Businesses, especially if they are relatively small, need to be aware of the importance of promotional products and promotional strategies in marketing. Promotion in marketing helps draw potential customers to your business and increase customer awareness for the long term.
There are various promotional strategies to choose from; however, it’s critical to understand why these promotion strategies are important for your business. If you’d like to learn more about this, please feel free to continue reading our article below.
The Importance Of Promotion In Marketing
Promotion is a strategy that increases brand awareness, gets the attention of potential customers, and hopefully increases sales. Sponsoring a trade show, giving free samples away, or opening a line of promotional products are examples of promotion strategies.
Promotions are usually offered for a limited amount of time. For example, if you are launching a new drink and you give a freebie together with it, this deal won’t be permanent. Promotion is a way to introduce your business to potential customers so that they continue to look back on your business’ products and services.
There are several goals that promotions can accomplish, examples of which include providing more information about your business, increasing customer use, and convincing people to try your product or service at least once. Other important goals include the following:
1). Boosting Brand Awareness
Promotions help establish and grow brand awareness. Through mediums such as television, billboards, newspaper, or promotional items, you will be able to spread information about your company across various audiences to encourage people to turn to your business. Once attention has been brought to your business, customers will feel compelled to make purchases which means increasing your sales.
2). Identifying Consumer Segments
If your promotional strategy is not structured enough, you may have a hard time reaching your target audiences. However, with proper strategy and planning, promotions allow you to develop a keen understanding of the various segments of consumers in the market.
3). Increasing Customer Traffic
Given that promotions help boost brand awareness, an increase in customer traffic is an expected byproduct. The more you promote your brand and boost awareness, the more customers will be interested in your business and the products or services you offer. With more customer traffic comes the opportunity to drive more sales!
Establishing Promotional Objectives
Before diving headfirst into promotional strategies, you need to establish promotional objectives. What results do you hope to attain through promotion? Here are some examples of objectives and corresponding strategies to employ:
- If you want to boost brand awareness through word-of-mouth, try launching an event or giving a charitable donation.
- If you want to sell a product that isn’t selling well, pack it with a successful product for a “two for the price of one” strategy.
- If you want customers to try out a new product, try launching a rebate campaign.
All your promotional strategies must align with the objectives that you hope to fulfil through these strategies.
Aspects To Consider For Successful Promotions
When it comes to successful promotion, there are a couple of factors to consider. These include the following:
1). Understand Your Clients
You need to ensure that your promotional strategies also allow you to understand and connect with your customers more. Make sure you establish a structured marketing plan so that you can identify marketplace gaps and offer worthy solutions in response.
2). Establish Financial Goals
Promotional strategies should allow you to reach your sales targets and meet your expenses budget. However, it is important that you understand that sales targets change over time due to changing market conditions or fluctuations in consumer demand. Make sure to monitor your expenses so that you can maintain business viability.
3). Enforcing Strategic Planning
Strategic planning means that you are able to look at the bigger picture and assess the developing goals for your business. It also entails that you remain flexible and adaptable to changing situations whether they are expected or not. Try to be forward-thinking, taking into account uncertainties that can possibly happen in the future.
Promotion is an important strategy for any business because it helps boost brand awareness, identify consumer segments, and increase customer traffic. However, make sure that you’ve established the objectives of your promotional strategies and consider the important aspects of accomplishing a successful promotional campaign.
If you are having a hard time deciding which promotional products to use for your brand, Promo Source can help you brainstorm the right products to carry your brand name and more. We are a leading supplier of promotional merchandise right across Australia. Major brands trust us and up and coming brands come to us.
We specialise in a wide range of quality promotional products across all industries. We can lend our expertise so you can select the right products that will represent your brand to help increase customer awareness and brand recall. Let us help you create unique and authentic promotional materials that will stay true to your brand.
Please call us today on the Promo Source hotline 1800 963 533 or leave us a message.