Building Customer Relationships - Promotion Strategies
The best way to grow your followers, and thus your business, is to provide a value-add for them. Ask yourself what would make someone want to connect with your business. For example, running promotions or giveaways from your social media page can provide a benefit to those who connect. It is here where you will learn what promotion strategies can lead your business to success.
What are Promotional Strategies and why are they important?
Promotional strategies are designed to generate interest in your product or band. They use a unique combination of advertising, sales promotion, and promotional platforms, such as social media, to encourage customers to buy your product. It is a useful method to get more people to try your products, keep customers loyal, and identify potential customers.
What are some examples of Promotional Strategies?
There are a wide variety of Promotional Strategies that are available for one to use. An example would be the use of coupons, which consumers can go and use to redeem a discount. Another one would be Buy One Get One Free. BOGOs are a great way for one to get their product into more people’s hands as these deals are often time-sensitive and it will incentive people to get the deal. And lastly, one of the most popular strategies from a consumer’s perspective is a giveaway. A giveaway gives people an opportunity to use a product for the first time.
With all of these strategies, ensure that your strategy matches your business’s brand standards. For example, Trader Joe's does not give out coupons but does have seasonal items as a promotional strategy.
Everyday examples of promotion strategies
In this example, Ritz Crackers has partnered with Costco and is doing a giveaway to get their product into the hands of more people as a Promotional Strategy.
In this example, Subway is offering a BOGO deal on their Subs. This is an example of a Promotional Strategy in Action.
How to use Social Media to promote your product
Social media platforms, such as Facebook and Instagram, can be useful tools for increasing awareness and generating interest in your products. Introducing promotions on your business’s social media will inform existing customers as well as those already interested in your products of new opportunities to try your products at a discounted rate. This both rewards your loyal customer base and introduces new customers to your business.
Using promotion strategies to reach your target demographic
While using your business’ social media platforms is an effective method of reaching customers, creating targeted ads on social media will enable you to reach more prospective customers. Identifying those who might be interested in your products, either by sites they interact with or recent searches, will reach prospective customers that might not have heard of your brand. You can learn more about how to create social media ads by clicking here.
Promotional strategies are a vital and helpful tool that your business can employ to increase both short-term sales, but also long-term growth through an increase in awareness. Whether it be through discounts, coupons, or Buy One Get One Free, there are always opportunities for your business to promote its product. To learn more about the ways pricing can influence consumer expectations of goods, click here to read a short analysis covering pricing strategies.
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