Highly competitive marketplaces can sometimes require hand-to-hand combat (aka your promotional strategy). Whether you are launching a new product and want to make a big splash or are re-energizing a reformulated service in a crowded category, a promotional strategy can be the burst of energy you need.
Similar to crafting the campaign strategy, a promotional strategy requires a concentrated set of tactics that could include increased impression levels of paid media, investing in additional sales initiatives or time, or limited-time-offer pricing to incentivize trial.
Promotions are fun, exciting adrenaline rushes for both the brand and the customer, but they put pressure on margin, profit, and brand perception. They are not sustainable long term, and eventually become white noise to customers. And as brands struggle to stand out with their specials, they risk reducing their perceived value to price rationality versus building emotional relationships that result in long-term loyalty. However, when executed the right way, promotions can light a spark that drives action for your customers.
If you need some fireworks, just let us know!