Ultimate Digital Marketing Guide for Your Online Business
7) Joint Venture Marketing
Online joint venture marketing is noticed a lot nowadays and it is typically the high profile or popular businesses that use this particular marketing arsenal. Basically it can be simplified into something similar to the principle of ‘you scratch my back and I scratch yours’.
Yep, it does sounds quite crass, but that is the motto behind this marketing method. Let me illustrate an example for you. Suppose there is a business owner ‘A’ with a huge subscriber list, fan following and online traffic to his / her business website. There is also another business owner ‘B’ with almost the same facilities as ‘A’, but the products / services that each of them is selling / wants to promote is different.
So when ‘A’ and ‘B’ shake hands and decide to do a joint venture (JV), they exchange their products and services and start marketing them to their audience. So ‘A’ now markets B’s products and services and vice versa.
This is an effective method for both parties because your audience is now more receptive to B’s products while developing increased trust in you as well. They do so because they consider it as a genuine selfless attempt on your part to bring high value products to them and so they now have more trust in you and the value of B’s products as well. The same story gets repeated with B’s audience too.
But this will work only when you already have a considerable amount of audience and have developed a credible business reputation online.
8) Paid Marketing
Paid marketing is actually an umbrella term for different marketing methods, but let us quickly go over the commonly used ones.
Paid search engine marketing is the most commonly used method by online business owners and entails paying for ads that drive traffic towards your website.
The best part is that you do not have to wait for traffic or prospects to come in as the results can be expected as soon as your campaign goes live. It is also trackable, scalable and hence more reliable.
1) Google Ad Network
We all know about the Google Ad network which takes up a major share in online paid search engine marketing. These ads are also popular by other names like PPC (pay per click) or CPC (cost per click) ads
2) Display Advertising
Display advertising is something that both offline and online business owners indulge in. Display advertising can include ads in various formats, like text, audio, video, banners etc.
3) Paid Social Advertising
Social media is the darling of the corporate world and according to the latest reports; businesses are gearing up in 2013 to keep aside about 64 % of their marketing budget for social media advertising. That translates to ‘great news’ for top social media sites like Twitter, Facebook and LinkedIn.
9) Referral Marketing
Referral marketing is something that comes under the banners of both online and offline marketing. The term is self-explanatory and means encouraging our existing customers to refer their friends, family and acquaintances.
But as you might have already noticed, in referral marketing we need existing customers from whom we can request referrals. But I am not saying that it will not work for new businesses, because we all have already seen how Dropbox successfully used referral marketing when it started in 2009.
I really hope that you all have found this guide to be worth the long wait. I will be posting the next guide on offline marketing methods very soon.
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