What are the 5 promotional strategies?
There are five components to a promotional or marketing mix (sometimes known as the Five P’s). These elements are personal selling, advertising, sales promotion, direct marketing, and publicity.
What are the promotional activities?
Product and service promotion is the most common form of marketing. Promotional activities can include: advertising — you can advertise your product, service or brand in newspapers, radio, television, magazines, outdoor signage and online.
What is the best promotion strategy?
Social Media Promotion 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.
What is effective promotion?
Effective promotion results from communications and activities that increase sales in ways that optimize the use of your marketing dollars. … Setting performance benchmarks for marketing activities helps you determine which are effective for you.
What is promotion and its types?
Promotion is a type of communication between the buyer and the seller. The seller tries to persuade the buyer to purchase their goods or services through promotions. … These are personal selling, advertising, sales promotion, direct marketing publicity and may also include event marketing, exhibitions, and trade shows.
10 Ways to Promote a New Product or Service
How to Promote a New Product or Service
When it comes to promoting a new product or service for your business, it can seem like there are endless options. It can be difficult to figure out where to get started and which methods of promotion will give you the best results. The truth is that there are many ways to promote your business, and what works may depend on your business. Here are 10 ways to promote a new service or product for your business.
1. Post to Google My Business
You can post about your new product or service to Your Google My Busines profile in two ways. The first is to create a Google post and choose the “promotion” option. The second is to upload photos of the new product or service to your profile. For help, check out Tip for Adding Photos to Your Google My Business Profile.
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2. Offer Customers an Exclusive Preview
Your loyal customers are a key part of how to promote your product, because they are most likely the first ones who will buy it. Offer customers an exclusive preview of your new product. This can take the form of a private, per-launch party, an online preview, or a special invitation to test out your latest service. These exclusive offers to loyal customers will make them feel good and keep them coming back.
3. Social Media Contests
Contests, giveaways, and sweepstakes are a very popular tool among top quality marketers. Why? Marketers know that social media contests work!
Social media contests are a fun, easy way of connecting with customers and bringing in more fans for your social media platforms. A simple Facebook contest for example, garners 34% new fans on average per campaign. That’s huge considering that organic reach is low on Facebook!
Instagram giveaways give customers an exclusive chance to be the first person to get their hands on your new product—for free! The giveaway can be marketed all across your social media channels and through email. Run an Instagram giveaway to get more direct traffic, put your business in front of new customers, and for a fun way to connect with fans.
4. Email Marketing
Did you know that 82% of consumers open emails from businesses, and that 44% of email recipients made at least one purchase last year based on a promotional email? Email marketing via newsletters is a fantastic vehicle for advertisement, and is one of the best ways to promote a new service or product.
Email newsletters allow you to easily share news of your product, photos, and information with customers. From there, offering an exclusive discount or promotion is a great way to “seal the deal” so to speak, and get cash flowing your way. For more ideas, check out this post on email newsletter topic ideas.
5. Facebook Ads
With 1.44 billion monthly active users, Facebook is a window to a huge market. That’s why Facebook ads are an effective marketing tool. Facebook is particularly useful in concisely targeting your audience, as Facebook’s impressive data collection allows businesses to target by gender, age, location, interest, and more. You also have an array of options for the type of ad you want, and you can easily stick to your budget by creating a cap on how much you want to spend daily or monthly.
6. In-Store Promotions
Businesses with brick and mortar locations have the added opportunity to promote a new product or service in-store. If you want to know how to promote your product in your studio or store, the #1 thing you need to do is to give people a reason to go to your store.
Aside from having attractive logos and signage, you can promote your new product or service in store with signs and promotional materials inside. Offer exclusive in-store discounts, such as a buy-one-get-one-free or a percentage discount. You could also market your product as being exclusively available at your retail store. Whatever your promotion, be sure to emphasize that it won’t last forever. Customers whose purchase power is limited, either by time or inventory, feel a more pressing sense of urgency to buy when it comes to your product.
7. Host an Event
Another way to get people to your physical location is to host an event or an open house at your business. Hosting an event is a great way to get people physically into your business, which makes them more likely to become a customer. Events don’t have to be fancy and super organized; something as simple as an open house or an info session will work for locations like salons, fitness centers, yoga studios, spas, and retail stores.
If your business is in a location with other local businesses, you can work together to have a sidewalk sale or outdoor open house to draw even larger crowds! This is a great way to promote a new product or service that you’re offering.
8. Offer an Upgrade or Trade-In
If your business is more service-based than product-based, like a salon, spa, fitness center, or consulting business, you can offer an upgrade for customers to try out your new service. Offering a new facial or massage at your spa? Provide a complimentary upgrade for existing customers to try it out! Expanding your consulting services? Offer expanded services to loyal clients so they can see the difference!
If your new product is, in fact, an upgrade on an older one, you can consider crafting a trade-in promotion. Trade-in promotions are proven to be effective because they incentivize consumers to buy a new product using a token or credit they already have (the product they own). You can also resell the old trade-in products, provided they are in good enough condition, or use them for future giveaways.
9. Share Customer Reviews
One of the best ways to promote a new product or service is to let your customers speak for you by sharing reviews. If you take advantage of some of the ideas previously mentioned and offer an upgrade or free preview to customers, ask them to review the new service or product online or to provide a testimonial for you to share. People will be more likely to sign up or try it out if there’s a glowing review from another customer.
10. Share on Social Media
Another way to promote new products and services is to announce and share this on social media. If you’re using the tactics mentioned above, make sure to share any of them on social media, including: customer exclusive events, open houses, trade-in or upgrade opportunities, giveaways, customer reviews. and photos. If you find that customers are posting on social media sites like Facebook and Instagram, make sure to share those photos with your own followers to entice people to try out your new service or product!