June 19, 2018 254
June 19, 2018 254
In business, marketing and promotion are very important. It is just about getting the right product to the right people. Promotion can be achieved by using different market activities which include: sale promotions, direct marketing, personal selling, advertising, and public relations.
For the small-scale entrepreneur, some of the key points to note about promotion are as follows:
1. Vote a promotion of your sales for promotion annually in order to ensure adequate funding.
2. There is a need to ensure that the company’s products, policies, and strategies promote a healthy and positive relationship with all stakeholders and the wider society.
3. Rumors and misinformation about the company are destructive and need to be managed (prevented, identified, and dealt with) from time to time.
4. There is a need for deliberate, constructive and purposeful communication with all the stakeholders of the firm with a view to creating awareness, knowledge, and acceptance of the company in the minds of all.
5. For a small fee, management can secure the services of advertising agencies and public relations consultants either on an ad hoc or partnership basis.
6. A business card (also popularly called a complimentary card) is now a necessity in business. It tells the world who you are, the business that you do and where and how you can be reached. Therefore, it should contain the name of your business or company, your business address, telephone, fax, GSM and post-office box number, and your designation. Endeavor to use good quality paper for the card. It should not be cluttered. The worst advertisement that you can give your company is that it is a jack-of-all-trades. Finally, the production quality of the card should be high.
7. Every business organization ought to have a signboard. A neat uncluttered board draws attention to the business.
8. Advertising and other promotional materials should be carefully designed and produced to appeal to the sensibilities of the consumer.
9. It is good business practice to choose your own business name (original) and your own brand name, develop them and create awareness for them through promotion rather than illegally using the brand name of some other popular manufacturer or firm.
10. Promotional materials should use a single or a few appeals at a time. The appeal should present the unique selling proposition (U.S.P) of the product. The unique selling proposition is that single compelling reason why buyers and users should prefer your brand to substitutes.
11. Use the channel or medium that will most directly and most selectively reach your target audience. There is no point advertising a product sold locally, say in Africa alone, on national radio or a national newspaper. A local medium will be more economical.
12. Do not overcrowd or overload your promotional materials with messages, texts, and graphics. Use different fonts, print sizes and colors for contrast and maximum readability.
13. Participation in trade fairs and exhibitions can give your company the much-needed publicity and opportunity to meet new suppliers and distributors with whom you can do business.
14. In all promotional materials, ensure that all your claims are truthful, substantiated or can be substantiated. Avoid puffery and exaggerated claims. Do not cast aspersions on competitors and their brands; it could backfire.
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