Have you ever gone to the supermarket and bought something that was not on your list or even that is not the usual brand that you buy, just because they gave you something else? If so, you have been a victim of Promotional Marketing.
Do you want to know more about it? Continue reading this article and discover everything you need to know about this Marketing strategy.
What is Promotional Marketing?
Currently, there is stiff competition in sales, so it is reasonable to think that sometimes we will need to give our product or service a boost to stimulate purchase.
That’s where Promotional Marketing comes in, which takes care of just that, highlighting your brand and offering that something that achieves the connection with the buyer.
In other words, Promotional Marketing refers to various actions and procedures that promote interest, purchase decision and loyaltyboth current customers and those attracted by the promotion.
This type of marketing achieves its objective through actions, such as:
- loyalty programs;
- free product samples;
- promotional packs;
- automated emails;
- relevant content such as blog posts and e-books;
- among others.
7 advantages of Promotional Marketing for companies
As a business strategy, Promotional Marketing has incredible advantages. Here we will explain 7 of them:
1. Attract new customers
By doing an extra promotion, it is possible to arouse the curiosity of new consumers.
In addition, with Promotional Marketing, you save money on advertising campaigns and Digital Marketing.
2. Retain existing customers
This type of Marketing reinforces the engagement between the company and its customers. And, by making interesting promotions, consumers will have your brand as the number one option.
3. Achieve brand ambassadors
With Promotional Marketing, the people reached by the strategy can become brand ambassadors.
In this way, you will get people to recommend your product or service to their friends and family.
4. Build a strong customer base
The quality of what you offer and the cost are paramount, so always keep them in mind and you will see that your customers will be willing to learn more about your company’s products or services.
5. Maximize income
A good promotion can boost sales, either because that lower price could give access to the product to more consumers.
Or even if the product is new to the market, the promotion will encourage customers to try it.
6. Achieve good positioning of the company
Although it is not a long-term strategy, if the consumer bought the product and it met their needs and expectations, they will continue looking for it even if it is no longer on sale.
7. Lower the cost of advertising
By using a promotional marketing strategy, the company benefits from advertising at a very low cost.
When is it appropriate to use Promotional Marketing?
There are several times and circumstances when using this strategy is an excellent option. Some of them are:
- when a new product comes onto the market;
- need to renovate the warehouse;
- remove products from stock;
- reactivate the sales of a specific product, since it was not received as expected;
- the sales team needs support to achieve the goal;
- place barriers to competition.
It is important to highlight that whatever the incentive, it should be maintained for a short time. In this way, people will feel the urgency to take advantage of said promotion.
How to develop a Promotional Marketing strategy?
To create a Promotional Marketing plan it is necessary to follow the following series of actions:
Analyze the current situation of the product or service
Before launching the Promotional Marketing strategy, it is necessary to study what product is going to be offered and answer questions such as:
- Is it a new product that will hit the market?
- Is it a product that did not get the expected results?
For example, if the product is new, the most feasible options are: give free samples, reduce its cost a little, or give it as a gift with the product that is most in demand.
To establish objectives
This is what you want to achieve with the strategy, that is:
- gain visibility for the brand;
- renew merchandise;
- build customer loyalty;
- facilitate the introduction of a new product to the market;
- get out of standing stock;
- Support the commercial team.
Determine strategy and actions
In a promotional strategy it is also necessary to consider the expectations and attitude that the target audience has regarding the brand and promotions, in addition to the means of communication that will be used in the strategy.
In addition, for the Promotional Marketing strategy to be a success, it is necessary to take into account:
- Company type: If your business sells smartphones, a cell phone case as a gift would be great.
- Promotion action: It is essential that each item delivered is useful and of quality.
- Customer profile: that way you will ensure that the promotional item fits your needs and interests.
Define the budget
It is necessary to determine what the investment will be, in this way the objectives will be achieved, the times will be controlled and monetary losses will be avoided.
Finally, it is necessary to measure the results and conclude whether the actions taken were correct or need to be improved in some way.
In Promotional Marketing it is easy to know if it worked or not, based on the total sales closed in the promotion cycle.
Promotional Marketing is a fundamental tool to position your brand in the market, as it helps you attract and retain customers, and also increase the number of sales made.
With Promotional Marketing you will get the consumer to identify with your brand and you will probably have their purchase decision both towards your promotional product and others that you offer.
Remember that This strategy can be applied both in large, medium and small companiesHowever, it is essential that each one find new forms of promotion and how to adapt them to the company in order to attract the best results.
Do you want to know more about it? then, we recommend that you continue your reading with our FREE ebook on Marketing. It’s time for you to learn everything you need to know to become an expert!
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