Just assume you are a marketing manager of a company which manufactures jogging shoes. You want people to know about the existence of your product and you want that everyone should own at least one pair of jogging shoes manufactured by your company. Now, it is your job to figure out how to make people aware of your plan or how to convince them to buy specifically jogging shoes manufactured by your company only.
Your plan to make this happen will be your promotional strategy to promote your product. There are various components that will influence your promotional strategy. In the next section, you will learn about the various components of a promotional strategy.
Budget is one of the factors that influence your promotional strategies a lot. Sometimes you have the freedom to decide the budget of your strategy and on other times you will be given a budget by others to plan your promotional strategy. However, whatever the situation is you should know beforehand how much you can invest in promotion to boost the sale of the product.
When you are setting your product out in marketing, you require a message that will make your product stand out among other similar products. What are the qualities of your jogging shoes that everyone should have them? It is not an easy task to find the right message for your product. It will require a lot of brainstorming.
A promotional strategy is incomplete without the target market. You must decide your target market before setting your product out in the market. There are various types of promotional strategies that you can opt to promote your product. You must figure out which type of promotional strategy is going to boost your sales. You can also observe the promotional styles of companies which are selling similar products. Or you can use the promotional strategy of Rolls -Royce, which has built a prestigious brand name that people what to own their car.
Choose your strategy wisely before investing in it. For example, a small local business would be wasting money advertising in a national newspaper, they would benefit from advertising in a local newspaper. A business may also choose to select social media, rather than traditional advertising , as this allows them to target specific customers. Sales Promotion. Special offers are a type of sales promotion. They offer incentives to persuade consumers to make a purchase.
Examples include:. It is direct communication with a highly-targeted audience through marketing channels. It has more chances to get quick feedback and retain customer relationships. Just think that your company is still breathing just because of your customers. Once customers have used your product and liked it, there are chances that they are going to be connected with you for a long time.
You can ask them to share their details in exchange for gifts or services. You can use that information to promote your product in a new market where people are totally unaware of the existence of your product. The first thing you need to note is that your business is still alive because of the regular consumers who come to your business. Once customers are fully engaged with your products, they will always want to buy from you. However, most businesses tend to make the mistake of avoiding customers in a way; they do not involve customers in sharing information about what they feel concerning a product in question.
Remember one thing; every customer who comes to your business should not be overlooked. They already made the decision that they are going to buy your products. The best thing to do is get as much information from your customers as you can. You can offer them a product or service in exchange for the information you get from them.
The information obtained will help you market your products to a new market that completely know nothing about your products. There are various platforms online where you can promote your products and can reach a huge number of audiences. There is hardly any person who is not using either Facebook or Instagram. By using this platform, you can make people aware of your product. You can talk about its uses and how it is essential for them.
In addition to this, you can show people how your product is better than other similar product, unlike other promotional strategies which are blindly pushing their product on everyone. Just go and open your Facebook app. You will understand what I am trying to say. If you are either feeling hungry or it is 12 pm lunchtime. The use of social media as a promotional strategy is direct marketing at its best.
Social media is a more relaxed environment for promoting your product. There is a wide pool of potential customers out there, and social media allows you to connect with them easily, all of whom can view your company or business from a different perspective.
An ideal factor to keep in mind is a business presence on social media. Of course, you want to make sure that you present your business exactly according to your brand. Create content that will inform your readers; those you interact with, about the product your business sells.
Performing a short-term marketing campaign to gain attention and encourage conversion or purchase. In stores, products are displayed strategically so that they come first in the eyes of customers as soon as they enter the store. Stores do this for two reasons: convenience and impulse. Many times, you have noticed a rack displaying attractive offers on a certain product or many products are displayed near the aisle of the store. There are reasons why stores do this.
They do this either to boost the sale of the product or when they want their stock moving. This strategy makes people buy certain products impulsive while they wait for their turn to check out. This is an effective strategy used by many companies to promote their brand. Keeping loyal customers: Promotion is also used to keep people from switching brands.
Marketers also remind users that the brand is better than the competition. For years, Pepsi has claimed it has the taste that consumers prefer. Such advertising reminds customers about the quality of the product or service. Firms can also help keep customers loyal by telling them when a product or service is improved. Increasing the amount and frequency of use: Promotion is often used to get people to use more of a product and to use it more often.
The Marriott Rewards program awards points for each dollar spent at a Marriott property. Identifying target customers: Promotion helps find customers. One way to do this is to list a website as part of the promotion. For instance, promotions in The Wall Street Journal and Bloomberg Businessweek regularly include web addresses for more information on computer systems, corporate jets, color copiers, and other types of business equipment to help target those who are truly interested.
These websites typically will ask for your e-mail address when you seek additional information. Teaching the customer: For service products, it is often imperative to actually teach the potential client the reasons for certain parts of a service. In services, the service providers work with customers to perform the service. For services products, this is more involved than just providing information—it is actually teaching the client.
The combination of traditional advertising, personal selling, sales promotion, public relations, social media, and e-commerce used to promote a product is called the promotional mix. Each firm creates a unique promotional mix for each product.
These are the elements of the promotional mix:. Ideally, marketing communications from each promotional-mix element personal selling, traditional advertising, sales promotion, public relations, social media, and e-commerce should be integrated. That is, the message reaching the consumer should be the same regardless of whether it comes from an advertisement, a salesperson in the field, a magazine article, a blog, a Facebook posting, or a coupon in a newspaper insert.
This disjointed approach to promotion has propelled many companies to adopt the concept of integrated marketing communications IMC. IMC involves carefully coordinating all promotional activities—traditional advertising including direct marketing , sales promotion, personal selling, public relations, social media and e-commerce, packaging, and other forms of promotion—to produce a consistent, unified message that is customer focused.
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