Marketing, advertising, and promotion are the brand value trifecta
One of the biggest misconceptions in the business environment is that marketing, advertising, and promotion are the same. They are not. However, they are among the most recognized functions of amplifying your business. Marketing, advertising, and promotion help to build brand value.
Below are the definitions:
Marketing is a management function that identifies human needs and wants, offers products and services to satisfy those demands, and causes transactions that deliver products and services in exchange for something of value to the provider. Marketing targets consumers directly.
- Involves creation, communication, delivery, and the exchange of offerings
Paid communication is advertising. The sponsor pays for time or space as a controlled method of delivering messages and gaining media placement.
- Creates awareness meant to increase sales
- Short-term offering
Promotional marketing is the activities designed to win publicity or attention, especially in the staging of special events to generate media coverage.
Marketing, advertising, and promotion together lead to increased sales.
The perceived value is an overall assessment of the brand. Financial and perceived value are the two types that exist. Perceived value adds to the brand’s financial value. Consumers’ evaluation of your product or service is perceived value. Business owners can increase the financial value of the brand. It is an opportunity to come up with new ideas to attract your target audiences. The more consumers see the brand, the higher value they place on it. The more they support the brand, the greater the financial value of the brand.
So, how do marketing, advertising, and promotions affect the value of the brand? Marketing communications creates a delivery offering to the consumer. Again, advertising is any paid media, and that includes social media. Promotion allows the consumer a chance to try the product at a lowered cost. Buy One, Get One Free, or BOGO, is one example and is a proven promotional tactic.
Product sampling is another. Consumers are open to supporting a brand whose product they have tried, and there is no better way to get a consumer to sample your brand than through promotion.
Promotion and advertising work hand in hand to create a tremendous marketing effect. Advertising generates brand awareness. Promotional marketing offers a chance to sample the brand either for free or at a significantly reduced price. Consider marketing, advertising, and promotion as the brand value trifecta. Balance this combination effectively, and the value of your brand will increase.