promotion

What is Promotion?

What is Promotion? Jonathan Poland

Promotion refers to any marketing strategy that is aimed at increasing recognition, awareness, and interest in a brand, product, or service. It is designed to generate demand for products and services and support sales efforts. Promotional strategies can include a range of tactics such as advertising, public relations, sales promotions, and personal selling.

Promotion is a key component of the marketing mix and is often used in conjunction with other marketing efforts such as product development, pricing, and distribution. By effectively promoting their products and services, businesses can increase visibility and reach, build brand awareness and loyalty, and ultimately drive more sales.

Effective promotion requires a clear understanding of the target audience and the most effective ways to reach and engage them. It also requires careful planning and execution, as well as regular tracking and analysis to measure the effectiveness of promotional efforts.

Overall, promotion plays a vital role in the success of a business. By raising recognition, awareness, and interest in its products and services, a business can generate demand and drive sales, ultimately contributing to its overall growth and success. The following are promotional objectives.

Brand Recognition
The percentage of your target market who recognize your brand from its name or visual symbols. It is common for large brands to advertise with the objective of building and maintaining brand recognition.

Brand Awareness
The percentage of your customers who associate your name with a product category. For example, people who name your brand when asked to name a cloud platform.

Demand Generation
Generating demand for products and services. For example, a retailer with an objective of increasing floor traffic by promoting a sale.

Market Penetration
Increasing your market penetration rate. For example, a technology company locked in an intense competition for a growing market may target market penetration over profits.

Brand Image
Objectives to build a specific type of brand image in the minds of customers. For example, a luggage company with an objective of being perceived as a luxury brand.

Reputation
The objective of building a reputation or repairing a reputation.

Sales Leads
Promotions that are aimed at directly generating leads to close sales. In this case, promotions may be measured by cost per lead.

Go-To-Market Strategy

Go-To-Market Strategy Jonathan Poland

A go-to-market strategy is a plan that outlines how a business will introduce its products or services to the market and reach its target customers. The go-to-market strategy typically includes a detailed plan for marketing, sales, and distribution, as well as a timeline for implementation. The goal of a go-to-market strategy is to maximize the success of the product or service launch and achieve the desired market penetration and sales. The following are common types of go-to-market strategy.

Brand
Developing a new brand or brand extension for the target market. For example, a helmet company develops a new brand for white water rafters. A go-to-market strategy for a new brand can be complex including elements of market research, branding, promotion, operations, distribution, pricing and sales.

Product
Developing a new product or service for the target market. For example, an insurance company that develops a travel insurance product for small business people who frequently travel on business.

Distribution
Reaching a new target market may be a matter of distribution of existing products. For example, an Australian food products company that develops a go-to-market strategy to reach supermarket consumers in South Korea.

Promotion
Developing a target market with promotional messages alone. For example, a donut shop that would like to sell to the Chinese Canadian community in Toronto develops local advertisements in Mandarin and Cantonese.

Sales
A go-to-market strategy can be a sales effort that involves developing leads and opportunities in a new segment. For example, a business software company that sells to large firms develops a go-to-market strategy for reaching mid-sized firms.

Learn More
Inferior Good Jonathan Poland

Inferior Good

An inferior good is a type of consumer good for which the demand decreases as the consumer’s income increases. In…

Business Efficiency Jonathan Poland

Business Efficiency

Business efficiency refers to the effectiveness with which a company or organization converts inputs, such as capital, labor, and materials,…

What is Media? Jonathan Poland

What is Media?

Media refers to the various channels through which information and entertainment can be delivered.

Examples of Customer Needs Jonathan Poland

Examples of Customer Needs

Customer needs refer to the specific requirements, desires, or expectations that a customer has for a product or service. These…

Durable Competitive Advantage Jonathan Poland

Durable Competitive Advantage

The most important aspect of durability is market fit. Unique super simple products or services that does change much if…

Productivity Rate Jonathan Poland

Productivity Rate

Productivity rate is a measure of the efficiency with which a company or organization produces goods or services. It is…

Industrial Internet of Things Jonathan Poland

Industrial Internet of Things

Industrial IoT describes the ecosystem of devices, sensors, applications, and associated networking equipment that work together to collect, monitor, and analyze data across industrial operations.

Regulatory Risk Jonathan Poland

Regulatory Risk

Regulatory risk refers to the risk that a company will face regulatory actions or penalties as a result of non-compliance…

Veblen Goods Jonathan Poland

Veblen Goods

Veblen goods are a type of consumer good that is perceived as being more valuable or desirable because of its…

Content Database

Search over 1,000 posts on topics across
business, finance, and capital markets.

Refinancing Risk Jonathan Poland

Refinancing Risk

Refinancing risk is the risk that a borrower will be unable to secure new debt to replace an existing debt…

Types of Market Research Jonathan Poland

Types of Market Research

Market research is the process of systematically gathering and analyzing information about a market, including customers and competitors. This information…

Price Umbrella Jonathan Poland

Price Umbrella

A price umbrella is a pricing strategy in which a company sets a high price for a premium product or…

Win-Win Negotiation Jonathan Poland

Win-Win Negotiation

Win-win negotiation is a collaborative approach to negotiation that focuses on finding mutually beneficial solutions for all parties involved. This…

Pricing Strategies Jonathan Poland

Pricing Strategies

Pricing strategy involves deciding on the right prices for a company’s products or services in order to achieve specific business…

Business Constraints Jonathan Poland

Business Constraints

Business constraints are limitations or factors that can impact an organization’s ability to achieve its goals and objectives. These constraints…

Balance Sheet Jonathan Poland

Balance Sheet

The balance sheet is a financial statement that provides a snapshot of a company’s financial position at a specific point…

Data Infrastructure Jonathan Poland

Data Infrastructure

Data infrastructure refers to the hardware, software, and network resources that support the collection, storage, processing, and analysis of data.…

Pre-Sales Jonathan Poland

Pre-Sales

The term “pre-sales” can refer to a range of different things depending on the industry in which it is used.…