Every business owner constantly wants their business to continue to attract more customers, and the only way to achieve this is by having an efficient and diversified marketing strategy. The marketing strategy is the roadmap to how a business owner reaches its customers. There are different marketing strategies, the key to making your choice is to know the one that works for your business. It is against this background that this article focuses on the different types of marketing plans and strategies.
Marketing Penetration Strategy
A firm that is currently selling to customers would need more of a marketing penetration strategy to keep its customers. As such, the business would concentrate on customer loyalty and retaining existing customers. For this kind of business, increasing communication and availability is essential. Also, such businesses would constantly employ different loyalty programs and price promotions so as to maintain their footings.
Market development strategy
A marketing development strategy is used by companies that want to increase their customer list while still selling their existing products. Usually, such companies enter a new geographical market to create product awareness and grab the attention of more customers. However, unlike the marketing penetration strategy, it might take a long time for companies operating this strategy to breakthrough.
Product development strategy
This is one of the most popular kinds of strategy among business owners. When a business owner wants to gain more customers, he or she usually creates new products. Usually, before this strategy is implemented, the company creates a kind of question and answer scenario, asking its existing customers some of the things or new products they would like the company to provide them.
Diversification strategy
A diversification strategy is a strategy you employ when you want to create a new product. Because diversification strategy entails creating a new business for a new market, it is the riskiest kind of strategy. Â
As a business owner, the choice of the strategy to go for will be based on what works for you and whether you are just launching the business or trying to grow an existing oneone. Notwithstanding, it is advisable to work with at least two strategies. This helps to fast-track your result.
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