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Businesses are consistently talking about what they do. If any brand wants to stay ahead of the competition, it’s important to craft a good promotion strategy.
However, a promotion strategy will not only help you reach out to the target audience. It will help you convert these people into paying customers, thereby generating more leads.
So, in this post, we’ll walk you through the basics of a promotion strategy and how to craft a good promotion strategy.
Promotion strategy definition
Business promotion is very critical, as it focuses on how to attract your target market. Also, it introduces your product or service to the market. After which you convince these people to buy or convince them to take any action you want.
A promotion strategy is the written plan to tell people about your business and turn them into customers thereby generating revenue.
Furthermore, It incorporates everything that needs to be done for effective marketing to your target market and how to execute your plan.
Every strategy should understand the importance of creating emotional connections with the target market, to arouse interests to your offers.
Read Also: Best Facebook Marketing Guide to Scale any Business (+ Free Tips)
Components of a promotion strategy
So, below are the listed components of a promotion strategy.
- Personal selling
- Advertising
- Sales promotion
- Publicity
- Direct marketing
Personal selling
Personal selling involves encouraging potential customers on an individual basis. A representative of the organization usually carries out this task.
Advertising
This is the major component of a promotion strategy. It is an impersonal method of promoting a product in which a sponsor is involved. Also, the sponsor is clearly defined.
However, forms of advertisement includes: TV, Newspaper etc
Sales promotion
This is used normally to supplement advertising and facilitate personal selling.
Forms of sales promotion includes: trade fair, exhibition, etc.
Publicity
It involves impersonal messages that reach the target market through the media.
In addition, it often has more credibility than advertising.
Public relation:
The target market of public relations might be stockholders, a government agency or a special interest group.
Furthermore, it can be in form of newsletters, annual reports, etc.
How to make a promotion strategy
Everything in life requires prior planning. Having a solid strategy helps you envision what you have to do, see where you currently stand, and then bridge the gap.
So, let’s take a look at how to craft a promotion strategy in few steps:
1. Identify your target market
Consider the people you’re trying to reach and to whom your product or service is most likely to appeal to.
Do a quick audit on their demographics, psychographics, and lifestyle.
Then, proceed to set SMART goals, that will help you effectively reach your target market.
2. Set SMART goals
Goal setting gives you a sense of direction. It is important that you set goals that are SMART.
What are SMART goals?
• SPECIFIC; detailed and actionable.
• MEASURABLE; goals that will help you stay on track while visualizing your goals.
• ACHIEVABLE; goals are within your capacity and budget.
• REALISTIC
• TIMELY; goals that give you a sense of urgency.
3. Develop strategies to support your goals.
After successfully crafting your goals, proceed to set up strategies that will help you nail those goals.
4. Review your budget
Before choosing promotional strategies to work on, make sure you consider how much you can spend on it.
5. Test your ideas
Finally, proceed to get the word out, then review your goals from time to time.
Promotional strategies pdf
So, below are some pdfs that will be of great help. Do well to download and read through.
The Role of Promotion Strategies in Personal Selling
