Merchant Capital

7 Key Types Of Marketing Tactics For Your Business

You have a great business and you need people to know about it. So where do you start? There are so many different types of marketing modalities out there and it can be really challenging to know which combination is right for your business. So we’ve broken down the 7 key marketing tactics in order for you to start to engage with how best to target customers, build communities and bolster revenue in your business.

Traditional Marketing

Traditional marketing refers to promoting your brand by harnessing major offline channels. Here, think about magazines, billboards, radio, TV and flyers. This was the realm of marketing before the internet and even though the face of this media has dramatically evolved, doesn’t mean this type of marketing is no longer important. Traditional marketing is still alive and well (albeit often more expensive than digital) and can still be used in strategic ways to complement other marketing initiatives.

Outbound Marketing

This type of marketing refers to intrusive methods where permission to engage is not necessarily obtained. Think cold calling, email and sms blasts and even print advertising. Here marketers push their messages at a target audience in order to raise awareness about their services and products. This is done without opt-ins and for this reason garners mixed responses.

Inbound Marketing

In direct opposition to outbound marketing, inbound marketing invites customers in. This type of marketing usually occurs in the digital space because customers are already out there researching and empowering themselves with information gathering. Inbound marketing aims to attract, engage and delight potential customers. This provides an intrinsic value to the messaging through good content and by providing an experience that resonates with the customer. This continues throughout the buyer's journey from engaging with chat bots, to email communication followed by advice and supportive follow-ups post purchase. 

Digital Marketing

As the name implies, this type of marketing is digital and is the opposite of traditional marketing. The applications live online and are accessed through tablets, computers and other mobile devices. These also have a diverse implementation from leveraging digital channels like search engines, social media, websites, email marketing, social media and more.

Social Media Marketing

FacebookInstagramLinkedIn, and Twitter have fast become powerful ways to promote businesses in the digital space. The power lies in their personal nature communicated through relevant content and consistent messaging. You always need to remember that people don’t log on to social media to buy something, but while out there ‘socialising’ and ‘networking’ they may see something else they like and may be persuaded to engage. This may initially occur in a courting process of liking or sharing content. If your messaging is engaging then you will give your audience something to get excited about. By replaying this in a repetitive way, the consistency will then garner more interest and may encourage your audience to become more invested in your brand. 

Email Marketing

This refers to marketing that brings in leads and customers through email communication. Email campaigns can be used to generate awareness and traffic, link other channels, educate about product offerings and guide a customer to purchase. That said, you need to be careful about remaining compliant with the legalities around this and be wary of spamming your customer which will have the opposite negative effect. Here you want to make sure that you only communicate with people who have opted in, you should make it easy for them to change their minds and unsubscribe and always remain transparent when you reach out. Building your email list is a core strategy in any business and often relies on email marketing and automation software. 

Customer Marketing

In acquisition marketing, the emphasis is on getting as many new customers as possible. In customer marketing however, the intention is to retain and serve existing ones. This builds on the principle that finding new customers is much harder (and more expensive) than keeping the ones you already have. So this strategy is all about delighting your existing customer, providing incredible service and converting them into brand advocates. Simple ways of implementing this comes down to creating frictionless processes and customer service, offering self-service options,  expertise and guidance and automating responses when appropriate. 

The bottom line

Marketing has evolved dramatically in the past decade. Where things were once static, they are now fast-paced and dynamic. In light of this, marketing strategies have needed to adapt with the times. These 7 marketing tactics offer many ways to engage with your customer and build an audience for your brand. Some businesses like to pick a lane and invest in one area, while others have found a lot of success in creating powerful combinations of these strategies where one aspect complements another. The important thing, as a business owner, is to  understand your overall market place and build your marketing strategy accordingly.  

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