Definition: Product Promotion means disseminating information about the product, product line, brand and company to potential buyers with the intention of generating sales and developing brand loyalty.
Promotion is the fourth element of the marketing mix (namely, product, price, place, promotion) that is considered as a mode of communication that companies adopt to achieve the specific set of objectives, such as as:
Meaning of product promotion
Product promotion refers to the set of activities focused on disseminating information about products among potential buyers in the market. In simple terms, it involves advertising the brand and its product line on a large scale by reaching the target audience. Product promotion aims to create awareness, develop interest, increase sales, and develop brand loyalty. It is the fourth and quite important element of the marketing mix that attracts and induces customers to buy the product. This serves as a means of marketing communication for companies to inform people about the availability of their products and services.
Product promotion does the job of introducing goods and services to customers by informing them about the features, merits, and even benefits over other competitors’ products. Marketers can easily differentiate their products and create a distinct image in people’s minds. In the absence of this element, companies may find it difficult to achieve their objectives. No matter how well designed a product is offered by a company with the right distribution system and pricing, they cannot be sold unless they reach the target market. Product promotion acts as a factor responsible for awakening and stimulating people’s demand.
The best ways to promote a new product or service
When it comes to promoting a new product or service for your business, it can seem like there are endless options. It can be difficult to figure out where to start and which promotion methods will give you the best results. The truth is, there are many low-cost ways to market your business, and what works may depend on your industry, offerings, and audience. Take a look at these 12 methods below and see which ones make the most sense for your business.
Your loyal customers are a key part of how you promote your product, because they are more likely to not only buy it, but also promote it in their networks. This can take the form of a private, in-person, or virtual pre-launch party, online tour, preview, or demo. Or it could even be a special invitation to try it out and provide feedback. These exclusive offers are not only a great customer engagement strategy, but also reinforce how much you value them, and engagement and loyalty are essential to any successful growth marketing strategy.
Internal benefits
Yes, you can also use promotional gift items internally. And not only that – they can show some great results, increase your sales and employee satisfaction.
When it comes to sales, it’s simple: provide your sales teams with useful promotional items. They can then deliver the products to their customers by signing a contract or build a relationship with prospects by sending out promotional gift bags before the big meeting. This is how you show your clients that you value that they have chosen you and facilitate the work of the people in your sales team.
Promote through influencer marketing
Businesses can use celebrities, social media influencers, and bloggers to promote their products.
Influencers present the product to their audience and companies obtain leads.