We continue to understand a large array of different types of marketing. Today we will consider guerrilla, data-driven, lateral, event marketing and more.
Data-driven marketing is marketing based on the analysis of more data. In data-driven marketing, it is important not only to own information but also to use it correctly. The data will be useless if it is not analyzed or applied incorrectly, so you need to be able to manage the data correctly. Marketers use data to understand who their target audience is. This allows them to launch more focused campaigns that result in increased company profits.
You can learn more about the data-driven marketing in Mark Jeffery‘s book Data-driven marketing: the 15 metrics everyone in marketing should know.
Guerrilla marketing is marketing based on the use of non-standard and creative methods of promotion with a minimum budget. Guerrilla marketing is based on knowledge of psychology, and this makes it extremely effective because most purchases are made unconsciously. Properly organized customer support and human marketing tools strengthen the loyalty of old customers and attract new ones.
This definition was first introduced by Jay Levinson in 1984 in his book Guerilla Marketing: Easy and Inexpensive Strategies for Making Big Profits from Your Small Business.
Lateral marketing is marketing based on the search for new non-standard opportunities in terms of promotion methods, communication approaches, customer service, sales methods, etc. Lateral marketing is the opposite of vertical marketing. The vertical marketing process is a sequence of steps: identification of needs, the definition of the market, segmentation, positioning, development of marketing tools.
A vertical marketing process is a logically consistent movement from the general to the particular. Lateral marketing – involves restructuring existing information and moving from the private to the general with a less rigorous thought process – research, risky and creative.
Find out more details about lateral marketing in Lateral Marketing: New Techniques for Finding Breakthrough Ideas book by Philip Kotler and Fernando Trias de Bes.
Inbound and Outbound Marketing
Inbound marketing is a type of marketing activity aimed at attracting customers by providing interesting and useful content without putting pressure on the consumer. People come to you because they are interested in you. The term inbound marketing was coined by Brian Halligan and Dharmesh Shah in the book Inbound Marketing. Get found using Google, Social media, and blogs.
Outbound Marketing is a type of marketing activity aimed at attracting customers through direct open influence on people: all types of advertising, direct mail, cold calls, SMS, etc.
Account-based marketing (ABM) is marketing based on an approach that is characterized by the fact that a potential or existing customer is a separate market. In traditional marketing, the market is first segmented, and then a suitable strategy is selected for it. In this type of marketing, efforts are directed not to a segment, but a specific customer. Marketers analyze customers, then create individual programs to influence them. As a rule, ABM is typical for B2B marketing.
Affiliate marketing is marketing based on business cooperation between a brand and a partner. The partner promotes someone else’s brand (product, service) and receives a reward for it. The following types of rewards can be distinguished: CPC (cost-per-click), СPS (cost-per-sale), CPA (cost-per-action), etc.
Word of Mouth Marketing
Word of Mouth marketing is marketing based on the spread of positive information about the company in the form of recommendations, tips, reviews from person to person, both in personal communication and through electronic means of communication. This category also includes the dissemination of rumors, but only from a positive point of view. It is necessary to monitor this type of marketing very carefully, so it can get out of control and harm the company.
Word of Mouth Marketing includes the following types:
- Buzz marketing is an artificially created boom and hype around the brand, and the spread of positive rumors through agents of influence, often to create a sense of anticipation. Serves to reinforce the original marketing message
- Viral marketing is creating an infectious marketing message that is voluntarily and free of charge distributed from consumer to consumer. The dissemination of content in this type of marketing is similar to a computer virus.
Learn more about word of mouth marketing in Andy Sernovitz’s book Word of Mouth Marketing. How Smart Companies Get People Talking.
Co-marketing (collaborate marketing) is marketing based on the association of two or more business partners to create and successfully manage a new product or service. This type of marketing helps to reduce costs, as well as increase the ability to create a marketing campaign, generate new ideas and proposals.
Event marketing is marketing based on the promotion of a brand, product, or service through the organization of events. Event marketing may include events like exhibitions, conferences, fairs, seminars, workshops, presentations, parties, charity events, etc.
Neuromarketing is marketing based on the study of customer behavior and the impact of marketing communications on them. In this type of marketing, neuropsychology is used, the human brain is studied, and research is conducted, during which it is established how various marketing incentives cause a reaction in people.
Martin Lindstrom paid great attention to neuromarketing in his book Brandwashed: Tricks Companies Use to Manipulate Our Minds and Persuade Us to BuyThe Only Book You Will Ever Need on Branding: to start, run and grow your business.