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Smarter Commerce and Analytics to revolutionise the 4 Ps
Brock Douglas 270006USMQ firstname.lastname@example.org |
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What is Promotion?
Promotion is the act of creating both awareness and demand for your product through marketing activity. The fourth of the ‘4 Ps’ of marketing (the others being Product, Price, and Place), Promotion is usually achieved through methods including advertising, public relations and direct selling.
Traditional promotional methods have typically focused on appealing to mass audiences. Advertisements delivered through a variety of channels aimed to spread unsolicited messages to a very broad segment of people. Due to the large amount of inherent wastage in these kinds of untargeted methods, they’re usually costly and inefficient. And because of their one-size-fits-all nature, they also lack the flexibility to interact with audiences on a targeted, one-to-one level.
Promotion and smarter commerce
‘Smarter commerce’ and ‘analytics’ harness customer data so that promotional activities can be more easily tailored to individuals, rather than broad market segments. Since this kind of promotion delivers greater relevance to the shopping criteria of individual customers, customers are more likely to purchase as a result. In this way, Smarter Commerce helps organisations present the most powerful promotional offers, to the most likely prospective customers, at the most appropriate times, via the most relevant channels.
A potential customer browses your online clothing store, showing particular interest in women’s necklaces. Utilising the power of analytics, the promotional offers displayed are only those with maximum relevance to the customer’s search, such as other necklaces, jewellery and accessories generally. Such targeted promotion increases not only the chances of conversion, but the size of the sale overall.
To read more about smarter commerce and analytics in the context of promotion, the 4 Ps, and marketing generally, click here.