Welcome to part 4 of this 7 part series on the foundations of marketing. In today’s article I want to talk about “Promotion’. The effectiveness of the different types of promotion will depend on your industry and how that industry is able to reach its customers. It is also a rapidly changing area with new methods of promotion such as social media coming on the scene.
The principles of promotion however are the same irrespective of the promotion platform chosen.
P4 – PROMOTION
Promotion is the way a business communicates what it does and what it can offer customers.
➢ Advertising – Where can you advertise your product or service? Online? Industry journals? Traditional Media?
➢ Personal Selling – Do you need to hire staff to sell your product? Do you need to train existing staff? Who is responsible for selling? What incentives should be included?
➢ Public Relations – How can you manage your message with the general public?
➢ Social Media – can you use any of the social media channels to promote your business? Which ones are most suitable for your audience?
➢ Web Marketing – Blogs, Banner Ads, SEO and much more.
➢ Sales Promotion – what materials can you have at the Point-of-sale to encourage purchase?
➢ Publicity/Community – how can you promote your message to the local community? Can you be interviewed on radio?
➢ Sponsorship – what about sponsoring an event, sports team or arts exhibition?
➢ Direct Marketing – telemarketing, direct mail and email marketing are all methods that work effectively for certain businesses.
➢ Trade Events – are there tradeshows where you can display your products or services?
➢ Seminars – many service businesses generate new business through running seminars for existing and potential customers. For my financial planning business, this generated approximately 30% of all new clients.