Wed Nov 20 Continuing with Promotions

 Pricing Notes; Due Friday

1. Fixed and Variable notes including Questions 1,2,3.

2. Understanding Overhead Costs including 6 questions about the t-shirt

3. Copy the notes on Pricing Strategies and make sure you understand them

4. Partner Pricing Assignment: Products for the Isfeld Store.

• include a photo of your product
• include the wholesale price and the retail price and the profit in $ and the prfit margin per product
• calculate the total revenue for 100 products of each item sold and the profit on 100 products of each item sold and then add up and get the total profit for all three of the products if 100 of each are sold.

5. Lastly include the Chapstick Pricing Assignment: you need to figure out the costs for buying the wholesale products needed to make 30-50 chapsticks. Include the equipment and packaging in your costs. You may estimate the amount it would cost you for a batch of 30. You need to figure out the cost for one chapstick... please show your mathematical calculations.

Sport Marketing:

Brian Cooper

1. Coke is equated with.......

1___________________________ 2.________________________

The kind of Marketing Coke is involved is called: ____________________________________

The war between Coke and Pepsi has created __________________________ in restaurants, vending machines events and even stadiums.

The difference between Marketing and Promotions

 

Week of Mon Nov. 18-22 PROMOTIONS

Promotion refers to any type of marketing communication used to inform audiences of the reasons to buy a product, service, brand or issue, persuasively. 

A promotion strategy is a plan to create or increase demand for a product. It outlines the tactics you’ll use to raise awareness about your product and get people interested in buying it. 

The goal of a promotion strategy is to introduce potential customers to your product and convince them to make a purchase. You want to move them along the buyer’s journey—the path customers take from realizing a need, considering your product as a solution, and finally deciding to buy. 

Marketing promotion strategies 

Paid advertising: Paid advertising is often the first type of promotion that comes to mind. This straightforward strategy involves paying to show an advertisement in a specific place at a specific time, so you can capture the attention of your target market. It’s a great way to build brand awareness and introduce your brand to people who may not have heard of it before.  

Here are some examples of paid advertising:   

• Television ads 

• Radio ads 

• Newspaper and magazine ads 

• Billboards 

• Online display ads (for example, through Google or social media)

  Content Marketing: Content marketing is a common type of digital promotion strategy, focused on distributing valuable content in order to attract and retain an audience. The idea behind content marketing is this: It associates your brand with useful, relevant content that helps customers solve issues—building trust over time and ultimately encouraging customers to buy your products. Content marketing is a great promotional tool for any company, but it’s especially helpful for businesses with longer sales cycles, like B2B and SaaS companies. For these companies, content marketing helps provide enough customer education for buyers to make informed purchase decisions. 

Content marketing comes in many forms, including:  

• Blog posts 

• Videos 

• Social media posts 

• Email newsletters 

• Podcasts 

• Whitepapers or reports 

• Content created to improve SEO (search engine optimization 

 

Sponsorships: Sponsorships involve aligning your company with another brand—like an event, TV program, charity, or even a celebrity. For example, Pepsi routinely sponsors the Super Bowl, while Red Bull sponsors NASCAR and extreme athletes of all kinds. Nowadays, sponsorships often include social media influencer marketing—creating partnerships with individuals who became famous through social media platforms like Instagram or You tube.  

The goal of a sponsorship is to boost your brand’s public image and credibility. Aligning yourself with another brand can drive media exposure, improve public relations, and expand your audience—plus make you stand out from the competition.  

Sponsorships in sports are partnerships in which a brand supports a team, athlete, or event in exchange for various marketing benefits.

This support can come in many forms, such as financial investment, providing products, or services. The aim of the sponsorship market is to create a symbiotic relationship where the sponsor gains visibility and the sponsored party receives the necessary resources to advance their sporting activities.

Examples: see link sport sponsorships

Email marketing: Email marketing helps you connect with your target audience via—you guessed it—email. You can send emails to any subscribers on your mailing list—whether they’re potential customers, loyal customers, or something in between. For example, you can collect email addresses from potential customers by offering free products or services in exchange for their information.  

There are lots of things you can send via email, including:  

• Newsletters and exclusive content 

• Information about product releases 

• Special deals and coupons

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• Retargeting: Retargeting focuses on customers (or potential customers) with high purchase intent. In other words, it involves targeting segments of your customer base who’ve already made a decision to buy. Prioritizing retargeting can help you get a high return on your investment, since this audience is already primed and ready to buy.  

For example, retargeting could include:  

• Sending reminder emails to customers who filled up an online shopping cart but didn’t check out. 

• Showing targeted advertisements to customers who purchased your products in the past.  

• Sending nurture emails to people who purchased something a while ago but haven’t been back.  

• How to retarget
  

Referral marketing: Referral marketing is when you get customers to tell their friends about your brand. Also known as word-of-mouth marketing, referral marketing happens organically when you have a great product—but you can also speed it along with special deals and incentives for customers who refer their connections.  

Referral marketing is a powerful strategy because it’s virtually free. And since people tend to trust their friends, referred customers are more likely to actually purchase your product than someone who just sees an ad.  

LINK: https://www.saasquatch.com/blog/rs-51-referral-program-examples/

 Event marketing: Event marketing involves participating in, sponsoring, or hosting events in order to promote your brand or product. This strategy helps you connect and engage with customers first-hand, so they can get a real sense of your product and what your brand represents. Not only that, but events can help you build your brand presence, generate leads, and generate goodwill with customers.  

Event marketing comes in many forms, including:  

LINK to MUSIC TD sponsorship: https://www.td.com/ca/en/about-td/sponsorship/td-music

Royal Bank: Royal Bank sports support

• Conferences 

• Trade shows 

• Seminars and classes 

• Webinars 

• Virtual events 

• Live streaming events 

• Community events: Concerts or Sporting Events 

• Special Causes: Aligning your brand with a special cause makes customers feel like they’re part of something bigger. They’re not just helping themselves by purchasing your products—they’re also helping make the world a better place. This can help boost brand loyalty and give customers a reason to choose your brand over competitors. 

  The clothing company Patagonia is a great example of this. By promoting their sustainable manufacturing processes, Patagonia attracts and retains customers who believe in environmental preservation. 

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 Customer reviews: Customer reviews are one of the most powerful marketing tools out there. Brands like Amazon, Yelp, and TripAdvisor built their businesses out of reviews—generating trust by promoting customer feedback. The beauty of this strategy is that it encourages customers to promote your brand for you. And as long as you have a high-quality product (and positive reviews), this type of user generated content can go a long way in convincing potential customers to purchase.  

Collecting customer reviews often happens organically, but you can speed it along by specifically requesting reviews from current customers via email or website banners. Some newer brands also seed reviews by sending products to customers in exchange for their honest feedback.  

 Customer loyalty programs: Customer loyalty programs reward people who repeatedly interact with your brand. It’s a way to keep customers coming back by offering deals, discounts, and exclusive product launches. The more customers purchase from your company, the more perks they earn. For example, the beauty company Sephora promotes a loyalty program that offers discounts and gifts to customers who spend a certain amount. 

Loyalty programs don’t just boost customer retention—they also help convince potential buyers to choose your brand over competitors. By promoting loyalty programs, you demonstrate ways customers can save money and get more bang from their buck over time.  

 Free samples, giveaways, and trials: Everyone loves free stuff. Giving away samples of your product can help promote customer satisfaction and make customers feel like they’re getting a great deal. But most importantly, free samples and trials give potential customers first-hand experience with your product—and therefore the confidence to actually buy it later on.  

To employ this promotion strategy, companies can:  

• Offer a trial period so customers can try out the product risk free. Gyms, apps, and online software companies often do this. IL Makiage 

• Offer free samples for customers who visit stores in person. The warehouse club Costco is famous for using this method.  

• Include free samples when customers purchase a product. This method can encourage existing customers to try new products. For example, online beauty suppliers often include free skincare and makeup samples with every purchase.  

• Organize contests with free prizes. This is a good way to collect contact information from potential customers. For example, a hotel company might encourage potential customers to enter their contact information for a chance to win a free vacation.  

  
  

  Coupons and deals: Deals work in two ways: First, they create a sense of urgency and encourage customers to act quickly before the deal is over. Second, they help customers save money and feel like they’re getting a high return on their investment.  

The types of deals you can offer are endless. Here are some examples:  

• Special intro offers for first-time customers 

• Bundling products together and offering them at a discount (for example, a 10-pack of socks) 

• Buy one, get one free

• Rebates 

• Seasonal sales and discounts (like Black Friday promotions) 

• Discounts on special item categories 

• Birthday coupons for customers 

• Free shipping for customers who spend over a certain amount