For today, absolutely every company seeks to attract new customers and increase sales of its products. In today's business world, no one successful company can do without promotional marketing. After all, you will agree with the fact that you most often buy the product that is most known to you, for example from advertising. This is where promotional marketing begins. Promotional marketing means the process of persuading people to accept the products, concepts, and ideas of the company. Today it is exactly what modern business players need. So, one of the most effective methods of “conquering” new markets is promotional marketing.
What is Promotional Marketing?
What is Promotional marketing? Promotional marketing is a separate type of marketing, which searches for the most effective ways to promote goods on the basis of research of consumer groups. Promotional is a marketing tool that stimulates customers to purchase products of the company. It is aimed at promoting new products and attracting as many potential customers as possible.
Three Main Ways of Promotional Marketing
Advertising, Direct sales and Publicity are the main ways of promotional marketing.
- Whatever one may say, advertising is an expensive and effective method of marketing. However, the advertising message can really affect a large number of potential buyers. With the help of advertising on the Internet, the media, and also using billboards, companies can effectively influence their target audience.
- One of the oldest methods of the direct promotion of goods is personal sales. Personal sales are the direct interaction of the seller with the buyer. This marketing method requires excellent communication skills, as well as the ability to persuade customers.
- Great importance in the promotion system has publicity. This relationship helps to establish and maintain close communication, understanding and cooperation between the organization, the brand, the individual and the associated public. The main advantages are the budgetary nature of this option.
The most common activities of these ways are:
Competitions. Organizing competitions, companies can attract a large number of customers, because winning a contest and getting prizes are able to “hook” customers.
Coupons and brochures. In order to attract new customers, companies use brochures that show basic information about new products, promotions, discounts, etc. These coupons can also give customers a small discount if they want to purchase company goods.
Free samples. Although the idea of providing samples of products absolutely free of charge may seem crazy for some businessmen, but this is indeed one of the most effective methods of promotional marketing.
However, it is worth noting that these methods are effective, but there are a number of diverse market factors that can affect the prospects for the sale of goods or services of the company.
The Objectives of Marketing Promotions
Having considered the main ways of promotional marketing, let's understand in its tasks and functions. The main objectives of advertising marketing are:
- Increase in the total market size;
- Increase the volume of your own tasks;
- Increase in market share;
- Support or formation of a marketing channel (distribution, dealers' dealers);
- Counterattack offers of its main competitors;
- Provide awareness of the product, brand or company;
- Affect the needs of consumers;
- Overcome the prejudices of the target audience associated with past failures, a new product, and so on;
- Increase the volume and frequency of purchases;
- Create trust of the target audience;
- Affect the decision of buyers to buy exactly your product;
- Inform consumers about your offers.
The important function of promotional marketing includes:
- creation of image (image: prestige, low prices, innovations, etc.);
- info about the product and its parameters, the essence of the proposal;
- preservation of the popularity of goods (services), support of the knowledge about them in the target audience;
- changing the image of the product;
- creation of a loyalty among the participants of the marketing channel;
- persuasion of buyers;
- information support of consumers, customers;
- answers to consumer questions;
- distribution company overview.
The main promotion activities used by professional promotional marketing campaign include:
- advertising on various advertising media, promotions;
- publication of information articles;
- presentations and publication of materials by opinion leaders;
- exhibitions, conferences, symposia, round tables;
- briefings, press conferences;
- master classes, seminars and webinars;
- P.O.S. materials;
- direct hotline;
Pay attention to the fact that the targeted advertising activity will give you the maximum guarantee that you will have an excellent return on the investment in any professional promotional marketing campaign that you can implement in your business.
Promotional marketing involves activities intended at increasing the effectiveness of sales through the communication impact on staff, partners and consumers. Promotional marketing pursues a dual goal: the activation of consumer demand and the maintenance of a favorable attitude towards the company.