It is well known that the demand for certain products and services is not static. It can change according to seasonal or market trends but one can control the irregular demand by implementing synchro marketing.
You may have seen a huge demand for air conditioners in the summer but the demand for these electronics drops drastically in the winter. Sellers have to face losses in their sales during the low season. But don’t worry because using some productive marketing strategies will help balance the irregular demand.
Synchro marketing carries a variety of strategies that have proven to be successful in providing extraordinary results.
Synchro marketing definition
Synchro marketing refers to a marketing strategy in which sellers try to control irregular demand by presenting various attractive offers to customers. This is simply an interesting way to capture customers who no longer need to buy goods or services due to seasonal factors or irregular times.
This strategy is widely used by business people to manage demand and to increase the ability to convince. Have probably experienced this as a buyer when buying items from a local shop. Because many shop owners try to sell their off-season items by providing various offers that may not be available during the regular season.
Offers can be in the form of discounts, free services, or installment payment options depending on the type of goods or services.
Synchro marketing example
This effective synchro marketing is extracted from real life experiences so that it is easy to understand and relate to it easily.
– Various cafes and restaurants are mostly occupied at night because people are free to enjoy evening snacks or dinner after working hours, but in the morning or afternoon they are mostly empty. In addition, these places cater to more visitors during weekends compared to weekdays. Thus, restaurants can attract more visitors by offering various offers such as free drinks during the day or discounts.
– Many stores or clothing outlets provide off-season sales or allowances for various clothes just to sell off-season clothes that are not demanding. This is also one example of Synchro marketing chosen by most business people.
– There are various products that are in high demand during the festival season, so they are sold at higher prices due to high demand. And on normal days when there is no or less need then these items are offered at relatively cheap prices for availing customers. Examples of pine trees at Christmas, wreaths in the wedding season, etc.
Types of Synchro marketing Strategy
These strategies are categorized based on the following factors:
Price
Price plays an important role to attract a large number of customers. This simply means that charging low costs of goods and services can regulate the irregular demand prevailing in the market.
Price-sensitive customers are more likely to buy things they don’t need right now if they are offered at a lower price. Entrepreneurs who run their booths or shops in the market set very smart prices on demand. For example, Air conditioners are given a high price tag in the summer while in the off-season shop owners offer relatively low prices for the same.
Inviting Offer
Bids act as valid options to increase demand for products and services. As a shopper, it’s possible to get things you never thought of buying while shopping, and end up buying them just because of a bargain.
Offers can be, buy one get one free, gift coupons or big sales.
Promotion
Now, the main focus is to get the customer’s attention by telling them great offers and discounts on goods or services. And this can only be done with a promotional strategy as part of marketing.
Might have found a big hoard on the highway or loud music near a store, just to get attention. And this attention is beneficial to the seller because it showcases the goods it offers. This may or may not work for the business depending on the type of goods and services being handled.
Take away
The motive is to gain a deep understanding of Synchro marketing by referencing effective Synchro marketing examples taken from real life incidents. A useful productive strategy for business people to control irregular demand.
Syncromarketing is a marketing strategy that seeks to balance uneven demand fluctuations with a company’s product offerings, in other words, a sycormarketing company will try to offer their products that are adapted to the fluctuating conditions and situations in the field. This imbalance in demand at certain times and circumstances makes the company lose potential revenue because it fails to take advantage of demand when it is high, that’s why synchromarketing is needed so that potential income when it is high can be utilized as well as possible and when demand is low the company is still able to generate sufficient income.
Examples of Situations That Require Companies to Do Synchromarketing
In summer the demand for ice cream is at its peak, this summer many people buy ice cream because drinking ice cream on a hot day feels very good, on the contrary in winter the demand for ice cream drops, ice cream sold on a hot day winter generally does not sell well, so most ice cream companies stop production. To deal with this situation, ice cream companies increase their production in the summer, and produce alternative products that can be marketed in the winter so that the company can continue to operate, the company can also make ice cream that is still delicious to eat in the summer so that the ice cream can be sold even in winter conditions.
Benefits of Doing Synchromarketing
Companies that carry out synchromarketing gain a number of benefits from this marketing strategy, including:
Can maintain a more stable level of sales throughout the year
Can find potential new markets for company development
Can maximize profits because production capacity can be optimized
Reducing the cost burden that occurs as a result of cessation or reduction of production capacity
Some Synchromarketing Strategies That Can Be Implemented
Price Strategy, the company can maintain revenue levels by using a price strategy, for example when demand is high the company uses normal prices but when demand is low the company can charge higher prices.
Product Variations, companies can adapt their products to current conditions or conditions, for example an ice cream shop in winter produces a variety of warm drinks, thus the ice cream shop can continue to open in winter
Activating promotions, when demand naturally declines, companies can intensify promotions to get buyers or customers.
Special offers, at certain times when demand naturally declines the company can provide special offers to keep sales levels from falling too far.
