An overview of promotional decision making and its significance
Promotion is a form of corporate communication that employs diverse methods to reach a targeted audience with a certain message so as to attain specific organizational objectives.
So how can you best promote your products, whether goods or services?
Develop an effective integrated marketing communications plan by: defining your targeted audience(s), setting your specific, measurable, attainable, relevant and time-bound promotional objectives, setting your promotion budget, designing your promotion mix, and evaluating the results.
Work towards having a clear idea about your target market(s), in order to avoid the misdirection or waste of scarce marketing funds!
Make sure that your promotional objectives define your target audience, how some specific aspect(s) of the audience’s perceptions, attitudes, or behavior should change, how quickly such a change is expected to occur, and the degree of change required.
Adopt the most convenient budget-setting method: percentage of sales, competitive parity, or objective-and-task. Then, decide upon the promotion components you will use (advertising, personal selling, sales promotion, and/or public relations), and determine the specific activities within each component as well as the specific vehicle to employ within each activity.
Find out whether the promotional activity objectives have been successfully met by means of marketing research and take remedial actions as per the need!
Having a clear understanding of your target market is key for planning and implementing an effective promotional program. Without such an understanding, your money is likely to go in vain!