List and discuss the most effective promotional strategies
Explanation: When Tom Ford decided to launch a new collection, he did not send out invitations by the dozen; rather he personally called a select few individuals and invited them to the launch. There was no mass advertising, no press, and no photographers. By doing so, Tom Ford created an exclusive appeal for his customers and limited the availability of the brand which made the service or experience more valuable. The same promotional strategy would be effective for any brand or company since it would help create prestige for the brand and would create an exclusive appeal in the minds of customers.
Another effective promotional strategy is that of reaching your client and creating the highest possible brand value by inculcating all elements of the product such as quality, heritage, craftsmanship, raw materials, and country of origin in some cases. Instead of simply opening stores and hiring people, company should look to create a ritual or in other words a brand experience that the customer becomes a part of as soon as they enter a brand store. This can include greeting the customer, assisting them every step of the way, offering customized service and making sure that brand is more than just a logo; rather, it is a brand that cares about its customers deeply. When looking at the brand or product as a global brand, it is increasingly important that the company markets itself to the global customer. This can be done by advertising products through celebrities that do not just belong to one country; but by pursuing brand endorsement through people of different race, color, and ethnicity. Not only would this result in a much more well suited global promotional strategy, but would also help the brand to create an appeal that is uniform across the globe. Being a global brand also means that the product needs to fully utilize the power of social media marketing because the internet and social media are platforms with reach all across the globe.
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