Embed Size (px)
Citation preview
Get more out of your 2016promotional product budget -Working with an expert can savemoney, net better ROIPosted on December 15, 2015 in Growth Strategies
Comments Facebook Twitter LinkedIn GooglePlus Pinterest Print Email
If you’re working on your 2016
marketing budget, you’ve likely
thought of promotional products. But
what should you budget for
promotional items and corporate
apparel?
Marketing is a bit of a gamble, more art than science. However, working with a
consultant who both specializes in promotional products and understands the
marketing in the HME industry can result in the best return on investment.
Jennifer Heller, division manager of VGM Corporate Specialties and eight year veteran
of the promotional product industry, shares what VGM Members should consider
planning for 2016.
Q: What percentage of my overall budget should I allocate to marketing?
A: The first step is to set your annual budget for marketing. Small businesses with
revenue lower than $5 million allocate 7 to 8 percent of their total revenue to
marketing. For businesses with revenues over $5 million should allocate between 10
and 15 percent.
Marketing spending should also take into account your business goals. Budget on the
lower end of that range if yours is a well-established business with a goal of
maintaining current awareness. But if yours is a new or established business planning
for growth, you’ll need to allocate more to marketing. Ditto if you need to build
awareness regarding mergers or acquisitions.
Q: What percentage of my marketing budget should I allocate to promotional
products?
A: The budget for promotional products isn’t as important as an overall budget per line
item, such as trade show or event. Evaluate past performance on your efforts.
Eliminate or reduce the budget on efforts that didn’t show an ROI the previous year
due to low attendance or incorrect target market, and then move the funding to those
with more untapped potential.
Budget for staple promotional items to hand out throughout the year – e.g.,
sponsorships, community events, and marketing to colleagues – and branded apparel.
Remember, professional attire such as scrubs and polos fall under your VGM member
discounts.
Q: What are some trade show do’s and don’ts?
A: Track the results, including the number of leads, sales conversions and new revenue
from each event. This information provides an excellent risk assessment.
If an event provided a positive ROI, increase that line item by adding promotional
products to both increase traffic to your booth and drive business later. If an event
wasn’t good for you, but you see your competitors getting an ROI, reevaluate your
execution.
In addition to the promotional items you give away, everything from tables to signage
and event-specific attire falls under the corporate specialties category. Through VGM
Corporate Specialties, VGM Members receive discounts on all of these items. Your
tangible savings can be significant; the impact our experienced staff can make on your
ROI is priceless.
Q: Does it matter where I buy my promotional products? I’m just trying to save
money.
A: Who you work with matters for several reasons. Trends don’t last; a knowledgeable
specialties industry consultant who stays current can propose new products and
promotional ideas that will produce results by getting and keeping people’s attention.
If your current consultant is asking you what you need, go elsewhere. I attend
corporate specialties industry trade shows to learn about new products and how those
products can be used to help my clients reach their business goals.
Q: How should I decide what to give away?
A: If there is untapped potential at a conference or trade show, inexpensive
promotional products can still drive traffic to your booth and increase your chance at
an acceptable ROI – when the right product is used in the right way.
Handing out the bulk candy can actually do more to limit your potential, both at the
show and after; no logo or messaging means zero impressions.
A logoed bag makes a high number of impressions: they’ll think of you when they use
the bag – and subliminally recommend your company to those around them. But ROI
means thinking beyond your logo, website, and phone number. Imprint your bag with
a call to action and special offer. Adding a reusable promo code that’s good for six
months enables you to track results.
Give away a lower priced item to the general attendance and hold back nicer items for
qualified prospects to make them feel special and encourage the relationship. Go a
step further after the show, remembering them during the holidays with a gift.
What does this mean to you?
VGM members receive exclusive member pricing on promotional products, uniforms,
and corporate apparel ordered through VGM Corporate Specialties.
Simplify ordering, stay within budget and save across the board with your own Online
Company Store through VGM Corporate Specialties.
Call Jennifer Heller at 855-221-1114 or email [email protected]
Tags:
Recent Posts
2 Comments Sort by
Michael PhillipsI have a small local auto business, and I like to use some promotional gifts forit. I prefer custom printed lapel pins I order fromhttp://www.pinsource.com/en/products/printed service. They cost me not muchmoney at all, but they are great freebies for my customers Like · Reply · Jan 7, 2016 10:51am
James BorstCustom promotional products are always good to invest in. They can helpreally get your name out there. It's a good idea to think about and make surethat you've considered.
http://www.slickpromotions.com.au/aboutus.aspxLike · Reply · Feb 3, 2016 12:31pm
Oldest
Add a comment...
VGM Welcomes ACES’ Border Patrol Cybersecurity Solutions
Streamline Workflow, Process Management with Medforce Technologies
DMEPOS Providers Make Waves with SBA and Congress
They’re Raving about Mission Possible. Come and Find out Why!
A Tumultuous Start to 2016 Shapes Legislative Priorities for Complex Rehab
Archives
March 2016
February 2016
January 2016
December 2015
November 2015
October 2015
September 2015
August 2015
July 2015
June 2015
May 2015
April 2015
March 2015
Categories
Billing/Reimbursement
Diversify
Education/Training
Growth Strategies
HME Government Issues
Membership
Service Solutions
Thought of the Day
Vendor Spotlight
VGM News
View All Posts
Home
Careers
Contact Us
Events
Tour
1111 W. San Marnan Drive • PO Box 2817 • Waterloo, IA 50704
© VGM & Associates, Ltd. All Rights Reserved.
