Promotions as Part of the Marketing Mix
When you have a new product that’s ready for marketing, you will have to devise a marketing plan to introduce it to your target market or customers. The marketing mix is composed of the five P’s: product, place, price, and promotion. The promotion aspect of marketing is highly crucial– given that without a properly-implemented promotional plan, your target market will not discover your product, its price, and place (where it is being sold or distributed). More than just advertising, your promotional plan should carefully incorporate the nature of your business or product, the kind of customers who will be buying the product, as well as your budget, among several others.
From advertisements and public relation efforts to gift card promotions, the right promotional efforts can bring tremendous returns to your business especially in terms of brand awareness and customer engagement.
The Promotional Mix
Focusing on the promotional aspect of the marketing plan, the promotional mix is known by many entrepreneurs through its five aspects. These include the following: 1. Advertising – Advertising as a means of promotion can be done through several ways. These may include print ads, brochures, TV and radio advertisements, posters, and online advertising. You can also incorporate advertising in a promotional gift card, whether by printing out your business logo or displaying your advertising spiel.
2. Sales promotion – Sales promos are usually devised to perk up customer demand. From the distribution of product samples to coupons and bulk gift cards, these strategies are expected to drive customer demand, either by attracting new customers or retaining old ones.
3. Personal selling – Personal selling is done mainly through oral presentations, such as telemarketing or during sales presentations, to introduce a product and its features or benefits.
4. Public relations – Examples of these include press releases, newspaper articles, magazine reports, and radio presentations, among others.
5. Direct marketing – This aspect in promotion encourages direct interaction or communication with a customer.
Wholesale Gift Cards as a Promotional Strategy
Simply put, promotion in business is all about getting the attention of your target buyers or customers. A good way to encourage customers to try your product or service is to present them with an irresistible offer. Whether it’s the simple signing up for a newsletter or trying out a new product offering, you can entice your customers by tying a promotional incentive or gift card along with the action or response. If you operate within an industry with high competition, moreover, you will want to retain existing customers as much as you would want to attract new ones. This makes promotional efforts such as wholesale gift cards hugely beneficial even for the long-term.
You cannot implement an effective marketing plan without an excellent promotions strategy. More than an understanding of the marketing mix, you need to recognize the importance of the promotional mix as well. By using promotional techniques such as rebate promotion, you can improve customer relationships and help build brand awareness for your business and products at the same time.
Get in touch with us at Mpell Promotions today to start the promotional strategy ideal for your business.