Importance of Brand PromotionFitness Equipment
Importance of Brand Promotion
Brand promotion is beneficial to business houses, consumers and the society.
Benefits to Business Houses : Brand promotion is useful to both large and small firms. It enables a business firm to face competition in the market. It reminds the faithful customers I that the brand has served them well over the years and they have no better choice in the market. Brand promotion helps business firms to maintain their existing sales and to increase their market share.
Benefits to Consumers : Brand promotion provides information regarding quality, uses, price and availability of the branded product. Such information helps consumers in making a choice from a wide range of competing brands. They have greater freedom of choice and dishonest traders cannot exploit them. Brand promotion saves valuable time and energy of consumers as they are well informed before making purchases. With the help of brand promotion consumers can maintain their standards of living and good life styles.
Benefits to Society : Brand promotion activities facilitate mass production which leads to economies of scale and lower costs. As a result, more and more people can use branded products. Brand promotion also creates employment opportunities for a large number of persons.
Techniques of Brand Promotion
Brand promotion comprises all tools of marketing communication. Five tools or methods are available through which marketers can communicate with the buyers. These tools of brand promotion are given below.
1. Advertising: Advertising is a convenient and economical method of brand promotion though it lacks personal touch.
2. Personal Selling: This is a very flexible and two-way communication. It makes actual sale and provides immediate feedback. However, it is quite luxurious and time consuming. Advertising is better than personal selling for creating brand awareness.
3. Sales Promotion: It consists of short-term incentives used to attract customers and make immediate sale of the brand. It is a type of non-personal selling that supports advertising. In addition to making immediate sales, it helps to clear overdue stocks and attract new buyers. But it yields short-term results and cannot create brand loyalty.
4. Publicity: Publicity refers to the non-personal stimulation of demand for a brand by placing commercially significant news about it or its owner in a published medium or obtaining a favorable presentation of it upon radio, television or stage that is not directly paid by the sponsor. Reliance World Cup Cricket Tournament, ITC Sangeet Sammelan are examples of publicity. These events were covered by mass media and the public images of these enterprises were enhanced. News releases, feature articles, press conference, letters to the editor, radio and TV presentations are various forms of publicity. High credibility, mass appeal, more details inexpensive and timeliness are the main merits of publicity. However, the marketer has little control over publicity.
5. Packaging: A properly designed package enhances the value of the product and gives it a distinct identity. It also helps to build the image of the firm. These days, firms are using innovative packaging to establish a competitive edge for their brands. Customers are willing to pay higher for the convenience, appearance, dependability and prestige of packages.