – journals.sagepub.com and koreascience.or.kr

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