It’s your business: Understanding current marketing concepts

Joe Smith

Special to The Record

Today’s world operates at a far greater pace than could have been imagined at the turn of the century.

The products, services, manufacturing and new technology have dramatically altered the face of business. Most telling is the speed at which decisions have to be made. Decisions that once took days or weeks are now being decided upon in minutes or even seconds.

The good news is that because of what is available today, you can pinpoint with a certain degree of accuracy who your best prospects are and how you can reach them. However, choosing the right approach to your marketing strategy will be crucial to your success.

Here are a few definitions of some of today’s marketing concepts that will give you an idea of the different approaches you can apply.

Outbound marketing: This is what the majority of businesses use today. It is the traditional method of reaching out to potential customers including those who are not even actively looking for a product or service.

Inbound marketing: This is focused on developing strategies that help people who are looking for your product or service to find you. The best example of this kind of marketing is search engine optimization that is becoming so critical for marketers who rely on the Internet.

Niche marketing: The emphasis here is to develop a product or service that no one else is offering, and focus the company’s efforts on catering to a select group of consumers. This is often the best route to take in a highly competitive market.

Guerrilla marketing: This can be termed as unconventional marketing where the budgets are small and success relies on timing, energy, and doing something unusual to grab people’s attention.

Affiliate marketing: This is simply joining forces with another non-competitive company or companies whose target audience is similar. It stretches budgets, and helps to solidify relationships and top of mind awareness.

The above are only the tip of the proverbial iceberg when you consider other approaches such as social marketing, cause marketing, direct marketing, green marketing and global marketing to name just a few.

While programs and strategies have changed over the years, good marketing always leads the way to customer satisfaction and increased business.

 

 

Joe Smith is a communications consultant and an accomplished fine artist. He can be reached via email at joesmith@shaw.ca

 

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