17/04/2018

5 Essential Components of an Effective Promotion

By definition, consumer sales promotion is the process of persuading consumers to try a product or service. Sales promotions are usually conducted by companies as a tactical strategy or program to boost the sales of their product(s), as well as to gain a competitive advantage against direct and indirect competitors along the way.

However nowadays, given the presence of various players in each industry, companies are really having a hard time capturing and retaining customers due to aggressive promotional efforts of organizations competing in the same market. That being said, in order for a business to thrive against its competitors, one must develop and implement a sound and compelling consumer program or promotion.

But the common challenge being faced right now by companies is that some of them do not have yet a full understanding of the important components a consumer promotion should have. But do not worry because we are going to let you in on a secret, and share with the essential product promotion characteristics to strengthen your succeeding marketing programs:

  1. Know and Understand your Audience

This process is one of the most crucial parts in the development of consumer promotion, because this determines who will be the target market of the program. If by any chance a company fails to identify its audience clearly, the program will not have any direction, and will surely experience a nose dive.

 

Knowing your audience, however, is not sufficient enough to complete the process because aside from identifying your target audience for your promo, you should also be able to understand your consumers in a deeper sense. In this process, you should be able to connect with your market and consider their behaviour and preferences.

 

  1. Have Clear and Realistic Goals

Now that you have already set your eyes on a specific profile for your product promotion, the next step is to establish straightforward yet realistic goals. With it, you will have metrics to measure whether your initiatives are achieving it objectives. With this, you will know which areas to adjust and improve should your initiative need one along the way.

 

  1. Be Different and Compelling

Another element that you should consider is that your program should be better than what your competitors have to offer. But this can only materialize if you have carefully studied your audience, and know fully well how they behave in the market. But aside from that aspect, you should also be aware of the activities of your competitor, and monitor whether it is working or not. Through acquiring those data about your market and your competition, you can now use it as your benchmark to come up with countermeasures and initiatives to entice your target market to try your product.

 

  1. Timing is everything!

Why is this an important consideration in consumer promotion? It’s simple. Timing can make or break your promotional campaign. This is very applicable especially if you are thinking of a seasonal promotion. Of course, you would not want to launch it too early or too late. It has to be timed right to get the optimal result.

 

  1. Reward your customers

Having a reward element in your program would not only entice them to try your product, but will also encourage them to repeat their behaviour, and eventually make loyal customers out of it.

With today’s saturated market and aggressive marketing activities of industry players, sustaining competitive advantage over competitors is a common challenge to businesses. But no need to worry, because we got the perfect solution for you! With a great wealth of experience and expertise in the field of gifting and rewarding, we, Sodexo Benefits and Rewards Services, the leader in the service voucher industry, have the right tools to encourage product trial as well as build strong loyalty among your customers! With our Sodexo Premium Pass, a gift certificate accepted in over 10,000 merchants nationwide, you can now reward your customers and give them the freedom to use their Sodexo vouchers at multiple stores!

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