The Role of Promotions in Marketing
The promotional mix, also known as the marketing communications mix utilises a range or marketing tools that are combined in a specific blend of advertising, public relations, personal selling, sales promotion and direct-marketing tools that the company uses to persuasively communicate customer value and build customer relationships. The five major tools that are used in the promotional mix are:
Advertising: any form of paid promotion, that is not in the form of personal selling of a business entity's products or services, through the business entity or authorised agent acting on behalf.
Sales Promotion: Short term initiatives that a business entity offers their target market in order to increase sales or capture new clients. this can be in the form of multibuy, discounts, coupons, etc.
Personal Selling: Sales efforts initiated through the business's salesforce by way of cold calling, and inter-personal selling efforts to encourage conversion and build customer relationships alike for higher lifetime value.
Public Relations: Managing and building the company brand and customer relationships by structuring efforts to meet stakeholders (public/customer) needs and engaging with communities in order to gain positive publicity and pro-actively managing unfavourable publicity, which may stem from rumours, stories or events.
Direct and Digital Marketing: Interacting directly with a carefully selected target market through the aid of technological platforms such as emails, socials, website, search engines to convert customers for immediate results as well as building relationships with stakeholders.
The marketing mix goes beyond just the promotional tools as a products size, packaging, ingredients, price and service related to purchasing products all play a vital role in the overall marketing strategy. Promotional communications activities may form a primary foundation for a business's marketing efforts but it is only a portion of the entire marketing mix and must be combined with promotion and product, price, place, people, process and physical evidence for the greatest impact on objectives and achieve a higher ROI.
The elements that a business uses in its promotional mix is not merely a one size fits all, the different aspects are adapted and customised to suit the product, logistical aspects and target segmentation to capture and serve the customer base more effectively.