Placement of a product or brand on a larger scale, to the targeted audience, is called product placement.
It is seen in movies, TV shows and web series. It can increase the reach and popularity of the product as it is being promoted by the brand name.
A product placement strategy is an innovative approach to marketing, rather than the traditional ways which include banners or hoardings.
Customers are always influenced and attracted by the products their favorite celebrities endorse.
Find out the Top 3 Product Placement Methods that brands use to market their product:
1. In the media
In today’s world, the competition is increasing, so it is more and more important for brands to make use of Product Placement strategy to reach a greater audience.
Product Placement is also known as Embedded Marketing.
Brands are usually required to pay a significant amount of money to the producers of a movie to promote their products.
The amount has a direct relation to how much time the product will be shown during the movie.
There was product placement for Ray Ban in the 1983 comedy Risky Business. The brand sold 3,60,000 pairs of glasses.
After the movie “Italian Job” hit the theatres, it led to a 22% increase in sales for BMW.
2. In social media
The product placement phenomenon is no longer limited to movies and TV.
Product Placement now takes place on social media, where paid marketing is carried out via social media influencers.
This new way of marketing has proven to be cost-effective and more productive than other conventional marketing methods.
The brands are actively searching for social media influencers who have an engaged following, a relevant target audience, and an appropriate geographical reach.
They approach the influencers and pay them a certain amount for promoting their content on social media and at events.
While choosing influencers for their Product Placement, one needs to be very selective.
for example, Kylie Jenner is not the best match for an advertisement for cigarettes, but can be of great use for an advertisement for cosmetics.
3. For the retail
Media placement is not always done through product placement.
Retail stores typically place candies, toffees, and cookies at the cash counter with unique and attractive packaging to entice consumers to purchase impulsively.
Premium retailers charge big brands a premium for front shelf or premium shelf placement.
If your budget is low, you can go for this format.
One can make contacts with the local store owners and use product placement.
It is imperative to target the right set of audiences for any one of the 3 types of product placements.
Large corporations spend a lot of money on product placement in the media, namely TV and movies.
Small businesses often do not have such marketing funds and rely on traditional retail marketing instead. There are different forms of product placement in the market for every business.