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All you need to know about “Synchro Marketing.”
Have you ever wondered why your local pub is usually crowded in the evenings and deserted at other times of the day? Or worse still, your favorite ice cream outlet fully packed in summer and almost unoccupied in winter. This is a problem that most businesses face.
The demand goes up in certain seasons and drastically drops in other seasons. Most of the times, entrepreneurs tend to struggle to balance between the demand and supply of their products in all seasons. Synchro marketing is that marketing procedure used by such people to correct the demand pattern.
Synchro marketing is not a walk in the park. Trying to convince customers to buy ice cream in winter is like trying to crack a hard nut. However, a business owner cannot just sit and watch his/her business go to a drain irrespective of the season.
Demand should always go hand in hand with the supply for business to thrive. Any form of imbalance causes inconveniences which may affect business negatively. Consequently, some businesses close during some low-demand seasons and re-open during high-demand seasons.
Having a high level of demand with a constant supply may cause dissatisfaction in consumers. On the other hand, having a continuous supply and low demand may cause resentment among suppliers, and this can be worse for businesses selling perishable goods.
Entrepreneurs usually attempt to balance their demand and supply through synchro marketing. As much as the demand-supply patterns cannot completely come to a perfect balance, this marketing strategy at least helps businesses to remain operational in all seasons.
There are several methods employed by businesspeople in an attempt to solve this matter. First, hiking prices during high-demand seasons is a strategy utilized by them. For example, a coat selling at thirty dollars during summer is sold at fifty dollars in winter. In high-demand seasons, everyone wants that item. Nevertheless, the supplier can only offer a certain number of such items.
Price hiking scares away some customers who choose to say,’ uh…That is too expensive. Why should buy it now when I can buy it cheaply in December?’
Those who suffer are the ones who really need that item at that very time. For example, traveling for an urgent occasion using public means when the fare is extremely higher than usual can be traumatizing.
Painfully, you will still have to pay. In low-demand seasons, businesspeople lower their prices to attract more customers. For example, in winter, school children can flood an ice cream shop on their way from school when they realize they sell at half the usual price. Low prices usually make people buy things they do not even need.
Synchro Marketing Features
Also, synchro marketing features giving out rare offers during low seasons. Such offers can be discounts, after-sales services, gifts, free samples, and other profitable services. By now, you must have gone to a supermarket shelf and seen a label of, ‘buy two, and get one free.’
What went through your mind after seeing that? You must have thought of purchasing it regardless of whether it was on your shopping list or not. Such ‘temptations’ are what drive people to become impulsive shoppers. In some retail stores, they may offer packaging services or transport services to attract more customers.
Mostly, a buyer gets more attracted to a shop offering transport services, especially when the products being purchased are bulky or delicate. Can you imagine buying a large bed for your children and the only means of transport is your small car apart from hiring a delivery vehicle?
Getting free transport can be such awesome at a stressful moment like that. Just like you will be attracted to that shop because free transportation is the same way another person will. Consequently, the demand-supply pattern will be balanced.
Synchro marketing can also result in some extra costs, especially during the low-demand seasons. A business may choose to increase the intensity of advertising or hold promotions that may attract buyers. Increasing the advertising intensity definitely increases the advertisement costs.
Similarly, holding promotions need some costs to be incurred. Most businesses use loud music and theatre lights to attract the attention of passersby. One may get curious and become like the Biblical Moses approaching the burning bush. In the process, sales are made, increasing the demand. To promote a product or service, one may need vehicles, sound systems, displays, and sellers.
Depending on the type of venture, one may need things different from the ones mentioned. As much as costs may slightly go up, demand will be increased, and hence the continuity of the business will be guaranteed. In some rare cases, a businessperson may request the supplier to adjust the supply depending on the demand.
In conclusion, synchro marketing can be an appropriate decision to make to ensure market equilibrium is reached. Businesses whose demand and supply is constant throughout the year should be considered lucky.
Owners of such businesses do not have to go through difficulties to keep their businesses operational. The rest can try to apply some of the synchro marketing strategies available in the business industry.