Public Relations & Social Marketing Insight

Price cutting gives a false sense of confidence because it consistently shows a spike in sales whenever it occurs. Getting your price right is an important element and to boost sales considering price promotions is an option. This article discusses how to discount in a smart manner to get your business new customers and increased sales in the short term. In the article it explains four different scenarios when to use price promotion. These include when you are launching in a competitive market, if there are going to be on going repeat sales, as a lead in price and if your product if bought on a regular basis. The key factor to think about when using a price reduction strategy is to focus on the short term reward and not one that you have to rely on to attract customers to your business.

Sales promotion as an Integrated Marketing Communication tool to help reducing competitors. Sales promotions ate therefore needed to correct a bad situation or avoid a donwturn. Not only discount origional prices, there are two kinds of sales promotion. Trade promotion and consumer promotion. only cutting the prices down is a false sense of confidence. we should care about long term health of the brand not be tempted by short term gains in sales generated by price discounts.

Developing a media plan is a very vital part of any IMC campaign as is the need to integrate social media in the forever changing marketing environment. The first step is drafting a comprehensive document which addresses;

1. The target market

2. What terms prospects use to search for them

3. Preferred social media platforms 

4. How they'll brand them 

5. How they'll drive traffic to their main website/blog

6. How they plan to connect with followers 

7. Specific strategy for each network

8. What competitors are doing

 To fully adapt this strategy of developing a media plan for online market it is important to evaluate its effectiveness and efficiently in order to make changes where need be.