Promotional marketing is a balanced combination of strategic activities, giveaways, presentation, and the right timing. The goal of promotional marketing is to increase your company awareness in the marketplace. Promotional Marketing includes branded gifts that usually tend to increase response rates and the overall effectiveness of your other marketing programs.
Promotional Marketing is gaining a lot of popularity in India recently. This has been noticed especially in the case of the fast moving consumer goods segment. The price wars started out between the two FMCG giants HLL and P&G. These price wars have further led to promotions that have almost become a norm in the industry. Another segment, which is seeing a lot of promotional marketing in India in the recent times, is the consumer durables industry.
Most times than not, the initial perceptions that are formed by the customer of your company often involves a promotional marketing item. A t-shirt that is branded with your company logo might very well be the first perception that a prospective buyer has of your company.
A prospect might just pick up an item of promotion at a tradeshow, view it on a co-workers desk, or receive it in the mail. Therefore, there are a few important factors to be considered when defining the promotional marketing item to go with your promotional campaign.
The very first and most important step to choosing the right promotional marketing strategy requires understanding your target audience. It is important to find out whether your target customer will enjoy a stuffed toy, or might he/she enjoy something that can be used on a daily basis like a pen.
Knowing how the target customer spends the time during the day can greatly influence the type of promotion item that you consider and how well the promotion performs in the promotional marketing activity.
Promotional marketing can also be defined as a business marketing strategy that is designed to stimulate a customer to take action towards a buying decision. Promotional marketing is a technique that includes various incentives to buy such as the ones listed below:
Currently in India, the national economy and marketplace are undergoing rapid changes and transformation. A large number of reasons could be attributed to these changes. One of the reasons in these changes in the Indian Market Scenario is Globalization, and the subsequent and resulting explosive growth of global trade and the international competition.
The other reason for these changes in the Indian Market Scenario is the technological change. This is an important factor because the technological competitiveness is making, not only the Indian market, but also the global marketplace cutthroat.
In the Indian Marketing Scenario, the market success goes to those companies that are best matched to the current environmental imperatives. Those companies that can deliver what the people want and can delight the Indian customers are the market leaders.
Today the companies are operating in such a marketplace where survival of the fittest is the law. In order to win, the companies are coming out with various new and evolving strategies because the Indian market is also changing very fast. It is to capture the Indian market, that the Indian and the Multi National Companies are using all of their resources.
The Indian market is no longer a sellers market. The winner is the one who provides value for money. A large number of companies have huge idle capacities, as they have wrongly calculated the market size and installed huge capacities. This has further contributed to converting the Indian market into a buyers market.
The Indian Marketing Scenario is one of the biggest consumer markets and that is precisely the reason why India has attracted several MNC’s. These large Multi National Companies have realized that to succeed in the Indian market-place they need to hire Indian representative who are much more aware of the Indian economic, political, legal and social realities. In the Indian Marketing Scenario, it is the MADE FOR INDIA marketing strategies that work
~ Category editor Sakina Kadiwala. copyright data indianchild.com
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