Promotion Analysis and Sales Plan
Analysis of promotional activities, including advertising, sales promotions, and public relations, is referred to as promotion analysis. It involves examining the effect of these actions on customer behavior and determining if they contribute to achieving the organization’s marketing goals. Analysis of promotional efforts can assist businesses in determining which are the most effective and which should be modified or cancelled. On the other hand, a sales plan is a strategic document that defines how a business intends to achieve its sales objectives over a specified period.
BUS FPX 3030 Assessment 4 Promotion Analysis and Sales Plan
It often comprises a description of the company’s target market, sales objectives, strategies for achieving them, and tactics for implementing them. A sales plan may include a promotional activity budget and an implementation schedule (Arafat & Hamamra, 2022). Because promotional efforts are sometimes an integral part of a company’s sales plan, the two notions are closely intertwined. A corporation can select which promotions to include in its sales plan and how much to budget for them by measuring the performance of its promotions.
Evaluate the Effectiveness of Brand Ambassadors
Red Bull is a well-known brand with a decent reputation for its energy drinks. As part of its marketing plan, the corporation has hired brand ambassadors to promote its products and increase brand recognition. In the case of the new coffee-flavored energy drink, Red Bull’s brand ambassadors might play a crucial role in raising curiosity among potential customers and increasing brand recognition. Red Bull might reach a larger audience and increase sales of the new product by utilizing the credibility and influence of these ambassadors (Dębińska, 2019). The new coffee-flavored energy drink brand ambassadors should be relevant and relatable to the beverage’s target audience. If the brand ambassadors do not resonate with the target audience, their influence on the marketing plan may be restricted. The brand ambassadors should also have a substantial following on social media and other channels where they may promote the new product. The higher the ambassadors’ following, the greater their potential reach and impact on the promotional plan. Lastly, the brand ambassadors’ communication should be consistent with the overall marketing approach for the new coffee-flavored energy drink (Dumont & Ots, 2020). The messaging should emphasize the product’s distinctive characteristics and benefits and appeal to the intended audience. If Red Bull’s brand ambassadors fit these qualifications, they might be a highly influential component of the new coffee-flavored energy drink’s advertising plan.
Company Message and Expand their Target Market
Red Bull highly values its brand ambassadors, who are considered to be an integral component of the company’s overall marketing plan. These individuals play a vital role in bolstering the brand’s messaging and expanding its reach to a wider audience through multiple channels. Brand ambassadors are frequently selected based on their audience’s perception of their credibility and trustworthiness. By interacting with these personalities, Red Bull can increase their audience’s confidence and trustworthiness (Edwards et al., 2021). Younger generations place a high value on genuine experiences and connections. Through sharing personal experiences with the company, Red Bull’s brand ambassadors frequently exemplify this authenticity, which can resonate with consumers and foster a sense of trust.
Brand ambassadors frequently have substantial social media and other platform followings, which can assist Red Bull in expanding its target market. Red Bull can reach new audiences and engage with them more meaningfully by partnering with brand ambassadors with a strong presence in specific demographics or regions. Red Bull’s brand ambassadors frequently possess a creative or daring spirit that resonates with the company’s image (Kang, 2019). This can create a more fascinating and engaging marketing strategy to attract new consumers and maintain existing ones.
Methods to Motivate and Evaluate Staff
Motivating, rewarding, and assessing brand ambassadors are crucial to Red Bull’s program management. Brand ambassadors are frequently motivated by recognition, access to new items or events, and exclusive experiences. Red Bull might provide incentives such as social media shootouts, VIP event invitations, and unique products. In addition, providing brand ambassadors with the opportunity to network with one another or fundamental industry professionals can be motivational. A reward can take numerous forms, including gift or product giveaways and monetary bonuses. Free Red Bull goods or branded merchandise, discounts on future purchases, or a tiered system of prizes based on the number of sales or leads generated by the brand ambassadors are some possible reward concepts for Red Bull (Spielmann, 2020).
Red Bull might evaluate performance based on quantitative and qualitative measures, such as social media impressions or engagement rates, the number of leads produced or sales closed, or customer or event feedback. Although cash bonuses can be powerful motivators for brand ambassadors, they should be used cautiously. Brand ambassadors should be motivated by the brand’s passion and principles, not monetary incentives alone (Kang, 2019). In addition, financial bonuses may not be possible for some brand ambassador programs, especially those with many participants or those operating in locations with varying pricing structures. Red Bull can build a program that motivates and rewards its brand ambassadors by combining recognition, exclusive experiences, goods, and performance measures. It also monitors their performance to ensure the program is reaching its objectives.
