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7_Promotion - Promotion of Financial Services Krzysztof...

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Promotion of Financial Services Krzysztof Chmielewski Department of Marketing [email protected]
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“Advertising brings the horse to water, sales promotion makes it drink”. Julian Cummins
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Agenda 1 The 5 Ms of promotion 2 Promotional Tools 3 Pull/ Push Communication Strategies 4 Sales Promotion 5 Push Promotions 6 PR and Sponsorships
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Marketing communications The process by which the target audience is made favourably aware of products and services in the market place Communication with individuals, groups or organisations in order to facilitate exchanges by informing and persuading audiences to accept a company’s products
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Model of the Communication Process I
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Model of the Communication Process II
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Strong and weak theories of how promotion works Interest Awareness Trial Awareness Strong (AIDA) Weak (ATR) Promotion can persuade buyers to purchase Buyers are creatures of habit. They can be Desire (or conviction) Action Reinforcement products they have never previously purchased persuaded to buy more often. They determine which adverts to screen out .
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The five Ms of promotion MONEY MESSAGE • Generation • Evaluation • Selection • Execution MISSION • Sales goals • Promotional objectives • Stage in PLC • Market share • Customer base • Competition • Frequency MEDIA • Reach • Frequency • Impact • Timing MEASUREMENT • Comms impact • Sales impact
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Typical communications objectives Inform Make aware Remind To increase awareness from 35 –50% within 8 weeks of campaign launch to 25 –35 year old ABC1 women To reposition beer brand from AIMS OBJECTIVES Reassure Persuade Differentiate old person to young person’s drink over a 2 year period amongst 20 –30 year old males To increase sales of audit services by 20% in 12 month period To support launch of a new shop by generating 50% awareness in immediate vicinity one week before launch
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Promotional Tools Personal Selling Branding SalesPromotion Public Relations Sponsorship Advertising Merchandising Direct Marketing Exhibitions Word of Mouth Internal Marketing Corporate Image Packaging The Customer
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The role of Marketing Communications Differentiate Remind and reassure Inform Persuade
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Pull Communication Strategies In order to reach consumers and end users you need to use communications based on the target audience’s perception and response to messages A ‘pull’ strategy is one that achieves these aims and encourages the target audience to seek out the promoted offering
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Push Communication Strategies In order to build lasting relationships with members of your marketing channel, you need communications based on the target audience’s needs, perceptions and responses to messages A Push strategy achieves this aim and encourages the channel member to stock and support the promoted items
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Balancing emotion and information Low involvement
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