Effective promotional strategies are essential in creating repeat sales for businesses. To drive sales, you must incorporate different methods to promote products and services. Effective promotional strategies use a combination of tools to target specific market areas and develop branding that keeps customers coming back.
While no cut-and-dried method works for every business model, many can be utilized alone or together to help your business. Discovering just the right mix will be a process of trial and error, so be patient and don’t be afraid to explore different options.
Effective Promotional Strategies as a Tool
It is helpful to have a solid grasp of your target market, value, branding, and company targets to measure your marketing strategy. By tracking these things, you can gauge the effectiveness of your promotional efforts to determine what is working and what is not.
Knowing who your target customers are is an essential first step that will also save you money in the long run. By understanding your customers and their needs, you can become their go-to solution. It is also integral to define your target market to craft and hone your promotional strategies to that market audience. That is how you develop those return customers that are the critical building block of any successful business.
Your branding is the company identity that people associate with your business. Branding is what your customers will remember most about your company. An effective branding campaign offers your business something that will transcend the ages and be recognized now and in the future.
Think back to commercials you heard as a kid — you can still remember the jingles. Oscar Mayer Bologna? Armour Hotdogs? Rolaids and how you spell relief? Toys-R-Us and the joy of being a kid? The Plop-Plop-Fizz-Fizz of Alka-Seltzer? You’ll be giving away your age if you remember the Burma Shave jingle! These successful promotional marketing campaigns developed branding that, even 30-plus years later, remains at the forefront of our minds.
Value is what your product or service should offer to your customers. It answers the question in your customer’s mind of “What’s in it for me?” Highlight the value of your product and service in every marketing campaign.
Value goes hand-in-hand with branding. Giving the customer exceptional quality and value at a fair price will bring them back as readily as a well-targeted ad campaign.
Set sales targets
Before making a marketing campaign plan, you need to determine the goals that you would like to reach. Your program should lay the framework for achieving your overall sales targets. Sales targets should be well defined and written down.
You can quickly document your sales targets by using the S.M.A.R.T. template. Develop a campaign with Specific, Measurable, Attainable, Relevant, and Time-bound goals. By creating a plan using the S.M.A.R.T. model, you can track and maintain targets effectively. It keeps your target goals in plain sight and serves as a daily reminder to check your progress and continue working toward your objective.
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Using Effective Promotional Strategies for Your Business
Social media marketing apps, mail order marketing, and customer referral incentive programs can push your business ahead of the pack. Using the branding you created, the value of your product or service, and targeting specific audiences can be instrumental in growing your business.
Social media marketing apps
Social media marketing apps are one of the most robust and effective promotional strategies. Businesses can reach millions of people by using social media marketing apps such as Facebook, Instagram, and Twitter. These apps allow you to reach out to potential new buyers and connect with existing customers. Not all platforms serve the same purpose. Each of the social media marketing apps has different uses, users, and they cater to different demographics.
You want to make sure that your social media posts reach your target customers at the right place and at the right time. Make a robust social media plan and tie it into your marketing strategy. Test the different social media marketing apps and determine which work best to reach your target audience. Tailor your social media posts to your customers. Interact and engage with your customers by professionally responding to their comments and messages.
Keep your posts relevant to your targeted customer base. Provide news, resources, and information that can help them perform better at work or in business. Show off your products or discuss your services. Develop a rapport with your customers and potential customers. Show them that you care about them.
Mail order marketing
Mail Order Marketing might seem like an outdated way of getting customers. The definition has been modernized to incorporate many forms of online marketing:
The mail order customer learns of and views an item and its description through one or more types of media including catalog, direct mail, website, email, television, radio, magazine, newspaper, social media, etc.
Your advertisement and sales copy should highlight how convenient it is for customers to find your products. People want convenience above all.
To promote your products using mail order marketing can be as simple as adding a subscription link to your website that allows customers to opt-in to receive email ads from you on a regular basis. You can also use direct marketing which includes brochures, sales letters, flyers and other promo collaterals sent to customers via email or postal service.
What is point of sale promotion?
Point of Sale (POS) promotion involves last-minute purchases, often called “impulse buys” at a brick and mortar facility. POS promotion can also be accomplished online with quick links to similar products or products also purchased by others.
POS marketing strategies listed below can be used to entice customers to purchase your products:
- Attractive Signage
- Visually-appealing display shelves
- Arrange your product so that it stands out from other items
Point of Sale promotion creates brand awareness. This type of strategy serves to funnel your customers to specific items they may have overlooked. It is a form of passive-aggressive suggestive selling using visual cues rather than a person to “suggest” the article to a customer.
Mobile point of sale promotion on the check-out page of your website includes advertising for add-ons upon check-out. These add-ons may consist of other compatible or similar products as well as promotions and discounts that a customer might be interested.
To give you an example, Amazon uses POS as one of their most effective promotional strategies. In Amazon’s checkout page, they include add-on products and recommended or related items based on the products you are preparing to purchase.
Customer Referral Incentive Program
The Customer referral incentive program provides rewards to customers who refer their friends to your business or website. You may give referral rewards in the form of discounts, cash, giveaways or rebates.
Incentives make customers more eager to promote your product to their friends and colleagues. The customer referral incentive program also goes side by side with the word-of-mouth marketing strategy. Uber Singapore runs a referral incentive program where the referrer of a new Uber driver gets awarded $1,500.
Think of the customer referral incentive program as the icing on the cake. You must keep your customers happy with your product and service – enough to make them want to encourage their friends to shop at your establishment, use your service, or visit your website.
Launching Your Promotional Plan
There is no one-size-fits-all strategy. Developing effective promotional strategies is more of an on-going process that can change with the whims of internet trends. Facebook may be fantastic one week and bomb for your business the next.
Remember that these strategies are just tools to use to work toward the result that you want. The continued success of these strategies depends on how you implement them and make it work for your business. Monitoring your promotions and sales targets is an absolute must-do for continued business growth.
While we have tried to give you a good starting point, we cannot possibly cover everything in one article. We encourage you to continue to increase your knowledge base as you grow your business.
Featured Image: CC0 via Pixabay