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Transcript of Promotional marketing
- 1.Promotional Marketing
February 9, 2011
Marketing and Branding in Real Estate:
Superbowl Advertising Inspired
with Tom Ferry, YourCoach.com
Human Nature: We all love getting gifts!
Giving a person something for free is the most effective way to:
Develop a Relationship
4. Is it worth it?
Georgia Southern University, 2005 Study:
Promotional products enhance the overall image of a business
Product recipients are more likely to recommend the giving business to others
72 percent of people receiving promotional products at trade shows remember the companies for more than 12 months
76 percent have a positive attitude toward the giving company
5. Careful Planning
Are you planning to collect names as leads or discount an item as a loss leader to gain a larger customer base? Determine the reason for the promotion.
Who is the target of your promotional campaign? Is it your competitors customers or existing clients who have not made a purchase in the last 12 months?
What incentive works best for your customer group? Coupons, sweepstakes or sampling?
What is your available budget?
How will you decide if promotional marketing is a success? Select a clear goal and do not forget to measure the results.
Is your promotion in compliance with State and Federal laws. Promotional marketing incentives must comply with the law. For instance, the Federal Trade Commission states "when a "free" offer is tied to the purchase of another product, the price of the purchased product should not be increased from its regular price."
6. Factors in Promo Campaign
Long Term/Short Term Goals
Resource Availability and Cost per item
Market Size & Concentration
Customer Information Needs
Detailed and Complex?
Basic, Already Understood
Never mix image advertising with advertising designed to sell a specific product.
To be effective, an ad must serve a single, clear purpose.
7. What to Promote
8. Promotional Mix
Personal Selling, Advertising, Sales Promotion, Direct Marketing, Publicity
Wide Range of Objectives
Sales Increases, Product Awareness, Brand Equity, Positioning, Competitive Retaliations, Creation of Image
3 Basic Objectives:
Present Information to Consumers as well as others
To Increase Demand
To differentiate a product/service
9. The Marketing Mix
4 Elements: Product, Price, Promotion, Distribution
2 Types of Promotion:
Above the Line: Promotion in mass media (e.g. TV, radio, newspapers, internet)
Advertiser pays an advertising agency to place the advertisement
Below the Line: All other promotion.
Intended to be subtle enough for the consumer to be unaware that promotion is taking place.
E.g. sponsorship, product placement, testimonials, sales promotion, merchandising, direct mail, personal selling, public relations, trade shows
11. Sponsorship Programs
Analyze the current situation: look at which other businesses are sponsoring in the target area.
Are competitors already doing this and is it providing them with an advantage?
Define the sponsorship objectives: e.g. raise awareness of the brand; build an image; promote a new product/service
Strategy: How does the sponsorship fit in with any other promotional activity?
Define the target audience
Consider what resources are needed to make the sponsorship a success.
12. Stages of Promotional Marketing
As product is accepted, increase awareness to encourage loyalty
Use Persuasive tactics to ensure you beat out competition
Clearly Communicate benefits
Remind people of the product
13. Advantages of Using Promotional Products
Flexible: promotional products can be used in all situations, from a corporate uniform to business gifts, or even merchandise.
Tangibleand long-lasting: promotional products have the benefit of being a long-lasting form of marketing.
Impact and effectiveness can be easily measured
Higher perceived value: when your clients/potential clients receive a promotional product they feel important to your business
Complements other advertising methods: Increasing response rates and the overall effectiveness
14. Clear Consumer Communication
Carefully Encode: Craft your message in a way that will be understood
Think about how your audience perceives: Words, Symbols, Sounds, Other Stimuli
Choose Right Audience
Members of Organizations Target Market
Current, Previous, Potential Customers
Influencers of the Organizations Target Market
Industry Trade Associations, Media
Title & Escrow, Banks, Stagers
Focus first and foremost on your existing customers.
Make sure they are aware of the full range of your products and services
Create opportunities to generate repeat and higher value purchases.
Get your existing customers to spread the word about your business
Aim to create brand awareness and credibility.
Ensure they understand your offer and how you differ from your competitors.
Promote individual products differently to different groups of customers.
Have specific and measurable marketing objectives.
Will help you decide what your marketing messages should be; what marketing techniques you should use
Ensuring that your existing customers are happy with what you offer not only secures repeat business but also generates positive word-of-mouth recommendation.
Reinforce the Brand
18. Get Creative!
Giving prospects premium promotional goods will:
Increase brand awareness
Give a continual reminder of your brand
Have something uniqueand emphasize it
Customized M & Ms
Reusable Items: Mugs, Water Bottles
Nonwoven grocery bags
e-Grip: Keeps Cell phone from slipping around in the car
Compact Items: Umbrellas, Flashlights
Techy: Card Reader, USB Thumb Drive
Home Items: Cookie Cutters, Flower Seeds, Gardening Tools