It is essential to outreach to the market in order to drive customers towards your product. One of the ways to do this is through the use of promotional products. These are items that bear the logo or name of the company. They are used to promote the company. They are provided freely or on offer.
What does it entail?
This marketing strategy involves the giving away of company products for a lowered price or entirely for free. Various offers such as 50% price cuts, free give aways, buy one get one free and others serve to ensure that a new product is well established in the market which will then put the company at par with the existing competitors at which time they can resort to their usual prices.
Importance of promotional products
1. It is cheap
This marketing strategy is very cost effective. The products that are used for promotion are merchandise that belongs to the company and thus, no extra cost is incurred in production. Furthermore, since these are promotional products, then they are at a subsidized level in order to give the consumers maximum utility that will see them seek the product at the original price presented in the stalls.
2. Brand awareness
Promotion ensures the brand gets known everywhere. There are products such as t-shirts and caps which can be branded with a company’s logo. Even months after the activity has ended, there will be people who will still be wearing these clothes which will increase the awareness of the brand to all consumers.
3. Introduction of the brand to the market
New enterprises are able to maneuver in new territories through thus strategy. A small scale firm that wishes to expand can use such products for it to gain instant recognition in the larger market. Moreover, in future, consumers will be able to remember and identify with the brand due to its promotional effort.
4. Future association
The provision of products for promotion to the market ensures that they will have further dealings with the company in form of purchases. This ensures the growth of customer loyalty.