“Marcatus” as the Latin name of “ market” in its real sense gives the meaning as “to trade”. Sellers and buyers come to this one platform to exchange goods and services simultaneously. This human activity focuses on fulfilling needs through the exchange process.  But in this digital age, the marketing term has changed its strategies to meet the different types of needs as per the current requirements. Today the features of marketing have changed its functionalities. 

In this blog let’s delve into marketing. What are the different types of marketing? What are the features and functions of marketing to meet the digital world’s scenario? How companies are marketing their products and services to meet the demand and satisfy the needs of their targeted audience?

What is Marketing?

Marketing is a process that a company enables in their business to promote their product and services for selling and buying services. Today when we talk about marketing, there are many things that come with this like advertising, branding, promotion, etc. Businesses can use different strategies for marketing activities to sell products and services to consumers.

In this digital age, professionals are marketing and promoting their strategies to get the attention of their potential audiences through advertising. Here promotion is all about targeting a few sections of audiences, doing endorsements, including slogans and phrases, alluring packaging, online advertising, graphic designing this many more to add 100% media exposure. 

Understanding Marketing 

Marketing is a strategy that every business uses to draw their customers’ attention and maintain long-term relationships with them. Starting from attracting users, to the process of converting them into customers, maintaining the relationship, adding new customers with valuing the past customers all are the functions included in marketing. Whether it is traditional marketing or digital, the goal is the same. Take a product or service, identify your ideal customers, draw their attention, and finally convert users to customers. 

The 4 ‘P”s of Marketing

The four Ps assemble together to meet one company’s need to sell products and services. Let’s discuss the four P’s:

1. Product

Product refers to the business’s actual offer of goods or services as per the needs of target audiences. Here the important features of marketing consider product features, quality, design, branding, and customer needs at the time of developing a product strategy. Here the product must deliver value and should be unique to beat the competition. 

2. Price: 

It is a certain amount that customers use to pay for a product or service. In traditional marketing, the price serves as the exchange of products or services between marketers. Today money comes as the price value for it. The price strategies vary according to different factors like production cost, competition, market demands, or perceived value. The aim here is to set a price that adds more profitability along with ensuring customer satisfaction level and trust-gaining features. 

3. Place: 

This third marketing feature refers to a destination or platform where the product or services are made available for customers. Here the distribution channels help ensure the product reaches the right audience at the right time or not. The place can be a physical store, online platform, or both’s combination. 

4. Promotion: 

This is the most effective convincing strategy used for customers to make them buy your products or services. You can include many activities to communicate the right value of your product or service. The strategies in this activity include public relations, advertising, sales promotion, and social media marketing. Giving the right message to the right audience, through the right channels at the right time is the goal of promotion in marketing. 

These 4 “P”s help businesses to create a comprehensive marketing strategy to exceed customer expectations to drive better business growth. 

Types of Marketing Strategies 

Marketing includes a wide range of activities, and functionalities to meet client demand. As day by day it is evolving, the strategies are also changing and bringing new features within it Find Out different types of marketing strategies: 

Traditional Marketing 

It is a marketing strategy that was used in the absence of technology and the Internet. Companies do the marketing to sell their products and services through a few methods, for instance:

• Outdoor Marketing: This marketing feature includes public advertising, such as billboards, printed advertisements on public transport, stickers on vehicles, stickers on benches, etc. 
• Print Marketing: Print marketing features include small and easy printed content. Companies use mass-printed material production, which is the same for all customers as per traditional method. 
• Direct Marketing: The direct marketing strategies include vouchers, coupons, pamphlets, etc. This marketing strategy is prepared with specific content, which is delivered to customers through various mediums. 
• Electronic Marketing: When electronic media arrived, advertising became more popular through TV and radio. With the help of short content, companies convey information to their customers through visual or auditory media. It grabbed more viewer’s attention in comparison to printed form. 
• Event Marketing: It is a kind of marketing that assembles all potential customers to one place. After gathering all customers at a single point, speak with them about the product and services. If possible demonstrate the product or service in front of a large gathering to gain trust. Trade shows, conferences, roadshows, seminars, and private events, these are event marketing examples. 

Digital Marketing

These features of marketing arrived after the invention of the internet. The Internet brings the online business opportunity with it. As a result, marketing slowly shifted to online marketing or digital marketing.  Digital marketing has increased lots of scope for companies to grab users’ attention. Starting from pop-up advertisements, and target placements as per tracking viewing history, there are different ways available for companies to enter into this marketing world. Check out other marketing sources: 

