Promotional products are wonderfully effective brand reminders for clients and staff. They promote brand recognition, build rapport, broaden your customer base and are an excellent way to show appreciation to those that matter to your business. In addition to this, promotional products can provide a supplementary profit stream.
Established brands, or those with a loyal customer base, may choose to take up the opportunity to retail branded products via online stores or onsite. Hotel chains, airlines, charities and gym franchises often activate their brands in this manner. These products sales are not only profitable, but a great way to broaden their brand’s reach.
The first step in this process is developing an understanding of your target audience. Once this has been established, you need to select pieces with the highest resale probability for your target demographic. Drinkware, pens, bags, and IT accessories are very popular across a wide array of industries, the kinds of items suitable for those frequenting the gym, however, are quite different from those that appeal to clients vacationing at a five-star resort.
There are some other factors to contemplate before making the final decision on which items to include. How much space can be allocated to store the stock and what inventory processes will be put into place to manage the stock? Appropriate packaging and the freight costs associated with the size, weight, breath and method of distribution also need to be considered.
It is important to remember that while retail consumers, increasingly so in our fast-paced world, tend to expect new products or designs at regular intervals, there is merit in establishing some “ever-green” pieces that can become recognisable items associated with your brand. These items are typically custom produced however, they needn’t be expensive. Think about the impact of the original “Livestrong” silicone bracelets and the pink ribbons produced for the Breast Cancer Council.
Your promotional products supplier can help you find superior low-cost, high-quality merchandise that suits your brand and your needs. An experience practitioner, should also be able to guide in regards to your initial retail pricing structure, where assistance is required.
The very experienced team at SCOODA, are here to help you develop the perfect complimentary suite of products to create addition income and expand your brand identity.
Can you envisage people wanting to BUY products branded with your company logo? Have you ever considered this potential additional revenue stream?
“The SCOODA Quick Read” is a monthly educational series created on “all things promo”