As long as your expectations and budget are on point, your logo branded items can bring you a fantastic ROI both in terms of profit and loyalty. Better yet, the right promos can help your marketing message travel far and reach the right people — those who have been looking for a business like yours to put their trust in.
That said, determining which products to opt for is just one piece of the puzzle. Setting a budget for your promos happens in stages, so let’s see how to determine a realistic one.
Figure Out Your Promotional Products Budget in Five Easy Steps
Step #1 Start Early
Unsurprisingly, you have to consider your promotional products budget in advance, as longer production times usually equal the best prices. With enough time on hand, you can choose either domestic or overseas distributors and have your freebies ready well before your campaign starts. Fail to plan ahead, and you’re at risk of paying rush fees or expedited shipping charges. This all eats up chunks of your budget you could have used to get better products!
Step #2 Consider the Number of People You’ll Want to Impress With Your Products
It doesn’t matter if you want to plan a huge company logo pen giveaway that encompasses all attendees or are looking to provide only a select few with your branded blankets. Even when selling the items, you need a number to work with to get a realistic budget for your promos.
The best course of action here is to check how much you spent on previous giveaways. Look into past events and figure out the number of people that received promos from you. Then, multiply that number by 10% to account for the projected growth.
Step #3 Research Your Audience Well
In order to know which products to pick, you have to masterfully research your target audience. Consider the kind of people you’re looking to impress, their passions, and the products that may complement their interests. Once you know all that, you can go ahead and browse promos that fit your audience the best to get a rough estimate of how much each item would cost per piece. Use the quantity you calculated in the previous step to gain more insight here.
Step #4 Check How Much Your Product Ideas Cost
You’ve settled on a particular product, say for example custom sweatshirts and hoodies. But now you realise that they don’t fit your budget at all. A common mistake here is determining the budget first and then looking into your ideal products.
Above all, you have to be realistic here and avoid stretching the budget to the point of no return. So instead of those items, you can go for branded cotton totes. On the other hand, you may set a super-affordable budget and miss out on products that could provide you with a greater return and actually help you accomplish your objectives.
And that leads us to…
Step #5 Think Long and Hard About What You’re Trying to Achieve Here
Proper budgeting also calls for setting some realistic goals. Are you simply trying to get your merchandise in as many hands as possible, or do you want to thoroughly impress every recipient? The former may allow you to get away with ordering smaller, more affordable promos. The latter, however, certainly calls for a higher budget per piece.
The same goes if you’re selling the items at a specific event or giving them away for free with purchases. The audience must recognise their value if you’re eager to impress them and experience a boost in brand awareness!
That may, in the end, entail making some hard decisions, such as going for pricier and perhaps more practical products that will stay in use for longer. But it will all be worth it in the end, especially when you see the return you get from better-quality products. Ultimately, it is about how much they can extend your campaign and keep generating new impressions long after the campaign ends!
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As always, we are here to answer any questions you may have. Contact us to talk through your ideas. Together, we’ll make sure your chosen promo items fit any event or giveaway you have in mind! You may give a member of our experienced team a call on 0800 0148 970 or simply email us today.
