One of the most inaccurate, not to say bizarre, myths about promotional merchandise is the strange belief that they must be expensive. It’d be pretty difficult to get much further from the truth. The fact is that promotional products need to be priced well, to be effective.They have to be cost-effective, viable options for promotion.
All aspects of promotional advertising, including the ideas and the materials needed to bring them about, are structured into professional marketing plans. A good promotion is fully costed before it starts. The real key to success is a good supplier who can work with your budget and understands the needs of your promotion.
Corporate promotional items are one of the best illustrations of the economics of promotional products as corporate budgets are very cost sensitive. A corporate budget is costed to the dollar, and included in the financial system and audit trail. Corporate promotions demand cost effectiveness, because big budgets need to achieve results.
There are potential overheads, too. Merchandising, storage, and warehousing are all possible major costs to the promotional budget. Top suppliers actually provide warehousing for promotional products and other savings across the board, which greatly improves the position for budget purposes.
For small to middle businesses, costs and overheads of promotions are potentially serious issues. The related budgets are smaller and have to be viable. Promotions are a critical part of expanding any business, and the items used need to have a high impact at workable costs.
The solution is targeted promotional products on a reliable upfront cost basis, with a defined dollar value. Suppliers can provide sufficient quantities of products at low prices, ensuring the budget is stable.
The professional approach to promotional products for brands is a good illustration of budget control. Marketers, who are if anything more cost, quality and value conscious than their clients, need to pin down the dollar values of brand promotions well in advance and get those costs approved.
In this case, cost-effectiveness is achieved by consultation with suppliers. This is a very efficient way of dealing with all aspects of promotion costs, special needs for merchandise, and other potentially expensive issues. Suppliers can provide a fully costed package for all the promotional items and related services.
If you’ve seen all the very conspicuous high profile promotional items for major events like sports events, the main products are usually budgeted the year before they happen. Budget blowouts are definitely not an option.
The solution is a fully costed run of promotional products for the event. Costing is arranged through consultation, and there are no grey areas on the budget. The promoter will have a dollar figure to work with, and a defined quantity of products for the event.
Whatever industry you’re in, talk to a supplier of promotional merchandise. You’ll get hard facts, solid dollar figures, meaningful advice and options if you need them.