Promotional Products on a Budget: How to Maximise Your ROI

Promotional Products on a Budget: How to Maximise Your ROI

ROI, or return on investment, is extremely important when considering branded promotional products. Promo products are measured by how many people your brand reaches for the price you invest; this is also known as cost per impression (CPI). Sometimes, you might have a great idea for a free giveaway, but no matter the size of your company, you need to consider your budget and ensure that the money goes where it is meant to.

Throughout this article, we will talk about ways to maximise your return on investment, save money in the long run, and give you some advice on selecting the best product for your target market. There is so much more to consider when investing company money into brand promotion, and it is crucial to get it right.

Setting your goals

Firstly, you need to define what your goals are. You can do this by figuring out what you want to achieve with your promotional product. For instance, if you want to promote customer engagement, your product might be specific to your current demographic, but if you want to spread awareness of your brand, then you will need something more versatile that will reach out to as many people as possible.

Once you know what you want to accomplish, you can begin to align your ideas with your goals. This means being specific about the promotional product you want to invest in. The better aligned your product is, the more likely your investment will achieve a higher CPI.

Top tip: This is done much more easily with a team who can share ideas and help narrow it down to something that will work.

Gather the correct data to help you make a better decision.

It is good having an excellent idea for a promotional product, but in terms of budgeting and achieving what you need it to do, there is much to consider. You have to try to find a middle ground between overspending and spending too little. Often, when a company spends too little on branded products, it can fail to have the desired effects. If this happens, your budget may end up being wasted. On the other hand, spending too much can cut into the necessary funds that you need to keep your business running. When investing in promotional products, one key to budgeting is gathering the right data about your clientele and projected profits.

Data to help you set the budget – To know how much you can afford to spend, it is a good idea to look at your past sales records. This will give you an idea of how much financial leeway you have by helping to create an accurate sales projection. If there has been a constant increase in profits for over a year, you may feel more comfortable setting a higher budget than if your sales have remained consistent throughout.

Top tip: You should always budget for promotion from these projections and not what you hope the branded products will achieve for your business. Otherwise, you may run the risk of a wasted investment should your product be unsuccessful.

Data to find the best product for your target market – There is a lot that can be done in order to find information about your demographic. You should already have a good idea about your customer demographic, but it can be a tremendous help if you create ways to find out a little bit more about them. Thanks to technology, there are many ways you can do this. You can check reactions on social media pages to gauge what their interests might be, ask questions when they sign up for your website or newsletters, hold competitions, or simply chat with customers when they are in-store. Remember, giving out a promo product that is tailored to your customer’s interests and needs will save you money in the future. Below are some important factors that can help you figure out what your customers might want.

  • Age – This can help you pinpoint where they will be in life and what branded products they are more likely to need or enjoy.
  • Vocation – Knowing what they do for a living can help you pick an item they are more likely to use. Also, if people use your product at work, their colleagues will see it on a daily basis, and it may become a centre of workplace conversation from time to time.
  • Hobbies and Interests – If you want a product that people will use over and over again, then understanding what they do in their spare time can be a winner. A successful item that someone will use in their personal life can dramatically improve the CPI of your product and spread brand awareness to places you may not have thought of targeting.
  • Location – Knowing where they spend most of their time can help you by knowing what not to choose. For example, it wouldn’t be too useful if you were to invest in summer apparel for someone who lives in a cold climate.

Additional tips to help you keep within budget

Product longevity – A problem with cutting corners when purchasing branded products is that lower-quality items have much shorter lifespans. A product that lasts a long time will create much more brand awareness over the years.

Keep it unique – As well as finding a helpful product, it is a good idea to go for something that other people aren’t doing. Something cool and quirky can go a long way when it comes to impressing customers.

Research the success of your ideas – Once you have an idea, do plenty of research to help you figure out what its success rate might be. If you can find something similar that has been tried and tested, it is far more likely to stretch your investment further.

How big is your audience? – Always bear in mind how big your audience is going to be. A key thing about budgeting is to make sure you don’t over-buy.

How much do other businesses budget? – You can look into similar businesses to yours and how much they budget for promotional products. Although, when doing this, don’t just go on what you both sell, but consider their size in comparison to yours.

Don’t only focus on what you can afford – Remember that you don’t always need to spend the maximum budget you have set for brand promotion. This is an easy mistake that many make. If you take the time to assess your decision, you will often find that spending below your maximum budget can achieve the same goals.

Do you want more tips for setting a smart promotional products budget?

If you need any help choosing a successful branded product for your business, Bladon WA takes pride in matching the best bespoke products to your and your customer’s needs. We have over thirty years of experience providing high-quality products to customers across a multitude of sectors. We are one of the leading suppliers of promotional products in Perth, so talk to our expert team, so we can help you spread your brand awareness.