Learn About Promotional Mix in Marketing
The promotional mix refers to one of marketing mix’s 4Ps and consists of advertising, public relations, personal selling, and sales promotion. It is defined as all the forms of communication that an organization uses to establish meaning for its product, or service, as well as a way to influence the buying behavior of targeted customers.
A promotional mix should be designed in a way that informs the target market audience about the values, and benefits, of the product or service, offered. This educational aspect helps the organization gain leverage against the competition, which ultimately helps drive sales.
The Main Types of Promotional Mix
You will be able to figure out what kind of promotional mix to put together for your organization by considering the various elements inherent in the promotional mix. Advertising is one of them and it refers to the paid promotion and presentation of ideas, services, and goods by a specific sponsor to a mass medium.
For example, Dell pays an ad agency to product print, electronic, and web ads to sell its line of computers and tablets. Personal selling is the second element and it involves helping (or more accurately persuading) potential buyers about the many benefits of goods, or services.
Personal selling usually takes place in person (or, in-store) or on the phone. Sales promotion is another element that involves non-media and non-media marketing communication aimed at increasing consumer and market demand as well as improving product availability.
Holiday promotions at major department stores offering coupons off are the most traditional form of this kind of marketing. Other elements include public relations (otherwise known as publicity) and such ancillary promotional vehicles as direct marketing, Guerilla marketing, product placement, and sponsorship.
What to Consider When Identifying Your Promotional Mix
When identifying a promotional mix, it is important to consider the target audience, the market you are selling in, your marketing goals, and available budget. The very first thing you should identify the key target audience you need to reach (in order to sell your product or service) which will depend on the standard key demographics.
This profile will allow you to properly evaluate the potential of each marketing tactic. For example, if you want to sell a new app to Millenials then personal selling is out of the question because Millenials need to be reached online or via guerilla marketing.
Baby boomers, on the other hand, still real print media so a publicity campaign that makes use of press releases is the way to go. Your budget should then be addressed because that will determine the leads necessary to meet your sales goals. After this analysis, you should choose all (or some of the) tactics that will help you best achieve your marketing goals and reach your target audience most effectively.
The Advantage of a Promotional Mix in Marketing
Although marketing professionals have numerous tools at their disposal to ensure that they reach their target audience (and sales goal), each individual marketing tool, on its own, is far from perfect. Becuase each has weaknesses and strengths, marketing tools are much more effective when combined. Successful marketers know that exponentially, combining various marketing strategies ensures success and goes far to impact the organization's bottom line.