Marketing strategy with examples

Today we will see some of the famous Marketing strategies with some examples



10 most popular Business strategy with examples that are used industries

 I will first like to discuss what is a strategy. 

 A strategy is a plan of action to achieve long term goals or aim of an organization so   moving forward with the topic marketing strategies.

 Marketing strategies are of six major types these are-




Niche marketing

Market scope strategy 

Market entry strategy

Product strategy

Partnership marketing

It's cheaper

Much more effective

Help your customers

It's good for your brand

Social media marketing



1.Niche marketing

Niche marketing is way of marketing in which you have focus on unique targeted market who could benefit from your product or services

Advantages-


1. Advertisement cost is became less because you have to introduce your service or products to some people only 

2. Profits became more as advertisement cost became less.

3. It becomes easy to create a monopoly in niche market because mostly, audience is less targeted

4. Low competition 

How to make a niche market

1. Research and fix your prices
     
 Here research means to find the best price for your products if some is selling a 10 dollar product in 20 dollar then you try to sell that product in 15 dollar as the market is small and less competition is there people will prefer to buy your product only.

2. Keep improving your product

As the market is small, if you are not giving the worthy products to your customers than any other company will acquire that market.

3.improve your after sell services 

you should give the best service to your customers after the you sell your product to your customer


Examples of niche marketing

There are several T.V channels. And in those there are several categories like music, dance, movies, food etc. These are all niche markets T.,V. channel is a market but music, dance, sports ..... are niche categories if take a sports channel "Star sports", then this channel only have to focus on people who are interested in sports not the whole T.V. market.




2. Market scope strategy

 It has three parts in it first market scope strategy is single market strategy single market strategy serve the market wholeheartedly it means that single market strategies are the companies who opted for single market strategies only have single market no other competitors are there in that particular market for example EU European Union second is multi market strategy the firm's who adopt this marketing strategy compete in different geographical markets for and it has two components in it first is competitive pricing and second is new product introductions third strategy third market scope strategy is total market strategy it serves the entire spectrum of the market with differentiated a product to differentiated segments of the particular market so the second market strategy is

Examples of market scope strategy

 a factory that produces after market parts for a particular car model like fiat motors make car engines for several companies, so they must target a specific subset of consumers: the owners of that type of car. they do not focus on bike companies

 3. Market entry strategy

 This is strategy is very crucial in market because this strategy decides how the company can enter in a particular market market full with customers so there are three parts of marketing strategy first is first in strategy the firms who opt for first in strategies are the innovators or risk takers because they innovate a particular product

Examples of market strategy


Johnson's and Johnson's baby products they were first in the market to launch baby products before Johnson and Johnson there were no one in the market who tap this market who went in this market for baby products this company was first in this market they are the risk takers who took risk or and came in the market second is only enter strategy early entry strategies are those who enter in the market just after the first innovators just after the first innovators of the particular product in baby products it was me me brand third is

4. Product startegy

Laggard's are those entrants who enter very late in the market for example they end towards the end of the growth of that particular market or at the maturity stage of that particular product so for those product strategy is a better way

Examples of Product strategy


 In baby your product case the example is himalaya pimalia is not very is very late in the market of baby products the third market strategy is product strategy this is also a very important strategy because product is the main part of every company any organization so these product strategies are of five types first is product positioning strategy product positioning strategy means you are positioning your product in the mind of a customer and making your product stand out of the loud crowd means other competitors in the market second is product repositioning strategy after sometime when your product is already positioned in a market you have to review whether it is working or not and take the corrective steps to new newly position the product repositioning the product in the market in the mind of your customer the third one is product scope strategy product scope strategy deals with the marketing mixes of the strategy you have to decide what kind of marketing mix strategy you have to opt for taking steps in this strategy marketing mix we have discussed in the previous lecture fourth one is product design strategy product design strategy deals with the standardization of the product which at last in the market tells that what kind of product is you are buying the customer customer is buying that is the standardization of the product last is new product strategy in this strategy companies bring the new version of the previous product but love they relaunch the product newly the packaging is different the quality is different.

