In marketing, promotion is advertising a product or brand, generating sales, and creating brand loyalty. It is one of the four basic elements of the market mix, which includes the four P's: price, product, promotion, and place.
Promotion is also defined as one of five pieces in the promotional mix or promotional plan. These are personal selling, advertising, sales promotion, direct marketing, and publicity. A promotional mix specifies how much attention to pay to each of the five factors, and how much money to budget.
Promotion covers the methods of communication that a marketer uses to provide information about it's product. Information can be both verbal and visual.
Maps, Directions, and Place Reviews
Purpose
There are three objectives of promotion. These are:
- To present information to consumers and others.
- To increase demand.
- To differentiate a product.
The purpose of a promotion and thus its promotional plan can have a wide range, including: sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or creation of a corporate image.
The term 'promotion' tends to be used internally by the marketing function. To the public or the market, phrases like "special offer" are more common. Examples of a fully integrated, long-term, and large-scale promotion are My Coke Rewards in the USA or Coke Zone in the UK and Pepsi Stuff.
Marketing Promotional Tools Video
Types
There have been different ways to promote a product in person or with different media. Both person and media can be either physically real or virtual/electronic.
In a physical environment
Promotions can be held in physical environments at special events such as concerts, festivals, trade shows, and in the field, such as in grocery or department stores. Interactions in the field allow immediate purchases. The purchase of a product can be incentive with discounts (i.e., coupons), free items, or a contest. This method is used to increase the sales of a given product. Interactions between the brand and the customer are performed by a brand ambassador or promotional model who represents the product in physical environments. Brand ambassadors or promotional models are hired by a marketing company, which in turn is booked by the brand to represent the product or service. Person-to-person interaction, as opposed to media-to-person involvement, establishes connections that add another dimension to promotion. Building a community through promoting goods and services can lead to brand loyalty.
Traditional media
Examples of traditional media include print media such as newspapers and magazines, electronic media such as radio and television, and outdoor media such as banner or billboard advertisements. Each of these platforms provide ways for brands to reach consumers with advertisements.
'Digital media'
Digital media, which includes Internet, social networking and social media sites, is a modern way for brands to interact with consumers as it releases news, information and advertising from the technological limits of print and broadcast infrastructures. Digital media is currently the most effective way for brands to reach their consumers on a daily basis. Over 2.7 billion people are online globally, which is about 40% of the world's population. 67% of all Internet users globally use social media.
Mass communication has led to modern marketing strategies to continue focusing on brand awareness, large distributions and heavy promotions. The fast-paced environment of digital media presents new methods for promotion to utilize new tools now available through technology. With the rise of technological advances, promotions can be done outside of local contexts and across geographic borders to reach a greater number of potential consumers. The goal of a promotion is then to reach the most people possible in a time efficient and a cost efficient manner.
Social media, as a modern marketing tool, offers opportunities to reach larger audiences in an interactive way. These interactions allow for conversation rather than simply educating the customer. Facebook, Snapchat, Instagram, Twitter, Pinterest, Google Plus, Tumblr, as well as alternate audio and media sites like SoundCloud and Mixcloud allow users to interact and promote music online with little to no cost. You can purchase and buy ad space as well as potential customer interactions stores as Likes, Followers, and clicks to your page with the use of third parties. As a participatory media culture, social media platforms or social networking sites are forms of mass communication that, through media technologies, allow large amounts of product and distribution of content to reach the largest audience possible.[2] However, there are downsides to virtual promotions as severs, systems, and websites may crash, fail, or become overloaded with information. You also can stand risk of losing uploaded information and storage and at a use can also be effected by a number of outside variables.
Brands can explore different strategies to keep consumers engaged. One popular tool is branded entertainment, or creating some sort of social game for the user. The benefits of such a platform include submersing the user in the brand's content. Users will be more likely to absorb and not grow tired of advertisements if they are, for example, embedded in the game as opposed to a bothersome pop-up ad.
Personalizing advertisements is another strategy that can work well for brands, as it can increase the likelihood that the brand will be anthropomorphized by the consumer. Personalization increases click-through intentions when data has been collected about the consumer.
Brands must navigate the line between effectively promoting their content to consumers on social media and becoming too invasive in consumers' lives. Vivid Internet ads that include devices such as animation might increase a user's initial attention to the ad. However, this may be seen as a distraction to the user if they are trying to absorb a different part of the site such as reading text. Additionally, when brands make the effort of overtly collecting data about their consumers and then personalizing their ads to them, the consumer's relationship with the advertisements, following this data collection, is frequently positive. However, when data is covertly collected, consumers can quickly feel like the company betrayed their trust. It is important for brands to utilize personalization in their ads, without making the consumer feel vulnerable or that their privacy has been betrayed.
Source of the article : Wikipedia
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