Marketing Strategies

Marketing Strategies

It is not easy to establish and grow a business, especially in a competitive industry and market. First, one has to have a workable idea, and then one needs to define the company’s profitability level by identifying their target market and offering customers quality products that will satisfy their needs. Marketing strategies ensure that the company, and its products are visible for the right customers and the minimum costs are used to popularize the products to achieve the highest profits and also remain relevant in the market. The best marketing strategies are those that help a company to attract customers and retain them for a long term engagement. This paper will discuss the various types of marketing strategies, their advantages and disadvantages, and the criteria that a company can use to evaluate the effectiveness of the marketing strategies.

The various types of marketing strategies that the motor scooter company can use to market their products include; search engine optimization, which is the process of making changes in the company’s website contents and design to ensure that it appears on the search engines. Internet marketing has become popular since many people have access to the internet, and by using search engine optimization, the company can tailor the information on its website to reach different types of customers, thereby increasing its market poll. The advantages of using search engine optimization are that it increases the visibility of the company to a large number of customers and thus earning more revenue for the company. It enables customers to increase their trust in the company as their websites continue to rise (Olson et al. 2018). It also offers a free traffic where they can advertise their jobs and reach a wide range of customers who add revenue to the company. The disadvantages of using search engine optimization are that it is a long term strategy that requires a lot of patience and time before the company can start to benefit from it. Therefore the company has to wait a little longer before it starts earning profits from search engine optimization. Search engine optimization also has a lot of competition since there are thousands of websites. Therefore, a company has to make its website outstanding to attract customers to observe it.

Social media marketing is another marketing strategy the motor scooter company can use to enter the industry. People of all age groups have access to social media, and this can offer a perfect site for advertising its products. There are also digital marketing sites that the company can use to market its products. Advantages of using social media are that it is easy to use for both the company and the customers. Low costs are required to advertise; thus more revenues can be generated at a lower expense. It creates a symbolic relationship with other marketing platforms and combines it with other marketing contents such as videos, photos, links, and websites. It is also possible to measure the success of advertisements by determining the profile with the highest number of likes, downloads, or tweets (Saura et al. 2019). The disadvantages of using a social media marketing strategy are that it is highly competitive since many companies use it for marketing their products. Thus companies have to spend more time to cope up with the competition or high experts that can assist in attracting more customers, thereby spending more on the advertisement. It is a learning curve where most companies lose track of cost per click of the ad, the message may get misconstructed or misreading the target audience. It is also time-consuming as the company has to spend adequate time weekly on answering answers, interacting with the clients, and regularly posting content of high quality.

Email marketing is also another type of marketing strategy that sends automatic messages to clients once they subscribe to the company’s list. It allows companies to build relationships with their subscribers through their sequence of emails. One needs to be transparent and genuine in communicating their progress journey. Email marketing is faster and less cheap compared to other types of marketing strategies. Advantages of using email advertising include; it possible to track and monitor various emails such as those received, those subscribers who no longer use emails, or those that are inactive. Email marketing makes it possible to target a wider audience by tailoring the email to fit various demographics. If the motor scooter company is consistent in sending emails to a customer, it can help build brand loyalty for its products. Consistency is required to ensure that the company’s name in the mind of its readers, and when they need a product, the company will be their first option, thus building their loyalty in the products. It is affordable since fewer dollars are required to send many emails in a month. Therefore, most companies with any revenue can afford it (Olson et al. 2018). Disadvantages of email advertising are that; it requires constant sending of emails to ensure that the marketing strategy is effective. There must be a balance of the emails sent to avoid instances of being nagging. Email marketing is easy to use by the sender, but it is also easy for followers to unsubscribe when they fell that the emails are nagging. The availability of the unsubscribing link makes it possible to lose followers. If not carefully used email, marketing can damage the image of the company. When sending emails to a segment of people that are not interested in buying the products, therefore messages should be sent without any discrimination.

