Strategic selection of promotions

Promotions are anything you do to make your potential customers aware that you exist or that urges them to take action over a short time frame. There are many different promotional techniques, some of which are discussed on other articles. For the purpose of this article, we are focused on when to use each.

Strategic utility in promotions has to do with what you are using these promotions to get done. Generally, these can be identified as follows:

Market Maturity:

The next step in understanding is to understand the market maturity. Existing markets and existing offerings don't require education as much as new markets with new products.

Fusing these together, the strategic objectives may be seen in this table:
OpportunityExisting MarketsNew Markets
Existing OfferingsDisplace competitors
Fight for share
Conservative choice
Expand once mature
Give reassurance
Remind↓→
Leverage reputation
Build market
Race for share
Land and expand
Create awareness
Give reassurance
Remind
New Offerings↑Use existing paths
Educate a new offering
Early adopters
Create awareness
Develop Attitude
Convey information
←↑Hardest position
Build a new market
On a new offering
Bold innovators
Create awareness
Convey information

Matching methods to situations

Different promotional methods tend to have more effect on different utilities. The table below identifies where each method tends to have more or less utility.

Objective Methods
Create awareness Branding, Give-aways, Sponsorships, Appearances, Paid Media, Cold Calls, Cold emails, Social Media, Short Videos
Develop attitude Sponsorships, Appearances, Loyalty programs, Price matches, Email Lists, Social Media, Webinars
Convey information Appearances, Events, Email Lists, Webinars, Articles and Writings
Give reassurance Branding, Loyalty programs, Events, Webinars, Short Videos
Remind Branding, Give-aways, Discounts, Sponsorships, Appearances, Paid Media, Donations and Gifts, Loyalty programs, Competitions, Price matches, Events, Coupons,Email Lists, Social Media, Short Videos

A call to action

The path to better marketing and sales goes through promotion, and the path you take depends on your situation. If you want us to evaluate your situation and help you find a better path, it all starts when you...

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In summary

Awareness, attitude, information, reassurance, and reminders come in different forms, and should be used at different phases of the maturity of offerings in markets.

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