My board is willing to expand my business’ marketing budget. What are the market strategies that work for businesses in the world today?
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In the graveyard of failed products lies many poor products. In there you can also find many great products that were just unlucky not to get the right attention. This means as you are trying to develop great products, you should also come up with techniques to advertise them to the right audience.
There are two methods that you can use for marketing, they are:
Inbound Marketing
This involves the practice of attracting, engaging, and delighting your prospects. This method provides the highest returns on investment as it helps you earn the loyalty and respect of your customers. It however takes some time to get results and you have to be dedicated. Examples of inbound marketing include blogs, videos, user-generated content, etc.
Outbound Marketing
This type is fast but it is capital intensive. It is also not the most efficient because you will be relying on the chances that your advertisement will find the right customers. Examples include TV and Radio Ads, Social Media Ads, etc.
Ultimately, a healthy marketing strategy incorporates a large chunk of inbound marketing and supplements it with bits of outbound marketing.