The influence of promotions management in transforming the face of international marketing
When creating a worldwide marketing plan, it is important for every business to overcome the many challenges posed at a global level. Companies benefit from having the flexibility to adapt to changing local market trends, tastes, and needs.
This is where promotions management comes in handy. As a unique branch of management, international businesses typically use a blend of promotional tools to create, maintain, and increase demand for goods and services worldwide.
What is promotions management?
A sophisticated promotional campaign is based on three essential pillars – forecasting, delivering, and analysing.
Efficient management of a brand’s promotions can prevent competitors from outperforming them. The role typically involves analysing all the market moves from the list of competitors, and will often focus on the retention of existing customers.
Well-planned promotional campaigns allow businesses to make profits whilst creating a stronger, more loyal customer base. Promotions such as coupons or discounts are one of the easiest ways to draw in customers.
The term ‘promotions mix’ refers to the methods of communicating brand features and benefits to potential customers. Maximising a company’s promotional mix can allow customers to acquire the necessary information about a particular product or service before they commit to purchasing.
This also allows a company to capture the attention of potential customers in a catchy way, and influencing them to make the purchase. The five major elements of the promotions mix are:
- Advertising – the promotion of goods or services, or a non-personal presentation by an identified sponsor, helps the company pull off a wider strategy, enhancing the visibility of a brand.
- Personal selling – the direct interaction between a customer and a sales representative through face-to-face or telesales can be highly influential, often leading to greater product knowledge and purchases.
- Sales promotion – this refers to short-term incentives given to customers with the aim of producing increased sales for a given period, and are typically implemented at the end of a season, or during holidays.
- Public relations – marketers can build a favourable image in the market by creating a relationship with the general public, though this also facilitates access to newsworthy information about the company.
- Direct marketing – companies can reach out to potential customers directly, without intermediaries or paid forms of advertising.
Role of promotion in marketing
- Marketing boost – businesses are continually finding new and creative ways to capture the attention of their intended audience. Tactics such as price comparisons are becoming increasingly popular and are demonstrated both in store and online. This is further exaggerated when brands liaise with fulfilment partners to create ideal promotions for building long-term loyalty in the customer base.
- Optimised customer engagement – promotional vehicles programmed to create an emotional connection and drive interest and engagement are an essential element of effective, engaging campaigns. Such strategic marketing initiative allows businesses to focus on the type of promotions able to support the brand’s sales goals.
How promotions management influences international business
By considering the range of social, cultural, political, legal, economic, and technological factors contributing to the global marketing landscape, promotions management can be seen to play a vital role in the competitive international marketplace. Effective promotional strategies can help organisations meet their business objectives, and make an impact on the world stage.
Marketing programmes such as the Master in Strategic Marketing will help you develop core skills for your marketing career, enabling you to enjoy the benefits of studying international business promotion from any global location.