A very common question we receive from potential clients is “what is the best way to budget for promotional items?”
It’s a great question and an important one to ask.
Like with any form of marketing, it’s important to have both a financial budget and a goal in mind.
In regards to budgeting for promotional items, one things all clients love is that promotional items are one of the most cost effective forms of marketing. There are many promotional items under $1 available and many high quality promotional items available at affordable prices.
That being said, there are 2 questions to ask when deciding on your promotional items budget:
(1) What is your overall marketing budget?
The first thing to decide on is the overall marketing budget across all forms of marketing. As promotional items can be one of the most cost effective forms of marketing, many clients choose to place a large share of their budget toward this area of marketing, but it ultimately depends on your preferences and goals.
(2) What are your promotional item goals?
Some business’ spend tens of thousands of dollars, and sometimes even hundreds of thousand of dollars on promotional items, while others spend a few thousand or a couple hundred.
It all ultimately depends on both your budget and goals.
Are you interested in giving out promotional items at a trade show, event, or your place of business? Or perhaps selling them or interested for another reason?
This reason alone can help decide on both the end goal and how to budget accordingly.
If the main goal is to have the promotional items as part of a giveaway, it can sometimes be best to base the budget on how many people you expect to interact with at the event. If the items are for say a promotion where customer’s receive the item after making a purchase at your business, a higher budget can come in handy, as each time an item is given out, it will only be when a purchase is made.
If the goal is to increase brand awareness and build relationships with your customer’s, it would be beneficial to focus on higher cost, high quality items that are more practical and will allow for you to connect through the items.
This may result in fewer items in total, but will generate more of a lasting impression. This is beneficial for business’ who tend to have higher costs services, such as lawyer’s, doctor’s, and real estate agents, though many business’ choose this method as well.
(Click here to learn more about how to choose the right promotional item.)
If on the other hand, the goal is to reach a wide mass audience, it can be beneficial to choose lower cost items and figure out the budget by deciding how many total people you would like to reach.
For example, if you want to reach 10,000 customers’, a budget of $10,000-$20,000 would allow for a promotional item ranging from $1-$2.
Things to Keep in Mind:
The idea behind promotional items is that it will bring a return on your investment in the items. Promotional items offer an incredibly low cost way to reach customer’s, and the best part is, when you gain a customer from promo item marketing, many times they will be repeat customers, and also bring additional friends and family to the business.
Adding Corporate Apparel or Custom T-Shirts:
Along with promotional items, corporate apparel and custom t-shirt printing is also a great form of marketing.
One recommendation we have for food service business’ is to sell t-shirts with your company logo, and offer customers a discount when they purchase from your store while wearing the shirt. This allows your business to earn revenue from the shirt sale, give customer’s incentive to come back to your store, and also creates free marketing when the shirt is worn. It’s a win-win for everyone.
Ready to Create a Lasting Impression with Promotional Items?
Contact Us Today
Here at Global Promo, your promotional items, custom t-shirt printing, and screen printing home, located in Orlando, Florida, we offer high quality promotional items at affordable prices, that leaves a lasting impression with your customer’s and client’s.
Contact us today to learn more about promotional items, screen printing, and custom apparel. We’re ready to work with you on your order, and offer the highest quality items at affordable prices.