Easy Ways to Measure the ROI of Your Merchandise
All marketers wish to invest in the right products by choosing merchandise items with assured ROI. However, how to find the return on investment (ROI) of promotional products and ensure the best value for your promotional dollars? This post is trying to shed light on this vexed problem that most marketers come across.
Promotional products are not just freebies that leave people excited, they are valuable marketing tools that seldom fail. Measuring the Return on Investment (ROI) of merchandise items is crucial in understanding their value while making them work for your business.
Understanding your objective
Understanding your promotional goal for this particular marketing spend is crucial. Consider whether you wish to increase your brand identity, build brand awareness or gain a larger social media following. No matter whether it is to generate leads or drive up revenue, having a firm marketing objective will help you to find a metric to measure your return on investment.
Choose Your Metric
Once you understand your objective, then you need to choose the metric you will use to measure it. For instance, if you are hoping to generate leads, then new email sign ups might be your metric of choice.
Analyzing brand exposure and customer engagement metrics is essential
Promotional products not just make direct sales but enhance customer engagement and brand exposure as well. For instance, a well-designed custom bag featuring your logo will reach the eyes of people far beyond your immediate customer base. Thus your swag will become an enduring advertisement in offices, schools and in fact wherever your recipients go . Plus, as these logo items are practical , your recipients are more likely to use it on a regular basis.
Measuring Engagement Metrics
Marketers can have a fair view of the engagement metrics, like social media interactions and website traffic spikes post-distribution of promotional products. It is a strong indicator of how effective your merchandise items are in keeping your brand in the hearts of your prospects. Analyzing these metrics will help you insights into the long term benefits of a product like brand recognition.
Comparing the cost of promotional products against the value of the results
If the promotional products have a lower sticker price than the value they provide, your merchandise has a higher ROI. For instance, highly practical giveaways like apparels will continue to be used for a long time by your recipients. This means that his merchandise will create consistent impressions at one time investment
Utilizing Unique Identifiers
Employing unique identifiers, like QR codes on your promotional items can make it easier to find out how customers are engaging with your company . It will help you to understand the exact impact of each item among the prospects.
Surveys and Feedback
Customer surveys and feedback are proven ways to understand how your custom gifts are used. Surveys will help marketers understand how customers are using the items and to take a well informed decision.
Now that you have a clear idea n how to measure the ROI of your products, you can choose giveaways with the best returns. Explore our collection to choose the best.