• Search Engine Marketing: It is the strategy of increasing online search traffic for your product or service. Mostly there are two effective ways available. First companies pay search engines for their placement on result pages. Secondly, companies use different search engine techniques to get a place on high search results organically. 
• E-mail Marketing: This is counted as one of the effective functions of marketing. Companies distribute their advertisements, newsletters, or messages to targeted customers’ email addresses.  The most common forms of email marketing are sending coupons, discounts on product/service features, upcoming sales notifications, etc.
• Social Media Marketing: The online presence needs different platforms to display your products and services. Social media channels are the best to implement your online presence strategies. The different platforms are search engine marketing, paid advertisements to bypass algorithms, organically increasing chances through posting content, interacting with followers, or uploading photos, and videos consistently regarding your products and services. 
• Affiliate Marketing: It is a third-party advertising strategy to drive customer interest. Here the third party is called an affiliate. He/She will get a commission from a sale after driving a sale for an original product or service. 
• Content Marketing: This marketing strategy aims at sharing information about a product, obtaining information, and alluring customers to continue with the company beyond the content. The perfect examples of content marketing are eBooks, infographics, video seminars along with many more downloadable content. 

Why Is Marketing So Important?

Today business without marketing is impossible to think about. Marketing is necessary for companies to educate, promote, and encourage potential buyers. Good marketing helps the company to build a great brand. This brand with specific campaigns makes companies convey their emotions to prospective customers. 

These statistics are the answer:

1. In 2023, the global digital marketing market was valued at **$322.5 billion and is expected to reach $807 billion by 2026. It shows a growth rate of 13.9% in CAGR.   
2. Email marketing’s  $1 expenditure on email marketing expects businesses to return $36 on average. 
3. In comparison to 2022, the influencer marketing industry has grown from $16.4 billion to $21.1 billion. 
4. 70% of marketers are actively investing in content marketing with 60% of B2C marketers having extreme commitment. 
5. 54% of social media users use platforms to research products. 73% of marketers find social media marketing very effective for their business.
6. Strong SEO strategy implicated companies expect 14.6% close rates on SEO leads in comparison to 1.7% close rates on outbound leads.
7. In marketing research, it is found that approximately 94% of marketers believe video increases users’ understanding of products and services.

Find Out the Purpose of Marketing

Marketing is the backbone of a company to attract customers and raise sales. Today the purpose of marketing is to boost traditional marketing strategies by integrating advanced technologies. The advanced technologies also include data-driven insights and multi-channel approaches to create tailored, effective, and scalable marketing campaigns. 

The purpose of marketing is to increase customer engagement, enhance brand visibility, and increase conversions by leveraging automation, AI, and analytics tools. Businesses are focusing on improving ROI to deliver measurable results.  Marketing gives businesses a competitive edge with deeper customer relationships to spread their brand message on all platforms. 

Benefits of Marketing

1. Boost Customer Engagement: The advanced strategies in marketing help to improve customer interaction. It helps to build a healthy and tailored connection   
2. Data-Driven Insights: Different analytics and insights help marketing to make businesses understand customer behavior, marketing trends, and preferences. 
3. Brand Visibility and Awareness: Here multi-channel approaches, and consistent messaging across digital, social, and traditional platforms support building brand visibility. 
4. Targeted Advertisements: Businesses categorize audiences and deliver highly relevant content to the right people at the right time with improved ROI.
5. Increased Conversion Rates: Marketing converts leads into paying customers efficiently. The conversion rate helps to optimize customer journeys by engaging them consistently.
6. Cost-Effective Campaigns: The marketing features help in integrating automation and data analysis to reduce unnecessary expenditures. It helps to maximize the marketing campaign’s impact.  
7. Improved Customer Retention: Marketing strategies focus on long-term relationships to increase customer retention and promote loyalty through consistent value and engagement.
8. Competitive Advantage: Businesses are taking the help of marketing to adopt the latest trends and tools to stay ahead of the curve in the competition. 

How does Kodehash Marketing help you?

 Kodehash offers cutting-edge marketing solutions that align with marketing features. Our expertise in innovative digital transformation, automation, and data analytics helps businesses to : 

• Optimise customer engagement with AI-driven insights and tailored experiences. 
• Increase visibility with strategic campaigns across multiple platforms to ensure consistent messaging and reach
• Advanced segmentation techniques help in targeting the right audience to improve ad performance efficiently.
• Automation tools help to streamline processes by reducing manual efforts and cut costs on delivering high ROI. 
• Make sure all-size businesses get benefits from comprehensive marketing strategies. 

 Kodehash as a partner helps businesses to stay ahead in this competitive marketing. Our marketing features leverage full marketing potential to drive growth and success. 

Final Thought

Marketing is a prominent part of a business. It enables businesses’ products or services to reach the right consumers and entice them to choose the product over a competitor’s. However, marketing is not free, you  need to make a budget  with a significant amount to get desired results. 

Be a partner with Kodehash and get access to all the latest marketing strategies to stand out in the digital marketing competition. Kodehash’s effective marketing is not a one-size-fits-all endeavor. We have a strategic process that prepares careful planning for each business. By understanding the key features of marketing, we design compelling campaigns that resonate with your audience. We drive engagement to achieve your business objectives efficiently.