If you are like many business owners, you know it is important to market your products and services. However, when you look at all the marketing options you can choose from, you don't know where to begin. In the last few years, there has been an explosion of marketing platforms and technologies, making an already confusing environment even more challenging to navigate. We recommend that business owners simplify their decision-making by taking a step back and starting with a review of the promotional mix.
You may be aware that promotion is the marketing mix component responsible for conveying your brand value to your customers and convincing them to make a purchase. However, you may not know that marketers have grouped different promotional tactics under "the promotional mix."
Before selecting any promotional tactic, a thorough review of the entire promotional mix will help ensure that you carefully consider all tactics before moving forward.
We have found that this approach helps businesses efficiently manage their marketing budget by uncovering new promotional opportunities and avoiding marketing mistakes.
Sponsorship is when you attach your name to an organization or event in order to associate the brand esteem, values, or shared characteristics of that organization or event with your brand.
Exhibitions and Conferences:
Exhibitions and conferences are an opportunity to associate your brand with essential industry experts and associations. Participating in exhibits and conferences allows you to present your company in front of a targeted audience. By participating in these exhibitions, you can stimulate direct conversations between potential buyers or partners.
Sales promotion is a short-term strategy used to increase demand and sales by offering desirable deals. This method can include offering sale pricing, BOGOs, and incentives to stimulate demand and drive purchases.
Retail Store and Offices:
If you interact with potential clients in a physical space, you can utilize that space as part of the promotional mix. Unfortunately, many businesses overlook the opportunity of activating the possible promotional opportunities of their locations.
Word of Mouth:
For many businesses, word of mouth may be the most important part of the promotional mix. However, many businesses assume that it happens naturally. A company should attempt to drive conversations about its business by adding unique aspects to its brand.
Merchandising and Packaging:
Tailored packaging can make a company stand out from traditional mass-produced packaging. Unfortunately, most companies don't utilize this strategy because it can be costly; however, there are many ways to work within your budget. For example, companies can convey their brand by creating stamped boxes, custom stickers, or specialized bags to drive discussion.
Advertising is possibly the most recognized promotional tactic in the mix. Advertising is a form of marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service, or idea. Advertising communicates through various mass media like newspapers, magazines, television, radio, and social media.
Direct mail is a personal way of marketing to potential customers. This technique is commonly seen in brochures, emails, and text messages to display a product or event. The main goal of direct mail is to collect information about recipients, create communication, and encourage them to purchase from your company.
The goal of public relations is to develop earned media. Earned media is publicly gained media through promotional efforts. Public relations is also how you communicate with the public. For a business, your public is your customers, stockholders, industry, or community.
Many people don't consider their salesforce as part of their promotional mix. However, salespeople can play a crucial role in convincing potential buyers to become customers. Their entire purpose is to promote your business, your products, and your brand.
Although each of these promotional tactics can grow your business, it is only through reviewing them that you can select the appropriate mix for your business.
If you need help evaluating different promotional tactics or developing a marketing plan that effectively combines tactics to reach your goals, please contact the Absolute Marketing Solutions team to speak to one of our experts.