When it comes to marketing in all it’s various avenues, they boil down to three types based on the goal of the marketing. It’s important to understand the types and their differences because you could be expecting more from something that’s not supposed to produce the way you expect. Conversely, you could also spend more on something you don’t need to. While there are 3 types of marketing you have make sure you’re doing all three because they work off each other and create growth. So, let’s discuss the 3 types of marketing and their benefits.
Conversion Marketing
This is the most common form of marketing. The goal is just as it sounds, to convert the recipient into a paying customer. Google ads, Facebook ads, direct mail, and anything that’s supposed to solicit a direct response fall into this type. You can spend a lot of money or a little in this category depending on who you’re targeting. My follow up article will talk more about that. Nonetheless, you have to be doing this type of marketing in order for you to do the next and probably most important type of marketing.
Brand Loyalty Marketing
Now that they’ve converted to a paying customer, you want them to keep buying. More importantly, you want them to become a loyal customer that actively advocates for you. In order to do that, you have to deliver value. That’s done through email marketing, special rewards, thank you, and referral programs. Interestingly, this is actually the cheapest type of marketing, because you spend more to get a customer than to keep them.
Cell phone companies get this wrong and spend so much with amazing deals to get new customers that the current ones jump ship looking for the next best deal. One thing to note is that while this is the cheapest form of marketing, it must be your most consistent one because you have to continually deliver value through content. Yet, when you do it leads to the next, almost organic type of marketing.
Brand Awareness Marketing
This type is just as it sounds, letting people know your brand exists to help solve their problem. Content marketing, sponsorship, public speaking are all forms of this type of marketing. Truth be told, my regular column here in LKNConnect is brand awareness marketing. Put your brand out there so much that people can see, interact with, and convince themselves you’re the best solution for them.
Spend for this type of marketing varies. What many get wrong is that they expect conversions from awareness marketing, but that doesn’t happen right away. In fact, this is type of marketing is the slowest to produce results but when it does it snowballs.
Utilizing all three produces the best results
All three types of marketing work off each other. People need to know about you to buy, and when they buy they need a reason to keep buying. Utilize all three, document the process, and you’ll be able to create a marketing machine that will continually drive revenue for your business. Until next time I wish you much success transforming your business into an amazing brand.
