Ways to promote your business

There are many ways to promote your business. The question we must ask ourselves is who benefits the most? We must be aware of the value of our product/service. If you know who you are and the importance of the solution you are offering, you just need to make yourself known.

Promotion is one of the 4 fundamental pillars of the marketing mix (audience, product, point of sale and promotion). It includes any strategy and technique implemented to stimulate the trial or purchase of a product/service. It is used to awaken the consumer's desire for that product and is achieved through incentives of all kinds. Your marketing plan must include a promotion strategy, including the budget for this activity. Take care of the cost-benefit ratio, so that the actions do not lead to losses.

Elements of the promotion strategy

In promotion, the effect on the purchase decision is usually immediate, thus boosting sales. The cost is not as high as in advertising.

Although once the promotional actions have been planned, the most effective is to announce them through an advertising campaign that informs and motivates consumers to participate.

Elements to take into account in your promotion strategy:

• Promotion objectives. This is what you want to achieve (remember that they must be specific, measurable, achievable, relevant and time-bound). Some examples could be: reduce stock, launch a new product, increase demand, differentiate yourself from the competition, take customers away from the competition, build customer loyalty or acquire new ones.
• Target audience. Keep in mind that promotional activities can be directed not only at what is known as the end customer; this also includes other companies (B2B), members of your own staff, distribution channels, sales teams.
• Type of promotion. Whether you are a recognized brand or one that has to fight for a position in the market, you must decide whether the actions will be price, quantity or launch, or a combination.
• Promotion rules. The basis for participation should be clearly described to avoid misunderstandings and to meet consumer expectations.
• Duration. Benefits are offered for a limited time. A duration time that benefits both the consumer and the company is established, taking into account the duration of each stage of the action you carry out.
• Launch opportunity. Wait for the right moment to guarantee the effectiveness of the actions. For example, a significant date for consumers, who already expect this type of action (Christmas, anniversaries, commemorative days, Valentine's Day, etc.).
• Logistics. Ensure that the whole process flows, the promotion must be effective at all points of sale.
• Communication. It must be announced well in advance and in a clear way.
• Budget. Allocate the budget and resources necessary for each action.
• Measuring the result: How to obtain reliable results? Think in advance about the tools that will allow you to measure the effectiveness of the campaign.

Promotion mix

The promotion mix includes advertising, sales promotion, public relations, personal selling, direct marketing and events. Each with its own techniques and tools.

Advertising: Campaigns aimed at a specific group are carried out with the objective of informing, convincing and informing about certain aspects of the brand or the product/service.

Examples: among the most used media are radio, television, newspapers, magazines and internet of course.

Sales promotion: This is the commercial promotion of the product/service at a point of sale. It includes any incentive you can provide to increase demand, increase the flow of consumers or to improve your relationship with them. Either for the end customer or for intermediaries. Also known as merchandising.

Examples: give away items with the company logo, make promotional packages, give away samples, offer tastings, exhibitions.

Public relations: Creates and maintains the good image of your product/service both outwardly (general public) and inwardly (company personnel). It has a high impact on the community if done correctly.

Examples: donations to non-profit organizations, participating and supporting cultural events or sponsoring a sports team.

Personal selling: The face-to-face between salesperson and customer, going door-to-door as they say. It includes the whole process from meeting the potential customer, presenting the product, making the sale and following up. A good option is to join groups and communities that may be interested in your product/service.

Examples: provide incentive packages, hand out samples, hold sales meetings, trade shows.

Direct marketing: A direct channel is established between the company and the customer. Using the means most known by the consumer to bring the product/service in a direct and personalized way, in this way you can adapt to their needs. It is also a way to make a first contact with companies that might be interested in your products (B2B).

The key is to keep the materials simple, with images, colors and lettering that catch their attention and build your own contact list. The more specific the message the better the result.

Examples: email, internet, postal mail, internet shopping.

Events: This is a very effective way to make yourself known and create a memorable experience for the consumer. You create an environment where people can see first hand, or experience, the product/service.

You can participate, organize or sponsor the event. You can use networking to involve other businesses that are related to you and make an event where you can help each other and together add value to the promotional campaign by referring customers back and forth.

Your brand should be well located and visible at all times, as well as have support materials such as flyers and brochures on hand to hand out to those who come by.

Examples: a day at the company, trade fairs, art exhibitions, sporting events.

Promotion techniques

Promotion can be carried out online or offline, or a combination of both. Purchasing can be encouraged through price-related actions, gifts, demonstrations, coupons, novelties and experiences. It does not matter whether traditional or digital methods are used, only that they are original, attract attention and of course attract the audience we want.

Some promotional techniques: Referral marketing: It helps a lot to grow the business. If they bring a client, they are rewarded in some way, either with money or a free product/service. The main thing is to be creative and hooking.

Economic promotions: Include any economic reward associated with the product/service. The possibilities are endless, among all kinds of discounts and coupons:

• Rebates.

• Two products for the price of one.

• Quantity discounts (if you buy so much, we give you so much for free).

• Free shipping.

• Free product and only shipping is charged.

• Discount or gift vouchers.

• Combos of products.

Loyalty programs: Reward your loyal customers who come back again and again or have purchased several products or service packages. You can give products with your logos and offer them as a reward, something useful and related to the same business. A free service. The delivery of more products for the same price. The opportunity to try a product first. It can be an extended warranty. You can also look for alliances with other related companies to create loyalty programs to accumulate points, e.g. a hotel with restaurants, car rentals, airlines.

Promotions in social networks: This is an effective way to create interactions in our networks and attract attention. You can do sweepstakes and contests.

Example: accumulate points for certain interactions or mentions and exchange them for all kinds of benefits (limited time).

In conclusion, promotion is exposure. There are many promotion tactics but the important thing is to connect with the potential customer's desire, to land the product/service to them in a memorable and emotional way.

You must absorb the idea that you are helping the customer, and the sale will make itself. Promotion has infinite possibilities so you must follow a clear strategy and be original to attract attention.