Many businesses are facing the same challenge…less time and money…especially when it comes to marketing their business. Yes, when money is tight the gut reaction of most businesses is to cut out marketing altogether. If you ask businesses that are successful, they’ll tell you marketing is the last thing you should cut out. Instead, you need to use your money where it will net the best ROI.
Maybe you’ve already put the kibosh on holiday gift giving or maybe you’re on the fence. Either way know this:
On average it costs 5-10% more to acquire a new customer than retain an existing one. Additionally, repeat customers spend, on average, 67% more. You might also be surprised by the following statistics and trend information from PPAI, the Promotional Products Association International.
- Customers who receive promotional products as gifts are more likely to refer others to your company than those who don’t. Most definitely that’s a win-win!!
- Promotional products can help increase repeat orders from your customers by up to 16%.
- Mailing a pen or other promo product with a letter can increase the number of prospects calling you back by up to 50%.
- Sending a functional promotional product like a T-shirt or ball cap along with or instead of a basic thank you note, can boost the positive feelings your customers have about you up to 25%.
Without a doubt, promotional products can pack a powerful and positive punch. And definitely, existing customers provide a better ROI.
Just to be clear, promotional products for the purpose of gift-giving or giveaways can be defined as any merchandise that includes your business name, logo, phone number, website address, tagline or like information, in total or part, that identifies your company. This is referred to as branding.
The merchandise or item itself can be just about anything. Most commonly when people think of promotional items, they think of pens, water bottles, key chains, refrigerator magnets, and trinket type merchandise. But what about flash drives, baseball caps, BBQ tool sets, clocks, cutting boards, wine glasses, watches, travel mugs, bathrobes, throw blankets, blue tooth stereo speakers, or cell phone skins? If it can be branded, it can become a promotional product.
Whatever you choose you’ll want it to have “staying power”. Ask yourself if the item is useful and if it’s good quality. Is it something they will want to use over and over again? The answer should be yes on all three counts to get the best return on your promotional product investment.