Answer:
Although a brand product may already have a strong presence and customer loyalty, it is still beneficial for the brand to engage in sales promotion strategies. Here are a few reasons why even a renowned brand may find value in sales promotion:
1. Attracting new customers: Sales promotion enables a brand to reach a wider audience and entice potential customers who may not yet be familiar with the product. By offering promotions such as discounts, free samples, or special bundles, the brand can capture the attention of new customers and encourage them to try their product.
2. Encouraging repeat purchases: Sales promotion can be an effective tool for encouraging repeat purchases among existing customers. By offering incentives like loyalty rewards, exclusive discounts, or personalized offers, a brand can enhance customer retention and build long-term relationships with its customer base.
3. Boosting sales during slow periods: Even highly popular brands may experience fluctuations in sales during certain periods. Sales promotions can help stimulate demand during these slower periods by offering limited-time discounts or promotions, thereby generating increased sales volumes.
4. Increasing market share: In competitive markets, sales promotions can help a brand differentiate itself and gain a larger share of the market. By offering compelling deals and promotions, a brand can attract customers away from competitors, expanding its customer base and increasing market share.
5. Creating excitement and buzz: Sales promotions generate excitement and buzz around a brand or product, attracting attention from both existing and potential customers. This heightened awareness can lead to increased interest and word-of-mouth referrals, further driving sales and brand visibility.
It's important to note that while sales promotion can be a valuable strategy for brand products, it should be used strategically and in alignment with the brand's overall marketing and positioning strategies.