Marketing: Changing Times Same Rules

In the 21st century it is out with traditional marketing and in with internet, or as other people like to refer to it, online marketing. This is marketing revamped to suit the changing technological and information ages. The world has become a global village and to be seen in this ‘village’ known as the web you must be proactive and aggressive. Anything less and you don’t stand a chance. Internet marketing strategies defer but the rules remain the same as those of traditional marketing, simply put the game is the same the stage is different. The main goal of any marketing strategy is to ensure company growth and success.

As is with traditional marketing the current status of the company/business determines the final strategy to be implemented. This is where Ansoff’s grid which considers the market and product, in two states: existing and new. Igor Ansoff is known as the father of strategic management and was an intellect when it came to matters of business and mathematics. He has a number of awards to his name and is the man behind the product market growth grid.

The easiest strategy is market penetration where a business is pushing an existing product to an already existing market. This is the safest and cheapest option of growth. There is no need to obtain new resources; the goal here is to get as many people in the market to use your products/services therefore attaining the larger market share. The biggest limitation here is that in the end there will be market saturation, which takes a company back to the drawing board.

The second case is product development where the company is pushing new products to an existing market. Here the company sets to introduce a new range of products to the market; with loyal customers it is easier to push them to get the new products. This however needs new resources to be injected into the marketing strategy and there is the risk of failure involved here.

Then there is the market development strategy where an organization targets a new customer segment with already existing products. The business may be considering to grow geographically or to attract a new group of the people all together. This needs commitment and proper planning to ensure that the product whether new or revamped is attractive and sell-able.

Diversification is the riskiest of all marketing growth strategies. The business introduces a whole new range of products to a new market. There are two possible situations: Unrelated Diversification and related Diversification. Unrelated diversification is when the business has no prior contact or knowledge of the market while related diversification is when the company has initial industry or market experience. This option is naturally high risk but if successful can be the one with the highest return on investment.

With the four growth options and internet marketing trend, a company has to juggle all the online marketing techniques to fit the plan. From search engine optimization, email marketing, writing and submitting articles, publishing online press releases, blogging and interacting on social sites to giving freebies on your site, the list is endless. One thing is certain though, you can never go wrong.

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