What are the promotional strategies tips for business?
Marketing is the process of getting your business noticed by the people who need or want your products or services. Many small businesses come up with a fabulous business idea but then fail to market it successfully.
You need to get out there and spread the word about your products or services to the right people to build your customer base. Advertising and selling are part of the process, but there is much more involved.
What is a promotion strategy?
A promotion strategy is defined by the plan and tactics you implement in your marketing plan in order to increase the demand for your product or service. Promotion strategies play a vital role in the mix of marketing (product, price, placement & promotion), and they revolve around:
- Target audience – who are you selling for and what are their interests
- Budget – how much are you willing to invest
- Plan of action – what strategy are you adopting in order to reach your purpose and make a profit.
Promotional Strategies Tips For Businesses
The best time to market is when you’re busy
Marketing is essentially an ongoing process of research and development.
When business is booming, you’ve typically got cash in the bank to invest in marketing and research.
When you’ve got the cash, invest in building and testing a sales funnel so that when things dry up (as they will do occasionally), you’ve got that back-up plan to keep your business running, the clients coming in, and the cash flowing.
Think of marketing as building up your ‘brand bank’.
If you’re consistently putting your brand out there and getting followers, recognition, and building awareness, when things slow down, you’ve already got the market awareness and buy-in you need to generate sales.
Exploit Fidelity Programs & Patronage Rewards To Increase Customer Loyalty
An oldie but goldie! Brands have been rewarding their loyal customers before this concept even existed. Whether it takes the form of points and client scores, or just simple bonuses at their customer anniversaries, loyalty programs and patronage rewards, follow the path of pull marketing strategies. Moreover, it makes customers feel appreciated and important, creating a special personal bond with the brand itself. This marketing promotion strategy is usually encountered in brands that have a touch of corporate to it. From bank points for credit card purchases to free internet from telecommunication companies, customer rewards are very famous in the world of pull marketing.
Explore Social Media & Email Marketing For Skyrocket Engagement
This might feel disappointingly obvious, but 56 per cent of Australian content marketers said social media posts are the single most effective type of content marketing. (That figure does not include social videos.)
The trick to making social media posts work, however, is to have something useful, important, interesting or entertaining to say. Social media platforms like Facebook, Twitter and LinkedIn can be very effective places to distribute content, like video and blogs, you’re publishing on your website. Crafting short, sharp and engaging posts that link back to your website (and your other original content) is an excellent way to get potential customers into the “sales funnel”.
Each social media platform has a different audience, which makes its usage more fun for brands. Snapchat is associated with youngsters while LinkedIn with a more professional public.
By rough numbers, that means 237.25 million people are using YouTube. And here rises the opportunity. By simply creating a YouTube account for your brand, you have the chance to expose your brand to those 237.25 million people. Exposure is a great marketing strategy example.
Find the right social media platform for your brand and take advantage of everything it has to offer. Communicate with your audience online. Social media is a great mediator between your potential customers and your brand. Moreover, it comes with a touch of personal feeling. Keep in mind that your approaches should be different on most social media channels. You have to use targeted posts and display ads in order to maximize online conversions with a buyer persona.
Email marketing can be part of an inbound promotion strategy, as well as an outbound promotion strategy example. It is up to you on how you want to use it. Inbound email marketing focuses on building a relationship with the reader instead of spamming them with selling emails. An inbound email marketing strategy promotion plan should keep count of a few things such as the value of the message and timing. Once you managed to create your lists of email addresses, that means people are actually interested in your product or service. The only thing you have to do next is to provide them with quality content, preferably targeted, through segmentation. Send newsletters, feature launches, event invitations, news from the industry and so on. Don’t forget to encourage email subscriptions on social media as well.
Corporate video, social video, web video, commercials, even 360 videos, are all highly effective tools according to 43 per cent of Australian businesses engaged in content marketing.
Why are we so captivated with the video? The brain is wired for visuals. MIT neuroscientists found that the brain can process an entire image in just 13 milliseconds. The job of the eyes is not only to transport information to the brain but to also think rapidly about what we should be looking for next. This is a much, much faster process than text.
