Measuring the Profitability of Promotional Items
At some point in our lives, we will inevitably come across those colorful little pens with company names, email addresses, and phone numbers printed on them. There are also those canvas tote bags given away for free during conventions or parties. And who can forget those foam hands, wristbands, or tiny flags handed out during football matches, marathons, or other sporting events? These promotional products seem ubiquitous, and your company is tempted to take the plunge into advertising by using giveaways. But are they really worth it? Is there even a return on investment when you advertise through promotional products?
Are Promotional Products Really Effective?
Although promotional products are all the rage these days, some companies are understandably hesitant to take the plunge into advertising through promotional products. From a monetary point of view, it can seem like a waste of financial resources as promotional items can become quite expensive. Plus, this type of advertising can be hit or miss—you never really know when the items you gave away are being kept by the recipients or thrown away as soon as they were received.
But according to a recent study, promotional products are not only worth a try but are also effective when it comes to advertising your brand and your products and/or services. Compared to other media, such as radio, television, newspaper, or magazines, well-thought-out promotional items have more potential to reach more people. According to the study, recipients keep promotional products for an average of seven to eights months. Some items, such as shirts, key rings, and flash drives, tend to stay with recipients longer. Some items are kept by the recipients for several years, and a few even make it as collector’s items which can fetch a handsome amount when auctioned off many years later. Here are the top 11 promotional products companies label with their branding.
Further, it has been proven that a large percentage of recipients can easily recognise the brand after receiving the promotional items. Positive impression of the brand also improved. Moreover, a large percentage of the recipients of promotional items finally purchased the products or used the services of the brand.
Why You Can’t Measure the ROI of Promotional Products
Measuring the return on investment for promotional products can be tricky. Unless the consumers specifically mention that they found your business through promotional items they received, there’s no quantifiable way to measure the impact of promotional items from a financial standpoint. So, how can you measure the success of promotional items?
Perhaps it’s time for a paradigm shift. Instead of measuring profitability, measure the impact of promotional items based on the number of months or years in which the consumers hold on to it. Your product is also promoted every moment the recipients use the product, and this increases the chance that your brand will be seen by prospective consumers. Profitability can also increase if the promotional items are useful or especially sturdy.
Another way to measure the return on impressions of promotional products is through the positive response exhibited by the consumers after they had received the items. If the item particularly useful, sturdy, stylish, or eye-catching, there is a great chance that the consumer will have a positive perception of the brand. This, in turn, results in a boost in the brand’s reputation and increase in profitability.
Taking the Plunge: Finding the Right Promotional Products for Your Brand
Using promotional products to advertise products and services has been proven to pay off in the long run whether on a financial or image standpoint. But it’s also important to choose the right promotional products to ensure that your brand gets the boost in profitability and reputation it needs. Pens and writing instruments still remain the top choice for promotional products ordered by companies. Apart from being affordable and easy to mass produce, writings instruments can last a long time. But if you want your brand to stand out, shirts, calendars, bags, and office accessories are also great options as these are in demand and useful for recipients. Following closely behind are caps and various headwear, mugs, tumblers, flash drives, safety products, and outerwear.
Look for a reputable and experienced promotional products supplier in your area. Make sure that the items you choose match your brand and the message you’re trying to get across the consumers. Find the right balance between quantity and quality to ensure that you reach more consumers without sacrificing quality and tarnishing your brand image.