Promotion is the foremost thing you need to keep in mind while launching a new product or service. It helps in developing a strong base and could be essential for your road ahead in capturing desired market share. With a well-planned promotion strategy in place, you could gain a significant edge over your competitors.
Benefits of effective promotion strategy are:
Creates differentiation: When you are creative in your promotion or ask customers to engage with your business in a new way, you score useful points in wooing customers.
Creates upsell and cross sell opportunities: Products are bundled around a theme or a solution. This generates sales of multiple items rather than one item alone.
Creates testing opportunities: It tests your new ideas by analyzing outcomes. This tells you whether those new ideas require additional modifications, investment of more time and money before they could be implemented.
Drives customer's decision making: Creates compelling reasons in customer's mind to buy your products by distributing samples.
Creates a company focus on marketing: Developing a promotion calendar ensures that you will plan for new marketing programs.
Grows revenues: It enhances the top line of your business. With so many options available to a customer these days, a well promoted product that is in front of their eyes is expected to sell more.
Creates training opportunities for your staff: Promotion gives you an opportunity to train, re-engage and prepare the staff in what's new in your business.
Creates word of mouth opportunities: It gives your existing customers a new reason to be surprised and delighted by your business. They naturally end up promoting your product in their social circle.