While branded merchandise is often thought of as a marketing option for larger businesses only, it can also be exceedingly helpful to small companies looking to boost name recognition. Branded merchandise can also shore up customer loyalty, which is an essential concern to virtually every business. The following tips will help you make the most out of your merchandise branding, no matter the size of your business.
Establish Clear Objectives
While it may be more difficult for smaller businesses to invest in branded merchandise, establishing clear objectives at the outset can ensure your money is used wisely. This requires catering to your desired audience by selecting those items that will have the greatest impact.
More practical businesses will want to offer useful items to remain inline with their image, while businesses dealing in entertainment or leisure can provide more whimsical products. Sites like halo.com offer a wide range of potential merchandise, enabling every business to locate suitable items.
Evaluate Production Costs
Like all business decisions, the total cost of merchandising is an important factor to consider. Spending too much on products that fail to resonate with your target audience will only end up hurting your business overall. That’s why you should carefully weigh each option before making a decision on what sort of branded offerings you will offer to consumers.
Calculating an intangible return on investment is difficult when it comes to advertising, as it may be hard to judge the level of customer engagement made possible by your branded products. Producing a small batch of items and seeing how effective they are will help you determine whether your investment is sound.
Develop a Distribution Plan
Price is also a factor in how you distribute your branded merchandise. In general, items that are on the expensive side should be the focus of a targeted marketing campaign composed of a select few individuals. This will help you gauge just how well the item is received, while also preventing you from squandering money.
Conversely, less expensive items should be handed out freely to a number of customers. Things like pens, magnets and notepads can be provided to customers when making other purchases, or they can be included in shipments as a means of thanking recipients for their loyalty.
A key reason to give away practical items is to ensure your brand name is top-of-mind right when that customer is thinking about buying again. Any item they can use regularly provides excellent branding and name recognition for your company.
Boost Your Brand the Smart Way
Small businesses often need a boost to be able to compete with more established companies. Making an investment in branded merchandise can do just this by introducing your goods and services to a larger audience while generating repeat sales from existing customers.
Latest posts by Dana Davis (see all)
- Personal Branding for Business Owners: Is It Necessary? - March 18, 2017
- Kajabi vs. Thinkific: An LMS Head-to-Head Review - March 6, 2017
- How to Effectively Transition from a Corporate Career to a Freelance Career - February 22, 2017