At times businesses will tread water with the “business as usual” work and not focus too much attention on where the business is coming from.
The first a company will be aware of a problem is when the leads fall off or the cashflow dries up.
It’s essential in marketing you know where your business is coming from, the value of this business and test how you can get more of the most profitable business.
Don’t leave promotion to chance – it will make or break your business at the end of the day. Whilst all segments of the marketing mix are important you should never forget to build an appropriate but tailored promotion plan.
What is promotion?
Promotion is how a company communicates with the outside world about their brand & products. Promotion covers a variety of different elements, including;
Advertising
Personal selling
Sales promotion
Public relations
Direct marketing
Exhibitions
Sponsorship
Digital
Marketing help – how to build promotion into your plan
One of the fundamental mistakes made by companies is to assume promotion is a one-off and infrequent occurrence. It should be deliberate. For example, the market leader in Cola doesn’t advertise throughout the whole year, but you can be guaranteed they will be building a promotional plan around Christmas and bringing out the Santa adverts (again!). Even if your business is seasonal (Christmas for example) you will still be building a year round promotional plan to meet the needs of your customers.
When developing your plan use the RAIE formula –
Research- our customers, market and competitors; the more information you have the more likely your plan will be to succeed.
Analyse – understand the information. Take time to pick out the gaps and determine a strategy for moving forward.
Implement – through a coordinated approach you should be able to release your promotional plan to your target customers, ensuring timescales are met.
Evaluate – understand the outcome in terms of leads, opportunities and sales. Your business will grow from strength to strength based on the success of your evaluation skills. Never make the same mistake twice.
Our tips
We have created some tips for building a promotion plan. These tips are for guidance and general to meet more promotional plans;
1. Decide on what you want to achieve e.g. X sales, £X income / profit, X new followers (if it’s a social marketing objective)
2. Set a budget (and stick to it)
3. Expect some promotion to take time to grow and become a success (search engine optimisation within the digital world isn’t an overnight, immediate return of investment – it can take 6 months to see results)
4. Review / evaluate your campaigns and tweak
5. Accept you may be successful some of the time but it’s a science; it needs to be amended to get it as cost effective as possible
Promotion is your opportunity to tell your target market about your product – sell its features and the subsequent benefits. Remember, in marketing there is no “1+1=2” formula, it’s about making educated and informed decisions through the information available. Ensure you’re on top of your research and evaluation and constantly develop your promotional activities to meet your most profitable customers.
A previous client with a large advertising budget based in Glasgow had been spending £40,000 per month throughout the week on TV, radio and web advertising. After evaluating the campaign it seemed the success was coming from the adverts during the weekend – effectively the Saturday and Sunday advertising was driving the majority of the sales. This theory was tested by removing the advertising during the week. The outcome was that 90% of the sales were coming via the weekend which slashed the adverting budget resulting in saving money which could be put to better use, testing out new methods to attract customers.
Remember, in promotion it’s not a mistake to get it wrong, it’s a mistake not to learn from the error and rectify it in the future.
North Star Marketing Support provide tailored support to SME’s who want the assistance given to large companies but without the expensive price tag.
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