Working
in the realm of Franchise Public Relations has shown us how effective a good
promotional strategy can be. As
franchise PR consultants, we know how important the power of promotion can be
to making your company or franchise successful.
Your business or franchise’s success is not just dependent on a solid
business model. It is also reliant on
how effective your promotional efforts are.
Here are a couple of our tips on creating a successful promotional
strategy for your company or franchise:
(1)
Perform a thorough market analysis:
The first step of creating a promotional strategy is a thorough, in-depth look
at the market you want your franchise or company to expand into. You need to fully understand the market to
help figure out what promotional methods will be most effective when targeting
this area. A market analysis will show
you where to put your marketing dollars.
It will also help you determine what is worth your budget and what is
not. This step should help you determine
what window of opportunity there is for your company or franchise.
(2)
Strategy: After the market analysis
comes the development of your promotional strategy. The market analysis should have given you a
better understanding of your target market, so take that knowledge and turn
into an effective strategy. Here is
where you pursue that window of opportunity that was discovered during the
market analysis.
(3)
Marketing mix identification: The
marketing mix step determines what promotional vehicles will be used and for
how long it will be used for. This steps
determines how the promotional plan will be carried out. This step can really make or break a
brand. The goal is to be easily
accessible to the target market that was discovered during step one or the
market analysis phase.
(4) Implementation: The final step, also
known as implementation, takes the first three steps and puts them into
action. Here your company or franchise’s
plan really begins. In this step you
must keep a check on promotional activities and make changes where you see
fit.
A
good promotional strategy can help you become a standout in your target
market. Follow the above steps to create
a solid strategy for your company or franchise. Feel free to contact us with
your own promotional strategy tips or questions.
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