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Selecting the Right Promotion Mix and Solution

Georgetown Consulting continued its seminar series on driving high business growth and profits. During the seminar developing the right promotional and information tools was discussed and presented.

Focusing on the right mix of promotion strategies and partners are key for reaching a company’s targeted customers in an efficient and effective manner. Marketing goals in a growth orientated organization must include communicating with a targeted audience about a product or service, encouraging potential customers to purchase or use the product or service, ensuring that the communication is meeting the needs and wants of customers and further understanding customers and ways to provide products and services which customers demand.

The service industry, the largest sector of the US economy, utilizes well established and proven marketing techniques and a mix of promotional tools and strategies used by successful service businesses. The Service industry requires strong perception management as they constantly communicate the benefits and value proposition of their product. In the Services market, you can’t have each customer “try the toaster” before buying as physical product industries often do. Instead, you have to find a way to communicate the service experience before actually delivering, no small feat. The first task to put the proper mix together means understanding the view of the customer and develop strategies to answer five critical questions in each purchase decision:

Who are you?

•What do you do?

•When do you do it?

•Where can you do it?

•….. And the most important question:

WHY SHOULD I BUY FROM YOU?

At Georgetown Consulting, we take an approach to reduce uncertainty that doesn’t just utilize a “4P” approach but includes successful execution of the “5 Cs”.  This strategy is driven by the knowledge that perceived risk drives “purchase” behavior, especially in the service industry.  Driving Real Results with the “5 Cs” includes executing on:
 
Capabilities

• Drive Reputation Perception
  - Education of Value
  
• Make Your Service Familiar and Reputation
  - Customers are risk adverse