Customer Appreciation Events
An in-store customer appreciation event with free refreshments and door prizes will draw customers into the store. Emphasis on the appreciation part of the event, with no purchase of anything necessary, is an effective way to draw not only current customers but also potential customers through the door. Pizza, hot dogs and soda are inexpensive food items that can be used to make the event more attractive.
Setting up convenient product displays before the launch of the event will ensure the products you want to promote are highly visible when the customers arrive.
Sponsor Events For Customer Experience
Sponsorships and inbound marketing go together like the horse and carriage. But there is a fine line between event sponsorship being outbound or inbound. The main difference is that outbound sponsorships usually chase attendees down in order to make them buy. In contrast, inbound sponsorship focuses on providing attendees with quality information, valuable content, and customer experience. Thus, aiming for building a long-lasting relationship.
Of course, the main goal is the same – turning potential customers into actual customers; it’s just the approach that is different. In order to achieve this goal, you have to, of course, work for it. But first thing’s first.
Place a strategic banner in order to initiate a brand recall inception. Then, think about how would you give value to the attendees. Have someone representative for your brand to perform an inspiring speech, create a flyer or an eBook with helpful information for the participants and so on. Inbound sponsorship is about building the foundation of a loyal brand-customer relationship. It might not follow through right then and there, but if what you offer is valuable enough for the participant, it will eventually them into loyal customers.
Adopt Refunds & Rebates Strategies To Guarantee Quality
Refunds and rebates are some of the classics in product promotion strategies. The concept behind them is pretty similar, however, they are different in essence and practice.
Refunds represent a way of guaranteeing your customers about the quality of your product. Does “money-back guarantee” sound familiar to you? This promotion marketing tactic works like reverse psychology. Knowing that if you are not satisfied with the product, you can get your money back will make you want to try the product. Of course, brands who adopt this type of promotion strategy are mostly the ones who actually know, you won’t ask for your money back, because you will fall in love with your brand. Before you embrace this kind of strategy, make sure you offer a good quality product.
Rebates, on the other hand, are counting on a different thing – the comeback of the customer. How does it work? In the case of this particular marketing strategy, the partial discount aka rebate is offered only when the purchased quantity reaches a specific limit. The targeted public here is not potential customers, but rather existing customers, in the hopes of securing customer loyalty.
Think about an expensive bottle of champagne. Let’s say it costs around 200 $. Adopting a rebate promotion marketing tactic won’t make people who never tried it before, buy two bottles of it. Chances are, customers (who are already familiar with your brand) will be interested in buying a second bottle to have the price. And that’s how rebates work.
Run Referrals For Building Trust
In this case, the numbers speak for themselves. 92% of people will rather believe a product or service recommendation from a friend, rather than any other form of marketing. Word of mouth advertising, also known as WOM is one of the most valuable examples of pull promotion strategies. While experts consider it the strongest strategy out there, it is also the most difficult to obtain.
It requires a lot of time and effort, especially if your brand is new on the market. However, there are a few techniques that encourage this type of brand promotion strategy. Consider creating a referral program, in which, customers who share their brand experience are rewarded in a certain way. Maybe a discount on their next purchase, a gift card or anything that will make them feel appreciated. After all, all inbound marketing strategy promotion plans have the customer experience as their top priority.
WOM is an ongoing process, but it will get easier as your brand will grow. Think about creating social media groups and start a community around your brand. Eventually, happy customers will start to advertise the brand without you adding any extra effort to the process. Striving for viral content and great customer experience is a good starting point.
If you are still questioning yourself about this marketing tactic, I’ll give you a clear example of a referral in practice. Let’s say you are going on a trip to Barcelona. Before your arrival there, what would be one of the first things you usually do? Bingo! Check for recommendations. You look for blogs, Instagram pictures or profiles, Trip Advisor reviews and so on. Well, in one way or another, all of those are part of a referral marketing promotion strategy.
Adidas sales promotion strategy not only includes referrals but also uses dark social media (sharing content through a third party) in order to get those much-needed recommendations.
Use Free Samples, Sales Coupons & Promotions To Boost Sales
Alright, let’s face it. Discounts are everywhere, and people love that. Whether it takes the form of a free sample, a coupon or a promotion, sales can actually be a great example of an inbound marketing strategy for a product. However, inbound sales aim for something more than just a simple purchase. When it comes to inbound/pull marketing, it shouldn’t just a one time fling, but a severe, long-lasting relationship. So which promotions count as inbound marketing?
