25
Apr
2010
Marketing Mix- Top 4 Promotion Mix Plans.
Marketing mix is part of your marketing plan. It defines product, place, price and endorsement. The promotion mix targets raising product or brand consciousness, communicating the unique value proposition of your product and expanding acceptance of your products. The primary target and focus of promotional mix is to get the desired result : the sale of your product. There are more than 7 common promotion mix tactics and while most businesses do not employ all of these tactics to promote and sell their products, they do employ a mix of these tactics.
The Top 4 Promotion Mix Tactics:
Personal selling is one of the most ordinary of the promotion tactics. Most companies will employ people to do the selling: sales representatives, account managers, internal sales representatives, retail sales, sales agents, or telemarketers. Face-to-face advertising is one of the most common methods of selling, although sales by phone, and more lately, sales by email, are becoming well used. These are not necessarily as effective, but they are low cost sales tactics.
Advertising is another common promotion tactic. Advertising focuses on brand recognition and individuality ; not on the product alone. Advertising can be a costly tactic that only the big businesses can invest in; chiefly advertising on television which can cost anywhere beginning from $100,000 to over $1 million for a national broadcast in prime time (for a 30-second spot!). This price is in addition to the cost of producing the commercial. Advertising in industry or consumer magazines is less expensive and typically you can target your advertisement to a particular industry or region. Other advertising can include car or bus ‘wraps’, proceedings (such as sports, music, art), and billboards. The Internet is becoming a very popular place to advertise, and on a relative basis, it is more affordable.
In the retail marketplace, customer promotion is very common. Buy one, get one free. Coupons for discounted or free product. Free trial packages. Cash discounts or refunds. Contests that give back cash, prizes, or products. The commitment by marketers to consumer promotion is that this form of promotion can be intended to be very measurable. Coupons, contests, and packaging can be coded to report redemptions and to report sales increases and/or decreases related to customer promotion. Additionally, packaging new products as a trial, with a mature or descending product, can often provide an opportunity to up-sell and expand the declining product’s life-cycle.
Public relations (PR) is another common promotion tactic. Public relations involves writing and distributing press releases (to the local magazines, the national newspapers, to online PR sites, to radio and television, to newspapers, and more).
The most effective advertising program is usually one that uses a variety of tactics and techniques. It is important to measure the efficiency of the program you engage in, and adjust your promotional program to increase effectiveness and outcome (sales).
To learn more about promotional advertising, promotional marketing material, push and pull strategies, and product life-cycle, go to YourPromotionalAdvertising.com and also peruse that resource for more on promotional marketing services.
