Do you know what is Promotion and its importance in the Marketing Mix?
Imagine that you found an innovative product for solving the customer problem. After getting a patent, you wish to sell it on a profit basis in the market.
However, your product is not familiar to the market and for that reason, you are not going to sell your product as you desired.
Your big challenge is to find where is your customer. In other words, you have to find your real customers who are willing to spend their money to buy your products.
Here, in this blog, you will learn what is promotion in the marketing mix and its importance. Also, you will see how does it differ in MLM/ Network Marketing business.
The Promotion Mix refers to the blend of several promotional tools used by the business to create, maintain and increase the demand for goods and services.
Do you know?
Promotion is the fittest way to reach your products to the market. It helps to find the best place to focus in order to maximize sales. Additionally, you can aware your customers what is the use and features of your products.
Promotion is the process of linking elements such as advertising, personal selling, sales promotion, public relation and direct marketing.
A promotion mix is a marketing tactic that aims to influence people’s behaviour and opinions in favour of a company’s product or service.
As a result, marketing serves to strengthen your product or service by making it known, convincing, and memorable.
Elements of Promotion Mix enable a company to effectively promote its items to its target marketing segment. It directs resources to the appropriate elements according to a company’s objectives and budget.
Advertisement, public relations, sales promotion, direct marketing, and personal selling are examples of these elements.
Let’s dive into the specifics of each.
It is a method for businesses to communicate their products and services through paid advertisements. Most of the time, a third party acts as the facilitator. As a result, a company’s marketing is delivered to a third party’s platform, and the third party distributes it to their viewers.
Companies, on the other hand, should not do this at random; instead, they should choose the platform that contains their target market group. Television, billboards, radio, posters, mobile apps, emails, and web pages are examples of advertisement media.
Personal Selling is a traditional type of promotion. In personal selling, the salesman directly interacts with customers and ensure sales.
It is a face-to-face conversation between a company representative and a consumer with the goal of persuading the customer to buy a product or service.
Marketing researchers attempt to increase sales with a previously defined limited market offering in this component of the promotion mix. For instance, consider flash sales, coupons, and recurrent promotions.
Clearly, there are benefits to this. While new businesses can utilise it to attract customers. Older ones with a strong market presence can use it to keep their clients interested.
Marketers attempt to establish a favourable image in the market by establishing relationships with the general population. The firms conduct a number of public relations activities in order to get the support of all those who are directly or indirectly affiliated with them.
Customers, employees, suppliers, distributors, shareholders, the government, and society as a whole compose the public. Publicity is one type of public relations that a firm may employ in order to disseminate newsworthy information to the public.
Using strategies such as interactive consumer websites and emails, messaging companies can persuade customers to respond to a call to action.
Because enterprises are constantly updated on their clients’ interests, these direct marketing channels provide results that are immediately measurable.
The following are the importance of promotion;
Promotion in the marketing mix necessitates the use of a variety of marketing tactics in order to reach specified goals with diverse stimuli in a certain time frame.
The primary goal is to provide an incentive to the consumer in order to encourage them to purchase a specific product or service, hence increasing the company’s sales.
However, in order for this to happen effectively, we must design methods and procedures to make the promotion work. Let’s have a look at some of these now:
It is a marketing strategy that still produces excellent results since it involves people’s direct engagement.
This means that all promotion campaigns are related to some financial rewards. Discounts, cashback offers, coupons etc. are examples of financial promotion.
It is critical to be creative at this time because this type of activity can be carried out in a variety of settings.
The customer is the central axis of the professional and commercial strategy, where the programme places the individual in a select group of the organisation, generating a sense of importance for the client.
Because it is free or low cost, it is a crucial tool for everyone nowadays. Network Marketing through Social Media is then called Social Network Marketing. Furthermore, it serves no purpose and is a well-known tourist attraction. But there’s more to it than merely posting and waiting for it to reach the customer. You must devise tactics to assist your company in reaching the proper customers.
Having clear the concept of good email marketing, we select what best attracts the attention of customers, attend to our needs and apply in the sending of mail.
These are promotions that have direct attention to the product: free samples, higher delivery of the product at the same price, samples, gifts, and so on.
Do you know how to build a strong promotion campaign that generates a million sales?
Don’t worry, I’ll tell you.
In this way, you can forge a successful promotion campaign.
Is there any relation between promotion mix and network marketing?
However, it is not exactly like traditional marketing.
So, how does the promotion mix differ in both Multi-level Marketing and traditional marketing?
Let’s look at that,
Trends show that traditional marketing businesses usually encourages a mass promotion campaign. Whereas MLM/ Network Marketing Business always concentrates on direct or personal communication to promote their products.
Traditional marketing business uses TV advertising, print, indoor and outdoor advertisement. Their main objective is to build a big-budget promotion campaign in order to target customers. For attaining customer attention they use marketing tools and technology.
However, in the case of MLM companies, they use only face-to-face communication generally. But in this modern world technology is improving day by day. Moreover, technological impact influences the field of Direct Selling.
Furthermore, you can use WhatsApp and other social media to find customers and build relationships with them in order to boost your sales. CRM system is also an extraordinary feature to promote your business.