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Promotion Strategies in Marketing: Examples & Concept

Promotion Strategies in Marketing: Examples & Concept
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  • 0:01 What Are Promotion Strategies?
  • 0:44 Components of a…
  • 4:50 Lesson Summary
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Lesson Transcript
Instructor: Susan Fenner

Susan has an MBA in Management from the University of North Alabama. She teaches online and campus-based Business courses.

Perhaps you've heard of the four Ps of marketing: product, price, place, and promotion. In this lesson, we'll explore the fourth P - promotion - and discuss some of the activities that go into building a successful promotion strategy.

What Are Promotion Strategies?

According to recent figures published by the United States government, the average spending per family in the U.S. is over $50,000 a year! Multiply that by the number of families in the country, and you can see that there is a lot of money changing hands every day. Now imagine that you are the marketing manager of a company that manufactures and sells purple widgets directly to the public. Naturally, you want to capture a share of the market. Your job is to figure out how to make the public aware of your purple widgets and to convince them that they can't possibly live without owning at least one of them.

Your plan for promoting products to consumers is your promotion strategy. There are a lot of things to consider in crafting the ideal promotion strategy to market your product.

Components of a Promotion Strategy

When we talk about promotion, we're talking about influencing consumers. Of course, you want to inform the public about purple widgets, and you want them to understand why you have the best purple widgets on the planet, but you also want to persuade people to buy them. And, you want to build lasting relationships that will keep them coming back for more. That's the goal of a successful marketing promotion strategy.

Devising the right promotion strategy is a complex process. There's so much to consider! Let's take a look at some examples of the types of activities that you'll need to work through in order to promote your product.

Message

To begin, you'll need to describe your company's unique selling proposition. What is it about your purple widgets that sets them apart from the competition? What message are you going to send to consumers to persuade them to buy your widgets? You have to have a clear picture of exactly what you're selling as the basis for your promotion strategy.

Strategy

After you've established why consumers should buy your widgets, you'll need to determine which basic marketing strategy will work best for your product. Will you use a push strategy, where you push the product onto the customers with high profile advertising or direct selling? Or, perhaps you'll use a pull strategy, like the luxury car maker Rolls-Royce, where you build a prestigious brand so that customers seek you out. There is no single 'right' strategy for every situation. You need to tailor your plan to your product.

Budget

Another important consideration in crafting your promotion strategy is your budget. In some cases, you may have the latitude to determine how much money you'll invest in promotion. In other cases, you may have to work within a budget dictated by other people in the organization. Regardless of which situation you have, it's important to know at the outset how much money you'll be able to invest in promotion so that you can plan accordingly and get the most bang for your buck.

Target Market

One of the most important aspects of a promotion strategy is to identify your target market. Who's going to buy your purple widgets? Are the widgets specifically designed for males or females like some grooming products? Or, are they meant for either gender like soft drinks and smartphones? What about age? Are the widgets intended for use by a specific age group? Will they be readily affordable by the average consumer, or will they be priced high to attract wealthy customers? Identifying your target market will allow you to tailor your promotion strategy specifically to deliver your message to the right people at the right time.

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