How To Allocate An Appropriate Annual Budget for Promotional Products?
Though most businesses chalk out their yearly marketing budget, not many of them seem to work on their custom product budget allocation. You have to plan for all the events scheduled for the year and have a realistic idea of what you need and how much the budget will be.
Working on a budget can be stressful but it doesn’t have to be that way always if you have a concise idea of all the promotional events that are lined up.Though the marketing budget depends on the promotional strategies adopted by the companies, it will be around 6-20% of the total annual budget in most cases. Budget for promotional products will fall under the main categories of trade shows, branding events or appreciation items.
The impact of budget can be high on marketing activities. According to the research of The Promotional Products Association International, 34% of respondents said that budget was the most important thing they had to consider.
Get started with budgeting
First things first! Arrive at a calculation on how much of your marketing budget should go to your promo products. It will give you a realistic idea of the amount in hand that you can afford to spend on custom gifts, which in turn will prevent the risks of overspending. An easy way to arrive at a budget allocation would be based on the past experiences and spending patterns on specific events, which will give you hints on whether to increase or decrease the budget allocation.
While planning your budget, make sure that the allocation is sufficient for all the events in the calendar year. Planning ahead will help you to have an accurate budget.
4 types of major hand outs
- Trade Show Giveaways
Trade Shows play an important role to generate fresh leads, increase your brand recall and add value to the attendees overall experience. Attendees will remember your brand on the products that you give away as swag. So, make sure to choose high utility items that they can actually use and make your tradeshow handouts stand out. You can choose budget friendly gifts like pens or tote bags that will let you hand out these logo items for everyone without breaking your budget. Daily use items like these have a great potential in raising brand awareness.
- Team apparels
Corporate Apparels will make a smart way to dress up your team and put your brand on display in a subtle manner. It is a representation of your business and makes great symbols of team pride for the employees. Everytime they wear these team apparels during business events and tradeshows, your team will double up as your brand ambassadors that can make heads turn.
Your brand and message on team apparels will get the undivided attention of the audience. Choose from various models including collared T shirts or jackets depending on the season. Life style apparels will take your brand wherever your employees go and will ensure a high visibility even outside the office.
- Employee Appreciation Gifts
Typically comprising of high value gifts, employee appreciation gifts will make great handouts during holidays and special occasions. Apart from making your team special and brand loyal, these logo items will make a great way to spread your message. Studies show that 69% of employees would put in more effort if they feel that their efforts are better appreciated. Recognize the contributions of your employees and make them feel special. From the classic favorites like awards and plaques to desk top accessories and more, there is a whole range of custom gift options to consider.
- Referral gifts
Referrals go a long way in making brands successful. Make sure to hand out referral gifts as tokens of appreciation and thanks to your customers who refer your business to others. Referral gifts will set off word of mouth publicity and will make your brand the talk of the town literally. Some of the gift items that can be considered include metal tumblers, T shirts, pens, bags and more. Customize these with your brand and message and see how these logo items will take your message far and wide.
Now that you have an overview on the four major budget allocations on custom products, planning your budget should be easy. You can even include more custom gifts for other types of events depending on your sales promotional needs and budget. By planning ahead, you can grab the best deals on all products that you need. Get started right away!
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