The basic law of business is that you need to spend money in order to make money. You buy raw materials, pay for services, invest in marketing and then sell your product for a profit. Every step of the process needs to ultimately be cheaper than the cost of your product if you want to generate a profit and grow your business.
Most entrepreneurs can grasp that basic concept before they even start a business. Perhaps that’s why the idea of giving away promotional gifts can seem incredibly wasteful, and borderline pointless. Why give away something that you could sell? Why invest thousands (or more) on promotional products to give out at a trade show or public event? Surely there are other ways to market your business?
Why Promotional Gifts Are Worth the Investment for Your Business
There are plenty of cheaper ways to get your brand noticed. But there are a number of good reasons why you should invest in promotional gifts if you want to have a long-lasting and creative marketing strategy. So in this article, we’ll be covering why promotional gifts are well worth the investment, and the concept behind this strategy.
You can generate leads with a surprisingly small investment.
Promotional products don’t need to be expensive. There are plenty of inexpensive products, such as tote bags and shirts, that can be a great way to promote your brand with minimal investment. A custom t shirt design doesn’t take much time to create (or cost much). It can be printed on a large number of shirts, which can then be handed out at an event.
As long as these shirts are made of a decent quality and are actually worn by people, they will continue to remind others of your brand. This makes it a cost-effective way to generate visibility and leads. The same can be said for everyday items, such as tote bags, umbrellas or even a scarf. The more useful the item, the more likely it will give good returns.
You can promote better relationships and encourage customer loyalty.
One of the most exciting benefits of using promotional gifts is the ability to promote better relationships with your audience while also encouraging their loyalty to your brand. People love free stuff, especially if it’s not something like a keychain. They love useful and functional items that can enhance their life, and it’s even better if it’s offered for free.
As such, promotional gifts are a fantastic way to build better relationships with customers, clients and generally anyone that interacts with your business. You can even give away these products on social media, stirring up contests and attracting a surprising amount of attention.
In terms of cost per impression, promotional gifts can offer endless value.
Another unique benefit of promotional gifts is in their ability to generate ridiculous low numbers in terms of cost per impression. Many promotional gifts are practical and can be used every day. For example, a person commuting to work while holding your brand’s tote bag could potentially be seen by hundreds of different people each day. This offers an incredible number of impressions! It can also help people recall your brand name when it comes to buying a specific product.
These gifts can also be passed on to other colleagues, friends and even family members. This helps to expose your brand to an entirely new audience. The key here is to focus on general items that are functional and practical. You should also consider the quality of the product you purchase. Make sure you’re investing in high-quality goods that are reliable, sturdy and won’t break after a couple of uses.
So it is worth investing in promotional gifts?
Investing in promotional products and giving them away is no different from the law of business that we stated at the beginning. You’re still spending money to make money, but the perspective is different, which puts some business owners off. Another reason why entrepreneurs are hesitant to invest in promotional gifts is that it’s hard to track the return on your investment with something like a promotional bag or USB drive.
Thankfully, there’s a much easier way to track how good of an investment these products are: the length of time your recipient keeps it. The longer they have your promotional products, the more you get out of your investment. There’s no need to do a complex calculation! As long as you focus on creating high-quality products, they’ll last much longer than other promotional products, they’ll continue to be used and they will keep advertising your brand.