Define the scope and terms of the promotion
Posted: Sun Dec 15, 2024 9:51 am
For example, if you are looking for referrals, an affiliate program would be best. Or if you are in a customer-facing sector, you may need to take advantage of seasonal campaigns such as Black Friday.
In any case, it is best to choose a specific objective so that you always have in mind what the goal is.
The next step is to know how much you can offer in a promotion. To do this, you must be very clear about the cost of your products and services-- and whether you are willing to sell below your cost price.
Here's an example: the supplements store Myprotein launches philippines telegram promotional campaigns almost constantly. And in many cases, with discounts of 20%, 30%, or even offering a 2x1:
These types of discounts don't mean they're losing money -- on the contrary, their margins are such that they can afford it. And you should do the same.
What you can offer depends on the type of product you sell:
In the case of physical products, you will have to take into account the costs of distribution and manufacturing. Here it is normal for you to know what your profitability threshold is, to ensure at least some profit.
If you sell digital products, things change. The marginal cost of this type of business is very low, but you will still have to include the marketing costs of the promotion.
In the case of services, it is very important to keep in mind your hourly cost. That is, what your time is worth and how much you can offer a client.
Whatever your product, make sure to enter all associated costs:
Your fixed costs
Manufacturing costs
Costs of promotion and advertising
Staff hours
Check out our article on the break-even point and you'll see.
Step 3: Select the broadcast medium
Now that you have the format of the promotion clear, you must choose a way to disseminate it.
Nowadays, the most convenient way to do it is through the Internet. You have many sales channels at your disposal, and if you have worked on them, they can help you achieve many impacts, very quickly:
Your website
Your mailing list
Social media profiles
This is what is called Owned Media . That is, a means of communication that you have in your possession.
This is where you should have a well-developed website and mailing list. Both SEO and email marketing are very profitable in the long term, as they generate a lot of visibility on a sustained basis. Take a look at our article on the cost of marketing for more information.
But if you don't have any of them, you can also pay for visibility on platforms like Google and Facebook. This is called Paid Media , where you have to buy visibility.
In any case, it is best to choose a specific objective so that you always have in mind what the goal is.
The next step is to know how much you can offer in a promotion. To do this, you must be very clear about the cost of your products and services-- and whether you are willing to sell below your cost price.
Here's an example: the supplements store Myprotein launches philippines telegram promotional campaigns almost constantly. And in many cases, with discounts of 20%, 30%, or even offering a 2x1:
These types of discounts don't mean they're losing money -- on the contrary, their margins are such that they can afford it. And you should do the same.
What you can offer depends on the type of product you sell:
In the case of physical products, you will have to take into account the costs of distribution and manufacturing. Here it is normal for you to know what your profitability threshold is, to ensure at least some profit.
If you sell digital products, things change. The marginal cost of this type of business is very low, but you will still have to include the marketing costs of the promotion.
In the case of services, it is very important to keep in mind your hourly cost. That is, what your time is worth and how much you can offer a client.
Whatever your product, make sure to enter all associated costs:
Your fixed costs
Manufacturing costs
Costs of promotion and advertising
Staff hours
Check out our article on the break-even point and you'll see.
Step 3: Select the broadcast medium
Now that you have the format of the promotion clear, you must choose a way to disseminate it.
Nowadays, the most convenient way to do it is through the Internet. You have many sales channels at your disposal, and if you have worked on them, they can help you achieve many impacts, very quickly:
Your website
Your mailing list
Social media profiles
This is what is called Owned Media . That is, a means of communication that you have in your possession.
This is where you should have a well-developed website and mailing list. Both SEO and email marketing are very profitable in the long term, as they generate a lot of visibility on a sustained basis. Take a look at our article on the cost of marketing for more information.
But if you don't have any of them, you can also pay for visibility on platforms like Google and Facebook. This is called Paid Media , where you have to buy visibility.