Content marketing is also another marketing strategy that involves planning, distributing, measuring, and creating content that can get shared in all online platforms. The motor scooter company needs to ensure that they only upload valuable, well-structured, and useful content for enhancing the experience website user. Content marketing can influence a customer’s minds even without their awareness. The advantages of content marketing are; it helps customers build their trust in the company’s products when correct content is delivered. Relevant and professional information used in content marketing will help show the skills, knowledge, and experiences of the company. It’s true that social media attracts and make people like a company, while content helps build their trust in the company’s products (Saura et al. 2019). It is the best of engaging customers, and whenever they need a product, they will always think of the company. The disadvantages of content marketing are that it requires a lot of strategizing on what to write about to ensure the content is relevant. Failure to include crucial information may create a false impression about the company and its products. It is time-consuming since it requires a lot of commitment; thus it has to get done regularly for it to be effective. It is a long term process since it may take even a year before a customer makes a decision of buying products from the company; thus it requires a lot of patience.

Pay per click is one of the most significant marketing strategies used today. It may be costly, but it yields worthwhile returns. It is one of the most promoted marketing sites; thus most customers have a lot of trust in it. It requires the companies to pay a specific fee each time their adverts get clicked. The advantages of using pay per click marketing strategy include; it has a broader reach, both global and local audiences. The more advertisements are made, the more likely the company will get new and retain customers (Olson et al. 2018). It also provides automatic visibility since it is possible to reach the targeted traffic within a short period, thus increasing revenues for the company due to instant sales. It helps in retargeting as the adverts keep on showing to all visitors of the website, therefore a new pool of customers is created. The disadvantages of using pay per click marketing strategy include; it may be expensive for small businesses since every click requires a special payment, and this may require a lot of finances that small businesses may not afford. There are bidding wars experienced as most companies compete for top positions for advertisements, which may not yield customers. Therefore, it is essential to stay calm before deciding on the ad to invest in. Most people do ignore sponsored adverts, and this may be frustrating to the business. The best way is to make the adverts look like listing instead of sponsored adverts.

After establishing a marketing strategy, it is essential to evaluate the effectiveness of the market strategy used through the following methods; monitoring the progress towards achieving the marketing goals. It is crucial to determine how the marketing strategies used are helping the company to achieve its overall goals; if the progress is slower, the company should opt for another approach. Making comparisons with competitors using the same marketing strategy to determine what areas they have done better can also be another way of assessing the effectiveness of the marketing strategy. It can be done by assessing the number of social media followers they have, number of platforms where they advertise their products, and how their profits have increased since they implemented the marketing strategy (Olson et al. 2018). Evaluating the return on investment is another way of assessing the effectiveness of a marketing strategy. A good marketing strategy is the one that generates more revenue than its cost. Return on investment gets achieved by comparing the man-hours used in each campaign and the value of each campaign against the profits gotten from the campaign. Evaluating the changes in sales also help determine the effectiveness of a marketing strategy. An effective marketing strategy is the one that helps increase profits and sales for a company. It can get achieved by keeping track of sales and profits made for six months.

Careful evaluation of the appropriate marketing strategy should be done to ensure that the company attracts and retains more customers. It also helps create customer’s trust in the products produced by the company. The best marketing strategy should help increase sales and profits for the company forever. Regular evaluation of the marketing strategies should get done to ensure it contributes to the overall achievement of the company’s objectives.

References

Olson, E. M., Slater, S. F., Hult, G. T. M., & Olson, K. M. (2018). The application of human resource management policies within the marketing organization: The impact on business and marketing strategy implementation. Industrial Marketing Management, 69, 62-73.

Saura, J. R., Palos-Sanchez, P. R., & Correia, M. B. (2019). Digital marketing strategies based on the e-business model: Literature review and future directions. In Organizational Transformation and Managing Innovation in the Fourth Industrial Revolution (pp. 86-103). IGI Global.