Tips for Managing Your Company's Promotional Strategy

It's important to consider the following when planning your promotional strategy:

• What time of year is it?
• What's your competition doing?
• What other activities are planned for your business?
• Considering the above, what types of promotional offers will achieve your target goals?

After considering the above and analyzing the marketing and customer data at your disposal, you can strike the appropriate balance to achieve your business goals. To drive efficiency, you may choose to offer less of a discount, but provide an added-value incentive such as a complementary product to generate trial. To minimize the impact of a new competitive entrant, you may choose to leverage a deeper discount strategy to remove consumers from the marketplace. Whatever the strategy and purpose, it's critical to consider and integrate the entire marketing plan to fully leverage the synergies and mitigate the risks.