Meaning of Product Promotion
Product promotion refers to the set of activities focused on spreading information about products among prospective buyers in market. In simple terms, it involves publicizing the brand and its product line on a mass scale by reaching out to target audience. Product promotion aims at creating awareness, developing interest, growing sales and building up the brand loyalty. It is the fourth and quite important element of marketing mix which attracts and induce customers for buying the product. This serves as a means of market communication to business for informing peoples about the availability of its products and services.
Product promotion does the work of introducing goods and services to customers by telling them about features, merits and even benefits over the other competitors’ products. Marketers are easily able to differentiate their products and create a distinct image in minds of people. In the absence of this element, business may find difficulty in reaching their objectives. No matter how well-designed product a business is offering with appropriate pricing and distribution system, they can’t be sold unless and until they reach the target market. Product promotion act as a responsible factor for awakening and stimulating people’s demand.
Types of product promotion
Different types of product promotions techniques are as discussed below: –
- Discounted products: This is one of the most popular type of product promotion strategy adopted by business enterprises. Customer always love to grab a bargaining deal so by giving them discounted offers, they become more happy with brand. Businesses should always ensure that discounted offers are designed properly to make them more attractive. A bottom line should be considered and be sure not to provide these offers too often to peoples.
- Flash sale: A flash sales is a limited time deal offered to customers for buying products. This technique of promoting products is very effective and creates a sense of urgency among people to buy. More successful flash sales are one which lasts for a short time and sell more than 50% of products in the first hour only. Customers are more interested to buy and try products which are offered in such limited time deals.
- Product giveaways: This is a good promotion strategy which induces more and more peoples to try your products. Everyone enjoys in getting the free stuffs from brands. People appreciate such gestures from company and are easily able to memorize their products. In case, if a business can’t giveaway its products then it should think about giving some useful branded gifts with every purchase.
- Free shipping and free returns: Free shipping and hassle-free return mechanism motivate customers to purchase brand products. This offers a sense of security among people that they won’t lose their money in case if they want to send the product back. It is revealed from data that 66% of customer will prefer to buy from brand offering next-day delivery and free returns.
- Loyalty points: It is another means of enticing peoples to buy more of your products. Rewarding with points on every purchase will enable brand to build a solid base of loyal fans. The points collected by customers while purchasing can be used on their next purchase. Loyalty pointing system is a popular type of product promotion which convince peoples for repeat purchases.
- Coupon giveaway: This is another important type of promotion strategy to induce peoples for buying your products. Companies send virtual coupon to their customers which gives them a push to visit the online store for buying products. However, companies should plan these promotion in such a way which seems more exclusive to peoples and makes them happy.
Features of Product promotion
Various features of product promotion are as discussed in point given below: –
- Product promotion primarily pays attention on creating wide awareness of products and brand in market. It is highly effective in exposing new products or brands to customer for the first time.
- It plays an effective role in creating interest among customers for products by designing appealing promotional campaigns. The campaigns are run in such an interesting way which grabs the attention of peoples.
- Product promotion supplies all substantial information regarding products to clients. People are informed about the features, uses, and availability of products thereby converting an interest into actual sales.
- This stimulates the demand for business products via convincing peoples to buy them. It is done by highlighting the features and importance of product.
- Product promotion strengthens the brand image in the mind of customers leading to more repeat sales in long run.
- It facilitates the business to remain in a competitive position in market. In present time, every business is excessively using promotional strategies to show its presence in market.
- Product promotion is helpful in raising the sales of business during the off-season. More and more customers are attracted by employing techniques such as off-season discounts and off-season offers.