PROMOTIONAL PRODUCTS THAT
ADD VALUE
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 new customer the right basis for assessing promotional expo product profitability?
When you are evaluating the merit of promotional expo products, it is natural to try and assess the return on investment per unit, and the value of each customer is the means to this end. How do you properly assess the value of any one customer, after they receive your promotional expo products? It is suggested that first you separate those who purchase from those who don't, and this is unfortunately the extent to which many businesses rate the value of their promotional expo products. What about the value of those customers who receive promotional expo products and then become repeat or even lifelong customers? The value of these people is nearly immeasurable, especially when you consider referrals they generate, so take things a step further and rate promotional expo products on the complete picture for each customer who receive them.
Should promotional expo products focus on numbers of recipients or the "right" recipients?
Some campaigns with promotional expo products are purely about numbers, and the more inventory you can move, the better the campaign will be. In such cases, promotional expo products are going to have a more unique impact on each recipient, because each could be a potential customer. Clearly, this is not always the case, as in Business to Business relational meetings. In these cases, it is about entertaining and building a relationship with a company as a customer, so the best use of promotional expo products is to make the biggest splash with the right people, not just "all of them". This can be a tricky route to transverse, as the nature of your event may make it hard to exclude some people from the promotional expo product festivities, no matter how much merit that idea may have. All of these decisions are for the board room, in advance of your event.
How do you optimize the profitability of promotional expo products?
It is one thing to base the profitability of promotional expo products on the sheer volume of products that get into the hands of the customer, but there is a bit more to it than this. Who are the "customers" who will be receiving your promotional expo products? Will they be individual buyers, or do they instead represent a firm? If the latter is true, then you want to guard against too many reps from one firm gobbling up your supply of promotional expo products, as they will all represent a single customer relationship, and thus a profit focus. If the promotional expo products you offer will be getting into the hands of individual customers, then the promotional expo product game becomes purely one of numbers, where the more people who receive your products the better. Otherwise, be guarded about your inventory, so it does not go to waste.
What can you do with all the leftover promotional expo products that aren't used?
If you want to maximize the financial returns on your promotional expo product budget, then make sure you have a plan in place for those extra promotional expo products that are often left over, once the event has come to a close. Some products will probably "move" very well, and some others will either be less aggressively consumed or there will just be a larger quantity of them to begin with. Pens are great examples of promotional expo products that might very well be ordered in an abundance greater than you will actually need for your event. It is not overly difficult to come up with how you might move extra pens, beyond their purpose as promotional expo products, but you want to think this through before ordering 1000 units. When you commit to getting value out of each purchase you make, promotional expo products will be more profitable.
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