Answer to Question #264454 in Marketing for joey

Question

Parle Agro makes its entry into the dairy segment with a premium and high-quality range of flavored milk products, 'SMOODH'. With disruption inborn in the brand's philosophy, SMOODH becomes the only flavored milk beverage in the global market to be available in 85 ml Tetra Paks and priced at only ₹10. Suggest a suitable promotion mix for the new launch

Answer 1

Discussion

A promotion mix is a set of different marketing approaches that marketers develop to optimize promotional efforts and reach a broader audience. The marketer’s task is to find the right promotion mix for a particular brand. Coming up with a new product or service is a lot of work, which unfortunately does not stop once it’s ready, launching and promoting it is the other half of the equation. A company could be offering the best new product or service around, but if it doesn’t promote it properly, it’s likely to miss out on opportunities or even end up losing money down the line. When it comes to promoting a new product or service for a company/business, it can seem like there are endless options. It can be difficult to figure out where to get started and which methods of promotion will give the best results. Below is a discussion of some suitable promotion mix for SMOODH new launch;

• Organize a Pre-Launch Giveaway

For a product to take off quickly, a company/business needs to create a feeling of expectation and excitement for its release starting weeks or even months in advance. One of the most popular techniques to do this is through pre-launch giveaways and contests. Give the product away to an exclusive group of lucky participants, in exchange for them helping to get the word out. There are several options like Instagram contests, awards for the most creative ideas, giveaways, etc. 

• Establish Relationships with Influencers

Influencers are the kings and queens of social media marketing. As experts in a given area or industry, they tend to have a loyal audiences waiting and willing to follow their recommendations. Think of influencer marketing as the digital version of word of mouth marketing. In order to get bloggers and influencers talking about a company’s’ brand, the most common strategies are to organize events and to send free samples. In order to avoid any disasters, take time to investigate which influencers would be most interesting for the product and mostly willing to collaborate with the business.

• Prepare FAQs Before Launching Product

 When a company/business launches a new product or service, users usually have a bunch of questions about how it works and what they can do with it. The more innovative it is, the more one needs will to explain it. It is important to get as much as possible done and prepared ahead of time by creating a complete and easy to find “Frequently Asked Questions” section. The company/business can even include FAQs in their social content as a way to get ahead of new user questions and share how the product works.

Reference

Familmaleki, M., Aghighi, A., & Hamidi, K. (2015). Analyzing the impact of promotion mix on consumer; s purchase decision. Advanced Social Humanities and Management, 2(1), 71-81.