Promotional gifts have long been a standby for businesses to promote their name, brand and message. However, due to the ebb and flow of economy, many businesses had eliminated them from their budgets, but are now finding the need to reinsert them into the financial plan.
According to a study by PPAI, only half of responding businesses gave corporate gifts in 1991. Compare that to numbers from 2007, when over 84% of businesses handed out gifts such as Trolley Tokens. A business gift, companies have found, is a great way to build relationships and increase profits. Below are a few other ways promotional gifts can benefit a business.
Promotional gifts with the corporate name and logo are a great way to get the company’s name in front of the target market. Brand awareness involves the building of positive associations, and a useful gift like Custom Trolley Coins will have customers thinking of the company every time they shop.
Not only are promotional gifts a thoughtful gesture, they are a relatively low-cost advertising method. A study done in 2008 shows promotional products have an average per-impression cost of just $0.004. By comparison, newspaper and TV ads cost almost $.02 per impression, indicating a promotional gift provides almost 500% more value for the advertising dollar.
Promotional gifts like Branded trolley tokens can enhance potential customers’ opinion of the company. When people receive a free product, they are more likely to develop a positive opinion of the company. Even outside the business world, gifts are seen as gestures of goodwill. Therefore, it makes sense that a corporate giveaway will increase customer satisfaction.
A promotional product can inspire interest in a company, and most customers are more receptive to businesses that give freebies. Gifts such as Trolley coins can be used as incentives to visit a website or sign up for an e-newsletter. Purchase intent can be up to 20% higher when customers receive promo products, and gifts are a great way to bring in new leads.
Along with increased brand awareness and customer goodwill come more sales. Studies show that customers who receive free products like Trollley Tokens usually spend more on services and products from the company giving the gift. If a customer feels that a company is adding value to their products, they are more likely to spend big.
Another study suggests that customers who receive business gifts are more likely to reorder. When a company gives away promotional items, they remind customers that they’re grateful for their business.
Sometimes, a company’s own customers can bring new leads. Promo products like Trolley coins can encourage lead generation, but they can also make a great incentive. Letters offering gifts in exchange for referrals are up to 500% more effective than traditional letters.
Giveaways can improve the attitudes of employees as well. Awards and corporate gifts can reward good work and thank workers for continued dedication. These products can remind employees of a particular part of the business.
Promotional products are a dependable, cost-effective way to offer tremendous advantages in the competitive business world. Regardless of the industry, businesses should consider incorporating gifts into a new marketing strategy.