Effectiveness of Marketing Promotions | Top B Schools in Bangalore for MBA

Posted by Prof.Narayan Prasad On 21/02/2023 07:14:46

“Promotion”, which is the 3rd ‘P’ in the Marketing Mix takes care of the Marketing Communications, which is one of the best ways to reach out to your target market. Marketing Communications is a fundamental part of a business’s marketing plan. Branding, packaging, online presence, printed materials and direct marketing are all examples of marketing communications. mba in hr colleges in bangalore

The main elements of the “Promotion Mix” are :

  1. Advertising
  2. Sales Promotion
  3. Personal Selling
  4. Public Relations
  5. Publicity
  6. Direct Marketing

1. Advertising: any paid form of non-personal communication, presentation & promotion of ideas, goods, services or events by an identified sponsor. Egs : Print Media (News Papers / Magazines / Journals / News- Letters), Radio, Television, Billboards, Direct Mail, Brochures, Catalogues, Signs, Hoardings, In-store Displays, Posters, Cut-Outs / Flex, Motion- Pictures, Web Pages, Internet Banner Ads, Digital Ads, Social Media Ads, E-mails, etc. mba admission 2023 in bangalore

2. Sales Promotions are offers or incentives designed to stimulate the demand or boost the sales of a product, usually in the short term. Egs : Coupons, Sweepstakes, Contests, Free-Gifts, Product Samples, Rebates, Exhibitions, Trade Shows, Trade-ins, Premiums, Discount Sales, Flash Sales, etc.

3. Personal Selling: is making presentations, setting sales appointments/meetings, arranging or attending home parties & any type of one-to-one communication, to inform & persuade your prospects/customers to buy your products/services & strengthen your relationship with them. mba business analytics bangalore

Personal Selling occurs when an individual Salesperson sells a product, service or idea to a prospect/customer. Salespeople match the benefits of their offering to the specific needs of a client. Today, personal selling involves the development of longstanding customer relationships. Egs : Sales Presentations / Sales Meetings, Telemarketing, etc

4. Public Relations: A paid form of presenting the company or its products/services/ideas/events in a positive light by planting significant news about it or a favorable presentation of it in the media to build trust and goodwill with its stakeholders. PR activities are undertaken by big companies & Corporate Houses to have a favorable public image & to garner support for the various projects/programs undertaken by them. 

Public Relations is the deliberate, planned & sustained effort to establish & maintain good relations & mutual understanding between an organization & its public. top mba colleges in bangalore

‘Public’ are the stakeholders of an organization. PR is proactive, and future-orientated and has the goal of building and maintaining a positive perception of an organisation in the mind of its public. This is often referred to as Goodwill. Egs: Articles / Reports in Newspapers, Magazines, Press - Conferences on TV &/or Radio, Charitable Contributions, Event Sponsorship, Issue Advertising, Corporate Social Responsibilities, etc.

5: Publicity: is a form of non-personal, mass communication involving the organisation &/or its ideas/products & services not paid for by the organisation. It occurs usually in the form of Editorials, News Stories, TV Talk Shows, Films, Wordof-Mouth, Social Media, etc.

Publicity in both Traditional & Online Publications can be extremely valuable in building credibility and awareness for your company, product, or service. A legitimate news story is an endorsement that can reach a wide audience for a very little cost beyond your own creativity and time. A good Publicity Strategy is designed to achieve specific business goals.

6: Direct Marketing is about business organisations seeking a relationship with their customers without going through an agent/consultant or a retail outlet. It involves using marketing communications through telemarketing, direct mail, e-mails & internet to inform & / or persuade customers, with the aim of providing customized services through direct interaction with the customers & to obtain immediate/measurable responses. best mba colleges in bangalore

Direct Marketing consists of any marketing that relies on direct communication or distribution to individual consumers, rather than through a third party or intermediaries or mass-media.

Direct Marketing is designed to drive a specific action (clicks, impressions, purchases) & is 100% measurable. Hence it is also known as Direct Response Marketing.

How Can You Measure the Success of your Marketing Promotions ??? There are a range of ways to measure how successful your marketing promotions have been : 

( i ) Company KPIs : One clear way to measure how successful your marketing communications have been is through KPIs (Key Performance Indicators). KPIs provide a clear measurement of performance, allowing an evaluation of the effectiveness of the strategy. For example, measuring market share, profit and revenue or percentage growth. It is essentially using benchmarking and targeting to evaluate success. A strong marketing communication strategy will increase almost all sectors of growth. mba colleges in bangalore list

( ii ) Campaign Success: You can measure your campaign success in different ways. Using coupons or discount codes can provide a good measure of success for more traditional campaigns e.g. print advertising. These strategies are useful as they show the ROI of the campaign. For Digital Campaigns; open rates, click-throughs and online sessions can track success.

( iii ) Brand Recognition: A useful measurement of marketing communication strategy success is the increase in brand recognition. This is measurable through social channels and web content analysis. Using tools such as SEMrush to help understand the chatter online around your brand name. Measurements can also come through research into customer opinions using surveys or reviewing comments in response to the campaign. mba colleges in bangalore list

( iv ) Marketing Growth: This focuses on indirect marketing communications. Put simply, communications that don’t link directly to sales. For example, branding and website quality. Ways to measure effectiveness can be through page views, social media interaction, and online sales. A good-looking brand and website will open the door to more interaction online and lead to more sales. If sales are increasing post a brand update, or website update, you can start benchmarking for future strategies.

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