Do promotional products work?
As insignificant as promotional products may be, one thing is for certain – they work. In fact, business marketing research shows that promotional products are among the best and potent ways to gain favor with and to qualify customers and leads. Everybody likes to receive free stuff – and that’s exactly what a promotional product is. As much money as is currently being spent on promotional products, most of these items will be will be given away for free simply because it affords the company fresh exposure to new audiences. After all, people are not going to purchase things from other companies they’ve never heard of before. At the very least, promotional products make others aware of the company.
What makes them so potent?
On the outside, promotional products can be seen as useless trinkets and a waste of money. However, business marketing statistics shows otherwise. In fact, promotional products are so powerful that in 2014, over $18 billion was spent on nothing more than free promotional products. Let’s take a look at a few business marketing statistics to see what makes them so powerful, shall we? The statistics come directly from Promotional Products Association International.
People remember – over 90 percent of people currently own a promotional product they received in the last 24 months.
The advertisers make an impression – 89 percent of these people remember which advertiser gave them the promotional product with the last 24 months.
More than half of the people – 52 percent – who have received promotional products did business with the advertiser after receiving a promotional product. These 52 percent also reported having a more favorable experience with the advertiser after receiving a promotional product.
However, you choose your promotional products, the consensus across the board is the same. People who receive promotional products tend to have favorable experiences with the advertiser.
What can promotional products do for your customers?
Promotional products have an effect on people – even before they become your customer. In fact, promotional products are a great way to increase your customer base.
84 percent of respondents can recall the advertiser who gave them a promotional product.
Remember how we said that people who receive promotional products tend to have favorable experiences with advertisers? That number comes out to 42 percent of respondents said they had a favorable experience with an advertiser after receiving a promotional product. In a separate study, 24 percent of respondents claimed that they were more likely to work with an advertiser after receiving a promotional product.
How about guaranteeing business? 62 percent of respondents from the study said that they have done business with an advertiser once they receive a promotional product.
Of all the different types of promotional products available, pens have the most profound effect. 54 percent of respondents claim they can recall owning a pen as a promotional product from an advertiser. The next most recalled items in order were shirts, caps and then bags.
When you choose to purchase a promotional product, make sure it’s useful because 81 percent of respondents keep their promotional products for that very reason – they find it useful.
Just because someone isn’t ready to do business with you right now doesn’t mean they won’t be ready next month. Consider the possibility long-term business as over 75 percent of respondents have kept the promotional product for six months or longer.
Business marketing research has revealed that bags have over 1000 impressions per month – 1038 to be exact. Among all the options for promotional products, bags are the most used – respondents report using them an average of nine times per month.
Promotional Products are Advertising Specialties
The average cost for impression for a promotional product is $0.004. That makes promotional products receive the most favorable return than any other advertising media.
What can promotional products do for your business?
People always think that promotional products are for the customers. What about the businesses? What can promotional products do for your business?
Simply by mailing a small promotional product such as a pen can increase the likelihood that a customer will call you back by up to 50 percent.
People who receive promotional products are much more likely to refer the advertiser to other people than those who don’t.
Inspire Repeat Business
Among the people who already make up your customer base, promotional products can inspire repeat business by up to 16 percent.
Make Your Business Likeable
Consider sending out promotional product instead of a simple thank you letter. This can increase the likability of your business by up to 25 percent.
Make Your Business Stand Out
Promotional products increase the awareness of your business among people. Furthermore, it can increase a customer’s preference for an advertiser’s products by up to 70 percent at trade shows.