18 Jan Create A Promotional Strategy Using Promotions Opportunity Analysis
The promotions opportunity analysis is a process that includes research into target markets and the promotional strategies to reach them. It is critical that you learn as much as is practical about your target audience so that you can create effective strategies for communicating a message that is heard and understood and yields the desired results.
According to Kenneth Clow and Donald Baack, the five steps of promotions opportunity analysis are to:
- Conduct a communications market analysis,
- Establish communications objectives,
- Create a communications budget,
- Prepare promotional strategies, and
- Match tactics with strategies.
A communications market analysis is based specifically on a communications perspective. The areas to be examined include opportunities, competitors, target markets, customers, and product positioning. When looking for opportunities, organizations ask such key questions as:
- Are there customers that the competition is ignoring or not serving?
- Which markets are heavily saturated and have intense competition?
- Are the benefits of our products (or services) being clearly articulated to the various customer market segments?
- Would there be opportunities to build relationships with customers using a slightly different marketing approach?
- Are there opportunities that are not being pursued, or is our brand positioned with a cluster of other companies in such a manner that it cannot stand out?
With the promotions opportunity analysis complete, you can establish communications objectives. These objectives will be needed to guide strategy, budgeting, implementation, and measurement of promotional efforts. An organization may have a single objective or simultaneous multiple aims. These objectives should be derived from marketing goals, such as return on investment, sales, or profits, and should be clearly spelled out and measurable. At LSBF you can learn more about marketing.