Running a business sounds like an easy, streamlined process, and it can be, but in reality, it is often harder than we think. There are lots of moving parts to a business, from the legal structure, to individual marketing teams, to ROI, cash flow statements, and on and on. This is one of the main reasons why people get discouraged from ever starting their own businesses. They believe they need to have all the answers before they start, not knowing that the answers will come after you question each step of the way. In this article, we will discuss promotion management and how it impacts businesses across all sectors.
Marketing and Management
Marketing and management are probably at the top of the list when it comes to business protocol. Marketing is what keeps your customers coming, and your pipeline full. If your pipeline is not full, you will be struggling with money (cash flow) and your business will slowly die.
On the other hand, management must set the processes in place so that the marketing is in line with goals, budgets, and staff. Promotion management also includes public relations and the way in which a business keeps track of its customers, i.e. CRMs (customer relations management).
Different businesses require different kinds of marketing, have different customers, must meet different goals, and track their KPIs (key performance indicators) separately. Some agencies may have white label programs where a customer purchases their software to sell to other people at the price that they want, while the agency only collects one payment from the original buyer. Other businesses involved in agriculture, per say, care more about customer loyalty than how much they are spending on advertisement because these customers tend to shop on a reasoned basis.
Some more things to consider when talking about promotion management are the following:
-What your products or services are
-Who your markets and customers are
-How long before your buyers will have to buy again
-How costly these products or services are
And finally, you will have to consider the types of sweepstakes management promotions you will need to manage. These include promotions based on buyer behavior, reminders and timely promotions, persuasive promotions, and the typical informative promotions leading the buyer to something else. You see these types of information promotions on the internet all of the time when a website gives you a free PDF in return for your name and email address.
In conclusion, promotion management is really just a way to keep track of all of your marketing efforts when running a business. These include advertisements, CRMs, market analysis, customer profiles, and the cycle of your products and services. The life cycle of a product will determine how long you must wait for the customer to buy again which will determine how often you need to bring in a new customer to substitute the old one. We hope this article helps you run your business more efficiently today.