Believing the business adage, "Build a better mousetrap and the world will beat a path to your door," might lead to your ultimate failure. You may have the best product in on the market, but if no one knows about it, you will be doomed. Follow basic principles for promoting your product to improve your business' long-term success.
What is Promotion?
Promotion is an attempt to increase sales of a product through the use of various communications. These include advertising, public relations, sponsorships, direct mail, in-store displays, website banners and other activities that get your product in front of consumers. These communications include direct and indirect sales messages. A direct sales message would include a buy-one-get-one-free promotion, sale, rebate or coupon. An indirect attempt to increase sales would include trying to increase brand awareness or preference through free samples, contests or event sponsorships.
Increases Awareness
If your product is new, or you want to introduce it to a new potential customer base, promotion is key. Using testimonials from others who have used your product, citing research or awards that validate your products' effectiveness or desirability and getting the media to write or speak about your product all alert consumers to the fact that your product is available.
Increases Product Knowledge and Preference
Just because consumers know about your product, doesn't mean they'll buy it. Even if you get your product on the shelves of major retailers, consumers may not purchase it if they are unfamiliar with it. Promotion lets you communicate your product's benefits to consumers and helps convince them your product is something they need. Combining product awareness and knowledge are key to getting consumers to seek out your product in stores.
Increases Retailers
Many retailers have more products than they can sell based on limited shelf space. If you can demonstrate to current and potential retailers of your product that you will be increasing their sales of your product by increasing consumer demand for it, you will get and keep retail accounts. Share with retailers your advertising, public relations, sponsorship and in-store promotion strategies.
Increases Sales
Ultimately, the measurement of successful promotion is whether or not the promotion increased sales. Increasing awareness of a product is of little value if you don't get consumers to act. Many clever, funny television ads increase awareness among consumers, but fail to convince them the product is something they need, or is better than the current product they use. Product promotion strategies should work together to inform, convince and motivate customers to buy. You might introduce a product into a marketplace simply by making customers aware of you. You will need to quickly follow this with promotions that convince consumers your product is better, less-expensive or more prestigious than similar brands, or solves a problem they have that no other product does. You must include a call to action in your promotion strategy, giving your customers a reason to buy, such as a sale, rebate, limited-time offer, contest or donation to a charity.
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