Marketing strategies

Marketing strategies

Marketing strategies

new product promotion strategy - Marketing is the process of getting your business noticed by the people who need or want your products or services. Many small businesses come up with fabulous business idea but then fail to market it successfully.

You need to get out there and spread the word about your products or services to the right people to build your customer base. Advertising and selling are part of the process but there is much more involved.
TIP: Use our marketing plan template and guide to create your own plan.
The six ‘Ps’ of marketing

There are generally six key aspects that you need to focus on when marketing your products or services. These aspects are sometimes referred to as the six ‘Ps’:

    product
    price
    promotion
    place
    people
    processes

Product

Product refers to the goods or services you are offering. You might consider a range of factors such as packaging, labelling, branding and quality when developing your product.
TIP: In Australia, there are mandatory standards regarding product safety and labelling.
Price

Setting a suitable price for your products or services will help you to be profitable and stay competitive. Start by including all the costs associated with producing and delivering your products and services, then research your target market to determine how much they would be willing to pay. If there is a gap you have more work to do – perhaps reducing your costs or focussing on a different market.
Promotion

Promotion refers to the methods you will use to advertise and sell your products and services. Promotional methods may include:

    website
    social media
    blogging
    e-newsletters
    networking
    brochures and flyers
    TV, radio or print advertising
    word of mouth
    loyalty and reward programs
    cold calling
    mail-outs and letter drops
    sponsorship
    PR activities such as media releases and events

Place

This aspect of marketing refers to how your customers will be able to purchase your products or services. Distribution channels may include:

    retailing direct to the public through a store or outlet
    selling goods via wholesalers
    retailing online
    using distributors, consultants or agents to sell your products

When deciding which channel to use, consider your target market and the logistics involved in getting your products and services to them.

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People

You will most likely have to engage with suppliers, distributors, wholesalers, stakeholders and employees to get your product or services to market. These groups all form part of your team. You need to ensure they understand the importance of providing quality products and customer service.
Processes

The right customer service and business processes are essential to support your marketing goals. They may include procedures for ordering new stock, ensuring products or services are delivered in a timely manner, providing opportunities for customers to give feedback and regularly reviewing sales and financial reports.

Top Ten Promotional Strategies

by Carl Hose, Demand Media

Product promotion is one of the necessities for getting your brand in front of the public and attracting new customers. There are numerous ways to promote a product or service. Some companies use more than one method, while others may use different methods for different marketing purposes. Regardless of your company's product or service, a strong set of promotional strategies can help position your company in a favorable light with not only current customers but new ones as well.

Contests

Contests are a frequently used promotional strategy. Many contests don't even require a purchase. The idea is to promote your brand and put your logo and name in front of the public rather than make money through a hard-sell campaign. People like to win prizes. Sponsoring contests can bring attention to your product without company overtness.
Social Media

Social media websites such as Facebook and Google+ offer companies a way to promote products and services in a more relaxed environment. This is direct marketing at its best. Social networks connect with a world of potential customers that can view your company from a different perspective. Rather than seeing your company as "trying to sell" something, the social network can see a company that is in touch with people on a more personal level. This can help lessen the divide between the company and the buyer, which in turn presents a more appealing and familiar image of the company.

Mail Order Marketing

Customers who come into your business are not to be overlooked. These customers have already decided to purchase your product. What can be helpful is getting personal information from these customers. Offer a free product or service in exchange for the information. These are customers who are already familiar with your company and represent the target audience you want to market your new products to.
Product Giveaways

Product giveaways and allowing potential customers to sample a product are methods used often by companies to introduce new food and household products. Many of these companies sponsor in-store promotions, giving away product samples to entice the buying public into trying new products.

Point-of-Sale Promotion and End-Cap Marketing

Point-of-sale and end-cap marketing are ways of selling product and promoting items in stores. The idea behind this promotional strategy is convenience and impulse. The end cap, which sits at the end of aisles in grocery stores, features products a store wants to promote or move quickly. This product is positioned so it is easily accessible to the customer. Point-of-sale is a way to promote new products or products a store needs to move. These items are placed near the checkout in the store and are often purchased by consumers on impulse as they wait to be checked out.

Customer Referral Incentive Program

The customer referral incentive program is a way to encourage current customers to refer new customers to your store. Free products, big discounts and cash rewards are some of the incentives you can use. This is a promotional strategy that leverages your customer base as a sales force.

Causes and Charity

Promoting your products while supporting a cause can be an effective promotional strategy. Giving customers a sense of being a part of something larger simply by using products they might use anyway creates a win/win situation. You get the customers and the socially conscious image; customers get a product they can use and the sense of helping a cause. One way to do this is to give a percentage of product profit to the cause your company has committed to helping.

Branded Promotional Gifts

Giving away functional branded gifts can be a more effective promotional move than handing out simple business cards. Put your business card on a magnet, ink pen or key chain. These are gifts you can give your customers that they may use, which keeps your business in plain sight rather than in the trash or in a drawer with other business cards the customer may not look at.

Customer Appreciation Events

An in-store customer appreciation event with free refreshments and door prizes will draw customers into the store. Emphasis on the appreciation part of the event, with no purchase of anything necessary, is an effective way to draw not only current customers but also potential customers through the door. Pizza, hot dogs and soda are inexpensive food items that can be used to make the event more attractive. Setting up convenient product displays before the launch of the event will ensure the products you want to promote are highly visible when the customers arrive.

After-Sale Customer Surveys

Contacting customers by telephone or through the mail after a sale is a promotional strategy that puts the importance of customer satisfaction first while leaving the door open for a promotional opportunity. Skilled salespeople make survey calls to customers to gather information that can later be used for marketing by asking questions relating to the way the customers feel about the products and services purchased. This serves the dual purpose of promoting your company as one that cares what the customer thinks and one that is always striving to provide the best service and product.

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