Promotional Marketing uses value-added assets to reach prospective customers and retain existing clients by enhancing the company, product, or service. Simply put, sharing products that benefit interested parties gives organizations an advantage over competition. The key to promotional marketing is to give your customer something useful, appropriate, and memorable.
The Suit will Cost you, but the Tie is Free
Years ago, after receiving a promotion, I went shopping for a new suit. The salesperson upsold me—two suits so I asked for a two suit discount. The salesperson, who I later learned owned the store, declined. However, he offered me a free tie for each suit. Brilliant, I was reminded of his store every morning when I tied my tie. I was a loyal customer for several years. Later I asked him about offering me a tie rather than a discount since both affect profit. His answer was, “Yes, but people remember the tie.” Is your business doing anything memorable?
Add Value to your Marketing
Discounts are forgettable, here’s a question, which means more to you, a discount or added value? When a restaurant offers two for one or free drinks at lunch, does it mean more than a discount alone? When a computer manufacturer provides a quality, branded mousepad with every purchase it’s not much different than the free tie, is it? Discounts are fleeting and often unremembered—added value is appreciated and recalled.
Promotional Marketing Checklist
❑ Is the marketing strategy to attract new customers or retain existing?
❑ Are you promoting a specific product, service, or an organization?
❑ Who is your target audience?
❑ How will the call to action be delivered?
❑ Direct mail
❑ Sales calls
❑ Advertising, PR, or Social Media
❑ What products or services complement the product being promoted?
❑ How will the promotion introduce clients to the product?
❑ How will the product be delivered?
❑ How will the results be tracked?
❑ Was it cost effective?
❑ Did it reach your target audience?
❑ Can it be repeated?
What Value can you add?
If you’re attempting to attract new business and retain existing customers by price point alone you may be missing the boat. Most people aren’t loyal to a provider only because of price. For example, price without quality is useless. Adding value to services and products may mean more to prospects than a better price. Do you have a tie that matches your customer’s suit?