There are several different types of marketing that are used to push a product or a brand and promotional marketing is one of the most popular methods used by for-profit companies. If you are studying marketing to expand your knowledge or to apply new techniques to drive sales for your business, it is important that you take the time to distinguish one marketing strategy from the next. Each strategy has its own advantages and disadvantages that make it either good to implement or good to avoid for a specific brand. You will need to learn more about the strategy of using promotion in marketing and when this strategy is best to implement in a campaign to drive sales or increase market share.
What is the Promotional Element of the Marketing Mix?
When you learn the basics of marketing, you learn that there are 4 components or elements of the marketing mix. These components are often referred to as the 4 P’s of marketing and include: price, product, promotion and place, according to Entrepreneurial Insights. In the promotional element of the marketing mix, various techniques or strategies can be used to present information to customers and then to increase demand and drive sales. Some of the strategies that fall into the promotional mix include: advertising, personal selling, direct marketing and publicity.
The key purpose of each of these strategies is to raise customer interest with special offers or merchandise and ultimately raise awareness that will influence a purchase. With quality promotional marketing, a company will be able to generate new business and then retain their customer base.
When is a Promotional Technique Advisable for Companies?
Promotional techniques have their advantages and disadvantages. One disadvantage is that you often must invest in materials or promotional goods to giveaway just to get attention from prospective clients who may not have a genuine interest in your brand. Companies may even lower the price of a product simply to increase the amount of business they receive on a certain day or in a low-traffic season. While the costs can add up and profits can be lost, the technique can lead to a return in the long run if the right companies are using this strategy appropriately.
It is best for companies who serve the public or other businesses to use this approach when their goal is to increase sales or upsell their clients with an add-on product that might be difficult to sell by itself. Promotional techniques are also great for companies that want greater foot traffic just for publicity that can lead to brand recognition in the future. After multiple advertisements or special offers, a client may become a regular rather than just a bargain shopper.
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If you want to increase value to your customers while you observe higher sales growth and an increase in market share, you will need to familiarize yourself with promotional strategies, according to the Houston Chronicle. If you are implementing a promotion communications strategy for your marketing campaign, you will need to sift through the tactics that are available to you and most successful to achieve your goals. By identifying a target market, you will be able to learn which tactics work best. Be sure that you are prepared to make adjustments to your approach and you can increase brand recognition and sales with promotional marketing.
