Promotional Marketing Strategies

Home Assignment Answers Promotional Marketing Strategies

Possibly you’ve heard about the 4 P’s f marketing mix i.e. product, price, place, and promotion. In this article, we will discover the 4th P “Promotion”.

Let’s start with understanding what exactly promotional marketing strategies are?

Promotion is considered as an element of marketing. It includes advertising and marketing of a product. It helps in making the potential and intended customers aware of your product.

For convincing the customers to purchase your product, they need to be explained about what the product is, how they can use it and the reasons to buy it.

An effort of promoting the product includes a message that is to be conveyed to the target audience. Identifying the target audience constitutes an important part of market research. Your promotion strategy should catch the attention of the intended customers.

The marketing channels that are to be used to promote your product can be one or more depending upon your method of promotion. If you think that there is no suitable distribution channel available to promote your product, till then you can store your products in different types of warehouses depending upon the nature of your product.

Irrespective of the product or service that you are providing to your customers, a well- framed and strong promotional marketing strategy can help your organization to stand in the favorable light as well as opening doors for future success.

Various promotional strategies that can be used to promote your product or service are as follows:

  1. Contests

Contests are one of the most useful promotional strategies. There are many contests for which the purchase is not required. The main aim is to advertise your product and making the people aware of your brand instead of wasting time in hard-sell campaign. People are always interested and keen to win prizes.

  1. Social media

With the help of social media websites like Google+ and Facebook, companies promote their products and services. Social media marketing is a form of direct marketing. You can make a different perspective of your company in front of the customers. You can connect with your customers on a more personal level with the help of social media. It helps to reduce the gap between the company and the prospective buyer.

  1. Giveaways

In case you want to introduce a new product, product giveaway is the best method which allows the customers to sample a product. To motivate the public to try new products, many companies sponsor in-store promotions and give away the samples of their products.

  1. End- Cap Marketing

This method of promoting the products is used in stores. In end- cap marketing, there is an end cap which sits at the end of aisles. Their work is to feature the products that a store wants to promote.

Point of sale is another method of promoting a product in a store. The products are placed near the checkout area so that the customers can purchase them impulsively.

  1. Referrals by the customers

A program called the Customer Referral Incentive Program is a method which is used to encourage the existing customers to refer new customers to your store. You can use discounts, free products, and other rewards to attract new customers. This promotional strategy helps in leveraging the influencing base as a sales force.

  1. Charities and causes

Supporting a cause on one hand and promoting your product, on the other hand, is a very effective promotional strategy. If you make your customers a part of something big by making them use your products will create a win/ win situation for you. This way you will get more customers and a socially cognizant image. You can give some percentage of your profit to the cause that you are helping.

  1. After- sales surveys

You can contact the customers by telephone or by mail after a sale. You can appoint skilled salespersons who can make survey calls to the clients to collect information about them. The information can be used in the future to know about the needs and preferences of the customers. This method will help you in promoting your company as well as providing the best services and products to the customers.

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