PROMOTIONAL PRODUCTS THAT
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Promotional Products, Custom Personalised Products & Branded Promo Items That Add Value
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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 674 722, or just send us an email. We would love to be of service to you.. that’s why we are here!
Is a 10% customer conversion rate worth offering branded expo merchandise to attendees?
There are as many opinions about return on marketing investment as there are events themselves, and this can cloud one's opinion about offering branded expo merchandise at events you host. Given the myriad of costs that go into hosting an event, it can be difficult to even pinpoint just how effective branded expo merchandise are at attracting customers. A good start for planning a successful event that may involve branded expo merchandise is to determine what "success" actually is for your business. If you expect 1000 people to attend, what number of them do you expect to actually purchase from you and become customers? This will influence what branded expo merchandise you offer to help facilitate sales, and it will influence how much you invest in branded expo merchandise, given the number of people who will be receiving them.
What is the ideal return on an event that offers branded expo merchandise to customers?
The anticipated return on investment for an event at which branded expo merchandise might be used can be sometimes hard to predict, and it can even be hard to calculate, given that there are so many different factors that go into an event. There are venue costs, personnel costs, catering costs, and overhead, not to mention the costs of the branded expo merchandise themselves, so on what basis do you gauge the value of branded expo merchandise when you consider all of these things. The answer is not clear cut, but a good place to start is to assess the impact of an event, based on all of the costs that go into it, including those for branded expo merchandise. To gauge a return on investment based solely on branded expo merchandise costs might be at the expense of other costs for the event, and thereby skew your numbers unfavorably.
Do you need a positive ROI with branded expo merchandise, or are they just investments?
Some businesses look at promotional events and branded expo merchandise at them as simply investments in the future of the company, much like other possible advertising or marketing expenses. This is well and good, but at some point you will need to quantify the financial impact of branded expo merchandise in order to determine their relative impact on your business. It may SEEM like branded expo merchandise are helping your business, but sometimes this impression can be gained just by the positive reactions customers have when they receive branded expo merchandise. This is a bit misleading, as customers will generally be happy to receive free stuff like many branded expo merchandise are, but will not choose to take the next step and commit their money to your business, and this is where products can become questionable.
Predict your sales numbers for an event before choosing branded expo merchandise.
If you are planning a company event, it is very useful to know ahead of time how many customers you expect in attendance. This helps in knowing the actual number of different branded expo merchandise you may need, but it can also help you predict what likely sales will come from the event. This is most difficult if you are hosting an event for the first time, but your choice of branded expo merchandise will be heavily swayed by the productivity of the event. For example, if an event at which you expect 100 people to attend will likely produce 20 new customers, this conversion rate may allow a nicer array of branded expo merchandise to help reward the group for their likely contribution to your business. If the same event only yields a 5% conversion rate, then branded expo merchandise may either need to be less expensive or absent altogether.