Introduction

Marketing is a crucial element of any business. Regardless of the industry, sector, geography, or type of the company, marketing plays a major role in reaching customers. Recognising a need, creating a solution, bringing investments, and abiding by legal and quality standards is one thing, but bringing customers is another. Marketing is the channel by which the company reaches customers, gathers their interest, teaches the product/service's value, and helps them with buying decisions. Marketing is where the rubber meets the road. There are several ways businesses can reach customers. Since the inception of businesses, several marketing types have been prominent. After digitalization, the marketing world has evolved even more. Now, there are several types of marketing to choose from according to the company's needs and the persona of their customers. In this article, we will introduce you to some of the most popular marketing channels and types.

Types of marketing

Marketing can be widely categorised into B2B and B2C. These are dependent on the company and their service or product based on their target customers. Business-to-business marketing must be highly professional owing to the fact that such interactions are of higher value and more formal than business-to-customer marketing. In business-to-customer marketing, there are many factors like relevance, cost, and benefits that come into play. Both of these marketing strategies require thought, planning, and proper execution.

Marketing is further categorised into traditional and digital marketing. Due to the reach, ease, and future of technology, digital marketing takes the lion's share of today's marketing campaigns. Even then, traditional marketing is still highly relevant as a primary means of marketing. As marketers can never be sure of the primary touch points of customers and the wide sales funnel that largely goes untracked, the ROI of traditional marketing can be overlooked. For example, billboards and TV ads might have invoked interest and familiarised the customer before they entered the digital sales funnel. In this case, the recognition of conversion is snatched by the digital sales funnel as a medium. Without a model like a quiz that recognizes the touchdown point of the customer, traditional marketing gets overlooked for its benefits. As a result, if a company chooses to halt all their outbound marketing methods, they are generally stripped of the primary sales funnel that prepares the customers for conversion. Hence, no marketing strategy must be ignored or discriminated against in favour of digital marketing solutions.

Traditional/Outbound marketing campaigns

Traditional marketing is the marketing method that was being used before the advent of digital marketing. These have been used by generations since the beginning of business. Here are some common marketing types that are responsible for the growth of businesses outside of the internet.

1. Word-of-mouth marketing

This is being used by most businesses of all ages. Even now, word-of-mouth marketing is used online as well as offline. Currently, online forums, product reviews on sales pages, and personal recommendations are convenient ways of advertising that are closely related to word-of-mouth marketing. The chances of conversion are high as this works on mutual trust between the referee and the prospective customer. On online shopping sites, customers consider other customers' reviews and suggestions before they buy the product. As a result, several e-commerce giants have even resorted to proxy commenting to alter customer psychology while considering buying the product (Source: The Quint). Personal recommendations will always play a major role in marketing in the business world.

2. Telemarketing

It was a major source of conversion until spam calls and SMS filters became the norm. Due to this, the popularity of telemarketing and mass SMS and their conversion rates have dwindled. Cold calling became an invasive method of marketing and often made a more negative impression on customers than a positive one. As a result, these have become uncommon in most industries. However, there are still many industries where these tactics can bring customers. For example, JustDial gives leads to businesses that have listed with them so that they can contact prospective customers that have searched for those businesses. In this case, the possibility of conversion is very high because the customers would be actively looking for the service or product.

3. Direct marketing

It is advertising and selling on a one-to-one basis and is often employed by direct selling companies. Direct mail also falls under this category. Here, customers are targeted individually and briefed personally by family, friends, or acquaintances. In direct marketing, there is often no need for middlemen, supply chains, or advertising as the business model is built upon personal connections and relational trust. However, many companies have abused this marketing type with pyramid schemes, making this type quite unpopular across the user base. Still, there are a few companies like Amway that are successful in direct marketing.

