CONSIDERATIONS IN MARKETING
Considering that your company offers a well-designed product with multi-benefits, accessible, attractive outlets, with pricing strategy that is highly competitive, yet that is not all that you make your business circulate and grow. Yes, you have the product, price, and place for your business, but if your objectives include long-term profitability, brand strength and increasing market share, then you are missing one key component of the marketing mix, which is called promotional marketing.
Promotional marketing is the company’s attempt to generate sales through casual, informative and persuasive communication; companies must consider their budget for the cost of promotion, means of promotion and communication to their target audience. It is the way they should target the customers, suppliers, investors, government, students and the general public that appeals to them and demonstrate ongoing satisfaction. Promotion is relevant as it corresponds to company’s vision. Persuasive communication is the most powerful means of sending a message as it affects the public and develops an impact on their behaviour or attitude.
People no longer buy for anything that they are not aware of its brand. In case of food industry, let’s state consumer products like hotdogs, noodles, bread, etc. You will notice that whenever there’s a new brand coming out of the market, sales lady offers free taste for consumers. Booth with its brand was built to be noticed by the shoppers. Some companies even used mascots to promote their products. Other products like fashion apparel, especially when company’s goal is to be well-positioned in the market, couture dresses, pants, swimsuits and other fashion brands like Lee, Guess, Calvin Klein, Dorothy Perkins and Sara Lee use massive promotion tools to achieve their goal. You will see advertisements online, on television, banners, billboards and vehicle ads on streets. These companies sponsor events that are quite expensive. Some use publicity, press release and they even venture into direct selling. They use marketing communication or promotion mix and must be handled carefully as it involves high cost, market awareness and impact on the customer’s mind and behavior.
Advertising is a cost-effective way of reaching large target segments. It creates introduction to new products and services, additional attributes and benefits and new channels of distribution. Use of advertising platforms such as television is expensive, whereas print and website advertising can be efficient and budget friendly. It is considered as the most effective way of establishing and maintaining strong brands. Advertisements with celebrity endorsers or testimonials, and experimental results have enormous influence on buyer’s behavior. Consumers think that they will also obtain similar results shown on the ads.
Sales promotion offers discount coupons and other incentives to get the customer’s attention and attracts potential customers. It is used to attain faster and higher customer’s participation.
(Contests and games, premiums and gifts, trade shows, tie-ins, coupons)
Public relation seems to be highly effective, yet this promo tool is being under used. It can create market awareness as the selling was transformed into news, which is credible and more factual. It can bring potential customers even if they are not interested with advertisements and sales promotion.
(Press kit, sales speeches, seminars, identity media, company magazines, etc.)
Personal selling is most effective on face to face dealings as you can influence the customers to buy at that moment, satisfy and repeat purchasing your products. Often referred to as direct selling, Sarah Lee and Avon products are sold using this category.
It is interactive and personal. Prospects and customers feel that they were chosen as one in the preferred segments. (Direct mail, telemarketing, Internet marketing, email marketing)
Pre-approved credit cards or loans clients have been contacted using phone or mail to inform them that they can avail of no-application credit card loan.
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