Promotion is one of the most important aspects of marketing along with product, price and place. It is the promotional strategy for the products and services that decided its future in the market. It is the responsibility of marketing executives to plan a working promotional strategy. The main task of promotional activity is to create a communication link between potential buyers and products or services. An effectiveness of promotional activity is decided by its persuasive power and how it influences the buyer’s buying decision.
Promotional activity spreads the information about the product as a result it increases the demand and puts forward the uniqueness of the product. The basic goal of all companies and service providers is to generate more and more revenue and it is possible only by strategic marketing strategy. The condition of the market is very competitive; there are thousands of products almost equal in quality and service. It makes promotional marketing a more vital part of the business. The task of promotional marketing is full of responsibility and only an expert with marketing intelligence can manage the promotional activity successfully. The task is full of responsibility and only an executive who knows the inside-out of marketing strategy and plan can draw a better marketing strategy and promotional activity.
In most companies the marketing department have the maximum number of employees as the field of marketing is very diverse with lots of options. It is the responsibility of marketing executives to plan a promotional activity depending on the available resources and the company’s goal. The marketing executive is well aware of the company’s product line, companies and product’s previous history, potential market and financial resources. It is the responsibility of the executive to take care of all available advertising resources and plan marketing campaigns that promise higher gain. Planning a successful promotional marketing is one of the most crucial aspects of marketing. Promotional activities are mainly planned for the latest arrival; if your promotional activity is successful in its approach it will make a marketing campaign comparatively easy for the future.
Promotional activity mainly includes various incentives such as:
Contest: planning an interesting and creative contest is a tough task. The purpose of the contest is to engage people in some interactive and entertaining activity. Organizing contest is an effective way to create a more friendly market for the product. Choose right giveaways for the winners and start building your marketing baseline.
Coupon: Deals and offers make shopping really interesting. The coupon is an effective promotional means. It works well for small and medium sized business.
Sampling: we all love free stuff. Distributing samples among potential customers is a good way to spread awareness among potential customers. Many companies find it burdensome but in reality it is beneficial for the future growth of the products.
The task of creating a powerful marketing strategy is full of responsibility. Consider a few questions before planning promotional marketing and develop a successful promotion strategy:
• Find out your target customers
• What incentives will you choose to promote your product
• Financial boundaries
• in-house team or outsourcing service
• Clearly define promotional goals to measure the success of the campaign
The success of any promotional activities is largely decided by how well it is planned and executed. In most of the companies it is the task of the marketing executive to plan the promotional marketing strategy and help the company in achieving its goal.
Promotional marketing is a combination of strategy, giveaways, presentation and proper timing. The sole purpose of promotional marketing is to increase the company’s presence among potential customers. Whereas if promotional activity is not carried in a desired way and if it fails in creating the effective impression among the potential group of people it will make the marketing campaign difficult and the future of the product will also fall into danger.
Promotional marketing is mostly applied to New FMCG products that the marketer intends to market and enter in a new market or as a new product enter into the markets. Nowadays, the malls or Super markets or Hyper markets are convenient to launch new products. The new product is exposed to a number of consumers and the product can be priced low. Consumers visiting the malls or super markets for their regular purchases may also purchase the new products out of novelty factor or curiosity or as a substitute to what they are using.
Sometimes promotional marketing may fail. But the marketer launches such products after thorough market research and is mostly successful.