6 Reasons Why Promotion (The 4thp) Needs More Merit In Your Marketing-Mix Plan

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6 Reasons Why Promotion (The 4thp) Needs More
Merit In Your Marketing-mix Plan

• Created by Purple Phase

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• A clever marketing-mix plan is essential for
  success in any business, be it in B2B segment or
  B2C. It is important to grow rapidly in todays
  business environment that all 7Ps Product,
  Placement, Price, Promotion, People, Processes
  and Physical Evidence are well imbibed in
  business practices. However, among other Ps of
  marketing mix, promotion (or say branding
  advertising) usually gets slightly overlooked.
  The reason behind this is that when you spend on
  developing a product or distributing it
  effectively, the results are measurable. However,
  when you spend on promotional activities, the
  impact is less tangible.
• Can you imagine a chair with 3 legs? I think No!
  The same way a stable and successful business is
  not possible without equally important leg
  Promotion.P. T. Barnum, an American
  politician, showman and businessman once said
  Without promotion, something terrible
  happensNothing. So if you are looking to
  strengthen your brand positioning in the market
  and make your ideas happen, heres how the 4th
  P can help you

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(No Transcript)
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1. Building brand awareness

• When you are introducing a new brand in the
  market you need to inform your potential
  customers that now they have a new solution
  available. Whether you want to talk about your
  brands values, features or benefits, promotion
  is most crucial to build awareness when you are
  new in the market. You may have amazing product
  but unless and until you shout, who is going to
  know about it?

2. Building brand positioning recall
Positioning your brand means creating a unique,
credible and sustainable position in the minds of
customers an identity, which can be clearly
differentiated from those of competitors. For
example, Ford is positioned as an economic car
brand, whereas Rolls Royce is positioned as a
luxurious and high-end car brand. Such
positioning can be realized through continuous
branding activity. Further, promotion also helps
you generate strong brand recall, which means
your brand name will pop up in the minds of
customers whenever they are buying a product from
your brand category.
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4. Encouraging reluctant customers
3. Boosting sales revenue

• One of the most substantial roles of promotion is
  to boost demand for your product or service and
  in turn revenue. This objective is achieved by
  introducing various promotional offers. From
  offering discounts to doling out freebies, there
  are uncountable ways of devising a promotional
  scheme. Which strategy is most suitable tends to
  depend upon factors like your product/service,
  your objective and competition.

Promotional schemes can also be utilised to
attract new customers to try a product or service
for the first time. Or it can be vice-a-versa,
inviting loyal customers to try a new product or
service. If you have opened a gym and you offer
free personal training sessions, people concerned
for fitness would definitely want to give it a
try.
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5. Building loyalty trust

• Promotion is a widely used medium to convert
  repeat customers into loyal customers. Brands
  across various segments endeavour to retain
  customers by luring them through loyalty
  programs, reward point programs and more such
  unique privileges and incentives. If I give you
  water from tap and you have an option to drink
  from a local mineral water brand, you will select
  the second one right? Now If I give you Bisleri
  brand and you have local brand as option, which
  one will you select? If your answer is Bisleri,
  you can understand the power of branding.

6. Creating a socially responsible brand
You can create a positive image for your brand by
executing a promotional activity that supports a
cause. For example, if you wish to educate
children from underprivileged class, you can
announce under a promotional scheme that a part
of the purchase made by customers will be donated
to support the cause. I have met clients who have
invested in a new production plant worth 150
Million but reluctant to spend 1 million in
advertising promotion of a FMCG product. In
business one need to understand that marketing or
promotion is an investment and not an
expenditure.To share your ideas or comments
write back us to info_at_purplephase.in and do not
forget to promote your product or service well
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