Direct mail marketing is currently being used on LinkedIn with sponsored messages where companies reach out to potential customers through InMail. This worked well with SaaS companies during the pandemic lockdowns, as product presentations were not practical with curfews and travel restrictions. According to LinkedIn statistics, 65% of B2B companies have acquired a client through LinkedIn (Source: Website Builder). Some freelancers are also using direct mail to promote their services. However, this needs a larger content marketing strategy to back up its authority and authenticity.

4. Print media promotion

Since the invention of the printing press, print media has served as a major marketing platform. Print ads in newspapers, magazines, and advertising forums can have a major impact on customers when familiarising the brand. In modern times, print media is used as the primary touch point for customers in introducing brands. It can also be used to promote, endorse, or educate potential clients about the brand's benefits, offers, and discounts. In countries like India, there are over 118,239 newspapers and magazines that reach all over the country (Source: RNI). Newspapers are one of the major marketing platforms where ad spending has risen to 39% even after recent disruptions (Source: Economic Times).

5. Television ads

Though highly expensive, television ads can rouse customer interest and build brands. Due to the home setting of this medium, entire families are often the viewers; thus, it has the potential to reach a wider audience. Television ads are recognised for their creative audiovisual content and celebrity endorsements. As television is widely used as a medium for entertainment, creative ads can implant a positive outlook in customers and their families. Sponsoring popular entertainment programs is also a form of marketing. Due to the rich audiovisual content, television can immerse the customer in the marketing campaign. Its internet counterpart, web streaming, is also gaining popularity recently in the marketing world.

6. Sponsorships

Sports sponsorships are also a major marketing medium with high exposure. However, this is only possible for high-profile companies with expensive marketing budgets to spend on their marketing campaigns. Sports events with large fan bases, such as UEFA, IPL, World Cups, and the Olympics, provide major media exposure to brands. Sponsoring a team has become increasingly popular in recent years as commercial sports events are becoming a business model. India's IPL tournament is an example of this, where each team and the individual player are bought by major businesses through an auction.

Inbound marketing and digital marketing.

With the popularity of the internet, digital marketing methods have become popular. Due to the reach of the internet and social media platforms, many IT giants have created marketing solutions that are integrated with these sites. Moreover, digital marketing gives real-time performance analysis, heavy personalisation, and countless marketing tools. With the help of these, marketers can specifically target customers' needs based on geography, interest, language, etc. Due to the interactive nature of the internet, marketers can quickly identify trends, choose high-performing advertisements, and cut the cost by removing non-converting advertisements. Modern marketing methods like AB testing of ads can save time, money, and effort for content creators and marketing teams. Here are some of the digital marketing types.

1. Content marketing

According to CMI report, 82% of marketers are interested in creating brand awareness through content (Source file: CMI, 2019). It keeps long-term company goals in mind and strives to achieve them. Content is useful for both current and future customers. It can be both long-form and short-form, with both types having their own pros and cons. Authentic long-form content heavily invests in educating prospective customers in key areas that are related to the product or service. Podcasts, long videos, articles, and blogs are some examples of long-form content. Short content achieves this through bite-sized audiovisuals like TikTok videos or Instagram Reels, microblogging like tweets, and other short-form blogs and articles. These can help customers save time as well as quench their thirst for knowledge or entertainment.

Related Blog - The Future of Content Marketing with AI

2. SEO and SEM marketing

Search engines help websurfers find what they are looking for on the massive internet. Most internet users use search engines to find answers, businesses, and services. This is why Google became an internet giant with a massive reach. Due to the number of visitors, search engines have become a sought-after channel for advertising. Companies can either create their own quality content on a quality website to rank higher among specific queries or pay these search engines to show their ads on relevant Search Engine Result Pages (SERP). SEO marketing is both viable and profitable in the long term as it doesn't require heavy investments. With a clear content plan and strategy, small businesses can easily create massive website traffic through search engines. With a strategic approach to SEO, small businesses can use long-tail keywords and niche-specific content to avoid competition from other brands.

