Optimizing your investment in branded promotional products will help to build a strong relationship with customers and maximize your return on investment (ROI). A promotional product is an essential component of business communication. They are awarded to especially distinguished employees, they are presented for holidays and celebrations to the whole team, customers and business partners. These Corporate Gifts are very effective for increasing the loyalty of partners and customers, uniting a team of employees and for promoting a corporate brand. Organizations order and buy such products in bulk and distribute these items during festivals, events, birthdays, and other special occasions.
Customers are presented with inexpensive but stylish presentations: small notebooks, paper holders, pens and calendars, possibly with your company logo. Gifts for VIP-clients should be solid, high-quality and quite expensive. When all the promotional gifts emphasize the corporate identity of the company and help to reveal the visual image of the brand, the recognition of the business is improved. In addition, with the help of these gifts, you can apologize for a mistake or return customers who have left you.
Offering promotional items to employees is a way to increase their motivation, increase loyalty to the company. Gifts for customers are also marketing. They help inform about a service or product, transmit values, support the brand image. However, let’s have a look at the marketing hacks that optimize your investment in promotional product marketing, giving you specific tips and insights on deriving the maximum value possible.
- Give Preferences to Right Promotional Products
In order to maximize the ROI from every promotional product, you need to choose the right and appropriate one to give it to your customers. Offering items according to the concept and theme of your company will leave a positive impression on customers’ minds. For example, if you are an owner of a gym, then distributing items related fitness like a watch, water bottles, caps, towels and many more. In addition, if you are running a business-like Apple, then a suitable option to engage your customers towards your business is to offer USBs, laptop cases, a mouse, screen protectors, laptop, etc.
While choosing the gifts, make sure you give preference to branded, useful and quality items. Imprinting these products with the company’s logo and other relevant information like contact numbers or website URLs will allow customers to keep remembering about your brand. When choosing a gift for a leader, remember that it should not be very expensive or extremely cheap. It is important to maintain a middle ground and choose a worthy present. Creating a healthy corporate environment will positively affect the performance of employees and the quality of their communication with each other.
- Determine & Estimate your ROI
During the planning phase of investing in promotional product marketing, you should anticipate how you are going to measure the ROI. There are numerous ways that marketers use to estimate the right calculations. These include the standard ROI calculations, a number of impressions, call to action, and customer lifetime value. Once you choose the appropriate one, you can easily measure and track the investment. In addition, it also helps to calculate accurately what your ROI is, and how you can optimize it. Let’s have a look at the following points in detail for measuring these:
Standard ROI Calculations: By using the exact formula like (Gross Profit/Sales Revenue Generated – Investment in Promotional Items)/Investment In Promotional Items, you can measure your ROI in term of percentage.
Number of Impressions: This is the number of times your viewers will catch your promotional products site.
Call-to-Action: With the help of promotional products, you can enable the buyers to make a purchase of products by creating call-to-action on your website. This way they will call your phone number, or visit your website. This way you can track the number of leads that you are generating from your investment in promotional products.
Customer Lifetime Value: It helps to measures the total net profit you generated from each customer during their entire lifespan. To calculate customer lifetime value, you need to calculate average purchase value, and then multiply that number by the average purchase frequency rate to determine customer value. Once you calculate average customer lifespan, you can multiply it by customer value to determine customer lifetime value.
- Contact to Best Manufacturers or Suppliers
One of the most effective ways to optimize your return from promotional products is to communicate directly with manufacturers or suppliers. For this, you need a thorough study to choose the right supplier. Visiting the stores of different manufacturers and compare the price. While visiting their stores, you can ask them these questions like:
- Have you worked with clients?
- What was their return on promotional product marketing?
- Do you have any ideas on optimizing the returns we can generate from promotional products?
- What is the best price you can offer on bulk orders?
- Are we able to negotiate the contract terms for a longer-term relationship?
By finding the answers to these questions and negotiating on favorable terms both for yourself and your supplier, you can build a long-term relationship with suppliers. This will help you to create the right foundation for marketing success.
- Perform A/B Testing Through Promotional Product Campaigns
By performing A/B testing through promotional products campaigns is another way to optimize your returns. For this, you need to give some promotional gifts at a conference, and another set of promotional gifts at a shopping center. You provide different phone numbers or calls to action on the promotional items you give at two different locations. This will help you to track the success of each set of promotional items to know which one is more effective. You will become smarter in optimizing your returns from promotional products in the future through A/B testing your campaigns. This way you will know what is necessary and what is not. It will help you to choose the appropriate path to measure the return on investment.
Companies that occasionally hold promotions with the distribution of corporate gifts note an increase in sales growth, they have more customers who are willing to spend their money on products of this manufacturer or want to use the services of the company. By distributing such gifts, you can significantly increase recognition, attract new customers and partners. Each person who receives even an insignificant gift always forms a positive opinion about the company and will definitely remember about it, its services or products.
- Improve the Quality and Durability of Products
If you offer quality products to your customers and employees, then they will keep them for a longer time and use them in their daily lives. If your customers retain your promotional products for longer, then the chances will be high to create a lasting impression on their minds. They will remember your brand. The more they will remind about your brand, the more likely they will stay in touch with your business. Therefore, it is necessary to invest in the quality of promotional items. In addition, to increase the variety of your promotional products, hand out different varieties of products to your customers.
This way you will increase the utility of your customers, which will increase your brand impact. Things with a logo cannot only act as a gift but also as an obligatory attribute of various advertising events held when present them in the presence of many guests. This will provide an opportunity not only to successfully conduct an advertising campaign but also to significantly increase the popularity of the company, especially if such things are of high quality, and most importantly, creatively executed.
Wrapping it Up!
Now, you can optimize your investment in branded product marketing by following the above methods. Using promotional gifts with a logo, you make a significant contribution to building trust between employees and company leaders, developing your business, attracting investors and new customers. Investing in this modern form of advertising will seem scanty when you can fully appreciate the effectiveness of using branded products. If you look at the main assortment of the store and at least sort it into categories, then it will be easier for you to pick up presents for the holiday.
Promotional items help maintain relationships and also help to thank customers, partners, employees. It is better to think about gifts in advance so that there is enough time to analyze the interests and needs of those for whom they are intended. When choosing a gift for a partner, customer or assistant, think, is it enough to please your customers or employees?
Author Bio:- My name is Jane Douglas, who is a marketing manager cum writer in Aquaholic Gifts Pvt. Ltd. Which is a leading Supplier of corporate gifts in Singapore that ensures a fully integrated package for all your needs? I like to research fashion, the latest technology and trending lifestyle in my free time. With more than 5 years of experience, I’ve written many blogs related to fashion and trendy lifestyle and have been my main contribution to Aquaholic Gifts.