Promotion is one of the four elements in the marketing mix, a foundational framework that guides your marketing initiatives. The marketing mix consists of product, price, place, and promotion. All of the elements are led by the product (and/or service); however, place and promotion are closely related. To learn more about place, check out this overview. So, how do you shape promotion within the marketing mix?
How do you advertise your product? The product, place, and price will dictate your promotional efforts. It might be helpful to break down how each element of the marketing mix applies to promotion:
Product: Once you identify the value your product provides, you begin to identify your target market. Are you solving a problem for one target market? A target market may have multiple groups, commonly known as market segmentation (Zhukova, 2023). Are there multiple segments? Who is your target market? Why do they find your product valuable? How do you stand out from the competitors? What are the differences? How are these differences beneficial for the customer?
Price: How does the current market show the price? For example, there is a reason why you always see .99 as opposed to 1.00. There is a psychological effect that shows the price is just under a certain number, making the cost more attractive. Is it a complex, expensive product/service that requires you to spend more time to show the client the value behind the high ticket? What is your pricing strategy, and can this pricing strategy be used in your promotional efforts? For example, being transparent about the prices might be beneficial if you use cost-based pricing. It can build customer trust. How and where you present your price will matter.
Place: Place and promotion are closely related. How you promote your product/service will largely depend on your target market. Additionally, your target market might be large and will require further segmentation. How or where, hence place, do your customers seek information and solutions? How much time do they spend in these places? What are their interests? Better yet, what captures their attention? Don't limit yourself to demographic segmentation. Non-demographic segmentation can provide insight by focusing on behavioral and psychographic factors instead of traditional demographic variables (Bass et al., 1968).
Notice that instead of providing definitive statements, we asked many questions. As you begin to answer these questions, you will illuminate the details that enhance your promotional efforts.
Bass, F. M., Pessemier, E. A., & Tigert, D. J. (1969). A Taxonomy of Magazine Readership Applied to Problems in Marketing Strategy and Media Selection. The Journal of Business (Chicago, Ill.), 42(3), 337–363. https://doi.org/10.1086/295202
Zhukova, N. (2023, April 21). Market segmentation - types, examples, and strategies. Semrush. https://www.semrush.com/blog/market-segmentation-strategy/
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