In the digital age, there are many ways to market a business. Some are effective, while others are not. Here’s how to choose the right marketing strategy for your business.
What are the Most Creative Marketing Strategies to Grow Revenue in 2022?
1. Affiliate Marketing.
One of the best ways to grow your brand is by using affiliate programs.
Affiliate programs are a great way to increase your brand’s exposure, build your audience, and make money. Affiliates will promote your products or services on their blogs, websites, social media channels, etc., which will drive traffic back to your site and potentially increase sales.
If you’re wondering how affiliate programs work, here’s a quick rundown:
- An affiliate links their site to yours. They can do this by embedding code onto their blog or website that directs customers back to your site when they click through from there—or by signing up for an affiliate program like Amazon’s (which includes an embedded widget for easy placement).
- When someone clicks through from that link or widget, they’ll be taken directly to your page and will see whatever content was included in the original link (e.g., an article about how to lose weight fast!)
- Amazon takes a cut of every sale made through its platform—usually between 4-10%, depending on how much traffic you’re sending them
If you’re not confident in starting an affiliate program yourself, think about working directly with an affiliate marketing agency to help you scale up your program.
2. Influencer Marketing
Influencer marketing is a strategy that uses social media influencers to market your brand. Social media influencers are people who have large followings on Instagram, Twitter, Facebook and other platforms. They might be celebrities or popular bloggers or musicians—anyone who has access to thousands of followers who listen to what they say and watch what they do.
How does it work?
Influencer marketing typically takes two forms: product placement and promotional campaigns. Product placement involves companies paying influencers (or their companies) to feature products in photos or videos posted on social media accounts owned by the influencer or their company. Companies can also pay for promotional campaigns where an individual posts about a product on his/her own account but receives compensation from the company for doing so.
3. Partner Marketing
Partner marketing is a form of collaboration between two companies to increase the sales of each other’s products or services. It can be done in many ways, including cross-promotion, co-branding and joint ventures.
For example, let’s say you’re an eCommerce store selling shoes. You could partner with other brands that fit your target audience and run ads for their products on your website (this is known as cross-promotion). Or maybe you’re a clothing brand and have collaborated with a popular fitness app to create workout videos (co-branding). Another option is to create a referral program where users receive discounts or other rewards when they refer friends to both companies (which is typically known as a joint venture).
4. Referral Marketing
Referral marketing is a low-cost way to grow your business. It’s also very effective in helping you acquire new customers and drive more sales.
The basic idea behind referral marketing is that someone who already uses your product or service will refer it to their friends, family, and colleagues because they believe in it and want the people they know to benefit from it too.
You can use the following tactics to implement referral marketing:
Ask for referrals during the sale process. When someone buys something from you—online or in person—ask them if they know anyone else who might be interested in what you have to offer. If possible, have them fill out a form where they identify their contacts by name so that when one of those contacts becomes a customer, you can thank the original referrer for being such an excellent ambassador for your company.
Give rewards for referrals. For example, give $10 off each time someone refers another customer who makes a purchase within 30 days.
Create scarcity with limited offers like “Refer 5 friends today before midnight ET tonight and get 10% off all purchases next month!” This will encourage customers (and their friends) who may not have seen any ads yet about this deal yet but might still be interested based on past experience with other promotions run by this company/brand.
5. Customer Marketing
Customer retention is one of the most effective ways to grow your revenue. If a company can successfully retain its customers, it will save money on marketing because it won’t need to acquire as many new ones. This saves money that could be better spent improving products or services or paying back investors.
Customer retention should be your main focus when growing revenue in 2022 and beyond. Studies show that customer acquisition costs are increasing while customer lifetime value is decreasing, so focusing on bringing in new clients isn’t going to be as profitable as it once was. Instead of attracting new clients through ads and discounts, focus on incentivizing existing customers—especially those who already spend a lot with you—to continue doing so by offering loyalty programs and excellent customer service.
Conclusion on Creative Marketing Strategies
That’s it for the five strategies. We hope you found this article informative and helpful! If you want to learn more about growing your business, check out our other articles on marketing strategy: