Promotion during the pandemic is the #NewNormal
COVID-19 is teaching the world new lessons in marketing. Companies have started adapting to the change in order to survive and grow. Skoda has started manufacturing facemasks, while Van Heusen has started branding facemasks. Hereon, customization in one’s products or service offerings in order to meet customer requirements, will be the key to survival.
Social media has now become the core of every business strategy. People are turning to YouTube for first-hand product experience and reviews. Personal brands are replacing large banners. There are more than 3.5 billion people on social media who want to interact with others, and want to be inspired. These personal brands should aim at helping customers, have meaningful conversations with them, inspire and motivate. Businesses have to get better at connecting with customers over a screen. Social media will be the new experience centre for customers.
Never Stop Marketing
Customers might not be willing to spend as before. Some of them may delay purchases and plan it for the future by indefinite postponement. This crisis is a good time to continue or even increase marketing and communications. Because when the crisis subsides (I am sure it will and when it does), the demand will reward the most effective and thoughtful marketers.
Promotion in Marketing
The term “marketing mix” was coined in the 1940s, but it was marketer E. Jerome McCarthy who put forth four strategies or four Ps as commonly known – product, price, promotion, and place.
These four Ps primarily catered to Product, and seldom thought was given to Services. Services, which are very different from Products, started evolving as an independent revenue stream. Services needed a different marketing strategy. Booms and Bitner, in early 80s added People, Physical evidence and Process which completed the marketing mix to cover both products and services.
With this in the backdrop, let’s talk about Promotion.
The promotions mix (the marketing communications mix) is the specific blend of promotion tools that the Company uses to persuasively communicate customer value and build customer relationships.
Kotler et al (2010).
Promotion is the element of the marketing mix which is entirely responsible for communicating the marketing proposition. Skilled marketers create unique marketing propositions that communicate the value and underlying emotion about the product or service.
There are various elements of the promotions mix
- Personal Selling
- Sponsorship
- Public Relations
- Direct Mail and Online
- Trade
- Sales Promotion
- Fairs, Exhibitions and Conferences
- Advertising
Here are some interesting and thoughtful examples of promotion:
Uberpatang during Makarsankranti in India
What’s unique about this is you can Uber a kites, maanjaa and some sweet surprises, right at your doorstep.
Nike against Racial Discrimination
https://www.instagram.com/nike/?utm_source=ig_embed
https://www.instagram.com/p/CAygJoHABcX/
Reach me for more thoughtful conversations about Promotion on twitter:
@sanky83 or linkedin.com
sanketkulkarni