Over the past few years, companies have had to take a hard look at their budgets and cut back where they can. Many times the first instinct is to cut the marketing budget, as it has a direct impact on the bottom line. Companies who have decided to continue marketing during the down market are the ones who have ended up on top. Why? Because when the economy shrinks, the amount of money spent on any particular industry will shrink as well. This significantly increases competition. A savvy business person knows that while companies are sitting on the sidelines, cutting their budgets and waiting for things to turn around, this is the chance to get in front of existing and potential customers with a marketing message. Even as the economy starts to pick up, many companies are slow to increase their marketing budgets, so continuing to market regardless of the state of the economy is critical.
Finding the most effective way to utilize your marketing budget is what will determine your success. Promotional products have proven to be an effective marketing tactic, serving not only as useful tools, but as powerful, long-lasting advertising. In fact, a late 2009 study* of over 1,000 consumers conducted by the Promotional Products Association International (PPAI) revealed some interesting facts:
• 83% of American consumers surveyed liked receiving a promotional product with an advertising message.
• 48% would like to receive promotional products more often.
• 38% feel promotional products serve as a constant reminder of the advertiser.
The result – consumers are inundated with advertising messages and the challenge for businesses is to find a way to cut through the clutter and not only reach their target audience, but to resonate with them. According to the survey, promotional products do just that.
So, how do you determine what promotional product is right for your company? Prices range from under $1 to over $100. This is the area where you can be creative in cutting your budget. Usefulness, placement and longevity are the three most important factors to consider when choosing the right product for your promotion. Below are some budget-friendly product ideas that meet all of these requirements.
1. Usefulness – The most important factor in choosing a promotional product is its usefulness to the recipient. The more the recipient uses the product, the more your brand gets visibility, and the more likely that recipient is to recall you as the advertiser who gave him or her that product. Items such as pens, sticky notes and key chains are extremely useful and inexpensive.
2. Placement – Products that remain in the office or in the home are going to get maximum exposure. Consider chip clips, can koozies or stress balls as budget-friendly items with great placement opportunities.
3. Longevity – Ensure your product can withstand the test of time, and your message will as well. When was the last time you threw away an ice scraper, ruler or flashlight? These are items that recipients will hang on to and use over and over again.
For a wide selection of promotional items at any price point, visit http://www.bestpromotions.com and for useful products under $1 visit their dollar store at http://www.bestpromotions.com/products/browsecategory/399/.
Make sure you stay in front of customers and prospects regardless of the state of the economy, but do so in a creative and budget-friendly way and your efforts are sure to be noticed.
* Fielded through MarketTools Inc, the study was designed and conducted by PPAI. The final sample consisted of a panel of 1,005 consumers who recalled receiving a promotional product in the past 24 months.