Business Promotional Strategies | Top MBA college in Bangalore

Posted by Prof. Kuldeep Sharma On 22/04/2022 11:29:20

Indian small businesses these days have many choices when it comes to promoting their products and services. Regardless of what your company sells or does, it’s important to learn about who your consumer is so you can effectively target them with your promotion strategy. In order to create your brand promotion, it’s critical to gain a good understanding of what makes your product or service unique. Find out where you stand in the competitive landscape and pinpoint what it is about what you offer that is truly different from the others. This will help you figure out how you will promote your business. Top MBA college in Bangalore

WHAT IS A PROMOTION STRATEGY?

A promotion strategy is an actionable plan to influence people about your business, generate more leads, and boost customer engagement. It visualizes how to perform your marketing strategy and communication, whom to target as your audience, and where and when to execute the promotion plan.

Many marketers spend more on business promotion each year, but they receive less. There are too many options and marketing voices, so you have to make sure that your messages are reaching the people you want to approach when you promote your business.

What’s more, it is very difficult to convert people into customers without resonating marketing voices to create emotional connections and arouse interest and demands for your offers.

ROLE OF PROMOTIONS

When it comes to business promotion, it is one of the 4 Ps of the marketing mix. It is a part of marketing communication that reaches your target market to gain awareness and foster conversation with prospects and customers. AICTE Approved MBA college in Bangalore

Promotion helps you to draw the attention of your target, create interest in your products and services, generate demands, and encourage them to purchase from you.

The following are the four main roles of promotion:

  1. Build awareness: Make your target audience aware of your products and services You must identify your target audience, your promotional marketing messages, and your outreach strategies.
  2. Foster interests: Gaining their interests in your business requires a well-designed content marketing strategy to provide enough information for lead nurturing, and show uniqueness for differentiation from competitors.
  3. Generate demand: Making your products and services desirable. You can share great features and benefits and create an emotional connection with your prospect.
  4. Induce prospects to take action: Placing a call-to-action for your target to easily engage and find the next steps.  Anywhere you can position to drive conversions, such as your website, digital advertising, and social media.

As you can see, these are following the AIDA marketing models. It means that promotion can contribute to all the consumers buying processes. Besides, it will help you to establish a stronger relationship and cultivate the repeated customer to stay longer with you. A+++ MBA college in Bangalore

WHY IS A PROMOTION STRATEGY SO IMPORTANT?

Business promotion is one of the most critical processes in marketing. It focuses on how to attract the right audience to your business, introduce your product and service effectively, and convince people to buy it.

TYPES OF PROMOTION

There are many promotional marketing approaches where you can attract your prospects and customers and draw people into the AIDA process. 

  1. Personal (face-to-face) selling: Salespeople from a company give you a sales presentation in person to persuade them. Unlike the other approaches, it is easier to build relationships with you.
  2. Traditional advertising: You can use any paid advertisements to reach a bigger audience and prompt short-term engagement and sales. It is one-to-one marketing, and its costs are based on the bidding. i.e.) Print ads, billboards, TV, radio, etc.
  3. Direct marketing:  It is direct communication with a highly-targeted audience through marketing channels. It has more chances to get quick feedback and retain customer relationships.
  4. Sales promotion:  Performing a short-term marketing campaign to gain attention and encourage conversion or purchase. You can get immediate responses and interact, but it’s not good for developing a long-term relationship.
  5. Branded Promotional Gifts:  This is an effective strategy used by many companies to promote their brand. In this strategy, rather than handing out the business card, they print the business name, logo and contact information on a functional gift.
  6. Public relations:  One of the best promotion techniques is public relations, which refers to developing a positive brand image in the media.
  7. After-Sale Customer Survey:  Reaching your customers through telephonic calls or emails or text messages to know about their experience shopping with you does three jobs: (i) It makes your customers believe that you care for them. (ii) It opens the doors for promotional activities. (iii) Your customer’s feedback can help you to improve your business.
  8. Free Product and sample Giveaways: A product giveaway is a great promotional strategy that guarantees success for an enterprise.
  9. Word-of-mouth marketing: It is the process to motivate people to share information about your products and services with others. Since people trust words more from close people than from a company, it will bring qualified leads.
  10. Throwing contests for promotion: This type of promotional strategy is quite frequently used by companies to make a place for their newly launched product in the market.

You need to note that your business is still alive because of the regular consumers who come to your business. Once customers are fully engaged with your products, they will always want to buy from you. 

See Also:



 


TESTIMONIALS




IIBS Bangalore Welcome you to experience the superior professionalism and CSS - Cultural Connection as you pass through IIBS and let the change begin within you through IIBS.



Top