The Importance of Promotion within the marketing mix
The importance of promotion within the marketing Mix
The four components of the marketing mix (price, product, promotion and place) are all vital parts of an effective marketing campaign. However the promotion of a particular product or service is particularly important, especially once a business is up and running. Of the four components, product and place tend to be decided when a business first starts and pricing ends to be thought about soon afterwards. However promotion is often viewed as something of an afterthought, which is surprising considering the massive effect that a strong promotion strategy can have upon sales figures.
Arguably the importance of promotion is better realised by larger businesses than smaller ones. Large businesses tend to have enough resources either to consult promotional experts, or to have a department of their business dedicated to promotion. On the other hand many smaller businesses have fewer employees who tend to be focussed on the day to day running of the business and lack both the time and expertise to think about the promotional activities.
Advertising is an especially important part of promotion and this article gives some basic ideas on different ways of implementing a promotional strategy. First of all, consider where and how your business sells its product or service. Is it local, regional, national or even international? Do you sell through a physical outlet such as a shop or market stand, or do you tend to focus your sales online? Once you have established the answers to these questions then you can start to think about the advertising and promotional methods that will suit your business.
For those of you with a physical business, think of traditional advertising methods such as radio, television and newspapers. Consider the costs associated with each method and think about which method best suits your business. For example if you ran a delicatessen in your local town then national television advertising would be completely inappropriate and very expensive. On the other hand, an advert in your local newspaper might be a really cost effective way of reaching out to new customers. You should not just restrict your advertising to the really obvious methods. Other ideas include printing out leaflets and handing them out to people. Another really good idea is to tell as many people about your products as possible, as word of mouth referrals can be a really effective promotion method.
If you have an online business then your promotional considerations will be different. The main difference between a web based promotional strategy and a physical retailing strategy is that locality matters considerable less on the web. I.e. it does not matter where your web sites visitors are from in the country, or even the world. Advertising methods include paying search engines to post adverts for your, where you normally pay them on a pay per click basis. Other methods include spending money on search engine optimisation, which would help you to increase your web traffic organically. As well as advertising, there are other methods that can be used to improve your product promotion. For example, different pricing strategies could help you gain sales.