15 PROMOTION STRATEGIES AND THEIR CHARACTERISTICS (WITH EXAMPLES) - DUDAS - 2024

The promotion strategies are essentially plans that tell you how to be a promotion, where and how they work, and how results will be measured. They must seek a competitive advantage or "niche" and propose a course that helps companies achieve their goals.

No one is going to buy a product or service that they have not heard of, nor will they buy it if they do not know what a company offers. This is why an excellent promotional strategy is vital if the business is to grow.

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These days, consumers are constantly bombarded with promotional strategies from many different channels. Marketers communicate with the public to inform, educate, and persuade them to buy your product or service.

With that goal in mind, there are several promotional channels that marketers can leverage to ensure that their message reaches the consumer, in one form or another. In many cases, a multichannel promotion strategy is necessary to stay current in the minds of consumers.

The plan to promote the products to consumers is the promotion strategy.

Objective and advantages

The main objective of a promotional strategy is to increase the value of sales. In general, there are strategies that focus primarily on primary demand, while others focus on selective demands.

Some companies, to increase their sales volume, target specific audiences. In addition to increasing the value of sales, companies are also implementing promotional strategies to help them stabilize sales.

An effective promotion strategy has many advantages. It can help a business provide the correct business information, differentiate its products, increase sales, accentuate the value of its product, and stabilize sales.

By supplying information specific to a product, consumers become aware of the availability of the product in the market. Through product differentiation, a company can differentiate its goods and services from those of its competitors.

Regardless of the company's product or service, a strong set of promotional strategies can help the company position itself favorably, while also opening the doors for future communication.

List of promotion strategies

Traditional advertising

Promoting products and services through mass media advertising on television, radio, billboards, newspapers, magazines, and other advertising channels is an excellent way to capture the attention of consumers.

Advertising professionals conduct detailed research on the target audience and create ads that specifically target their pain points, offering the product or service as the solution.

Ads often include testimonials from real clients who have been successful with the company, further engaging them in its programs.

Online advertising and social media

Social media is a great way to boost business, and it can also be free or relatively inexpensive.

Social media websites like Facebook, Instagram, and Twitter offer businesses a way to promote products and services in a more relaxed environment.

This is more of an indirect way of promoting the business, rather than a hard sell, like an advertisement.

It is direct marketing at its best. Social networks connect with a world of potential customers who can see the company from a different perspective.

Instead of seeing the company as trying to sell something, the social network can see that the company is in contact with people on a more personal level. This helps to reduce the separation between the company and the buyer, while presenting a more attractive and familiar image of the company.

Many companies also use content marketing as a way to promote their products or services, which involves developing attractive and unique content, related to the problem that the company solves.

Direct mail

Email marketing is an effective way to promote the business. Some organizations purchase lists of names for this purpose, while others build their lists from scratch.

It's a great way to segment your audience and address them individually by name, offering a solution to their particular problems.

Contests

Contests are a frequently used promotional strategy. Many contests don't even require a purchase.

The idea is to promote the brand and put the logo and name in front of the public, instead of making money through a tough sales campaign.

People like to win prizes. Promotional contests can draw attention to the product, without exposing the company.

Public relations and sponsorship

It is essential to develop a good relationship with the media in the industry to create favorable publicity for the brand.

Positive publicity helps the company minimize negative situations or scandals, and can increase consumer support during stressful situations.

Issuing press releases when the company reaches goals or negotiates with important clients is a common strategy for keeping up with the media.

Some organizations use sponsorship as a way to get good publicity. The company can sponsor anything from school fairs to sporting events, focusing on areas where your target market can most appreciate your efforts.

Personal sales

Personal selling involves a sales representative from the organization interacting directly with a customer. This can be done over the phone or in person.

It doesn't take a large sales force to make personal sales. The idea is simply to connect with the customer on an individual level, identifying with their problem and offering the business as a viable solution.

It's a great opportunity to develop meaningful and ongoing relationships with clients.

Product gifts

Product giveaways and getting potential customers to try a product are methods frequently used by companies to introduce new products.

Many of these companies sponsor promotions in the store, giving away product samples to win the buying public to try other products.

This strategy not only adds additional value to the purchase, but also exposes other products of the company to consumers.

Point of sale promotion

The point of sale is a way to sell new products and promote items that the store needs to move. The idea behind this promotional strategy is momentum.

These items are placed near the checkout box and are often bought on impulse by consumers, while waiting before paying for purchased products.

Customer referral incentive program

It's a way to encourage existing customers to bring new customers to the store. Some of the incentives that can be used are free products, deep discounts, and cash rewards.

This is a promotional strategy that leverages the customer base as a sales force.

