Benefits of promotion.
PROMOTION, means spreading the discourse or wave of something whether it is product, idea or person. Film promotion, product promotion, new website promotion, promotion of political parties and their agendas are a kind of promotion. So, promotion means raising the awareness of customer about different products and ideas to increase the demand and to differentiate the product from other products.
Promotion can be done through internet, media, and newspaper. Promotion can be ‘Non price competition’. Which means any two products or companies do not compete on the basis of price of a product, usually companies compete by advertising their product rather than lowering the price of their product. Whether the business is small or large scale promotion is a lifeline of any business. Promotion not only increases the sale of company but it also increases its goodwill. With the help of promotion they will increase their profit which will ultimately help in attracting new human resource.
Promotion can be done in any way. It is just a way of inducing people. So, companies do various things like giving discounts, apply various offers with the product such as free gift inside, buy one get one free etc., give a chance to win lottery so that more and more customers are attracted.
How promotion helps?
INCREASES BRAND VALUE
There are lot of companies and their products in the market, so how you stand out of the crowd? The answer is through promotion of your product which gives an imprint to consumers mind about the brand. And ultimately increases the brand value.
DIFFERENTIATION OF PRODUCT
Samsung, Nokia, Apple, these companies manufactures mobiles. So how would a consumer know that whose product is better as all are making same product .So, promotion plays very vital role to differentiate the product.
LAUNCH OF NEW PRODUCT
Because of a good opening leads to better results. So, a good opening of a new product results in increase of sales and which can only be done through promotion of a new product. Every new thing must carry some information for the consumers and promotion bridges. The gap between consumer and new product launched. Promotion provides all information needed by the customer.
Of course, Promotion means more awareness, more attraction, more sales, and thus more revenue.
HELPS TO SURVIVE IN COMPETITIVE WORLD
Because in today’s global market there is a need of perfect knowledge of every product and this can be done through promotion. Competitive firms come to know about the other firms through their promotions.
Customer is a king of a market; companies must satisfy the customer through their services and products. So the main aim of promotion is aware the customer and attracts them.
GRABS CUSTOMER ATTENTION AND INTEREST
Therefore Different techniques of promotion like giving chance to win lottery, scratch coupons, games, contests, attracts the attention and interest of customers.
How promotion helps in growth?Every business is requires technology up gradation and development and for all these, a business must earn high profits, and profits can only be earned through promotion, Customer is a king of a market