If you are fortunate enough to have read product promotion materials both online and offline, you may have come across many myths and misconceptions surrounding this topic. For instance, who coined the concept that your budget has no relationship with your product promotion strategy??
Counterintuitive as it may sound, product promotion has a significant impact on your company’s marketing efforts.
Let’s take a look at 6 common myths about product promotions and how you can improve.
Sourcing Promotional Items From Big Box Stores Is Synonymous To Cheap.
A modern consumer’s brain has been trained to automatically conclude that buying from a large box store will cost less compared to buying from independent distributors. For instance, big box firms like Amazon, Wal-Mart, and Staples have been selling logoed promotional items which are perceived to be cheap.
The truth of the matter about these large companies is that they’re counting on you to make other miscellaneous purchases in order for them to make a profit. As such, shopping with them ends up like walking in a minefield where countless explosives are hidden underneath.
On the flipside, when dealing with independent distributors, you get to shop without hidden motive. The symbiotic relationship that exists between these independent distributors and manufacturers means they are able to get discounts that these large firms cant. In return, they are able to offer better deals without incurring any extra costs.
Moreover, you also get to save time. Shopping with big box stores is time intensive as you have to spend countless hours looking for the right product, making orders, and even tracking your shipment. With independent distributors, it’s a matter of walking in, getting your item, signing the dotted line, and walking out with your promotional material.
Economies of Scale While Ordering Inexpensive Items Saves You Money
When arguing with an economist, it’s hard to convince them that economies of scale is a counterproductive concept in this case. After all, the more you buy the lower your cost per unit is going to be. This is only effective in the short-run. In the long run, you could end up eating into your pocket. How?? You may ask…
Picture this; you purchase a thousand units of promotional products. Each cost you one dollar or less. A good deal right?… Wrong! You could be purchasing products that your customers or potential clients don’t want or don’t see value in.
The end result? Outright rejection only for you to end up shelving them and repeating the cycle of trying to look for what they will like.
As such, it’s important to source for valuable products that your customers will love, especially when purchasing them in large quantities.
You Will Have To Discard Your Promotional Material At Some Point
Truth be told, this is a true assumption. However, the only time you have to deal with this reality is when you are offering products that don’t resonate with your customers.
More than ever, businesses around the world are on declutter mode as a result of mismatch between product relevance and customer’s wants. And you could soon be following suit due to one simple mistake… failing to source for promotional products that the recipients can connect with.
How then do you avoid this nasty experience? Here is a quick guideline while choosing promotional products:
- Understanding your audience
Many times, entrepreneurs have a tendency of painting their customers with the same brush. The only problem with this assumption is that they forget different customers have different tastes and preferences.
To avoid a scenario where customers don’t connect with your promotional items, ensure you segment them using their demographics, challenges, behaviors, and interests.
- Usefulness of your product
As earlier indicated, the usefulness of your product is super-important in terms of giving you bearings on what item to offer. Does your product complement or solve some of the shortcomings? If so, then you shouldn’t worry much. If not, your promotional giveaway campaign will be dead on arrival.
- Quality and Design
Lastly, when it comes to choosing a promotional product, the quality and design could prove a dealmaker or a deal breaker. Choose items that are aesthetically pleasing and reflect value as the possibility of the customer keeping such items are high.
Promotional Materials Are Of Sub-par Quality and Don’t Last
I bet you have come across a promotional product that didn’t last a day after receiving it. As such, it has become a prevalent misconception that promotional products are cheap.
But who said this has always to be the case?
Choose quality promotional products for your customers as they will not only leave a lasting impression to your customers but also position your brand as a quality-oriented brand.
And since it all boils down to the promotional budget, you can still do it without spending a fortune. There are multiple independent distributors out there making quality products using premium materials at an affordable rate.
If other businesses are doing it, it shouldn’t be rocket science for you to do it for your business.
It’s Best To Source Promotional Items Few Days Before The Promotion Debuts
While it’s possible to source your promotional products a few days before the campaign debuts, the risk could prove disastrous. The universe has a funny way of conniving against last-minute interventions and you could be on your way to learning the truth in the rawest fashion.
In any case, it’s not worth the risk to sit and wait for the last minute only to receive the wrong products or even risk shipping delays.
Ensure you have your products a few weeks into your promotion as it gives your room to correct any mishaps in advance should they occur.
I Will Only Stock A Few Products To Avoid Surplus
Thinking that not everyone will love your products hence downsizing the number of items to stock is the biggest miscalculation you could ever make when planning a giveaway.
Everyone loves freebies and underestimating this fact could leave you embarrassed with customers waiting on the line. This is especially the case if people love and connect with your product.
There are instances where people pick more than the allotted quantity or even more than anticipated people claiming the offer leaving you stranded.
To avoid such scenarios, create a buffer zone by stocking extra products. After all, you can always donate or repurpose the remaining stock.
Promotional giveaways can help drive consumer traffic in a cost-effective fashion. They are also a fool-proof strategy for building a solid brand presence and cultivating customer loyalty. However, a simple mistake in planning and executing your campaign could reward you with disastrous tiding. With the above six tips, you shouldn’t have a problem is creating a cohesive giveaway campaign that your customers will love.