This is the 3rd part of a 4 part series I’m covering on Applying Marketing 4Ps in Retail environment. If you’ve missed out the other 2 parts, fret not, you can always click on the link and review the 1st part of Applying Marketing 4Ps in Retail and the 2nd part of Applying Marketing 4Ps in Retail
Promotion is the 3rd marketing pillar in which when we Apply the Marketing 4P in Retail simply deciding how much of promotional budget should be allocated for your brand. Apart from deciding which channel medium should you be using to create buzz and excitement, promotion is also needed to drive the sales of your business. So here are some things that you would need to consider
What are your competitors up to
Doing some background check on your competitors will help you get an idea of what works and what doesn’t. It also helps you to understand what mediums they are heavily invested on or if they are just being dormant
What is the message
What sort of message that you would like to send to your consumers? This is important because it will be the first impression of your brand
What mediums to use
Once you’ve decided on the message, pick the suitable mediums that you think would get the message across to the right target audiences. I’ve previously covered before what are the different mediums to choose from and you can read them more up here on promotions
Timing of delivery
The timing is also quite important because ideally everyone wants to launch their product during the festive season. But beware, too much clutter during this time! Also, its pretty expensive to advertise during the peak seasons so should you be considering to launch your product before or after the season?
I won’t go further on much about promotion because its a rather huge topic and seriously it also depends on channel chain that you are in.