Beating the Global Crisis with Promotional Products
Any business needs recognition and awareness to stay in the market. One of the best ways to improve brand awareness and recognition is by using promotional products and corporate promotional gifts with your company name on it; they help by promoting your brand while people use them.
But what is a promotional product? According to the Business Dictionary it is "an item such as a bag, calendar or pen, given away to current or prospective customer that usually carries the name and address of the firm, as well as information on the products and services, and serve as reminders". However, a promotional product is much more than this; it is a representation of your business or brand that can help you stand out from the crowd, helping your business to grow and beat your competitors.
You can use promotional products as a way to show your customers that you are more original and unique than the others - and not only when your business is established and the market strong. The recent financial crisis and economic recession have caused a lot of problems for businesses including marketing and advertising. Many firms have a bleak outlook and have looked out for cost-saving tactics and restraints in all business areas. Marketing and advertising are no exceptions and have been badly hit with reduced budgets and expenditures. What about promotional products then? Do you need to use promotional products in the recession economy? Of course you do. History has proven companies that maintain or increase their advertising investments during economic downturns actually increase their sales.
If most of your competitors are on a withdrawal trend, you need to take the anti-cyclical route. This will bring increased return on investment in the future. In the event of a receding economy, it is better for you to keep your advertising budget steady to raise your visibility, sales and market share while your competitors reduce theirs.
Promotional products have been shown to be more cost effective than Radio advertising, newspaper adverts, TV adverts and magazine adverts. According to a research published in the US recently (by ASI the Advertising Specialty Institute):
- 84% people remember the advertiser or message on a product they receive.
- 81% of promotional products were kept because they were useful.
- 76% of respondents have kept their products for about seven months.
- 62% of respondents have done business with the advertiser since receiving it.
- 42% have a better view of the advertiser after receiving the promotional gift.
The best promotional products are ones that people use every day. Bags, note pads, and pensare often the most effective promotional products for most businesses. People need them, use them daily, and they are relatively cheap.
With the use of promotional items, your advertising budget will be even more effective, not only helping your company to survive during these difficult economic times, but strengthening it too!