Thursday, July 6, 2017
Is Promotional Marketing Worthy To Be a Part of Your Marketing Strategy?
Promotional marketing strategies don't just aim at encouraging sales of a particular service or product, but they also result in increased awareness for the brand or company behind it. In fact, a recent study conducted by the Promotional Products Association (PPA) found that 76% (i.e. roughly 3 out of 4) respondents who owned promotional materials clearly remember the details it, the company that was being promoted, and even specific contact info (phone numbers, website or email addresses) tied to the respective promotional campaign. If you think that's impressive, read on to learn more about promotional marketing and figure out whether or not it's best suited to be a part of your company's marketing plan.
What is Promotional Marketing?
Promotional marketing is the use of any kind of special offer that's primarily intended to raise the target customer's interest, and then influence them to make a purchase. It can also be a perfect form of marketing if you wanted to make your product or company stand out in the market.
Promotional materials like email or mail materials (that include coupons) are a part of direct marketing strategy employed by most small to medium sized businesses.
This can also include organizing contests that encourage the participation of the target audience with a company, or offer something free to the customers to gain their interest. Having said this, promotions are also a common thing during interactions between salespeople and customers, often for the purpose of upsells (or encouraging the sale of additional products).
How Most Businesses Do Promotional Marketing
If you intend to do a business-to-business promotion, it can be as straightforward as offering a discount to your clients to encourage brand loyalty. Retail businesses that operate out of storefronts employ promotional marketing strategies to grow their business.
Consider a commercial for a pizza restaurant that is advertising a lunch deal: get a free drink when you purchase two slices of pizza. As you can notice, the promotion aims to get the customer's attention to the “bonus” element of the free drink, trying to attract pizza lovers and make them visit their restaurant.
This is a classic example of an in-store promotion for restaurants. The restaurant runs a promotion that offers a free product (a drink, in this case) contingent on the purchase of another product (two slices of pizza, in this case).
Any company that can potentially offer its customers an additional benefit on top of their regular purchase can use promotional marketing. It has got the advantage of being valuable for getting more business from both the new customers as well as existing customers.
Now, that you know whether or not you can use it for your business (it's quite likely you can), keep in mind that promotional marketing campaigns need to be developed with a specific purpose behind them. Among the various types of campaigns, some are aimed at bringing in new customers, while others are set up to getting repeat business from the existing customer base. Regardless of who the target audience is, a business owner (or marketing specialist) needs to have a clear goal in mind that is measurable before launching a new promotional campaign.
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