Business promotion, a key element of marketing, consists of a set of strategies meant to take the business to a higher level by advertising, sales promotion and making public relations. Some entrepreneurs think selling products at attractive rates is enough for them to stay in the industry but it is not. Since competition is heating up in business markets globally, only those entrepreneurs who focus on business expansion and promotion from time to time are the ones who take a lead in the market.
No customer is loyal!
With so many innovative and competitive products being launched regularly in markets, customer loyalty has faded away. There is a great risk that your existing customers would shift to others in hunt for better deals. In order to mitigate this risk and increase the chances of your wholesale business’ viability, you must implement wise business promotion strategies form time to time. Just like oil keeps the machinery running smoothly, promotion does the same to the business. Promoting your business keeps business presence fresh in the minds of your customers or prospects and encourages them to be loyal with you.
Business Promotion – Top 5 Secrets!
What is the first thing that comes to your mind when you think about business promotion? It’s probably seeing your business ads in newspapers, televisions or radios. However modern businesses know that if they want success at their feet, they must think outside the box and do something unique. I am enlisting five promotion tactics that can lead your venture towards more profits and greater viability.
1. Promote through referrals!
The best tactic to increase sales, profits and scale of your business is by promoting it though referrals of your regular customers. There are many buyers who are not attracted by persuasive ads but believe in experience of their peers, colleagues or other trustworthy persons. For your customers to provide quality referrals to your prospects, you must work on satisfying them with respect to product price, quality, delivery, polices and customer services.
2. Promote through documents!
Entrepreneurs distribute business cards as promotional tools but to exploit promotional possibilities to the full advantage, you must consider every outgoing piece of document as promotional tool. Print your business name, logo, slogan, website URL and complete contact information on your letterheads, envelops, outgoing faxes, receipts, bill payments etc. For whatever purpose you send emails to customers or prospects, use specific mail programmes with signature files containing your company logo and all the other necessary information.
3. Promotion by sending PRs!
Be it a recent business activity or the launch of new product, any sort of business expansion, sponsoring any event, running any trade show, or winning any award, it’s always wise to share this information publically through engaging press releases. This news worthy information openly available to public brings in prospects. Though press release can be published in newspapers as well, it’s also pays to publish them in free online press release submission directories on internet.
4. Give out freebies wisely!
You may know promotional items as freebies containing your company logo and contact information help you in business promotion but you may not know their use. Distribute those promotional items which you think would have a longer life on table of your customers. For instance, calendar is a perfect item since it remains on the desk throughout the year, Moreover, if your customer forwards some documents regularly to others, giving note pads would be a perfect promotional item for your business.
5. Hold contests frequently!
Entrepreneurs mostly run a contest only during initial few days or months of their business. For instance, they run advertisements promising that their first 50 customers would receive a special gift. This is not enough, since modern businesses need to run improved and frequent contests. Especially during times of slow business, it’s wise to pump up traffic by inviting people to take part in contests and win unique prizes. Contests in the form of lucky draws offering winners lucrative and expensive gifts, like cars, are best for generating more sales.
Julie Robert is a B2B wholesale trade and B2B marketing expert. She writes frequently on the topics related to UK Wholesalers and trade suppliers.