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PLEASE NOTE: The article below was submitted as part of a recent online competition we ran, inviting our clients and others to share their thoughts and experiences about using promotional products. For that reason the articles are written at a very general level only, and are far from ‘expert’ in any sense! It goes without saying though that if you now could like more detailed help or advice, please do not hesitate to contact us on 1800 519 071, or just send us an email. We would love to be of service to you.. that’s why we are here!
In spite of the economic recession, why are promotional products still a viable marketing tool?
How can promotional products be more cost effective than other types of marketing?
Promotional products are usually more cost effective than other types of marketing. They are more efficient for accurate marketing by the size of the target audience. For example, a small company that has a very small, targeted demographic will only be able to attract the needed attention of a few people through media and other forms of traditional marketing, mainly because:
a) the company is unlikely to have a hoard of cash for traditional media mass marketing, and could only afford a few ads that are
unlikely to be sufficiently seen by the right demographic, and
b) the company is wasting it’s resources when it should be focused on trying to cover a core base of loyal customers via
targeted marketing mechanisms.
When you consider the expected sales per cost of promotional items at a per-product level, you will find that promotional products when distributed correctly are generally much more cost effective overall for companies .
How can I measure the cost effectiveness of promo products in marketing?
The best way to measure cost effectiveness is to look closely at the events and specific customers to which you distributed your promotional items, and try and identify the sales success ratio per individual promotional product. To do this, first identify where and to whom you gave out the promotional products. Keep a close tally of this, and compute the amount of money you invested per promotional product for each distribution area. Next, when ringing new sales, ask each new customer where they first heard about the company and the product in question, how they feel about any promotional products given to them, and other relevant questions.
Finally, calculate the number of sales where the individual had acknowledged that they had received a promotional item. Calculate the cost of the promotional items distributed. Divide the amount of revenue brought in by these new customers by the cost of the promotional products used to bring the customers in. Compare that ratio to ratios performed with other marketing mediums. This should help determine the cost effectiveness of promotional products for your company.
How can marketing items take advantage of a bad economic climate?
A bad economic climate can often be a good time to use promotional products. First, individuals are less likely to inherently buy products and services during a recession if they can avoid it, and any sort of free product or gift is seen as even more valuable than before. If you can give out promotional products with a high usability factor, consumers will find them very useful in their daily lives. You will stand out to those same consumers and will have helped improve your brand loyalty.
How do long term benefits play into the advantage of promotion items during a recession?
A recession implies a period where people are more sceptical of buying things from standard companies to keep their respective spending budgets low. By providing promotional gifts with long term usability potential, you can allow your promotional products to take the place of other regularly purchased products within a person’s home. You increase the retention period of your brand with that same person or household.