Promotional Strategies in Quick-Service Restaurants

Introduction

Promotion is a mix of communication concerned with giving knowledge to the market about the establishment's products and services and persuading them to buy the product (Andrews 2010).

Promotional strategy is the function of informing, persuading, and influencing a consumer decision. It is as important to nonprofit organizations as it is to a profit oriented company like Colgate-Palmolive. Some use promotion to expand their markets, others to hold their current positions, still others to present a corporate viewpoint on a public issue. Promotional strategies can also be used to reach selected markets (Grimm, 1988).

Developing a promotional strategy is an essential part of marketing your business. You have to be able to get the word out to the public about what your business is and what it offers. Using the right type of promotional strategy can make a big difference in the amount of success that you are able to achieve (Arthur 2011).

Coupons are a common promotional strategy that can be an effective way to get customers to buy because you are offering something of value to them. Since coupons give customers a chance to save money on your product, they provide a direct incentive to buy from you. There are various coupon methods, too. Try a "buy one, get one free" coupon, a coupon for a certain percent off your product or a coupon for a specific dollar amount of savings. Distribute coupons in-person, via direct mail or over the Internet (Scott, 2011).

Promotions and advertising are critical for attracting customers and setting your company apart. When you develop promotional strategies, consider what would bring you the largest return on investment while increasing your exposure to potential clients. Promotions for new customers can be tricky; you do not want to run one that could alienate existing customers. With some planning, you can create effective and profitable promotional campaigns (Anderson 2009).

Correct and right promotion of goods can increase sales and lead to higher business profits. Products can be promoted through a variety of methods, which typically fall into two categories. Promotion can be based on a "push strategy," which utilizes promotional activities and employees to establish product demand, or a "pull strategy," which encourages customer purchases through advertisements. The most successful strategies tie the method of promotion to the type of product for maximum sales and business impact (Acevedo, 2007).