Analyze Sales Techniques and How they Impact Marketing and Sales Plans.
Red Bull’s unique and successful sales practices have contributed significantly to the company’s growth and prosperity. Red Bull sponsors various extreme sports events and other activities, which helps the corporation increase brand awareness and appeal to its target demographic. By connecting itself with various events and activities, Red Bull can market itself as a lifestyle brand rather than only an energy drink. Red Bull frequently distributes free samples of their products at events and during advertising efforts. This effective sales strategy enables consumers to test the goods and becomes devoted customers (Dębińska, 2019).
BUS FPX 3030 Assessment 4 Promotion Analysis and Sales Plan
Red Bull uses inventive and eye-catching displays in retail locations to attract attention to its products and boost sales. These displays typically include Red Bull’s trademark logo, color scheme, and promotional items such as posters and banners. Red Bull’s brand ambassadors are crucial in marketing the brand and increasing sales. Red Bull’s robust digital marketing strategy emphasizes social media and influencer collaborations. This allows the company to engage with new audiences more meaningfully.
Suggestion for Improvement
Red Bull’s sales techniques increase revenue and brand awareness. Red Bull’s sampling programs are well-known but may be expanded into other markets or platforms. Red Bull may give free samples through delivery services or other businesses. Red Bull may personalize marketing using customer data and technology. The company may utilize geolocation data to target consumers at specific events or social media data to create personalized ads. Though already captivating, Red Bull’s in-store displays may be improved (Kerns, 2021). Red Bull may use AR to enhance client experiences. Red Bull may use brand ambassadors in social media takeovers or live streams. The company can partner with emerging social media sites or employ influencer marketing creatively.
Analyze Red Bull Sports Marketing Strategy
Red Bull’s sports marketing strategy focuses on sponsoring elite extreme sports athletes and competitions. This method has been highly influential in boosting brand sales. Red Bull’s sponsorship of extreme sports athletes and events allows them to target a specific demographic that is youthful, daring, and eager for new experiences. By sponsoring events like the X Games, Red Bull can target this demographic and forge a stronger bond with them. Red Bull can establish trust and credibility with consumers seeking a product to help them achieve their goals and push their limits by linking itself with athletes renowned for their skill and courage. Red Bull’s sponsorship of extreme sports events and athletes aids in establishing an emotional connection with its target audience. Red Bull can develop a deeper connection with consumers by appealing to the emotions and aspirations of its target market by connecting itself with thrilling and daring activities (Arafat & Hamamra, 2022).
Red Bull can expand its brand exposure by sponsoring extreme sports events and players. The sponsorship of extreme sports events and athletes by Red Bull distinguishes the brand from its competitors. Red Bull’s concentration on extreme sports allows it to stand out and appeal to a younger, more adventurous population, whereas other energy drink brands may emphasize traditional sports sponsorships (Kang, 2019). The marketing approach utilized by Red Bull, which involves sponsoring renowned extreme sports athletes and events, has proven to be highly effective in boosting sales. This is because it focuses on a particular audience, thereby creating a sense of authenticity and credibility that resonates with them. In essence, by aligning itself with the world’s top performers in extreme sports and showcasing them in various events, Red Bull has successfully captured the attention and loyalty of a dedicated fan base.
Social Media Strategy and How it Impacts Marketing and Sales Plans
Red Bull heavily relies on its social media strategy to achieve its marketing and sales objectives. To boost brand awareness and attract more customers, the company actively promotes its products on popular social media platforms, including Facebook, Instagram, Twitter, and YouTube. By leveraging the power of these platforms, Red Bull aims to engage with its target audience, establish a strong online presence, and ultimately drive sales growth. Red Bull’s social media strategy expands its following and improves its image. Red Bull’s social media approach invites fans to communicate, upload content, and enter contests and prizes to boost customer engagement (Kerns, 2021). Brand loyalty and repeat sales may result from this contact. Red Bull’s social media strategy of advertising and generating urgency can enhance sales. Red Bull sales may increase with social media discounts. The brand produces high-quality extreme sports, sponsored athletes, and product promotion videos. Brand perception and user interaction can affect sales via social media volume and quality. The approach of Red Bull towards social media is centered around the creation of captivating and stimulating content, which is designed to captivate the attention of their target audience and encourage interaction and engagement on their various social media platforms. Brands use social media to engage audiences (Spielmann, 2020). Red Bull’s YouTube channel features extreme sports highlights, behind-the-scenes footage, and sponsored athlete content. The “Red Bull Stratos” campaign, which streamed Felix Baumgartner’s record-breaking skydive from the stratosphere, garnered millions of views and brand engagement.
