Every corporation, company or multinational corporation today generously spends a huge portion from their budget for the marketing purpose. It is vital to bare these marketing expenses in the beginning of a new product or a service since you will get the chance to earn lot of benefits from that product in the longer run. Therefore it is crucial for every prospective businessman to study the marketing strategies before entering the field. Following are to guide on the same.
The perception of marketing has changed into different angle with the growth of the competition in the market. Earlier days marketing was only needed to introduce a new product or to introduce a different use of an already introduced product. These new products were there to satisfy different aspects or needs of the customers. As there used to be heterogeneity, marketing was needed only to introduce the product as when the product gets the required attention, it could automatically acquire an acceptable market share and hold its position monopolistically in the market. But in today’s market there are so many products with different brand names to satisfy the same need of the customer. It is obvious that the market should be tackled by the innovative strategies like guerilla marketing, viral marketing, and online marketing to sustain in the competition and to be successful in the long run.
How to choose the best way
It is important to choose the most appropriate method to launch your product or brand. You can get the necessary support from expertise firms like branding consultancy firms which will analyze the aspects of the prevailing market and will choose the best method to launch your product. You can also engage in the study by yourself or with the help of your peers and choose the best way for your product.
Pros and cons of these innovative strategies
These new marketing strategies can be very expensive and challenging but at the same time these strategies are found to be highly effective. Therefore when choosing a method to market the product or service of yours you need to engage in a cost benefit analysis. Strategies like guerilla marketing needs lot of planning to be done at the beginning and also the initial cost will be very high. At the same time this strategy includes a high risk because the success of the product launching will rely on the customer’s reaction to the campaign. Strategies like viral marketing includes a very low cost compared with guerilla marketing. But to get the expected level of success using a method like viral marketing the campaign should include lots of new ideas.