With small businesses being the backbone of the Australian economy and accounting for around 95% of Australian business, it’s important SME’s manage their finances and marketing correctly to ensure longevity. Keep reading to learn more about promotional products and their use in SMEs.
Australian SME Statistics:
- 2,079,666 actively trading businesses in Australia at June 2013.1
- 2,050,642 businesses operating in June 2009, of which 62.9% still operating in June 2013.1
- 342,753 new business registrations during 2009-10, 47.5% were still operating in June 2013.1
1 http://www.abs.gov.au/ausstats/[email protected]/mf/8165.0
Running a small-medium sized enterprise as a whole, can be challenging. One of the areas that many SME’s struggle with is trying to compete with the large businesses and global giants, with huge advertising budgets, who offer the same or similar products and services. Keeping a steady stream of business just to keep afloat (disregarding the dream of a profit!), can seem like a never ending challenge. The average small-medium business obviously does not have the same marketing and advertising budget as a large business. SME’s need to be creative with how they market and promote themselves to ensure they continue to reach their target market? A great option to consider is using Promotional Products to connect with prospects and leads.
How do Promotional Products improve business and brand recognition?
With a small advertising budget, it is hard to find an original and effective way of being remembered. Promotional products are a great way of leaving your mark with customers and clients. In the past, promotional products were limited to mundane and unoriginal items like personalised pens or key rings. Now, the range of promotional items has grown so vastly that you would be hard pressed not to find something that relates to your business. You can find all kinds of promotional products that suit your business. From t-shirts to hats, dog leads to water bottles – the variety of branded products available in the market, has never been so diverse.
Promotional items can boost brand recognition more so than television or radio advertising. Therefore, customers are more likely to remember your business if you have left them with a promotional product. Combining the low upfront costs of promotional products, with the wide reach of customers, the right promotional item for the right customer can be a valuable avenue for small-medium businesses.
Promotional Products are inexpensive
Rather than investing budget in marketing and advertising that doesn’t perform, promotional products are becoming cheaper for small-medium businesses to stock. With a vast range of products available, this is the perfect time to capitalise on promotional products to advertise your business. Even if your budget is modest, there is bound to be something to suit your requirements.
Promotional Products can generate revenue
A small-medium business can use these products to generate income. Strategies such as having free promotional products in gift bags, and selling associated promotional products can instantly help your bottom line, without too much effort. For example, if you own a gym or fitness centre, you could give away key rings or t-shirts, but sell promotional towels and water bottles. There are so many different promotional products; it is easier to choose ones that relate to your business, and target markets, that will support the recognition of your brand.
Promotional Products can be used in a variety of ways
Promotional products can be used a variety of ways and are adaptable based on individual requirements and circumstances. With clever ‘out-side the box’ thinking, a small- medium business can make the most of their usefulness.
These products shouldn’t just be handed out to anyone. As an SME, you can use these promotional products to reach a new audience. Supporting local community events is a great way of distributing the promotional products to a wide range of people. It also demonstrates that your business is linked with the local community. You then become a community member, rather than simply a business owner. People remember that kind of support.
There are hundreds of ways you can use promotional products for your business. They are having an increasingly important role in marketing small-medium businesses. Let’s look at the top 5 uses for promotional products.
1. Launching new products or services.
A successful product launch needs to educate and alert prospective customers to the new product. In addition to this, it needs to be memorable. As discussed above, promotional products increase recognition. Using promotional products to launch your new product or service adds a ‘wow’ factor to your target market.
2. For opening new accounts.
Reward new customers with free promotional products for joining up. It makes a good impression, adds value and creates a positive feeling towards your business.
3. For re-activating inactive accounts.
Similarly, you can encourage and reward ‘lost’ customers who come back to your business.
4. Use in trade shows.
Using promotional products in trade shows increase traffic to your business. Using innovative items is a great way to make a big impact.
5. Use for name or business changes.
While your company is going through major changes, it can be a worry that customers will forget, or not recognise the new brand. Using promotional products can restore their awareness of your business and also go to reassure them that you are still open for business.
The final word
Overall, promotional products improve your relationship with your customer. They can help build customer loyalty and satisfaction by having something around to remember you with. It keeps your business firmly in the customer’s mind so the next time they need a product or service that you provide; they will contact you, rather than your competitors.
By having your logo printed on thousands of products, which allows many new and innovative ways to remind customers to do business with you. Of course, along with your brand or logo, you will want to incorporate a call to action wherever possible, which may be your phone number, website, or a social media profile of some kind. Promotional products and their use in SME’s, quite literally, help them stay in front of customers, clients, suppliers and prospects. With some thought and consideration, they are certainly something that should be on every marketing agenda in 2015.
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