Every day hundreds of new products are launched in the world, the process of telling people about these products is called Business Promotion. It can be understood more simply through an example, suppose a company has launched a new laptop and the company has full confidence in its quality, features that people will like it.
But how will people know that a new laptop company has launched, yes the company will resort to business promotion for this. And will promote that laptop through various means so that people can buy it after knowing about that laptop. Promotion in a business is any communication that tries to influence people’s decisions to buy products or services.
To promote their product or services, business organizations first identify their target customers and then promote their product or service by finding various ways to get the message across to them. No matter how good the product may be designed by the entrepreneur, but until he does not do business promotion to sell it, it is not easy to get the customer for that product.
That is why it can be said that promotion is very important for the sale of any product or service. Keeping this in mind, today we will try to know about it in detail through this article.
What is Business Promotion?
Simply put, business promotion is a type of communication between the seller and the buyer, in which the seller tries to persuade the buyer to buy the goods or service through the promotion of his product or service. Promotion increases the awareness about a product or service among the people, besides it also plays an important role in improving the image of the company.
Through promotion, interest and interest in the product or service is created among the people, due to which the company can also get loyal customers. There are four major P’s of market mix which include Price, Product, Promotion and Place and promotion is one of the basic elements of these market mix.
Although it is often seen and heard that promotion and advertising are the same but it is not true that business promotion and advertising are different. Advertising is a specific action that entrepreneurs do to promote their product or service, it is a type of promotion but not promotion.
Promotion includes all the methods of promoting a product or service, giving a discount on the price of the product for a period of time, putting up posters for a few days in the bus stop, railway station, etc. are the forms of promotion.
How does the promotion work?
Promotion means promotion is an important aspect of any business, unless the company or business organization adopts some method of business promotion, at some level, it is almost impossible to get customers. And there is no doubt that any business can shut down at any time without customers. So it is true that every business unit needs some level of promotion but not every business needs same kind or same level of promotion.
That is to say, different businesses have their own different promotional strategies, so the same level of promotion can never be right for two businesses. A good location i.e. a roadside shop may only need a sign board to indicate that the shop is located here. Whereas somewhere else inside the street, there will be a need to put different types of signs from the main road.
Apart from this, new businesses may need to experiment on different mediums to find out which medium of promotion will be suitable for them. The already established business units also keep on experimenting with new strategies, apart from using the medium of business promotion which gives more results. First of all, the entrepreneur has to create a product or service that people need, after that which people can use that product or service.
Once the business organization has identified the target customer, then it has to choose the type of promotion to bring the qualities and benefits of their product or service to the target customer. It is only through that medium of promotion that the target customer comes to know about the product or service, which awakens the desire to buy it.
Types of Business Promotion
By the way, in today’s era of globalization and the internet, when any news or information spreads very fast all over the world, there are not one but hundreds of methods of business promotion available. Apart from this, business organizations also keep working on new strategies to promote their products or services every day. But here we are going to mention only some major types of promotion, whose list is as follows.
- Advertisement: Advertising means advertising your product, service or company through television, radio, social media, newspaper etc. Advertising helps in spreading awareness among the people about the company, product or service. Advertising is currently communicated through a variety of mediums including newspapers, magazines, television, radio, outdoor advertising, direct mail, search results, blogs, social media, websites or text messages.
- Direct Marketing – Direct marketing is also a form of advertising in which business organizations engage with customers through a variety of mediums such as cell phone text messaging, email, websites, online advertising, database marketing, fliers, catalog distribution, promotional letters and targeted television, newspapers and magazines. communicate directly.
- Sales promotion – This type of business promotion uses media and non-media marketing communication for a predetermined limited period of time to increase demand for a product or service, stimulate or improve product availability.
- Personal selling The sale of a product depends on its selling. In this method called personal selling, the company sends its agents to sell the products or services personally. Here the feedback from the customers is received immediately, so this method is helpful in strengthening the business relationship with the customers and also in increasing their confidence in the product or service.
- Public relations – In this method of business promotion, any person, business organization, government agency, NGO, political party spreads information among the public. A successful PR campaign can actually prove to be quite beneficial for the brand of the organization.
Objective of Business Promotion
Business promotion is an important aspect of the marketing strategy of any business, in this competitive environment, it is currently being used as a powerful weapon by entrepreneurs and business organizations. This is a great way to communicate with the target customers. Following are some of the major objectives of organizations behind doing promotions.
- The main purpose of promotion is to promote sales. An organization can use various promotional channels to stimulate demand for a product or service. Such efforts convert potential customers into real customers. Through business promotion, when the company explains its product or services to the people by matching the need of the people, then people show interest in buying that product or service.
- The purpose of promotion is to inform customers or consumers about the features, qualities, performance, price and availability of the company’s products. Promotions are a great way to inform consumers about changes in existing products and services, etc.
- Through promotion, organizations can succeed in convincing their customers that the product offered by them is better than that of their competitors. Through business promotion, any company can differentiate its product from the product of other competitors.
- Promotion is also used for the purpose of promoting a new product. Promotion in a large and decentralized market is one of the most effective ways to promote a new product. Through promotion, the company informs about the availability of newly launched products, exclusive features and price of the product.
- Business promotion enables the company to face the competition effectively. Today there is fierce competition in every field, so it is extremely difficult to stand or survive in the market without promotion. Staying in the competitive market is also the main objective of promotion.
- All forms of promotion like advertising, direct marketing, sales promotion, personal selling, public relations etc. prove to be helpful in building the image or brand image of the company. Many companies have become very popular among the people due to effective promotion activities, through promotion the company can reach customers in any corner of the world.