The Importance Of Promotion In Business

Competition is heavy in today’s global market, and the increase in the quality and quantity of customers’ wants is a major contributing factor towards this. Irrespective of what industry a business may operate in, every business takes steps to constantly upgrade and improve their goods and services, and this could be done in many ways, including the utilization extension strategies for a product or the introduction of new products and services into the market. These are taken up by the business’s marketing and research and development departments respectively. The marketing department has the task of making sure that the product or service sells well, and generates a profit for the business, proving that the new business venture was a smart decision. In marketing, there’s an important concept known as the marketing mix, or the 4P’s of marketing. This includes, product, price, place and promotion. The idea behind this is that all four elements must complement each other if the product is going to be a success. If even one element is not managed properly, the product will be a failure. Go here  for more information about graphic design agency Brisbane.

While all four elements are important, let’s delve a little deeper into the ‘promotion’ aspect.It is a common misconception that the word ‘promotion’ directly means advertising. However, it is so much more than that. While advertising plays a big role, there are other aspects too that have to be taken into consideration, such as the company’s brand image, the quality of after sales service, or in case of a service oriented business, the quality of the service itself, the quality of public relations etc. Many companies hire advertising agencies as means of both informative and persuasive advertising, but this is not enough. A business also has to establish good relationships with customers in order to build brand loyalty and thereby building a large customer base, which further enables higher revenue and sales, and continued purchase of the business’s products.Another false belief is that ‘good products sell themselves’, meaning that if the product is thought to be of superior quality, there is no need for any sort of promotion. This too, is wrong. Both existing and potential customers need to be made aware of the existence of the product, and this is done through advertising, and even through CSR projects (ex: a company initiative to create thousands of jobs to lower the unemployment rate of the country) and PR projects (ex: sponsorship of a popular event) which are often encouraged by brand strategy agencies.It is important to ensure that the promotional tactics adopted are suitable to the product or service the business offers.