Noble causes and charity

Promoting products while supporting a cause can be an effective promotional strategy. Customers are given the feeling of being a part of something important, simply by using products that they could use anyway, creating a win / win situation.

The company obtains clients and an image of social conscience. Customers get a product they can use and the feeling of helping a cause.

One way to do this is by giving a percentage of the product's profit to the cause that the company is committed to helping.

Promotional gifts with the brand

Giving functional gifts with the brand to be promoted can be a more effective promotional strategy than simply handing out business cards.

The business card can be attached to a magnet, pen, or keychain. These are gifts that can be given to customers and that they can use, keeping the business in view, rather than keeping them in the trash or in a drawer with other business cards that the customer cannot see.

Free samples

This strategy works when a product can be broken down into smaller components, while still providing the full experience. People like something that they can try before buying it.

Best served with food, but can also work in spas and salons, with sample lotions and perfumes.

Limited time offers

Limited-time offers are a psychological strategy that advertising consultants are well informed about.

Limited time offers do not always refer to specialty products. They can be offers for recently released or discontinued products.

Issuing an expiration date creates an urgency in the minds of consumers. They often choose to act, rather than wait and miss out.

Customer appreciation events

An in-store customer appreciation event with free snacks and raffles will attract lots of customers.

Emphasizing that the event is one of appreciation, without the need to buy anything, is an effective way to get not only current customers through the door, but potential customers as well.

Pizzas, hot dogs, and sodas are inexpensive foods that can be used to make the event more attractive.

A convenient setup of product samples prior to the event launch will ensure that the products you want to promote are highly visible when customers arrive.

Post-sale surveys

Reaching out to customers after a sale, whether by phone or mail, is a promotional strategy that places the importance of customer satisfaction first. On the other hand, leave the doors open for a promotional opportunity.

Qualified sellers survey customers to gather information, which can then be used for marketing, by asking questions about how customers feel about the products and services purchased.

This has the dual purpose of promoting the company. First, by worrying about what the customer thinks. Second, by always striving to provide the best service and product.

Real examples

Free gifts with purchase

There are many ways to use this particular sales promotion technique. A restaurant, for example, may offer a free dessert with the purchase of a particular meal.

An electronics store may offer free batteries to customers. A coat vendor may offer a free pair of gloves with the purchase of a coat. Footwear retailers can gift a pair of socks with purchase.

Chik-Fil-A recently launched a popular promotion in which they offered the first 100 customers to arrive at their newly opened stores free soft drinks for one year.

Massage Envy Company frequently offers a free one-hour massage with the purchase of a $ 150 gift card. Who doesn't love a free massage?

Free samples

Restaurants use free samples to introduce consumers to new menu items.

Costco uses this method with great success, providing samples to all customers in the store, regardless of whether they buy something. Costco customers flock to sample stations to taste food products.

Digital book retailers allow consumers to read the first pages or the first chapter of a book. Software companies offer a trial period.

Discounted prices

Everyone loves a discount, as Black Friday and Cyber ​​Monday prove year after year. These dates are cultural phenomena in which consumers seek what they want at reduced prices.

Hardware stores can offer a small set of tools at very low prices. This encourages consumers to roam the store and pick up other items with high profit margins.

Contests and sweepstakes

They are particularly popular with food products, such as potato chips and soda. These products offer business-related prizes within the packaging, or provide codes on the bottle caps.

Products related to a cause

GAP and Apple were warmly welcomed by their branded products (RED), a percentage of whose sale prices went to support HIV / AIDS programs in Africa.

Customer loyalty programs

Punch cards are an example of a customer relationship incentive. For example, a customer gets a stamp for every coffee drink they buy. After the sixth stamp, you are eligible for a free drink.

Limited time offers

McDonald's does not make the McRib sandwich a permanent part of its regular menu, because the company will not see the necessary return on investment by adding this new product to the menu. However, it is enough to guarantee a special menu item annually.

References

1. Carl Hose (2018). Top Ten Promotional Strategies. Small Business - Chron.com. Taken from: smallbusiness.chron.com.
2. Anam Ahmed (2018). Promotional Strategies in Marketing. Bizfluent. Taken from: bizfluent.com.
3. Study (2018). Promotion Strategies in Marketing: Examples & Concept. Taken from: study.com.
4. Product 2 Market (2018). 3 Product Promotional Strategies Guarantees Success. Taken from: product2market.walkme.com.
5. Emily Weisberg (2018). 9 Sales Promotion Examples. Thrive Hive. Taken from: thrivehive.com.
6. Kimberlee Leonard (2018). Examples of Promotional Strategies in a Product. Small Business - Chron.com. Taken from: smallbusiness.chron.com.