I recently saw this in one of my promotional association magazines so I thought I would share it with you. It never hurts to plan.
A Promotion Plan outlines the promotional tools or tactics you use to achieve your marketing goals.
Promotion plays a key part in your marketing plan yet it is very often overlooked. Promotion forms part of the 4 Ps in the Marketing Mix (a common term used to describe all the essential elements in your marketing).
A promotion plan forms a sub section of your marketing plan. It goes into more detail about how you will achieve certain marketing goals.
So for example, your marketing goal might be to sell 100 units of product this month and the mediums you will achieve this through include social media, email campaigns, print advertising and competitions.
Your promotion plan will detail specific promotions such as launch offers and discounts, members and loyalty discounts, value added bonuses, free gift with purchase and so on. Your promotion plan also includes the timing and budget for these activities for the year.
You can implement a promotion plan on the wholesale side and the retail side (direct to your customers) of your business. A plan specifically for business to business is called a Trade Promotional Plan.
Why you need a promotional plan
Creating a promotion plan has many benefits for both you and your customers.
1. Your product and brand stay competitive in the marketplace
2. Sales promotions offer an incentive to new stockists & customers and also existing ones to buy more or trial new product lines
3. Everyone loves a great offer and to feel like they are getting a deal or something ‘extra’ in their purchase
4. As a supplier, you get preferential treatment from stockists and build a stable business relationship
5. You can use promotions as an opportunity to generate trial of new products
6. You become the ‘preferred supplier’ in your category because you are thinking outside the box and not just about your needs
7. If you choose your promotion activities wisely you achieve incremental sales (sales uplift) and also possibly halo effect sales (when promotion of one product encourages the sale of another product in your range).
Do you have a promotional plan? Break down your marketing goals and detail your offers in your promotional plan.
Promotion is a powerful selling tool and when you align it with your marketing activities that’s when you get real results
If you have any promotion ideas for your particular business... healthcare, banking, fundraising and such, please feel free to share. 'BRAINSTORMING' can be the key to a creative EXPLOSION ! .