Types Of Promotion – Promotions are activities that complement advertising, public relations and professional sales activities of a company. They create incentives for customers to buy products faster and make more purchases. Promotions are often temporary, but when the economy slows, promotions become even more popular with consumers and used more often by organizations.
Samples, coupons, premiums, contests, and discounts are examples of consumer promotions. Do you like free samples? Most people do. Free samples allow consumers to try a small amount of the product and hopefully buy it. This strategy encourages experimentation and raises awareness. Have you ever purchased a product that included a small amount of free sample, such as a small amount of conditioner in the package with your shampoo? Have you ever been to a store that offers free samples of various foods? Sampling is an expensive strategy, but it is usually very effective with foods. People try the product, the sampler explains the product and mentions the special price.
Types Of Promotion
Many retail grocers offer coupons to consumers along with samples. Coupons offer instant price reductions on items. The voucher value is then refunded by the manufacturer to the retailer. Retailers receive a commission for accepting coupons. When the economy slows, more consumers ditch coupons and look for special bargains like double coupons and BOGO (Buy One Get One Free) coupons. They can also buy more store brands.
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While many consumers clip coupons from Sunday newspapers, others find coupons online or on their cell phones. Point-of-sale displays, such as coupon machines placed next to products in stores, encourage consumers to buy brands and products immediately. Manufacturers hope that promotions will boost sales when consumers can see special displays and get coupons right away. Stores can also offer coupons to customers with loyalty cards to encourage customers to choose certain brands or products.
Mobile marketing and the Internet provide consumers in international markets with access to coupons and other promotions. While the majority of coupons used in India are digital, paper coupons have the largest share in the US. Over 80% of diapers are purchased with coupons. Imagine how easy and less wasteful digital coupons scanned from your mobile phone can be for both your organization and your consumers.
Other promotions can be done online and include incentives such as free items, free shipping, coupons and sweepstakes. For example, many online retailers such as Shoe Station and Zappos offer free shipping and free returns to encourage consumers to shop online. Some companies have found that response to online promotions is better than response to traditional promotions.
Another very popular promotion for consumers is a prize. Premium is what you get with proof of purchase (receipt or part of the package) for free or low shipping and handling costs. Remember when you wanted your favorite cereal because there were toys in the box? Toys are an example of gifts. You may be required to submit a certain number of proofs of purchase to claim your prize. The purpose of Premium is to encourage multiple purchases of the product. What many people don’t realize is that when you pay for shipping and handling, you may also pay a premium.
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Contests and sweepstakes also attract many people. A contest is an advertisement in which people enter or participate for a chance to win a prize. Publisher’s Clearing House Sweepstakes and McDonald’s Monopoly Game are both examples. Organizations that run sweepstakes or contests not only want you to enter the contest, but they also want you to buy a magazine (or more food) when you enter.
Fantana is back! Watch the video of the competition hosted by Fanta Soft Drinks. Like any advertising tool, it aims to get you to buy your product, and more specifically, to get you to make repeat purchases.
A loyalty program is an advertisement designed to gain repeat business. Loyalty programs include frequent flyers, hotel programs, grocery store, pharmacy and restaurant cards. A points system can be used in conjunction with a loyalty program. After accumulating many miles or points, the organization can offer special incentives such as free flights, free hotel rooms or free sandwiches. Many loyalty programs, especially hotels and airlines, have partners that offer consumers more ways to accumulate and spend miles and points.
Rebates are popular with consumers and manufacturers who offer them. If you received a discount, you will receive a partial (or full) refund of the purchase price of the product after completing the form and sending it to the manufacturer along with your proof of purchase. The trick is to complete the paperwork on time. Different types of promotions work best for different organizations, but rebates are very expensive for businesses because many consumers forget to submit rebate forms or take too long to submit them. As a result, they never get their money back. Rebates sound great to consumers until they forget to return them.
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In business-to-business (B2B) marketing, ads are usually called business ads because they are directed at channel members who deal or “deal” with consumers. Trade promotions include trade shows, conventions, event marketing, trade rewards, training and special incentives given to retailers to market special products or services (such as extra cash, in-store displays or prizes).
Trade fairs are one of the most common promotions in the B2B market. A trade fair is an event where companies from a particular industry display and demonstrate their products to other organizations. There are usually many different trade shows in which an organization can participate. Using displays, brochures, and other materials, trade shows can identify potential customers (prospects), inform customers about new and existing products, and display products and materials. Reps can get feedback from prospective customers about their products and materials, and possibly their competitors.
Companies also gather competitive information at trade shows. This is because you can see what other companies are exhibiting and how they are selling them. About 75% of trade show attendees buy products they actually see, but 93% of attendees are influenced by what they see at the trade show. However, only 20% of organizations follow up on trade fairs, and only 17% attract buyers after expressing interest in a particular company’s products (Tanner & Pitta, 2009). Figure 11.13 is an example of a booth display at a trade show featuring Korean electronics company Samsung. Trade shows can be very successful, but participating companies must follow up on the leads generated at the trade show. Webinars are used to reach companies that may not be able to attend trade shows during technological changes. Post-retention follow-up is also essential.
Conventions, or conferences, with groups of professionals also provide a way for salespeople to present different products to potential customers. I can’t Salespeople and managers often attend conventions to sell products.
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Intuitive Surgical is the creator of the da Vinci robot, a new type of technology used to make surgical procedures easier and less invasive. Intuitive Surgical often displays robots at surgical conventions.
Sales contests, often held by manufacturers and sellers, provide incentives for sellers to increase sales. Competitions often focus on selling profitable or slow-moving products. Sellers with the most product sales win prizes such as free vacations, corporate recognition, or cash.
Trade bonuses give channel partners (for example, manufacturer wholesalers, distributors, retailers, etc.) various incentives to push their products. One type of business fee is an advertising allowance (money) to advertise the seller’s products in the local newspaper. Ad inventory benefits both manufacturers and retailers. Retailers can usually get lower rates than manufacturers for advertising in local stores, saving manufacturers money. Retailers benefit from receiving bonuses from manufacturers.
Another promotion that manufacturers, such as those in the tool and high-tech industries, offer to companies is to help salespeople understand how the manufacturer’s products work and how to attract consumers to buy them. training to make it possible. Many manufacturers also offer in-store product demonstrations to show channel partner customers how their products work and answer customer questions. Demos of new gaming systems and computers are very popular and sell well.
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Free goods such as appliances, televisions, or other products produced by manufacturers can also be used to encourage retailers to market their products to consumers. In other words, a TV manufacturer might supply a TV to an electronics store manager.
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