Well, the truth is, there is a fine line we’re talking about. Think about the times in which you decide to buy a monthly subscription for a certain brand, and after you check out their price lists, you realize that the yearly subscription is way cheaper. Now that is inbound marketing. Aiming for long runs, instead of short ones.
Another common practice is the free samples. If you want, we can call this “the drug temptation”. Why? Because it works exactly like that. At the same time, the brand is confident that the person who tries the product will be willing to pay the full amount in order to repeat the experience. On the other hand, the customers are more than willing to try something for free, without any strings attached. So, it’s a win-win situation.
The same principle applies to free trials and demos. I’m sure you’re all familiar with the famous “first month for free” line. As harmless as it sounds, it is part of the same marketing plan. Netflix knows this sales promotion strategy very well and is embracing it with their arms open.
Use Content Marketing To Drive More Traffic
Content marketing is one of the most famous marketing strategies out there. Even though it might not comply with the classic promotion strategy definition, it sure is worth it. Content marketing is king. And the main reason behind it, it’s because it is worth it. With a little effort, any brand or company can share content with their audience. Slowly but surely, content marketing is part of a digital marketing strategy that eventually contours itself into brand awareness. How? It’s simple.
Let’s say you are a company that is selling tires. And you start blogging about the importance of choosing the correct tires, safety and so on. Your audience will start trusting you more, thus, making your brand a good candidate for their next tire purchase. Thus, making content marketing a precious indirect form of promotion strategy. You might be surprised how important this matter is, but content marketing doesn’t resume at blogging. It’s everywhere. Online paid advertising or sponsored ads, website, digital flipbooks, social platforms and so on. Anywhere there is copy directly associated with your brand, we call that content marketing. Of course, content marketing is more than just content. The process begins with creation (based on strategy) and is followed by promotion, measurement and constant optimization. However, there’s a learning curve to it in which the secret ingredient is patience.
Work With Brand Ambassadors To Increase Brand Awareness
According to Smart Insights, ambassadorships are the most effective form of influencer marketing. Now, if we break it down, ambassadorship is just like (number 3 – discussed above) the word of mouth sales promotion techniques, but at the next level. The story of brand ambassadors throws us back in the Marlboro’s cowboy era. As the name itself states, brand ambassadors are an extremely effective form of marketing promotion strategy.
By associating your brand with a person of interest that is relevant to your audience, your customers (together with the potential ones), will be able to put a face to the name. Usually, brand ambassadorship makes the brand look more personal and human. Even though it is known that these ambassadors are getting paid by brands to promote their brand, the natural human response to another human’s experience with the product is more likely to be a better one, in comparison to a simple branding approach.
Why? Because human beings are being driven by emotion. Any other human-brand experience will have a bigger impact on your audience, be it paid or not. Now the main question here is not whether or not you should think about an ambassadorship, but how to do it better? How should you choose the right ambassador for your brand? Of course, the response will be different for any brand, but the main guidelines include two pinpoints: audience (you should have a clear perspective over it), and relevance (you should also know what their preferences and interests are).
Long story short, an influencer marketing promotion strategy can help you speed up the growth of your brand awareness. Thus, giving your brand more credibility and power of retention.
After-Sale Customer Surveys
Contacting customers by telephone or through the mail after a sale is a promotional strategy that puts customer satisfaction first while leaving the door open for a promotional opportunity. Skilled salespeople make survey calls to customers to gather the information that can later be used for marketing by asking questions relating to how customers feel about the products and services purchased. This serves the dual purpose of promoting your company as one that cares what the customer thinks and one that is always striving to provide the best service and product.
An effective promotional strategy has so many advantages. It can help a business provide the right business information, differentiate its products, increase sales, accentuate the value of their product and stabilize sales. Through the provision of specific product information, consumers become aware of the availability of a product in the market. Through product differentiation, a business is able to differentiate its good and service from those of the competitors.
Product promotional strategies can attract new customers to your business and makes it easier for your business to get bigger sales by combining items into special package offers.