Examine the Implications of the Marketing Program
The triumph of Red Bull hinges on the harmonious collaboration of its marketing efforts. To maintain a unified and coherent brand image across various channels, the company employs a synergistic approach that involves the integration of diverse marketing strategies such as advertising, sales promotion, public relations, direct marketing, and personal selling. By strategically combining these tactics, Red Bull can effectively convey its message and strengthen its brand presence in the market. This method helps build brand awareness and image. A consistent message across several media builds brand loyalty and boosts sales (Trivedi & Malik, 2022). After multiple touchpoints, consumers are more likely to remember a brand and its message. This builds trust and familiarity, which can boost sales.
Red Bull uses social media, television, events, and sponsorship of extreme sports athletes and events to deliver a consistent message. The brand’s marketing consistently promotes “giving you wings,” creating a robust and memorable brand identity. This method improves marketing and sales (Trivedi & Malik, 2022). Red Bull needs an integrated marketing approach to succeed economically. Consistent messaging across media can build brand identification and loyalty. This boosts revenue and market share.
Conclusion
The effective marketing strategies of Red Bull are well-demonstrated by their astute evaluation of promotional campaigns and sales planning, indicating a sound approach to achieving their marketing objectives. Using brand ambassadors, sports sponsorships, and social media marketing has been crucial in promoting the brand and boosting sales. Red Bull’s integration of diverse marketing aspects across multiple media has improved brand recognition and loyalty. Among the suggested improvements are concentrating on local marketing campaigns and expanding product options. Red Bull’s ongoing prosperity and worldwide growth can be attributed to the comprehensive evaluation of the company’s promotional strategies and sales approach. This analysis has allowed the brand to develop a successful sales plan, which has ultimately contributed to its sustained economic success.
BUS FPX 3030 Assessment 4 Promotion Analysis and Sales Plan
References
Arafat, T., & Hamamra, B. (2022). Word elongation as an audience-design strategy in social media marketing in Palestine. Cogent Arts & Humanities, 9(1). https://doi.org/10.1080/23311983.2022.2116772
Dębińska, D. (2019). The evaluation of global marketing strategy based on the example of Red Bull GmbH. Ruj.uj.edu.pl. https://ruj.uj.edu.pl/xmlui/handle/item/234378
Dumont, G., & Ots, M. (2020). Social dynamics and stakeholder relationships in personal branding. Journal of Business Research, 106, 118–128. https://doi.org/10.1016/j.jbusres.2019.09.013
Edwards, C. G., Pollack, C. C., Prischett, S. J., Haushalter, K., Long, J. W., & Masterson, T. D. (2021). Prevalence and comparisons of alcohol, candy, energy drink, snack, soda, and restaurant brand and product marketing on twitch, Facebook gaming, and youtube gaming. Public Health Nutrition, 1–32. https://doi.org/10.1017/s1368980021004420
Kang, J. (2019, July 26). Consumer perception of brand in social media : 3Es as drivers of brand admiration. Repositories.lib.utexas.edu. https://repositories.lib.utexas.edu/handle/2152/76208
Kerns, C. C. (2021). A postfeminist multimodal discourse analysis of red bull sponsored female action sports athletes’ digital media representation. Doctoral dissertations. https://trace.tennessee.edu/utk_graddiss/7018/
Spielmann, D. (2020). School of management, economics, law, social sciences and international affairs (hsg) master of arts in marketing, services and communication management opportunities and barriers for non-endemic brands in eSports-sponsoring. https://center-sportmanagement.com/wp-content/uploads/2021/02/Doktorarbeit_Danielle-Spielmann.pdf
Trivedi, S., & Malik, R. (2022). Social media marketing as new marketing tool. Research anthology on social media advertising and building consumer relationships. https://www.igi-global.com/chapter/social-media-marketing-as-new-marketing-tool/305324
