The Importance of Promotional & Marketing Strategies
Marketing and promotional strategies are closely tied together. Marketing includes all aspects of developing, promoting and selling products or services to customers. Promoting is a key element in communicating the benefits of products once they are researched and developed. Effective marketing and promotion strategies drive the long-term success, customer development and profitability for companies.
The marketing mix is a central tool used in the development of the strategic section of a company's marketing plan. It is a blend of four key elements that go into developing and promoting a product offering. The product component is the specific tangible good you have developed to sell. Distribution refers to how you bring products to market. Pricing strategies help project your value proposition and relate to your profitability. The final component, promotions, involves your strategies to communicate your brand benefits to customers.
One of the early stages of the marketing process is research and development of product and service solutions. This includes the use of a variety of quantitative and qualitative research studies to figure out what customers need or want from a particular solution. Marketing-oriented companies tailor their offerings to suit market demands to gain competitive advantages and loyal customers. Ultimately, to promote and sell products and to retain core customers, you need solutions that are of valuable quality and desired by the market.
Promotions is essentially the alarm that you sound to let customers know you exist and why they should care. Without the use of promotions, your fabulous products and services can't garner the interest of preoccupied and on-the-move customers. Initially, advertising, public relations, social media, personal selling and other forms of communication are used to create awareness about brands and products. Subsequent goals include gaining marketing share, getting customers to buy and growing revenue. The media you select and the messages you formulate are keys in building effective promotional strategies that achieve these communication goals.
Marketing processes are iterative, meaning they never end. Companies with long-term perspectives understand that each new research, product development and promotional campaign is a stepping stone in the development of a successful company. Customers are only concerned with your latest effort, so you can't rest on your laurels. Companies with longevity constantly research, monitor changing trends in the marketplace, make adjustments over time and refresh promotional campaigns to maintain their brand image and keep people interested.