Marketing is the promotion of business products or services to a target audience. It is an action taken to draw attention to a company's offerings, which can be physical goods for sale or services offered. Examples of marketing include brochures, flyers, newspaper advertisements, magazine advertisements, television commercials, roadside billboards, email marketing, and more. The most common workplace marketing strategies are inbound and outbound marketing.
Inbound marketing involves attracting customers and bringing traffic to your website or products. Outbound marketing is about sending physical content by mail or other means. Email marketing is a good example of an inbound marketing strategy as it allows you to take a smoother approach to your marketing as these leads are more likely to convert into sales. When it comes to creating an effective marketing strategy, there are five main concepts that companies should consider: SMART objectives, timelines, action measures, long-term objectives, target audience, key marketing messages, and metrics.
It is important to include a detailed breakdown of the projected costs per marketing initiative in the strategy document. Business marketing strategies are a tool that marketers use to describe their various campaigns and marketing models. Research shows that 313% of marketers are more likely to report success when they have a documented marketing strategy than those who don't. For SMEs, in-house marketing may not be as vital but it can be a vital part of large companies' marketing efforts.
If you're looking for a good starting point for creating a new product's marketing plan, the Chief Outsiders template is a great resource. Additionally, market research should be conducted as it involves gathering information that can be used to market products and services with greater precision.