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How promotion can help your new products or business

Imagine a new product has being launched. The company is very confident about the quality of their product and optimistic about their sales. The next task is, how will the public get to know about this amazing product? How can they influence the buying decision of their potential customers or elicit positive response? Well, they simply need to promote it.

Promotion is an attempt by marketers to inform, persuade, or remind consumers and B2B users of a new product/business or existing one in order to influence their buying decision. This happens through a series of activities (promotional activities). Promotion helps in making the people aware of a product, service or a business and to generate interest. It also helps to improve the public image of a company and create loyalty, but the ultimate result of an effective promotional strategy is to boost sales and generate more income.

Promoting your new product or business can help in many ways such as:

1. Creating awareness:

All too often, firms go out of business because people don’t know they exist or what they do. Small businesses often have this problem. Simply putting up a sign and opening the door is rarely enough. Promotion through ads on social media platforms and local radio or television, coupons in local papers, flyers, and so forth can create awareness of a new product or business.

2. Getting consumers to try products: Promotion is almost always used to get people to try a new product or to get nonusers to try an existing product. Sometimes free samples are given away as common tactics to tempt people to try a product. Celebrities are also used to get people to try products. Celebrity endorsements can add immense value to a product/brand when done right; if a celebrity aligns with a product, they bring a level of trust and familiarity to the table.

3. Providing information:

Informative promotion is more common in the early stages of the product life cycle. An informative promotion may explain what ingredients (for example, fiber) will do for a consumer’s health, describe why the product is better (for example, high-definition television versus regular television), inform the customer of a new low price, or explain where the item may be purchased.

People typically will not buy a product or support a not-for-profit organization until they know what it will do and how it may benefit them. Thus, an informative ad may stimulate interest in a product. Consumer watchdogs and social critics applaud the informative function of promotion because it helps consumers make more intelligent purchase decisions.

4. Keeping loyal customers:

Promotion is also used to keep people from switching brands. It reminds users that the brand is better than the competition. For years, Pepsi has claimed it has the taste that consumers prefer. Firms can also help keep customers loyal by telling them when a product or service is improved. 

5. Increasing customer traffic: Promotion also helps in increasing customer traffic. The more you promote your brand, the more customers will know about it. This can generate interest. Promotion can be done even by giving out free samples which work wonders for customers! They try your product and ultimately, come to you and make purchases.

6. Customer segment identification:

If your promotional and marketing strategy is loosely structured, it might not be successful in targeting the “right” audiences. Having a full-proof and well-thought-out promotional strategy and marketing plan can help you identify different segments of consumers in the market and offer suitable solutions for your clients.

So whether you own a small, medium or large business, promotion can help boost your sales and increase your profit margin. Therefore, when planning, ensure there is provision for promotional budget.

Our next article will be revealing some of the most effective promotional activities that can help your business win more customers.

Thank you.

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Content created and supplied by: LECHIANO (via Opera News )


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