Their effects include brand establishment, growth within your target market segment, the discovery of new secondary markets, the development of customer loyalty and defense against competition. Businesses without marketing strategies may save money, but they operate at a distinct disadvantage. Advertising and promotional efforts help businesses establish themselves in the market as viable brands.
Unknown companies can become known quantities through their marketing efforts and can create an image of their liking in the process. For example, when a business launches a marketing campaign that equates its products with Babe Ruth, the Empire State Building and Broadway, the consumer may infer that the brand is touting itself as a New York icon. The brand may be new and the products largely unknown, but the message will draw the attention of consumers, who may give it a try.
Businesses can build an existing market segment and improve market position substantially through the use of advertising and promotion. If your business has been around for some time and has found a dependable primary market segment, you may wonder how to add to the existing base of customers without losing the ones you have.
Targeted advertising and promotional campaigns can show your current customers you have even more to offer, thus increasing their spending and your business's revenue. Promotions can increase customer loyalty by getting the word out about special pricing, rewards programs and other incentives to buy. Existing customers are your most important target market, because you have an established relationship and you typically have access to the data that makes direct marketing possible.
When you regularly remind customers about your offerings, they may begin to visit your company first for whatever they need, bypassing other options. Making it clear that you have the best product and the best price through the use of marketing often results in increased loyalty. The growth is only possible when a business is getting more return for its efforts than the amounts it is spending. With this data you can create new promotions.
Promotions are the attractive offers that businesses offer to their customers only for a limited time. During this limited period the company has to tie some goals and targets to its efforts. A business cannot run a promotion without setting targets.
Even if a promotion is launched without a particular aim, the businesspersons will never know how successful the promotion is. It has to be mentioned here that businesses have to repeat their promotions and they can only do so when they know what promotions were most productive for them.
The most important purpose that a promotion serves is that it sets a business apart from its competitors. You have to stay ahead of your competitors in order for customers to keep doing business with you. If there is a company that sells similar products or services to yours, you can only make customers buy from you if you have a special promotion going on.
Of course, it is also equally important to spread the word about promotion to the people by using several advertising and marketing methods. Businesses often have to bundle their products together in order to run a promotion. What they usually do is that they include a less popular item with a very popular item.
This not only helps them sell their popular item more but also allows them to cross sell an item that customers have not given much attention to. If the bundled product is liked by customers, the business will then have 2 popular products.
The sales will increase as a result and with a successful promotion like this the business will get more return on its investment. Promotions also allow you to make use of your available data and create more useful data from it. As you continue to do business, you collect information of thousands and millions of customers. By using the right database software you can know the trends, patterns and inclinations of your customers. Last Updated: If you are interested in "What is Promotional Marketing: Definition, Examples, Ideas" you might be interested in our bulk email service.
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