It is said, that 'customers are the kings' and indeed they are. The marketing departments of every firm fight tooth and nail to lure customers and increase the sales of their products. Promotional methods are important and efficient marketing strategies of various companies. While millions of dollars are spent on advertising methods, promotional marketing methods are relatively less expensive and can be more effective.
What is Promotional Marketing?
Promotional marketing is a business tool that is designed to pull customers to buy the products of a company. Generally, promotional marketing is carried out by companies to launch their products or attract more potential customers. Before devising any strategy for promotional marketing, firms must ensure that they allocate a budget to the promotional marketing and set a target that gives them maximum return on the invested money.
Promotion Strategies
There are basically two promotion strategies; the push strategy and the pull strategy. According to the push strategy, the marketers give generous discounts and benefits to the customers, so that, the sales can be increased drastically. One of the most successful strategies, the method of giving discounts is often successful for most of the firms. In the push strategy, main focus is on reducing costs of the advertising. The other strategy, the pull strategy minimizes the use of different channels and the major focus is on advertising the product. Its goal is to create a potential market for the products of the firm.
Advertising
Advertising is an expensive method of promotional marketing, wherein, the products are made to reach a large number of people. For example, by using electronic media, TV, radio, press and outdoor hoardings, advertisers target the audience and try to create an impact on customers.
Personal Selling
One of the oldest ways of direct promotion is to sell the products by direct interaction between the seller and buyer. It is believed to be the most difficult form of marketing, as it requires skills of persuasion and excellent communication skills.
Contests
One of the effective, popular and most preferred form of promotional methods is to arrange certain contests for the customers. We all will agree to the fact that winning surprise prizes in a shopping mall or fashion store is simply exciting. One of the most attractive marketing strategies, organizing contests among the customers is a brilliant way to promote the products.
Pamphlets/Coupons
In the quest to attract more customers, companies distribute coupons and pamphlets about the products. The customers are either given basic information about the newly launched products or they are provided with discounted coupons on the purchase of some accessories/apparels. Coupons make for an effective marketing plan for small business units.
Free Samples
The idea of freely distributing products, sounds weird and crazy for any company, however, there is a certain element of truth in the fact that marketing firms have gained substantial promotion through the idea of free samples. While, it is not logical to just distribute your products, you can devise a strategy, so that, the idea of free samples doesn't incur losses for your firm.
While evaluating different methods of promotion in marketing, one should realize these strategies are not set formulas or recipes for the successful launch and eventually high sales of the product. No doubt, these strategies are effective, but there are various market forces that can affect the sales prospects of firms.
2 comments:
I powerfully accept as true with your opinion, informative and helpful. More power.
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A lot of people don't understand how important it is to market something when you want to sell an idea or an product. We market things just about everyday, from the big corporate CEOs down to the simple average Joe.
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