What do you think is the reason for the growing popularity of sales promotion as a marketing tool?
Marketing is the crux when it comes to selling a product. It is a wide concept encompassing tools used in promotional strategies by companies for the awareness and sales of their product/services. Market surveys or focus groups can be examples of marketing tools used by various organizations.
With more and more customers going online, companies are redesigning their marketing techniques. Tools used for marketing are given below:
- Online Branding
- Analytics & Tracking
- Content creation through blogging
- Collaborations with other organizations
- Customer Support System
- Making presence feel by Images, videos, and various designs
- Ecommerce
- Marketing through email
- Event management
- Automation of marketing
- SEO Tools
- Social Media Management
- Digital Asset Management Software
As the customers are evolving with the changes in their needs, the list of marketing tools is increasing with every passing day.
Sales promotion is a method by which a potential customer is persuaded to buy the product. It is suitable for short-term relations. Sales promotions have a set of objectives to be fulfilled and that is:
- to launch a new product
- find new clients
- remain the competition
- increase customer base from existing customers
- generate sales in the off-seasons
Sales promotion is increasingly growing as a marketing tool for the below-given reasons:
- It is important and is gaining popularity as it helps in generating new leads. These leads when chased are converted into customers.
- What happens when a customer subscribes to a newsletter? The customer keeps getting emails from the company not only about promotions but also to stay in touch so that the customer doesn't know who they are.
- Sales promotion helps the companies to increase the revenue by many folds. Even if the company has to reduce its price to increase sales, it may do so, of course with calculations. But, if reducing the price increase sales, it is done.
- When sales promotion activities such as online advertisements, e-commerce activities, or social media are conducted by the company, these activities are automatically working towards brand awareness.
- Sales promotional activities such as seminars, gatherings in colleges, etc. help o create word-of-mouth publicity.
- Sales promotional activities such as the distribution of free toys with every meal at McDonald's did cost the company, however, it spread everywhere that the item is from McDonald's which created Brand Value.
- It gives reasons to buy to customers. For instance, a company as sales promotion is giving one shirt free with every 2 shirts bought, then the sales automatically increase with the sale of that one shirt extra.
- Another sales promotion is to give products free with other products of the company. This helps the company know the feedback about a certain product and hence can decide whether to produce a new product or not.
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