Sales promotion is the art of persuasion of potential clients to buy a product. It is intended as a short-term tactic to enhance sales. It is a rare method to build long-term customer loyalty. When preparing for a sales promotion, the following factors should be taken into account by the business.
- What is the cost of the promotion – Will the resultant sales increases justify the investment?
- Is the sales promotion in-tune with the brand image? A promotion that gives massive discounts to a premium price product can cause brand erosion.
- Will the sale promotion entice customers to continue buying the products even after the end of promotion?
Scope of Sales Promotion in Marketing
Sales promotion is a powerful tool for behavioural targeting as it integrates into the buying behaviour of a specific target. Swaying customers away from competitors is achieved by offering sales promotion incentives.
- Sales promotions act as a direct inducement that gives extra product value to the distributors, sales force and the ultimate consumers.
- Behavioural targeting is the mainstay of sales promotion marketing and managers should acquire knowledge on this by undergoing specialized sales and marketing courses.
- It gives an immediate incentive to make a buying decision and acts as an expediting tool in the selling process and enhances the sales volume.
How to create an amazing sales promotion campaign?
For the sales promotion campaign to be an effective marketing tool, the business should establish the objectives, create a program, select the tools, vet the implementation and control procedures and finally evaluate the outcomes.
Sales and Marketing courses can equip the managers with the finer learning points needed for a sales promotion campaign. Undergoing reputed sales promotion marketing courses online can improve the knowledge base of the marketing professionals in the following areas.
- Manage and understand the tools that companies use to encourage sales in the short term.
- Preparing a targeted brief on sales promotions
- Implementation and verification of the efficacy of a sales promotion plan.
Methods of Sales Promotion
- Money off coupons
- Free Gifts
- Loyalty Cards
- Discount Coupons
What marketing research tells us about sales promotions?
Market research concentrates on the following aspects of sales promotions.
- The nature of the service or the product and the market in which it is operating
- The dynamic nature of retail trade environment
- The effect of promotional planning and implementation on business outcomes
The skills of marketing managers have to be updated by participating in sales and marketing courses and this will result in superior marketing strategies. The objective setting has to be ingrained in the planning stage of the promotion campaigns. Sales promotions should receive priority in task-oriented budgeting, strategic thinking and coordinated expenditure. Many reputed institutes are offering marketing courses online which prepare marketing professionals for delivering killer sales promotion campaigns.
The Bottom Line
The significance of sales promotion is its extraordinary role in the marketing mix. Sales promotion strategies should mirror the core brand values of the company. Sales promotions, public relations, advertising and personal selling are the key pillars of marketing communication.