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Marketing Tip of the Week – Holiday Promotions

September 30, 2011 by Kelly Curtis Leave a Comment

With the holidays coming up, do you have a game plan for your store? Do you know what type of products you are wanting to feature? Most importantly, do you know how you want to promote those products? It’s all about how you promote your products, especially during the holidays. So, this week’s marketing tip will focus on holiday promotions that will help your store during this wonderful season.

How Many?

First off, plan on how many in-store promotions you would like to do during this season? You know what’s best for your store. Whether it’s one, two or ten; you’re the only person who can judge what you can and can’t do. Two seems like a good number to start with and get creative with the promotions and how you carry them out.

Types Of Promotions

Next, you need to focus on what type of promotions you will focus on. Pick products that you want to feature and go from there. Maybe offer 15% off when they spend $50 or more or you can buy one get one free when they buy holiday items.

Don’t forget about doing cross promotions in your store. Pair holiday items with some of your gourmet food. If they are buying a holiday platter, give a discount on spiced apple cider or dip mixes. You can even do a promotion when they purchase a holiday item, their name can be thrown into a raffle for a free gourmet gift basket or a gift basket donated by another store. Don’t forget to team up with other stores around this time and you can help promote each other.

If you are wanting feedback for your store, offer a discount the week before the big holidays whenever they purchase an item or when they fill out a customer survey card. You can even offer up some freebies whenever they make a purchase that has your store logo on it or even small items in Continue reading “Marketing Tip of the Week – Holiday Promotions” »

Marketing Tip of the Day

July 29, 2010 by FGmarket Leave a Comment

The Back to the Basics, 4 part, Marketing Series is coming to an end. In previous weeks, we have talked about Products, Pricing, and Place. If you are reading the tips for the first time, I would recommend starting with Products and reading through the last few weeks. Today, we will be discussing Promotion.

The last “P” of Marketing is promotion. This is the part that everyone relates to marketing; it is extremely important (but so are the other components!). You need to create a promotional strategy, are you going to actively seek your customers or provide the information necessary for them to find you? What type of image or reputation do you want your company to hold? You need to figure that out, then make every conscious effort to infiltrate every part of your organization with that image. This is known as “branding”. This builds your credibility, your customer relationships, and their perceptions of your company.

Promotion is not simply publicity and media. While it is important to use advertising through print, television, radio, etc. to inform your customers, there are more ways! (Of course Social Media tools fall into this category). You can effectively promote your brand through your staff, sales, sales support, public relations, social responsibility, etc. This includes everything from the attitudes and behavior of your companies staff, the appearance of the staff, the appearance of your store, your website, etc. Every part of your company that interacts with the public should reflect the image you want for your company.

Don’t forget about your budget! Many entrepreneurs love the advertising/promotional aspect of marketing and tend to get carried away, throwing their budget in the wind. It is important that you sit down and create a budget for your promotional plan. This will ensure that you strictly adhere to that budget.

To wrap it up, it is imperative that you recognize every part of your marketing strategy. Even if you already have a plan that is working for you, I encourage you to take the time to reevaluate each component of the 4 P’s and to analyze if you are most effectively addressing each issue. Try looking at your company/product from your customer’s view point, you may see something you have never seen before!

Danial

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Marketing Tip of the Day

July 14, 2010 by FGmarket Leave a Comment

Last week’s marketing tip kicked of the four part “Back to Basics” series. Every marketing principle/strategymust begin at square one: the 4 P’s of Marketing. This is a basic concept that marketing students learn in the beginning, however, by analyzing your 4 P’s, you can uncover new ways to better market your company. The 4 P’s are Product, Price, Place, and Promotion. Last week we discussed Product and this week we will cover Price.

Price

Understandably, this may be the most difficult components to alter to the needs of your business. Obviously, you must make a profit but your prices must be within the means of your customers and what they are willing to pay.

There are two dominating factors when analyzing the price of your products: competitor pricing and customer perceptions. You must be aware of how your competitors are pricing their similar products. If they are offering prices much lower than what you can afford, there are other ways to stay competitive. In this case, you must create the quality in the product that the customer is willing to pay for. Given that the customer has the appropriate means to buy your product, you must give them a reason to buy it (this reverts back to the product.)

You have two options. You can find ways to cut costs to offer the lowest or highly competitive pricing. The other option is to create quality in your product that customers are willing to pay for. You must plan your pricing strategy carefully because it will determine your profits and losses.

Other factors to consider regarding pricing are discounts. Are you willing to offer specials and discounts to your customers? Are you going to offer seasonal discounts? If you are a wholesaler or distributor, are you going to offer bundling prices for bulk purchases? These tactics are great ways to increase customer loyalty but you must be aware of potential losses and be willing(and able) to accept those. If you are a reseller, store, or shop, will you offer frequent buyer discounts/specials?

FYI: If you are a FG Market Vendor, make sure that your discounts/offers are listed on your FG Market Specials and Promotions Page!

Danial

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