If you have decided to use promotional products as part of your small business’ marketing strategy, there may be several questions running through your mind: Are my products relevant to my target demographic?
How will I ensure even distribution and loyalty across all clients? What color should they be? But perhaps the most important challenge is finding a way to maximize profit margins while reducing the cost of promotional expenditures.
Allocating funds towards a promotional product-related marketing strategy can dramatically improve sales. But how do you carry out your promotional campaign without breaking the bank? Here are four tips from Myron.com for those running a small or home-based business:
1. Gear inexpensive products towards specific industries.
It is important to analyze the work that a specific client or target audience performs on a daily basis, and a small business can save all sorts of time and money by choosing simple promotional products that will work their way into everyday use. Customized mugs are nice, yes, but dig deeper and make your products even more specific and usable.
If targeting an engineering or construction industry that is math-heavy, give out business gifts like rulers, calculators, slides or pens. Workers will value such items and come to associate them with your business, instead of simply throwing them away. And such products merely need to be durable rather than expensive – why offer a gold-plated ruler, when stainless steel would be cheaper and more practical?
2. Organize limited promotional releases around special times of the year.
This is a great strategy for a business with a smaller budget for promotional products. Your target audience will come to regard a once-a-year promotion as a hot commodity, and the best part is, any day of the year is applicable! Myron customer Shirley Christian, owner of Changing Attitudes Hair Salon, gives out small business gifts during Christmas to loyal customers.
“[My patrons] reminded me all through the year that they would really like to have that [pocket calendar] again. I kind of smiled and said maybe, but they waited patiently to see if they got them again.”
Ms. Christian’s patient customers show that gifts do not have to be expensive. A pocket calendar is perfect for a yearly corporate promotional giveaway because everyone needs a new calendar once a year – you are literally putting your company’s name right into a client’s pocket.
3. Hand out promotional products instead of business cards.
Those companies that produce business cards are charging more and more these days to create customized cards that will stand out from the millions of others. And that is exactly the point – most people are given stacks upon stacks of business cards that they will never look at. Save time and trouble by giving out promotional products with contact information and service offerings. You can also encourage shared marketing by offering a small discount to those that show they are using your promotional product.
4. One personalized business gift is better than a hundred.
Myron customer Evelyn sums it all up by stating that it comes down “to spending the money on one good item that people will carry with them, and remember me and my business every day.” Unique gifts that are of supreme class and have a long shelf life will be used over and over again. While possibly more expensive, these gifts offer much more return on investment to a small business. Quality is just as important as quantity for the small business looking to save money on promotional marketing, and by following the tips outlined above, an entrepreneur can enjoy maximum success with minimal cost.