What is a Promotional Strategy?
Adopting a marketing plan can be hard, especially if your business is new in the market. This is where promotional strategies come in handy and can help you find the right strategy for your business to flourish.
In simple words, a promotional strategy is a plan or a tactic you can implement to promote the demands of your products or services. It is the last P of the 4 Ps of marketing – Product, Price, Placement, and Promotion – and plays a major role in the world of marketing.
The Six of Promotional Strategies
Content marketing is not only one of the most famous marketing strategies but it also a relatively simple one too. It is the king of marketing strategies when it comes to it and there’s not much to go against that claim.
With very little effort, you can share the contents of your brand or company with your audience. Let’s say you are a company that sells toys; you start blogging about them, telling people about the different toys, new arrivals and all about the industry. This will help you gain customers as they’ll be eager to know what’s next and this will help you not only tell them what’s next but even have customers who’ll buy those toys off of you by just being intrigued by the power of content marketing.
Of course, content marketing isn’t restricted to just blogs; it’s everywhere. Wherever there is a copy that directs to your brand, it is content marketing; be it on advertisements, social media, websites, e-commerce sites, and so on.
Social Media Marketing & Email Marketing
Almost everyone is connected through social media; hence, if you want brand awareness, it comes right on the tops of the promotional strategies. Each social media has a different audience, which gives it diversity for the promotions of the brand.
The right type of Social Media Marketing is done when you know you’re targeting like for instance, Snapchat is associated with youngsters whereas, on the other hand, LinkedIn is associated with a more professional audience. According to a survey conducted by Pew Research Center in 2018, the majority of adult Americans use YouTube and Facebook, and Instagram falling third on the list.
Roughly 237 million people are using YouTube, and here is where the opportunity arises. By just creating a YouTube account for your business, you can attract a wide audience of roughly 237 million. Having exposure to your business is the greatest marketing strategy.
Email marketing is sending a commercial message through email to a potential or current customer. There two types of email marketing: inbound email marketing and outbound email marketing. Inbound email marketing is where the focus is on building a relationship with a reader as they have found you whereas outbound email marketing focuses on getting customers through spam.
Inbound email marketing is an amazing marketing strategy and in once you’ve managed to secure those customers and have made lists of email addresses, this means those people are actually interested in your products or services; meaning all you’ve to do now is to provide them with quality content through various ways such as newsletters, event invitations, news, and so on. Keep them tagged in and don’t forget to encourage new people for email subscriptions too!
Sponsorships are a great way to gain audience attention, and there are two types of event sponsorships known as inbound or outbound. The main difference between the two is the inbound focuses on providing the audience with valuable content, quality information, and customer experience whereas the outbound chases down the audience to make them their customers.
Either way, the approaches may differ but at the end of the day, the main goal remains the same – converting the potential customers into actual customers. In this scenario, the strategy is, however, the key factor in the sponsorships. You have to strategize which event to sponsor, how to give the value to the attendees, and how to make a loyal brand-customer relationship.
Promotions (Discounts and Free Samples)
People love discounts! Whether its free samples or promotions, as long as there is sale out there people love to buy products. This is a great strategy to introduce new customers to your brand, and this helps in a lot of different ways but these are mostly related to outbound sales.
Outbound sales are those sales that focus on discounts on a special occasion where there are potential new customers who are there just a one-time thing. Contrary to that, inbound sales don’t aim for just a fling or one-time thing but focus on building a loyal long-term relationship. These types of sales don’t focus on short purchases but give a big discount on longer purchases.
For instance, there are many streaming services that you can subscribe to and once you are looking at the subscriptions, you see that there is a discount on a three-month bundle and even a bigger discount on the yearly bundle – aiming for long runs.
Another common practice of this type of promotional strategy is free samples. It works exactly like a drug, because if the brand is giving out the samples that means they are confident that the customers will like the product hence it’ll work as a temptation to the customer who will end up buying the product. The same principle works when it comes to free demos or trials. Almost every free trial uses this famous line of “the first month for free” and it sounds harmless, right?
Refunds and Rebates
Refunds and rebates are the two famous promotion strategies. Does the “money back guarantee” sound familiar to you? This comes under refunds and although they both seem similar at first, the difference lies in the practice and essence.
Refunds are a way to guarantee your customers the quality of your products by claiming that if the product isn’t up to the mark, they can always get a refund. This works as reverse psychology, making the customer want to try the product, giving the customer gratification that if the product isn’t good, they can always return it.
This is a great promotional strategy for the companies that know the quality of their products and know that the customer will be satisfied and won’t feel the need to return it. But, of course, before using this promotional strategy, you should make sure that the quality of your products is good.
On the other hand, rebates aren’t depending on the customer to buy the product but on rather counting on the comeback of the customer. The target audience in this type isn’t potential customers but rather the existing ones – in the hopes of securing their loyalty.
An example of a rebate is in an online shop. You ever wandered down on an e-commerce website looking for something to buy but you see that it says if you spend another few bucks and you can get free shipping? That’s rebate – you were already buying a product but now you want that added value off as well.
Giving rewards for customer’s loyalty is the oldest promotional strategy and this trend is older than the concept itself. It wasn’t always used as a promotional strategy but rewarding your customers can make a good customer base.
Rewards are a great way to make your customers feel appreciated and welcome; creating a special healthy bond between the business and the customer. From free internet from telecommunication companies to bank points for credit cards, this promotional strategy is very famous in the world of pull marketing.