Promotional methods are important and efficient marketing strategies of various companies. While millions of dollars are spent on advertising methods, promotional marketing methods are relatively less expensive and can be more effective.
- Generally, promotional marketing is carried out by companies to launch their products or attract more potential customers.
- Before devising any strategy for promotional marketing, firms must ensure that they allocate a budget to the promotional marketing and set a target that gives them maximum return on the invested money.
- This is one of the most successful strategies, and the method of giving discounts is often successful for most of the firms.
- The main focus here is to reduce the costs of advertising.
- The pull strategy, on the other hand, minimizes the use of different channels, and the major focus is on advertising the product.
- Its goal is to create a potential market for the products of the firm.
One of the effective, popular, and preferred form of promotional methods is to arrange certain contests for the customers. We all will agree to the fact that winning surprise prizes in a shopping mall or fashion store is simply exciting. One of the most attractive marketing strategies, organizing contests among the customers is a brilliant way to promote the products.
In the quest to attract more customers, companies distribute coupons and pamphlets about the products. The customers are either given basic information about the newly launched products or they are provided with discounted coupons on the purchase of some accessories/apparels. Coupons make for an effective marketing plan for small business units.
The idea of distributing products freely sounds weird and crazy for any company, however, there is a certain element of truth in the fact that marketing firms have gained substantial promotion through the idea of free samples. While it is not logical to just distribute your products, you can devise a strategy such that the idea of free samples doesn't incur losses for your firm.
While evaluating different methods of promotion in marketing, one should realize these strategies are not set formulas or recipes for the successful launch and eventually high sales of the product. No doubt, these strategies are effective, but there are various market forces that can affect the sales prospects of firms.