Best Practices of Promotion

Our last few blogs have addressed the need for defining your 4 P's of marketing.  As mentioned in our first 4 P's of marketing blog, the 4 P's are:

  • Product/Service
  • Pricing
  • Promotion
  • Placement/Positioning

Let's discuss the third P, "Promotion".

There are so many traditional and non-traditional ways to promote your company - where do you start?

The latest non-traditional marketing trends are social media or social networking, and SEO (Search Engine Optimization).  People are spending thousands of hours and dollars on these marketing tactics.  Unfortunately, too many companies are putting all their marketing eggs into these one or two baskets and not getting results. 

I was talking to a company last week.  They have been very successful utilizing print (traditional) advertising to promote and build their business.  Now they want to decrease their print advertising budget and replace it with non-traditional marketing.  The problem is they will be driving business to a website that is ineffective, out-dated, not user-friendly and currently has a low conversion rate and high bouce rate. 

Although promoting your business through these new non-traditional marketing tactics can be effective, you first want to make sure your website is top-notch. See our previous blog on, "When Social Media Doesn't Work".  Beware of the social media companies popping up making claims of increased traffic to your website - ask them for references of clients who have actually received increased business as a result of it. 

Then there are all the traditional ways to promote your business:

  • Advertising
  • PR
  • Networking
  • Referral programs
  • Direct mail
  • Trade shows
  • Sponsorships
  • Leads groups
  • Memberships to associations & organizations
  • and many, many more

Where does one start here?  To effectively promote your business you need to know who to promote it to and what your different/better story is or UVP (unqiue value proposition).  Some best practices to consider to better promote your business are:

  1. Have a plan - no one tactic will bring success - determine the tactics in tandem to make the phone ring or bring business through your door.
  2. Thoroughly examine your target market.
  3. Know your competition - how are they reaching the same target market, what is their UVP, etc.
  4. Determine an adequate marketing/promotion budget
  5. Research thoroughly before spending your precious marketing/promotion budget

There are many other things to consider when determining the proper promotion, but starting here will help.

 

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