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The four main types of marketing strategies stated by the Harvard business review article are made highly efficient and can be implemented on any of the businesses. Marketing is the phase that a business starts from a very early age because enables the awareness to target customers and initiate sales.
Market penetration strategy
This strategy as by its name suggest tries to penetrate the most from its existing products, the strategies applied here are targeted toward the maximization of sales through the current portfolio of product and services that are roaming in the market. The main tactics used in market penetration strategy are:
Smarter advertising campaigns to grab more customers are the best hack for market penetration. The more people amount of people who will get awareness about your brand the higher chance you have to convert into your customers.
Market development strategy
The tactics that are used in this strategy are in favor of expanding the market of a product, it includes taking over to an international market and sell products to new customers. It could be achieved by targeting new markets, internationally, geographically, demographically, or even nationally. The Advertising and Marketing strategies used by every business vary accordingly but the aim is one for all the businesses. The hack to target new customers and markets is to research the people who live there and introducing products that are in demand. For instance, if you go to the US with the same products offered in the UK, it would be very inefficient because they won’t know what UK’s occupations prefer. Every country has a different liking, different tastes, and different preferences.
Product development strategy
This strategy revolves around developing new products and targets them to existing customers. Here, customer relationships matter because companies take advantage of their existing customers. The best ideas to do this are through creating extensions of existing services and products for instance if you have a business of airlines, you must deal with online booking of flights. Here, the product development can have the best possible impact; the airline business can start a service of finding the best hotels in different countries or car services for passengers who want conveyance to hotels and restaurants from the airport. This is how product development works; use existing customers for a new product or service.
This strategy is for businesses who want to go over the line and are ready to take risks because diversifying with new products and into the new markets is very complex. It’s not impossible but it requires heavy spending on market research and then product development because the business itself is experiencing something new. A diversification strategy is taken when the other three strategies are not fetching optimum results and the company wants to improve its ROI (return on investment). Digital marketing service also helps when diversification is taking place.