Developing a promotional plan for a new or existing product entails researching the target market, knowing the competition and developing a strategy to reach your market effectively and efficiently. Before you can develop a successful strategy, it's important to come up with a list of product promotional goals you can evaluate later to determine the success of your promotional campaign.
Introduce a New Product
When a company has a new product they're introducing to the market, they put a promotional plan in place to push the product by offering customers incentives to try their product. Whether it's offering samples or trial size items, the goal of the promotional product campaign is to show customers what the product is about and persuade them that it can add value to their lives.
Increase Product Awareness
Existing products that have already been introduced to the market appear on the businesses' promotional plans that are associated with marketing activities to help increase product awareness. Promotional activities that increase product awareness can include anything from sampling the product to offering discount coupons, or offering the product in a new market. Companies can also increase product promotional awareness by encouraging their current loyal customer base to introduce their friends and family to the product.
Give Products a New Use
Many products are introduced to the market with a specific use, but after further research and development, customer reviews, customer surveys and product testing, businesses introduce new uses for products. Giving a product a new use can capture the attention of a new market and increase consumption among current product users.
Reach a New Market
Before a product launch, companies invest in research to determine who is likely to purchase what they're offering and why. They identify this group of individuals as their target market. Once a product has rolled out to the target market successfully, companies may decide to introduce their product to a new target market that their research identified as another possible consumer of their goods or services.
Remind Customers Product Exists
After introducing a product to a customer and persuading them to try the product, companies make it a part of their promotional strategy to remind customers that the product exists. This is especially true for seasonal products that customers don't need to purchase on a regular basis. When buying season approaches, companies ramp up their efforts through sales promotions to remind customers to stock up on their product.