what are the 4 types of market – When someone thinks of marketing or advertising, what comes to mind? Don Draper and his friends sitting in a room coming up with slogans? The thousands of ads we see every day?
Marketing and advertising have influenced consumer behavior since the late 19th century, and companies rely on both to connect with the customer. But what exactly are the strategies behind marketing and advertising? And how are they different?
What is marketing?
According to the American Advertising Connotation , marketing is the activity, set of organizations, and processes for creating, interactive, delivering, and exchanging offers that have value for clienteles, partners, and society at large.
Developing your company’s marketing strategy is an iterative process , as the marketing landscape is constantly changing. There are 4 guiding principles – the 4 Ps of marketing – that must be taken into account when designing the marketing strategy:
Product : what you offer in exchange for money.
Price : the amount of money you ask for the product. Price is an important factor in marketing because it influences how customers think of your brand.
Point of sale : where your target audience goes to find information about your product.
Promotion : how customers know you. Usually this is accomplished with advertising.
What is the publicity?
Advertising is the act of buying a exact space to share a communication with your audience about a product or service.
Advertising is an extremely important subset of marketing. You probably see ads every day on billboards as you drive home, hear them on the radio on your way to work, they appear at the highest of your Google searches or on your Instagram feed , just to name a few examples.
What is the change between marketing and advertising?
Marketing encompasses many different strategies, such as branding, content marketing, public relations, and sales strategy, among others. Advertising is one of the strategies that are part of marketing.
Different types of marketing
There are numerous different kinds of marketing, and each is unique in its own way. These are some of the most shared types of marketing strategies used by seasoned marketers.
Paid, owned and earned media
These terms are frequently used to describe different types of media. And by this we mean the type of platform on which it is traded.
Paid Media – What usually crosses your mind when you think of advertising. Paid media is any medium that your business pays to spread messages. Some common examples are newspaper ads or paid digital ads.
Own media: media in which your company completely controls the dissemination of messages. Your company’s website, social media channels, stores, or brochures are examples of owned media.
Earned Media – Organically earned advertising. Public relatives, word of mouth, viral social media marketing campaigns, and organic content from influencers are all examples of earned media.
Marketing digital
Digital marketing is marketing within the digital setting. Communal media marketing, search engine marketing (SEO), and correspondence marketing are examples of digital marketing. It may also include digital advertising, such as paid ad campaigns on social media or ads on the Google ad net.
Communal Media Marketing
Social media marketing is a specific subsection of numerical marketing. It is the practice of using social media platforms as an avenue for your marketing strategy. Social media marketing is typically used to help build brand awareness to people who are just starting to learn about your product. This type of marketing is common in business-to-consumer (B2C) or e-commerce companies to help sell consumer goods.
Read: Create and manage your content calendar for social networks in 6 simple steps
content marketing
Content marketing is the strategy that consists of using extensive content to attract customers to your website. Business-to-business (B2B) companies often use content marketing in combination with search engine optimization (SEO) to entice potential customers. This type of marketing is usually a slower digital marketing strategy, but it can pay off a lot.
Common Types of Advertising
There are many different forms of advertising. These are the most common types you can find.
traditional advertising
Billboards, radio ads, pattern ads, direct mail, and other procedures of display advertising are often referred to as traditional advertising. These are ads that are displayed or broadcast in an area where a large number of people can see them.
digital publicity
Similar to traditional advertising, digital publicity is an advertisement that is displayed on a digital channel. Digital advertising is frequently part of a company’s marketing exertion because it is much easier to reach the target audience and convey very specific messages.
Digital advertising can consist of display ads, sponsored social media posts, or paid search advertising.
How to plan advertising and marketing campaigns
Creating a marketing campaign from scratch can be overwhelming. The moral news is that you don’t have to do it after scratch. Here are the basic steps for preliminary a new marketing campaign.
Step 1: Set the goals
Creating a marketing strategy is like setting the course for a road trip. Before drawing the route to follow, you must take into account the destination. Decide what goals you want your marketing team to achieve so you can start building a strategy to achieve them.
When you create your strategy, make sure you can track and measure your goals. If you don’t know where to twitch, try using the SMART goal format to make sure your goalmouths remain measurable. Or, try setting objectives and key results if you have multiple initiatives that contribute to a larger goal.
Marketing Strategy Objective Example:
It’s the beginning of the third quarter, and the public relations team informs the marketing team that your business’s brand awareness is below 10%. The team has a goal of increasing brand consciousness to 15% by the end of Q4.
Step 2: Create a marketing plan
A marketing plan describes all the activities you need to do to reach your goal. Based on the goals you created in the previous step, what are the different actions you can take to achieve them?
All the actions you take to achieve your goals are part of the marketing plan. It’s important to monitor key performance indicators (KPIs) relevant to your marketing tactics to make sure you’re heading in the right direction.
Sample marketing plan:
Following the example above, your team creates a marketing plan to increase brand awareness. The Social Media Advertising team launches digital outreach movements, while another team partners with influencers to showcase the products. To break organized and aligned, the entire Marketing department tracks the plan in a project management tool . This gives each team an easy way to track their plans, monitor performance, and
Step 3: Research the competitive market
Competitor research is not just for product development, it is also important for market research. During your competitor research, look at how alike brands and other contestants are creating conversation, especially online. Reflect what they are doing well and what they could improve. Use these recommendations to design your own marketing plan.
Example of how to collect competitive market info:
Let’s continue with the Marketing team instance: Your team’s early plan is founded on market research within your own company. To take this market research a stage further, you conduct a competitive market study to assess your competitors’ brand awareness and current marketing strategies. You look at different social media efforts like paid ads and sponsored posts with influencers . Since these strategies stay working for your competitors, your team resolves to use similar avenues for your marketing plan.
Step 4: Implement your marketing efforts
After setting the goals, creating the plan, and researching similar markets, it’s time to put your plan into action. Consider all the steps you need to take to implement your marketing campaign, including:
Who will be responsible for what tasks?
Where will all your realized assets go?
How will you track the results?
The answers to all these questions will help you shape your marketing strategy in the future.
