When tough economic times are around, as they have been for the last few years there are a number of marketing approaches companies adopt to find their way through the worst of the fallout. Cost savings and downsizing of activity is one natural way which quickly comes to mind, but a more effective way for those organisations which have the cash balances required to ensure that there is a company future loom into the short term reversals which can be a natural part of the business cycle.
Buy working smarter and stretching resources further a company can continue to maintain market share and profitability in the tough times which can then flower into a bounty of profit growth and market share when the inevitable end of the down-cycle appears. In the case here, we propose that the successful sourcing of cost effective promotional products is one way to offset the worst effects of a global financial downturn.
Promotional merchandise is sometimes called "premiums" which gets to the heart of the real strength one can achieve from utilising giveaways and handouts effectively. Say for instance you can get your hands on some discount merchandise which costs you only $2 per unit delivered. Imagine at the same time that this product has an apparent retail value of $10. By bundling this item with your own product or service, you are increasing the apparent value of the offer you are making to your market by $10 at a cost of only $2. That is a 500% return on your investment, but the benefits to your company and the bottom line don't just stop there
We've seen below how the apparent consumer perceptions of the value of a deal can be motivated by premium value enhancement. But there is more to the process of as it's also critical that there is no clash of brand values when the two products are bundled. Take for instance one of the classic promotional activities we have been conducting for major clients in Australia for many years.In the beer and alcoholic beverage market the prospect of hot weather or lazy summer days is always lurking in the background. Traditionally the offer is a simple promotional stubby cooler or drink holder with the product brand in place. Adding a drink holder which keeps the beverage cool and refreshing is not only offering a viable incentive to existing clients, it is making the whole package of the two items greater than the sum of the individual parts.
This sort of leverage is exactly what canny marketing companies need to be looking for when the economic storm clouds gather. Not only can sales be increased and greater brand value unlocked, but the whole process can add to the incremental values of the organisation and the brands you promote. Rather than being a cheap stop gap measure which is conducted without thought, the ways to use great value promotional products as part of a successful campaign are many and varied, but it is certainly not as difficult to achieve a positive, double bottom line result as many people may traditionally believe based on a jaundiced view of promotional marketing.
While it may be the case that there is a lot of local stock available which is very difficult to move and is priced at a point which makes its application to cost effective marketing problematic, the supply chains managed by Fresh Promotions which bring suitable stock from the four corners of the globe is a way of finding exactly the right product at exactly the right price point to drive your marketing budget into positive territory. The best way to get what you need is to approach a competent promotions company and give them a full brief which includes brand objectives and unit budgets. This is precisely the point at which a professional organisation will prove itself to have value beyond its ability to ship and pad print promotional specials.
While most people appear to believe that something which is on "special" is cheap or great value, the clever marketer realises there are many versions of how these terms can be defined. Cheap can simply be a matter of monetary assessment. It's half the price it was a week ago, and so therefore it's cheap. Of course we know that the big picture is the only lens through which it's possible to make a full and frank assessment of the "cheapness: or "value" or a purchase. For while it may appear that buying those special pens was a great idea because they only cost 20 cents each. But perhaps the many of them which ran out of ink in a few minutes which were handed to existing clients, had more of a negative effect on their perceptions of the value of your product range. If your great new pens ran out of ink in a couple of minutes, what's to say this is not a reflection of the reliability of your entire product range. Now those 20 cent pens only have to cost you a couple of sales or create a little uncertainty with your clients for you to realise that in fact there was no saving, but a loss to the bottom line and a reduction in your brand equity.
As discussed above, the final value of your "special" and how "special" it actually is final bottom line you need to assess. The best way to do this is with a serious approach to the use of promotional merchandise as part of your overall marketing mix. And to get the best value overall from your campaign, make sure you deal with a company which understands brand equity and is not simply about undercutting the prices of a competitor by a few cents.