 5. Partnership marketing


 I think there's one marketing strategy that should be used by every business I consider it to be the best marketing strategy of all time and it is partnership marketing or sometimes known as strategic alliances or joint ventures sometimes those terms are used interchangeably in a nutshell it's where you find other businesses out there that share or have same customers to you but you're not directly competing and then what you do is you agree to promote their product or service to your customers with an understanding that they'll do the same for you

Examples of Partner marketing


if you're a hairdresser then complementary businesses might be a personal trainer it could be a beauty clinic maybe a massage center or perhaps even some fashion boutiques just to name a few and if you have a window cleaning business perhaps then partners could be real estate agents interior designers or maybe even painters so now you've got the picture
 let me share with you 5 reasons why partnership marketing is a smarter way to do business number one it's faster let me ask you this question what do you think's easier to go out there and find a thousand new customers or one at a time or to find one business that's happy to tell their 1000 customers about you now if you do the first way to go and find a thousand new customers that may take you weeks months or even years however if you do the latter that may take you just a couple of hours all you need to do is write a prospective list of partners do some research and first of all find out how you can add value to them then once you figure that out you can either jump on the phone or maybe get on even email and say look over the last few years I had a lot of my customers ask me do I know a good X do I know a good real estate agent do I know a good painter do I know a good insurance broker perhaps and all I've been doing up until now is just setting them to Google and I prefer to send them to a real person that I know and I trust would you be open to a conversation so we can talk about how we can help each other to better serve our customers now of course that's a bit of a rough and ready example but even if you use that approach four out of people will say sure let's do it together for a chat and you can take it from there.

  6. It's cheaper 

It's cheaperI know some businesses that are now spending upwards of a hundred dollars just to generate one new lead in your business now of course if your business is rockin that might be totally fine however using the example mentioned above you'd need to invest over a hundred thousand dollars to acquire a thousand new leads for your business and I'm sure you'd agree that's a sizable chunk of money to be in someone else's bank account other than yours now let's compare that to a partnership agreement because there are no major costs all you really have to invest is just a few hours maybe setting up a tracking leg maybe write a few promotional emails and away you go or maybe you might spend a few hundred dollars and get some brochures set up and come up with a joint marketing campaign

7.Much more effective

 when you spend money on traditional marketing most of the leads are going to be coming your way are really cold even though they might want your product or service they're naturally going to be fairly skeptical they're going to be saying to themselves well who is this person can i really trust them and why should i go with them as opposed to somebody else however when you enter a relationship with someone else that does the promotion for you that already has trust that already has credibility what happens is that awesome power automatically gets passed to you this is sometimes known as endorsed marketing and from my experience it's at least ten times more effective than if you go out there and find customers that are completely cold so not only are you going to be getting morally but these new leads that you're going to get are going to be much easier to close this means you're going to shorten the sales cycle which means going to be more revenue into business faster and it means you've got now these funds to reinvest in your business sooner creating an upward spiral of success.

8. Helps your customers

 you see the reality is that your customers are going to go out there and seek other complementary products and services with or without your approval and right now you're not going to be getting anything for it so if you don't refer them on to other people that you have a relationship with then they're going to waste time finding a whole lot of other people out there and if they're not careful they may very well be taken for a ride by an unscrupulous operator so you want to do the right thing by your customers because if you find a trustworthy business and you inform your customers about their product or their services you're going to be adding a huge amount of value to your customers and they'll love you for it and remember when your customers love you they'll come back more often and they'll also tell more friends.

 9. It's good for your brand

 If you're an up-and-coming business and you're still largely unknown partnership marketing is a great way to make yourself look bigger than you are by displaying your logo along with your partner's logos on your website it's going to give you a lot more clout and at the same time it's going to help to minimize the risk when other people are making decisions they'll probably be thinking well haven't really heard of these guys before however I do recognize all these other companies so if they're supporting this business then they must be okay so not only will you benefit from having all these new leads coming into your business but like before you'll be better positioned to convert all of these new leads and what you're going to be doing is again creating another upward spiral for your business to grow

10. Social media marketing

now a days this is the most popular and effective marketing strategy because mostly every person is using any one social media handle like Instagram Facebook Twitter 
many succesful brands are gain their popularity by social media marketing, there are many examples in the industry 

 summary 

So day we discussed about some of the popular marketing strategies with their examples. yes i know that in several marketing strategies i do not discussed about their examples because theor are not that much popular examples present in the industry but it now means that they are not useful so today we discussed , why partnership marketing makes sense for business this for me is such a powerful strategy I really would encourage any entrepreneur to learn more about it and then start to put these ideas into practice because if you master this skill you'll effectively be writing your own ticket to massive and lasting business success so that wraps up today's video now I'd love to learn about your experience have you done any joint ventures or strategic alliances before did they work for you or do they maybe not work out or on the other hand if you've got some fears or concerns about partnership marketing I'd love to know what they are so I can address them in a future video so if you enjoyed watching this video then click on the like button and feel free to share this video with other business owners that you know and if you're not already on business blueprint com please head there right now because there you'll be able to access tons of free resources to help you grow your business faster and easier than ever before that's it for me I'll see you next time

Thanks for reading and giving your precious time for this article





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