Advertising and promotional strategies work together to inform and educate consumers about a company’s goods or services. Promotional strategies include coupons, discounts, and loyalty incentives to drive sales. Measuring the success of these strategies is key, but there can be drawbacks such as declining sales after the promotion ends and increased competition.
Advertising and promotional strategy are two symbiotic marketing methods in business. In many ways, a promotional strategy is a subset of a company’s overall advertising strategy. Advertising uses multiple means to inform and educate consumers about a company’s goods or services. Promotional strategies can include things like coupons, discounts, and loyalty incentives. The purpose of linking advertising and promotional strategy is to get consumers to buy more goods than they were planning to buy.
Marketing and advertising are “pull” strategies that require a business to spend money to sustain profits. For example, a company may engage in an advertising campaign that results in billboards promoting the company’s goods and services. This “drag” consumers into the company headquarters in the hope that they will buy goods and services. Billboards might be part of a long-term advertising plan, but promotional strategies are short-term plans to drive sales. The company may need to modify billboards or other advertising campaigns in order to implement a promotional strategy.
The key to a successful advertising and promotional strategy is having a measurable system for evaluating results. That’s why many companies use coupons or discounts as a promotional strategy. For example, a business might place an ad in a local newspaper with a coupon attached. Consumers must bring the coupon to receive the savings for the promotional strategy. The success of this campaign is measurable because the company is able to track the number of customers who have used the coupon.
Another link in the relationship between advertising and promotional strategy is the partnership of two or more companies to increase profits. For example, a toy company might allow a fast-food restaurant to give away toys with their children’s meals. This promotional strategy can increase profits for both companies. The toy company sells items to the restaurant company, making a profit. The popularity of toys can boost sales of children’s meals during the promotional strategy, increasing sales for the restaurant.
With all the perceived benefits of advertising and promotional strategy, there can be drawbacks. For example, the promotional strategy often lasts for a fixed period. Upon completion, your sales may decline and result in lower profits from reduced sales. In other cases, competitors may also resort to promotional strategies, allowing them to increase their sales and influence each competitor’s market share. This scenario can make it difficult to evaluate the success of an advertising and promotional strategy campaign.
Protect your devices with Threat Protection by NordVPN
