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Maximise your Promotional Budget #2020yearofchange

2020 has significantly changed the way we live our lives and the way we do business globally, we have seen growth in businesses that have innovated through product development, adapting quickly and catering to the constraints of our new world.

2020 has forced businesses to reflect, re-invigorate or re-invent the way in which we navigate our way through this journey!  It is a year like none other, one where we need to embrace EMPATHY to our employees, colleagues, clients and our community at large, whilst ensuring profitable and sustainable businesses that will endure and thrive, becoming more resilient to change and quickly pivoting away from adversity.

Now more than ever we need to successfully and strategically plan how we continue to build brand loyalty within our target markets to successfully engage actively in a creative and purposeful way.   

When assessing your marketing budget a general rule of thumb is up to 5-7% of your total revenue will maintain your existing sales.  However 7-10% of your total revenue is seen as growing your business and being competitive. 

Diversification within your marketing budget including a mix of well thought out personalized branded products can add high value and retention for savvy marketers.  Marketers spend more than $1.34 billion dollars (AUS) and $144 million (NZ) a year on promotional items for one big reason –  they work! 

With careful thought and planning your 2021 marketing budget can stretch further and offer substantial savings and better value. Here are five points to consider in order to stretch those promotional dollars further:

  • Know your customers and what is most useful to them – be strategic and clever with your thinking and message
  • Planning in advance allows you to buy in bulk for better pricing and savings
  • Look out or ASK for any ‘Specials’ or END of product runs
  • Planning ahead can allow for purposeful, tailor made “Bespoke” products that highlight your Brand
  • Longer lead times will generally mean more cost effective pricing

Here’s an interesting read from the Australian Promotional Products Association (APPA) which elaborates further on this theme: http://promotionalproductswork.com.au/useful-resources/

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