There are a range of different promotion strategies suitable for different market segments.
Advertising is the most common form of promotion, but always remember that the choice of medium will depend on whether your product is mass market or niche.
Websites – cheap, growing, interactive and there all day.
Print – national newspapers are expensive but good for mass market products, local newspapers are cheaper and good for local businesses, magazines are good for specialist / niche products.
Radio – good for specific audiences, local radio can target local customers
Can you answer the following questions?
- Explain one reason why it makes more sense for a mass market brand to use TV advertising
- Explain one reason why TV advertising might not be suitable for a start up business
- The total money spent on digital advertising is rising, whereas the total spent on newspapers is falling. Why do you think this is?
Sponsorship is another form of promotion a business could use. This is where a business associates itself with another brand. The association must make sense to the consumer e.g. Red Bull and Formula 1.
Product trials are where a product is sold in a small area first of all to see how well it does. This helps to avoid expensive mistakes.
Special offers encourage customers to make a purchase e.g. ‘buy one, get one free’ or ‘meal deal offers’.
Technology is especially important for promoting your business. Online advertising can be highly targeted by using cookies. Some online advertising can go viral, where the campaign is so successful that consumers share the advert themselves. Social media is also used extensively by business to promote their products. The advantages of using social media include:
- Free or low cost so very cost effective
- All brands now need a web presence and can do this with social media platforms
- Customers can be kept informed of new products
- Increases customer engagement with the brand
- Can show customer service with a quick response
Can you explain one benefit to a business of promoting its products using social media? (3)