You may have heard term Marketing Mix used in connection with marketing planning.Marketing Mix means combination of promotions, products, places (distribution channels), and prices you chose for your business. Including both short term and long term strategies in marketing mix can make for a more profitable business.
Long term strategies build brand/company awareness and give sales revenue a permanent, gradual boost. Short term strategies create a temporary, immediate revenue boost by giving buyers an incentive to purchase.
By implementing both long and short term strategies, you can attend to immediate sales goals while building your business reputation and goodwill. Some examples of both types of strategies are below.
Long Term Strategies
Branding. General advertisements and other high profile activities contribute to your company's image. These points of contact with your target customer help mold your image, which in turn can create loyalty from your customers.
Philanthropy. Donating money, services, and/or time can build trust and a positive image for your business. Philanthropy contributes both toward your branding efforts and your company's internal well being.
New Product Pipeline. New products in development represent your future sales. If you get feedback from your customers or potential target market then design new products (or change existing ones) to meet their needs, you are ensuring a demand for your products in future.
Short Term Strategies
Reduced Price Sales. Limited time sales encourage customers to act. You likely have customers intending to buy but have not "gotten around to it". Holding a sale will give them incentive to purchase.
Group Discounts and Offers. Discounts or other offers to a specific group can help exposure your business to new customers, resulting in a sales surge.