Promotion is one of the key elements of marketing. Be it a large business or small, every business has to inform, convince and jog customers’ memory about their products and services, and promotion does all this. Business promotion is the most essential activity for growth and branding of company. Let’s understand it in detail:
What is Business Promotion?
Business Promotion can be defined as technique, strategies and processes aimed at creating awareness and convincing the potential audience about products or services offered by the company. Promotion is aimed at influencing audience to patronise with the company.
Types of Business Promotion
The major categories of business Promotion are:
Advertising: Advertising promotions emerge in form of print advertisements in news paper & magazines, banner advertisements, on web or TV commercials.
Sales promotion: Sales promotions include participating in trade shows, organizing contests and customer loyalty programs etc.
Personal selling: Selling products by contacting clients personally and selling with one-to-one contact, comes under personal selling.
Public relations: Public relations activities include all activities like publicizing about products through press releases, blog post, magazine articles etc.
Business Promotion Strategies
Two main strategies of business promotion are:
Pull strategy : Pull strategy emphasise on promoting a product in such a way that persuades consumer to purchase the product. Few examples of Pull strategy include customer loyalty programs, coupons, referrals, bonus points.
Push strategy: In Push strategy a product is directly placed in front of a customer to purchase. Few examples of Push strategy are promotions at trade show events and associating with companies to sell products in their stores etc.
Benefits of Business Promotion
Promotion empowers businesses to explore consumers. With the different forms of media, promotion has become strongest tool to reach out all classes of audiences. Right from news paper readers, to the TV viewers and internet generation, now coverage of business promotion has become wider than ever. Right from creating awareness about new products, establishing a brand, publicizing sell offers to jog’s customers’ memory, everything is done by Promotion. Promotion explores hidden buyers i.e. potential for business leads.
Promotion is an essential activity but before planning business promotion few things should be considered so that efforts and money invested in promotion repay its worth. So plan it properly and avail benefits of business promotion.