What is Marketing?
Marketing is the process of getting people interested in your company’s product or service. This happens through market research, analysis and understanding your customer’s needs. It is the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society.
Types of Marketing-
1.Digital Marketing
2.Traditional Marketing
Digital Marketing:
What is Digital Marketing?
Digital Marketing, also called online marketing, is the component of marketing that uses the Internet and online-based digital technologies such as desktop computers, mobile phones and other digital media and platforms to promote products and services. It is the use of websites, apps, mobile devices, social media, search engines and other digital means to promote and sell products and services.
Types of Digital Marketing-
1.Search Engine Optimization-
SEO is the process of increasing the quality of relevant organic traffic to your website from search engines and the art and science of making web pages attractive to search engines.
2.Email Marketing-
Email marketing is a form of direct marketing where you reach out to your customers through strategic email messages. After more than two decades, email is still the quickest and most direct way to reach customers.
3.Affiliate Marketing-
Affiliate marketing is an effective way of digital marketing that involves a merchant paying commissions to one or more affiliates for advertising the merchant’s product with referrals.
4.Social Media Marketing-
Social media marketing involves creating different types of content for various social media platforms in order to promote products and services. It involves promoting your business organically through various social networks.
5.Content Marketing-
Content marketing is an effective marketing technique of creating and distributing valuable online content (like videos, blogs, etc.) to the targeted audience. The goal of content marketing is to reach potential customers through the use of written, visual or video content that interests them. That content is usually published on a website and then promoted through social media, email marketing, search engine optimization or even pay-per-click campaigns.
6.Mobile Marketing-
Mobile marketing is a digital marketing strategy that enables a company to reach the target audience in a relevant manner through any mobile devices (such as tablets, smartphones, etc.) via messages, emails and app install ads.
Advantages of Digital Marketing-
1.Improves Brand Loyalty
2.Get Instant Feedback
3.Measure and Track Results
4.Increase Engagement with Consumers
5.Improved Market Analysis
6.Global Reach
7.Unintrusive and User Engaging Content
Disadvantages of Digital Marketing-
1.Crowded Marketplace
2.Increased Competition
3.Rapid Changes
4.Not Everyone is Online
5.Limited Interaction
6.Negative Feedback
7.Requires Specialized Skills
Traditional Marketing:
What is Traditional Marketing?
Traditional Marketing is a promotional strategy that targets the audience using offline materials. Marketers may use traditional marketing to interact with consumers in physical locations. They typically insert these marketing materials in places where their audience is more likely to see, hear or interact with them. Basic examples include things like – newspaper ads and other print ads, but there are also billboards, mail advertisements and TV and radio advertisements.
Types of Traditional Marketing-
1.Poster Ads-
Posters are one of the oldest ways of marketing for businesses. However, physical ads are still better for brand recall than digital ads as per study by Template University.
2.Make Attractive Presentations-
Presentations are a form of indirect marketing, especially relevant for B2B marketers. They have been around for a long time, but people are still slow when creating presentations.
3.Event Marketing-
Event marketing is face-to-face marketing on steroids. It gives marketers the opportunity to meet people in the relevant industry in bulk and showcase their product live.
4.Direct Mail-
Direct mail is a type of direct marketing, it is a form of advertising in which physical mail pieces (letters, postcards, brochures, catalogs, etc.) are sent directly to potential customers.
5.Salespeople-
Nothing beats face-to-face interactions where a salesperson can look at a potential customer’s reactions. Sales is a psychological gameplay as much as it is about understanding a customer’s needs more closely. Plus, people can easily hang up their phones, but they’re far less likely to shut the door in a salesperson’s face.
6.Print Ads-
The world of print media is still around although nothing new is being created for it to evolve. Digital media has enhanced print media as mediums like newspapers and magazines are available on digital platforms.
Advantages of Traditional Marketing-
1.Traditional marketing is harder to ignore.
2.Traditional marketing poses less potential risk for your brand.
3.Traditional marketing is better at reaching certain audiences.
4.Traditional marketing in the form of direct mail is better able to deliver specific offers for specific people.
5.Traditional marketing is widely accepted by most businesses, as it has been used for many years.
Disadvantages of Traditional Marketing-
1.Traditional marketing cannot reach as many people as other types of marketing such as digital marketing.
2.Traditional marketing is more costly than other marketing types such as digital marketing.
3.Traditional marketing is often not as measurable as digital marketing.
4.Traditional marketing can take longer to execute and refine than digital campaigns.
5.Traditional marketing doesn’t have the same ability to target and sub-segment as digital.
Difference between Digital and Traditional Marketing-
1.Digital Marketing utilizes digital platforms and technologies, including websites, social media, email, search engines, online ads and mobile apps.
Traditional marketing involves traditional channels such as television, radio, newspaper, magazines, billboards and direct mail.
2.Digital marketing offers highly targeted campaigns, allowing businesses to reach specific demographics, interests, behaviors and locations.
Traditional marketing generally has a broader reach and less precise targeting.
3.Digital marketing is generally more cost-effective, and Return on Investment(ROI) can be tracked more accurately through analytics tools. Advertisers can optimize campaigns in real time to improve performance and efficiency.
Traditional marketing can be more costly, especially for advertising on popular platforms like television or in print publications. Measuring the ROI can be challenging.
4.Digital marketing allows for real-time interaction, engagement, and feedback from the audience. Businesses can engage customers through comments, messages, reviews, and other interactive features.
Traditional Marketing provides limited interaction with the audience. It’s a one-way communication where the audience receives the message without immediate interaction.
5.Digital Marketing offers a global reach, allowing businesses to target audiences not only locally but also nationally and internationally.
Traditional marketing can have a local or regional focus, making it suitable for businesses targeting specific geographic areas.
Consumer Behaviour-
Consumer behavior is the analysis of how consumers make decisions about what to buy, when to buy it, and how to do so. As well as purchasing behavior, it also involves how consumers think about various brands, how they choose between them, how they behave while deciding what to buy and how they are influenced by marketing campaigns, personal preferences, social and economic pressures and the wider culture.
Marketing Behaviour-
Behavioral marketing is a set of actions aimed at promoting and selling products based on users’ interactions with your brand’s ads, website, emails, social media pages, chatbots, etc. These digital marketing channels offer different tools to use people’s behavior patterns to your company’s advantage.
Business Behaviour-
Business buyer behavior is the intent and behavior shown by companies and employees into making purchases for the organization. Business buying behavior is the concept of understanding the needs and wants of a business and making appropriate purchases, which ultimately help a company get profits. Companies have specific roles allotted to employees, who are responsible for making business purchases. This role is often known as business buyer. Business buyer behavior can be understood on the basis of the business buying process, which helps companies to get the best raw material & goods, which can be processed to get maximum output and returns.