With so many businesses cutting back, a question we often hear is, why should we invest in promotional products?
Even as we are coming out of the recession, businesses are still being careful. This is because hundreds of small to medium businesses failed during the recession, even larger retail brands found themselves in administration, with many liquidated. With this in mind, it is clear why businesses are being so careful and still cutting back. However, as we start to come out of the recession it is important to spend money to help the economy get back to its full strength.
A famous quote says that “you need to spend money to make money” and in today’s economy that could not be more true. How do people know you are there if you don't spend money on promotion? Of course, word of mouth helps but it doesn't have the same impact as promotional items do. It's not only promotion that you need to spend out on, what about the product you are going to sell? Or if it's a service, perhaps you have had to spend out on computers, or even just electricity.
It is very difficult to start a business without promotion. Promotional products in particular are a very powerful marketing tool. There are many statistics and case studies stating how promotional products have helped people and led to an increase in sales. This is largely because you are promoting the business through something that people want rather than a flyer which they don't find useful.
Another reason you need to spend money is to help the economy strengthen. The economy goes in a big circle. If you cut back your spending, then your supplier will struggle, this could lead to redundancies which could then lead to people not being able to afford to purchase from you. So everything you do can affect the economy. By investing in your business, you are helping other businesses which in turn helps the economy to survive.
When choosing promotional products you need to make sure you choose wisely, research shows that recipients of promotional products are 98.3% more likely to do business with you if the product is useful.
In order to keep your business afloat during tough times it's important to spend money on promotion. As we have said, promotional products are an important promotional tool for all size businesses.