Promotional mix is one of the 4 Ps in the marketing mix and is a must-have strategy when working towards business success. Keep reading for a comprehensive guide to help you learn more about this concept.
Everything You Need to Know About the Promotional Mix
In marketing, the promotional mix is as a way of raising brand awareness and knowledge to its target market to drive a behavioral response. This can be done through advertising, public relations, personal selling, and sales promotion.
The goal of every promotional mix is for the brand’s potential and existing customers to get to know the brand better through its identity, history, values, products and/or services. Having a clearer picture of what the brand is all about will strengthen customer relationships. Additionally, it will also inevitably stream more revenue for the business.
Breaking Down the Elements of A Promotional Mix
The first of the five promotional mix elements is advertising. This is a brand’s way of showcasing its products and services through creative output. Advertisers use mass media to reach its target audience, usually involving a paid partnership with another brand or an advertising agency.
Compared to advertising, public relations is a more subliminal way of getting your message across. Here are some examples of PR initiatives
- promotion through good reviews
- media relations
- brand placements
- promotion through word of mouth marketing and via social media
Personal selling is a tactic wherein a brand representative will encourage and convince their clients and potential customers through more personal means and one-to-one communication. Some examples include directly calling the customer, attending seminars, or organizing events to teach your customer about your product.
Like personal selling, direct selling involves initiatives where the brand reaches out directly to the customer. These include fliers through the mail and targeted email blast.
The last key element of the promotional mix is sales promotion. This strategy aims to drive up the customers’ need of the product all while driving up the supply of it as well. In a nutshell, it’s giving the customers an offer they can’t refuse, such as buy one, take one deals, discounts, and flash sales.
The Most Important Factor to Consider
The most important factor to think about when figuring out your promotional mix is your target market. These are the people you want to sell your product or service to. Knowing this is one of the most crucial steps in the promotional mix process. This will tell you what products the consumer wants, as well as when and how they prefer consuming information to help you sell these products or services. It all depends on the demographics of your target audience. Selling to younger people as opposed to selling to more mature customers is a completely different ball game.
For instance, Millennials as a consumer tend to be more skeptical about the information that goes around. Thus, hard-selling to them is not a good idea. They’d rather come to the conclusion of wanting something on their own through subliminal brand insertion rather than someone bothering them by trying to persuade them to buy something. However, Baby Boomers and Generation Z may have a different preference as a consumer when it comes to the promotional tools you use to try to influence their buying response.
Knowing your target audience gives you an insight into what your customers want. In turn, this tells you what you should invest in to persuade them to buy your product or service.
Why Have a Promotional Mix?
Having more than one tactic to promote and sell a brand’s product is a trick every successful marketer knows. Avoid putting all your eggs in one basket! While every marketing strategy and technique is an advantage to the brand, having a mixture of these will definitely set your brand apart from the rest. At the end of the day, putting together all the best parts of every marketing tool puts you in a position to create a great impact.
Is there anything else you’d like to know about the promotional mix? Let us know in the comments section below.
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