Search Engine Marketing, on the other hand, works well with decent investments and experienced keyword researchers. As the keywords and rankings are sold through bidding, the highest bidder's ad ranks at the top spot in the SERP. This can be a hindrance for small businesses with limited budgets. However, by researching long-tail keywords and bidding strategically, SEM can also be used to its full potential.

Related Blog - Search Engine Optimisation (SEO) Strategies

3. Social media marketing

Social media platforms take the lion's share of website traffic. The number of social media users is expected to be over 5.85 billion by 2027 (Source: Statista). These sites provide platforms for chatting, showcasing individual talents, providing entertainment, and sharing thoughts and ideas. As a result, the daily user base of social media sites is increasing. The younger generations, in particular, are more active on social media. Due to the large community, social media sites also offer marketing solutions to businesses. Major social media sites like Facebook have pioneered digital marketing strategies and tools. They provide innovative marketing solutions like retargeting, AB testing, targeting by interest, targeting by geography, etc. All these are cost-effective and highly personalizable.

Related Blog - Harnessing the Power of User-Generated Content for Brand Growth

4. Email marketing

It is the practice of sending out informational or educational content through a company's mail to a list of email subscribers. This can be leveraged with insider discounts and coupons in the case of promotional campaigns. According to Hubspot, Email collection forms were the most successful at converting viewers, with a 15% conversion rate in 2020. Email marketing works with value at the centre. Small pieces of content like free samples, ebooks, weekly information, and entertaining content can go a long way in familiarising the brand with the subscribers. Due to the educational value provided by the company, subscribers are more likely to choose the brand's product/service on their next purchase. As the content also gives a sense of industry authority and trust, the crucial element in purchases becomes strengthened.

5. Conversational marketing

Due to the promising capabilities of artificial intelligence technology, conversational marketing has become a mainstream marketing model. AI chatbots have been on the rise across websites, apps, and customer service platforms. These can answer general user queries well and boost customer satisfaction. AI chatbots are an asset for companies in post-sales customer service. This keeps customers happy and resolves most complaints with ease and in a cost-effective way.

6. Affiliate marketing

This is used by content creators to endorse a product or service and earn a commission if their audience purchases through their link. This was inspired by celebrity endorsements that are popular in traditional marketing methods. It works with HTML snippets that track the touchdown points of customers. Bloggers with a large following are using affiliate marketing to earn passive income. Small businesses can use this to their advantage by recognising niche experts on the internet and partnering with them through affiliate marketing.

7. Influencer marketing

Influencer marketing is a moderately new marketing technique where brands partner with social media influencers to endorse their products. This works better than celebrity endorsements because of the loyal fanbase of social media influencers. These influencers can be tracked with relevant content and hashtags on social media. The number of followers of prospective influencers can vary from just a couple of thousand to millions of followers.

8. Experiential marketing

It is, as the name suggests, giving customers an experience of using the company's product or service. Expos, meetups, events, boot camps, and volunteering events are all examples of experiential marketing. Big brands are increasingly using this type of marketing in recent years. For example, Apple organised photography boot camps termed "Photo Walks" by experts in different cities to teach Apple iPhone users how to take better photos with their mobiles (Source: Bizzabo). This not only had educational value but also gave the users a sense of personal recognition and belonging.

Related Blog - How to Improve Customer Experience with AI Chatbots

Conclusion

The types of marketing are plenty diverse. Choosing which type of marketing fits your company can be a daunting task at first. But, if you keep in mind the target audience of the marketing campaigns, choosing the right advertising platforms becomes easy. Marketing media must be used first to introduce the product/service, then to familiarise the brand with customers, and then to provide them with educational content. Alternatively, brands can focus on attracting customers with a sound marketing strategy or heavy discounting. However, small businesses with tight budgets can use cost-effective marketing techniques like SEO, authentic long-form content, blogging, strategic social media posts, influencer marketing, etc. As time goes by, even more marketing methods like VR and sleep marketing are expected to evolve. Choosing the right types depends on marketing teams and managers.

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