Promo Advertising is an incentive to consumers to try a new product or service. The promotion may be in the form of coupons, discount offers or sweepstakes prizes. It is important to carefully analyze the potential sales revenues from a promotional campaign so that the costs can be covered. Unlike brand advertising, which takes time to build momentum and produce results, a successful promotion is usually immediate and measurable.
Marketing departments have traditionally focused https://www.promo-advertising.co.uk/ on gross sales as a measure of the success of a promotion. However, a more accurate measure is incremental sales-that is, sales over and above those that would have occurred without the promotional activity. In addition to comparing costs with gross sales, it is also necessary to consider the impact of promotions on other types of marketing activities, such as personal selling and advertising.
The purpose of a sales promotion is to encourage consumer trial of a product or service, and to stimulate sales of the good or service. For most result-oriented marketers, it is unacceptable to rely solely on brand advertising to stimulate trials of a new product.
In order to increase the effectiveness of a promotion, it is important to understand the needs and values of your target audience. This will help to determine what types of incentives will be effective, and will minimize the risk to your business. Incentives that offer a “win-win” situation for your customer, such as short lived lower prices or coupons with a few cents off, are often effective. Giving loyal customers exclusive offers also works to create a sense of appreciation that encourages repeat purchases and loyalty.
Increasing the impact of a sales promotion can be accomplished by using multiple media channels. For example, newspaper ads can include discounts on a landscaping service or special offers for first-time buyers, and radio ads can announce a drawing to win a refrigerator or a trip to an amusement park.
Another way to enhance the impact of a sales promotion is by offering products that will be used with the promotional item, such as pens or writing supplies. These items will remain visible to the customer, and will remind them of your company each time they use them.
Another way to enhance the impact of a promotional activity is by partnering with other companies in related industries. For example, a car dealer might partner with a hotel to offer a special package deal for weekend getaways. This will reach a more specialized market, and increase the effectiveness of the promotion by extending its visibility beyond your existing customer base. In addition, it will provide a positive image for your company by demonstrating that you are active in the community. This will lead to increased trust in your company, and increase customer loyalty as well. This is known as word of mouth marketing. The more positive word of mouth you have, the more referrals you will get. This leads to more business and higher profits over time.