The Pros and Cons of Marketing Strategies

Marketing strategies are a common and intrinsic part of growing a business, and it is important that business owners recognize what is useful for them specifically, what goals they need to achieve, and how best they think they can get there.

The goals of marketing are often the same: increase exposure, make more sales, increase profits. That being said, how businesses come to achieve them, can be different.

This piece is going to take a look at a guide to the different marketing strategies you can implement, to help you reach your targets.

Let’s get started!

Word of Mouth Marketing

Word of mouth marketing, is an excellent strategy for businesses to utilize, for a few reasons. It relies heavily on the impression your business, product, or service, makes with people – and being heard by the right people, is the main goal.

Pros

1.  People listen to those they trust when they are recommended something.
2.  You are likely to reach your target audience, as people are allegedly, friends with those who are similar to them.

Cons

1. Word of mouth can be slow to spread the word, as you are relying on people to mention your business and their experience, to others.
2. You need to reach a specific sector of the public, in order for word of mouth to be beneficial.
3. Sometimes a negative opinion, can be more prominent than a positive one!

SMS Marketing

SMS marketing is relatively new to the scene, in terms of making a comeback that can be trusted.Using SMS for global business messaging is an excellent option since it’s more reliable than other direct marketing methods and the results are easily trackable, all cell phones are equipped to receive text messages as the default messaging service, and most people are simply more inclined to read a text message than an email – the succinct format is easily digestible. Using the simple technique of text messages, you can get your brand far and wide, with sms marketing for nonprofits.

Pros

1. An impressive audience of people all over the world who use texts.
2. Return on investment is high as people are more likely to open their texts, before emails or engaging with other advertising.

Cons

1. It can be too short to get your point across effectively.
2. People can be put off by unsolicited text messages from businesses they haven’t engaged with.

Internet Marketing

Internet marketing is perhaps one of the most common forms of marketing out there these days. Around 90% of people in America, use the internet, which is a significant pool of people to get in front of.

Pros

1. Internet marketing can be customized much more easily than other forms. For example, you can narrow down internet marketing to gender, location, hobbies and interests, and time active, on the internet. This allows the ads to go much nearer to where they need to be, instead of just going out into the world.
2. You can pay as and when you get a click. This marketing strategy is called PPC (pay per click) and only charges a business when someone displays their interest in the advert, by clicking on it.
3. You can use all different types of social media to interact with internet marketing.

Cons

1. It can be expensive if target demographic does not engage with the full sales funnel.
2. Ad placement is crucial for it to work and if you choose a placement that is too cluttered, you might find that is off-putting for your audience.