The segment of people that needs, or would benefit from, your product or service is your target market. A common trap: You invest heavily on advertising or sales promotion, but you overlook quality control for your product or price it improperly.Įstablishing the promotional mix that's right for your company involves seven steps: Promotion must advance your overall marketing plan and reinforce the dialogue you want to establish with the segments of the marketplace you covet most.īeware: In their rush to expand, some fast-growth entrepreneurs fail to coordinate their marketing strategies with their specific promotional efforts. Without the proper promotional mix, you may squander your limited resources by taking a scattershot approach. You might air a TV commercial to reach consumers and place an ad in an auto magazine to reach mechanics. If you have a product, such as spot remover, that's used by general consumers but that auto mechanics apply in a more specialized way, you should communicate different messages to each market via different media and methods. You may want to communicate a range of messages to different markets. Of those, an even smaller percentage eventually lead them to act. Hundreds of messages a day bombard your target market, but only a select few penetrate their consciousnesses. If you deliver your message in many different ways, you increase your odds of reaching your target market. Face-to-face communication between buyer and seller. Catalogs, coupon mailers and letters are common forms of direct marketing. A form of advertising aimed directly at target customers (usually in their homes or offices) that asks the receiver to take action, such as ordering a product, clipping a coupon, phoning a toll-free number or visiting a store. Generating favorable media coverage, hosting special events and sponsoring charitable campaigns are examples of public relations. These activities promote a positive image, generate publicity and foster goodwill with the intent of increasing sales. In-store demonstrations, displays, contests and price incentives (50% off, buy-one-get-one-free) are sales promotion techniques. Advertising is a nonpersonal promotional activity because the seller has no direct contact with the potential customer during the communication process. This includes print ads in magazines, trade journals and newspapers, radio and TV announcements, Web-based visibility-building, and billboards. Advertising is any paid form of media communication. UNDERSTANDING THE MAIN COMMUNICATION CHANNELS If your key customers are manufacturers and you supply specialized equipment, communicating through an advertisement in a general interest consumer magazine will waste time and money. To convey your message effectively, you must understand the best way to reach your target market. ![]() You choose the most appropriate promotion method.Example: If the target-market customer cares most about saving money, your message should emphasize how this will happen. You may have several important or beneficial product features, but if you don't emphasize what's most important to your target market or you overwhelm prospects with too much data, they might reject your message. You deliver a clear, compelling message.The communications process will succeed if: How you integrate these elements depends on what you're promoting, the biases and preferences of the potential customers you're courting, general market conditions and your promotional budget. Educate them about your products or services.Ī promotional mix is an allocation of resources among five primary elements:.Capture the attention of the right group of potential customers in a credible yet catchy way.You must select the right promotional strategy to: When you promote your business, you're engaging in persuasive communication: You want to convince others to buy from you. WHAT YOU SHOULD KNOW BEFORE GETTING STARTED ![]() This Business Builder will explain how you can maximize your company's promotional mix for best results. The ways you communicate features and benefits to your potential customers is called a promotional mix. ![]() Your customers need information about your product or service before they buy it. ![]() This module explains how you can establish a promotional mix best suited to your company's needs and resources WHAT TO EXPECTĮven a superior product doesn't sell itself. The ways you promote your organization will largely determine whether you successfully plant the right messages in the minds of your target audience. You drive sales by promoting the benefits of your company's goods or services to pools of potential buyers. Washington State Department of Commerceĭigital Library > Defining and Serving a Market > Market strategy"How to Establish a Promotional Mix".Michigan Economic Development Corporation.
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