Posted in Marketing and Strategy Terms, Total Reads: 1933
Definition: Frequency Marketing
Frequency Marketing is a marketing strategy which is used to lure and retain customers for a long term. Frequency marketing includes events like advertising at frequent intervals, giving discounts to loyal customers, organising events etc. As the word suggest this type of marketing strategy needs to be carried out at frequent intervals of time to retain their customers.
Frequent marketing is a good tool to ensure retention of consumers. It is a known fact that an existing customer yields more income for a company than a potential customer i.e. the amount of money and revenue generated by an existing customer is more than that of what a potential customer would generate. Hence, in order to adopt a frequency marketing approach a company needs to do an analysis of what kind of business it is in. If a company’s business has one of a time business and it expect no business from the existing customer or from any other customer the company may not indulge in frequency marketing. However, if it is a repetitive business then the company needs to do frequency marketing more frequently.
A frequency marketing in the form of regular advertisements is required to let people and consumers know that their product exists in the market. If the advertising is shown for once then there is a high chance that the advertisement may not serve its purpose. Hence, it needs to be shown frequently. The frequency at which the advertisements are shown depends on the product, competitor’s strategy, target audience and the demand in the market. Similarly, the company may indulge in giving discounts to their frequent consumers (for example, frequent flying programs, discounts on series buying etc.). There are many other such programs which can be customized according to the company’s needs.