The Different Types of Marketing
Google “the different types of marketing” and you get various results showing you different answers. Some sources say 4, some say 152, some say 8. But which is it? According to TYB, however, there are only 4 types*.
(*based on 15 years of experience working with marketing individuals, companies and agencies)
The 4 Types of Marketing:
- “Smart” Marketing
- “Effective” Marketing
- “Let’s waste our budget on what we think will work” Marketing
- “Brute-force” Marketing
Fret not, it sounds strange but it really is easy to comprehend. Let us get into the details, shall we?
1. “Smart” Marketing:
This is the best form of marketing. Many successful brands that everyone recognises, patronise and are loyal to, use this.
They own their market. For example: think fast-food chain with golden arches, what comes to mind? Now, why are they so effective?
Simple, they follow the most basic rule:
4Ps: Product, Price, Place, and Promotion.
They have products, with the right prices and often at the right places – targeted at people. People who grew up with them. People who started with them. People from everywhere. And even though it is the same product mix, they do promotions, regularly.
The ADs and campaigns are customised for different parts of the world to suit the taste of the locals. The brief changes but not much and is reused and recycled and it is upgraded over time. Time is not wasted on back and forth communication. The objective is clear. The results are measurable. The brand is reliable.
Consumers trust that prices will be affordable and quality will be consistent.
The promotions entice consumers who feel the pull to purchase, over and over again.
Smart Marketing – it’s all about discipline. Looking at statistics, understanding consumers, studying consumers’ behavioural patterns and improving.
Not cutting corners on the budget for campaigns but not overspending as well; they actively focus on investing in marketing themselves. Now, that’s gold.
2. “Effective” Marketing:
“Successful at producing the original desired and intended result” sounds pretty much like “Smart” Marketing and yet, they are vastly different.
Effective marketing involves a good team, a good strong creative head with a clear vision. It’s usually niche and targeted. The budget ranges and the place varies.
In an effective campaign, the expectations of consumers for a good campaign is actively managed.
A different set of tools become crucial for this: the brainstorming mindmap. It lists down what is expected, what can be done, and how to achieve it.
Communication between departments happen; data is exchanged for analysis and campaigns are conjured up.
Often, “Effective” Marketing are one-off investments when a new product/service is launched. When the campaign is executed, it gets a lot of attention and results show.
3. “Let’s waste our budget on what we think will work” Marketing:
Ignorance is not always bliss. Marketing is about data and more data. This type of marketing is destructive to a company’s growth and often cause quite a dent in the company’s P&L.
Budgets are spent unwisely on the current fads whether or not it suits the objective. The team behind this is usually inexperienced and just want to keep their jobs. It might show a spike in results at first but is never sustainable nor translates to sales. The truth about this is, no one listens, no one looks and most importantly – no one cares.
Albeit, countless of SMEs use this method and it thrives on egos, pride and “know-how”.
There are no graphs, no briefs, no charts and no one really looks at the results.
4. “Brute-force” Marketing:
Ever received unwanted calls or emails or targeted ads? And to make things worse, you get them everywhere. Budgets are frequently allocated for this; a probability game (some consumers get hooked and some don’t).
The net is cast out wide for the maximum exposure for the buck. Little effort on the message and usually used for short-term goals.
Not the best method but it does work.
Always have a goal, then a plan and lastly look at what returns you are expecting. Remember, little or no investments will get you little or no returns.
Till next post…