A Closer Look At The Multiple Levels Of Advertising And Promotion
Multiple levels of advertising and promotion are responsible for corresponding to the intent and stage of business. When trying to understand these levels, it helps small businesses to tailor their promotions and ads to the proper purpose thus making more money. How about if we take a closer look?
First stage. Being aware
There are times when a little child would cry out 'mom look at me' just to get a little attention. To small businesses, one of the biggest threats is the fact that there may be thousands of people out there who need what they offer but don't know they exist.
When it comes to the "if you build it they will come" principle, then this stage will work. If you do not have much competition, then that is a good thing or if you are an established brand opening a new location.
It has its uses and it is also the most basic form of advertising. The bad news is that most small businesses don't really move past this level.
Second stage. How to Gain Market Share
A very important stage of promotion in advertising is this stage. This is where you put your unique selling proposition out there so that people will choose you over a competitor. Being sure that you are compelling in a way that your competitors are not is important.
Most advertising (even from a lot of the big guys) just doesn't go this far. Your job here is to compel action from the customer.
Stage Three. Increase Consumption
Gaining new customers is very important, but what are you doing to bring your old customers back? Any ideas on the kind of advertising or promotional tactics that will help increase the frequency and the size of your average purchase?
It is not a waste of money when you advertise to your current customers. Your ROI, in fact, is likely to be far higher than advertising to get new customers.
Another thing you can do is try to about ways to get customers to come back more frequently and spend more with you when they do. You can realize an exponential growth in sales if you get these two components down.
Stage Four. Capitalize on Opportunity
In this stage, what you would do is use opportunities to increase sales. Any ideas what these opportunities are? How about holiday sales, long weekends, current events?
Be careful about using very bad news for promotion. Being seen as too mercenary can come back to haunt you.
However, when promoting all kinds of things, it would be great to offer deals to offset rising gas prices or beat the heat of summer deals.
Even if you can boil these four stages down into finer points of distinction, you will be given a head start for a more profitable future if you just try to master these basics.
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