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
Choosing the Right Lobbyist 150 150 Jonathan Poland

Choosing the Right Lobbyist

First, determining whether hiring a lobbyist is right for your company depends on several factors. Consider the following questions to…

Risks of Artificial Intelligence Jonathan Poland

Risks of Artificial Intelligence

Artificial intelligence (AI) has often been depicted in science fiction as a potential threat to human life or well-being. In…

What is a Market? Jonathan Poland

What is a Market?

A market is a place or platform where buyers and sellers come together to exchange goods and services. Markets can…

Brand Concept Jonathan Poland

Brand Concept

A brand concept is the overarching idea or meaning that lies at the heart of a brand. It is the…

Community Problems Jonathan Poland

Community Problems

Community problems are local issues that can only be effectively addressed by involving the people who live in the affected…

Risk Tolerance Jonathan Poland

Risk Tolerance

A risk is the possibility of an adverse event occurring, while a trigger is the root cause of that event.…

Risk Prevention Jonathan Poland

Risk Prevention

Risk prevention is the process of identifying, assessing, and mitigating potential risks that may arise in a given situation. It…

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…

Capital Jonathan Poland

Capital

Capital is an asset that is expected to produce future economic value. It is a productive resource that is used…

Content Database

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

Security Controls Jonathan Poland

Security Controls

IT security controls are measures that are implemented in order to reduce security risks. These controls may be identified through…

Figure of Merit Jonathan Poland

Figure of Merit

A figure of merit (FOM) is a value used to evaluate the performance of a system or device. It is…

Quality Objectives Jonathan Poland

Quality Objectives

Quality objectives are specific, measurable targets that organizations set in order to improve the quality of their products or services.…

Corrective Action Plan Jonathan Poland

Corrective Action Plan

A corrective action plan is a process designed to identify and address problems or issues within an organization. It involves…

Business Case for Selling B2G 150 150 Jonathan Poland

Business Case for Selling B2G

A hypothetical example of a business case where a company could potentially double its revenue by securing a specific government…

Risk Reduction Jonathan Poland

Risk Reduction

Risk reduction involves the use of various methods to minimize or eliminate risk exposures. This can be done by decreasing…

Production Jonathan Poland

Production

Production is the process of creating goods or services for the purpose of satisfying consumer demand. It involves a range…

Benchmarking Jonathan Poland

Benchmarking

Benchmarking is the process of comparing the performance of a business, product, or process against other businesses, products, or processes…

Product Development Jonathan Poland

Product Development

Product development is the process of designing, creating, and launching new products. It typically involves a number of different steps,…