In today’s fast-paced digital market, just a great product isn’t enough, success is dependent on how effectively businesses promote their product and the strategies they put in place to make sure they reach their target audience. There are two elements of the marketing mix that play a big role in ensuring this success: promotion, and place.
Marketing Mix- a combination of 4 elements that strategically balance each other out to meet customer needs and meet marketing goals. Also known as the four P’s: product, price, place, and promotion.
Let’s focus on the last two:
Place- refers to the physical location of a product, as well as its chain of distribution.
Promotion- refers to the methods of communication used for marketing purposes
So, what are some strategies we can put in place to ensure success in modern markets?
Ensuring Product Availability in Strategic Places:
Choosing the best distribution channel to reach target audiences- this can be direct sales to the customer (B2C/ D2C- business to consumer/ direct to consumer), through a wholesaler (B2B- business to business), or through a VAR (Value-Added Reseller, or a dedicated storefront/ retailer)
Efficiency of supply chains, and the impact in logistics- these are critical for timely deliveries and guaranteeing customer satisfaction. Streamlined supply chains also bring advantages to businesses by enhancing invetory, avoiding delays, or having backup plans in case of them, and easy adaptation to market trends.
Navigating trends- adapting trends can either be advantageous or a set-back, this depends on your consumers and target audience. While the accessibility of online shopping is a benefit or need for many audiences this may not necessarily apply to some (local) audiences. Some businesses are trying to reduce costs by selling directly to the customers providing a customized shopping experience, but this may also affect the business’ reach. And finally, the retail world is ever changing, also cutting costs by delegating many roles to technology like customer service, “self-checkout” this may also not benefit local audiences as it may directly impact their income.
Key Strategies for Effective Promotion:
Target audience distribution & personalized communication- consists of dividing the target audience into recognizable groups based on identifiers like demographics, interests and behaviors and creating customized targeted messages that help brands connect with each group on a deeper level increasing engagement.
Influence of digital platforms- implementing valuable content and SEOs to make it easier for target audiences to find businesses creating organic traffic. Leveraging advertising techniques like paid ads (PPC pay per click, displays, social media ads), these will help reach the target groups creating higher conversion rates.
Storytelling and strong brand images to boost promotions- sharing engaging stories to connect emotionally with target audiences help foster a unique brand image that will stand out the business from its competitors. It's also crucial that the promotional communications also reflect the brand’s values and improve customer trust and loyalty.
Combining Place and Promotion to Stay:
Successful combination between place and promotion ensures that the marketing efforts and synced with product availability (it’s not a fun time when there’s demand for a product but no supply), guaranteeing profitable sales. By effectively communicating product availability and promotions through the right channels the consumer experiences a higher quality shopping experience, which builds brand loyalty. It's equally important to keep track of data analysis to optimize the strategies in place to enhance marketing campaigns and supply chain efficiency. New trends like AI- powered marketing, eco-friendly deliveries, and personalized shopping experiences foster brand loyalty and trust as the consumer feels like their needs and interests were taken into consideration. Companies that are able to adapt to trends and customer needs will stay ahead of their competitors and build long-lasting loyalty.
Real World Example:
A great example of a company that applies these is Owala. Their latest launch FreeSip Sway was based off customers' reviews expressing their discontent with their bottles not fitting in a cup holder, and how their lock handle was not efficient while carrying the bottles. Owala took this feedback into consideration and applied it to their new line while not compromising quality (size or lock security), or price. This makes Owala a growing competitor for big, established brands like Stanley, Yeti, or Hydroflask.
How will you apply these strategies and techniques to enhance your product success in a modern market?
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