Question of the Day:
How do you generate sales fast for a new business? i.e. conducting
referral campaigns, using price promotions, etc.
Hi Jacqueline – thank you for your question!
As a video marketing expert, I’m reminded of the 4 P’s they repeated over and over in my undergrad at SCSU. The 4 Pillars (or levers) we as marketers can control are primarily: product, price, place, and promotion.
Having the best product on the market brings many advantages as competitors have to try and outsell your superior product. The challenge is how do you showcase the nuances and fine details such as user interface and user experience? As a video producer, we help showcase those differences through premium branded short explainer videos that capture the uniqueness and brand style into a marketing piece that really showcases the product in a way that’s almost equal to seeing the product in hand.
We can work with pricing as a means to spike sales with limited time offers, bundles, packaging together our product with other items, essentially you are playing with the idea of added value at a great price.
The keyword Place has to do with being in the right place at the right time. For retailers, having an end cap display would naturally sell a lot more units than being at the back of a store on the floor shelf in the middle of an aisle. Having a real estate agency on the edge of town versus downtown corner street is another example.
Finally Promotion is thought of as advertising most often. While I hit on it earlier, you can run certain promotions to create limited time offers such as sales, discounts, and upsell to add value to your customers purchase. We do that with our video production company for example by adding in a free 15 second social media video with the purchase of a 60 second video commercial.
There are a ton more options to use for marketing and short term levers to drive sales, but those are what popped into my mind as the classics.