What is 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.

Learn More
Types of Revolution Jonathan Poland

Types of Revolution

A revolution is a sudden and significant change to the structure and foundations of a society, often involving conflict and…

Business Development Skills Jonathan Poland

Business Development Skills

Business development is a term that is often used to refer to sales jobs. However, it can also refer to…

Advertising Jonathan Poland

Advertising

Advertising is a form of marketing that involves the use of paid media to promote a product, service, or idea…

Product Category Jonathan Poland

Product Category

A product category is a classification of similar or related products or services. These categories are often created by a…

Market Forces Jonathan Poland

Market Forces

The interaction that shapes a market economy. Market forces are the factors that determine the supply and demand for a…

Team Strategy Jonathan Poland

Team Strategy

A team strategy is a plan that outlines how a team will achieve its goals. Developing and implementing a strategy…

Cost of Capital Jonathan Poland

Cost of Capital

The cost of capital is the required rate of return that a company must earn on its investments in order…

Human Capital Jonathan Poland

Human Capital

Human capital refers to the future productive potential of people, which is often difficult to estimate directly. Instead, it is…

Management Efficiency Jonathan Poland

Management Efficiency

Management efficiency refers to the ability of a company or organization to effectively utilize its resources, such as capital, labor,…

Content Database

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

Bankability Jonathan Poland

Bankability

Bankability is a term used to describe the ability of a project or venture to secure financing from a lender…

What is Stagflation? Jonathan Poland

What is Stagflation?

Stagflation is a period of high inflation, low economic growth and high unemployment. Stagflation is a economic phenomenon in which…

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.

Capitalist Realism Jonathan Poland

Capitalist Realism

Capitalist realism is the theory that capitalism is the only economic system that is realistically possible or viable. This term…

Elevator Pitch Jonathan Poland

Elevator Pitch

An elevator pitch is a brief, persuasive speech that is used to quickly and simply explain an idea or concept.…

Adoption Lifecycle Jonathan Poland

Adoption Lifecycle

The adoption lifecycle refers to the process by which customers adopt and become familiar with a new product or technology.…

Employee Goals Jonathan Poland

Employee Goals

Employee goals are specific targets or objectives that are set for an individual employee in order to align their work…

Soft Skills Jonathan Poland

Soft Skills

Soft skills are a broad and diverse set of abilities that are essential for success in many areas of life,…

Channel Structure Jonathan Poland

Channel Structure

Market penetration is the percentage of a target market that purchased a company’s product or service over a period of time.