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Deciding the Apt Promotion Strategy for your Product
Promotion is a form of communication which has an additional element of persuasion to accept ideas, products and services. Hence persuasive communication is the core engine of promotion. Promotion will let your future consumers know that you are there in the market, with a right product for them, offered at a right and acceptable price and of course at the right place.
This article hence deals with promotion and its strategies:
As we have listed above, promotion is the process to inform, persuade, remind and of course influence consumers in favor of your product or services. So this tells us that promotion of your product or service has three specific goals- first to inform your consumers & resellers, second to persuade them to make an action in favor of you and finally it convinces them to act.
Another characteristic of promotion is that it is a form of non price related competition. Now why should buyers welcome promotion? Simply because it is a harmless information providing tool about a good available product and service in the market.
This also means, promotion should never be coercive in nature, it should always persuade your users to take desired action. So make sure that your firm’s promotion activities take the prospect in a systematic manner from a stage of unawareness to awareness, then to knowledge and liking, then to preference and conviction and finally to some positive action. This is the process of promotion in the simplest terms.
Now about promotion strategy which makes the marketer to resort to promotion or persuasive communication and create a promotion square. The promotion square has four equal sides of equal importance. The four sides include- the product, the prospect which has to be converted to a buyer, the seller (that is your firm) and the channel or route along which the product will move from your side to that of the buyer.
So your promotion strategy should be dependent on these four sides. The promotion strategy should include the promotional activities to be undertaken, the budget for promotion and the kind of promotion to be used.
The product is an important factor for determining your form of promotion such as using media, press advertisements, journals etc. Each form of promotion has its own set of advantages and disadvantages. And these forms of promotions also interact a lot with each other. So as a marketer or owner of a business dealing in products and services for the public, you need to study and determine what form of promotion is best for you and that you are promoting the right information and persuasion factors only.