The Promotional Products industry comprises establishments that design, customize and distribute promotional products. The market size, measured by revenue, of the Promotional Products Industry, is $15.6bn in 2021. The promotional products can be a profitable venture. Key chains, T-shirts, pens, calendars, and business card holders are some top sellers. So what exactly is the success mantra for your Promotional Products Business to stand out?
- Research Target Market or Niche
Understanding the target market is an important step towards your promo business. There are two ways you can sell promotional products online, i.e., B2B and B2C. Depending on your business model and requirements, you can decide whom you want to target. It involves the answers to several questions like:
- What are you passionate about?
- Research the network
- Type of the target audience
- Gaps that exist
- Demand for the promotional products
- Fix the Budget
Having clear and concise planning is necessary. Having a clear budget will not only reduce all unnecessary investments and spending but also attract more investors. It will also help you to monitor your overall business performance and overcome the drawbacks.
- Competitor Analysis
Starting with a unique approach will help stand out among the competitors. For that, it requires decision-making regarding the price, design, product selection, weakness, and market demand.
- Unique Selling Point (USP)
Here comes the question, what makes you stand out in the competition. This involves answering yourself about your business. Why people will buy from me? How can I increase my sales? Do I offer a product that can’t be easily obtained anywhere else? What are the strengths of my business? Am I offering my customers that are currently underrepresented by my competitors?
- Building Brand Recognition
This includes the following:
- The use of promotional products helps to create a brand identity and create awareness among new customers.
- Give away reasonably priced items that are unique.
- Branded items keep your company name in the foresight of the people you are trying to attract.
- Customize promotional items with contact information – including company name, logo, URL, or phone number.
- People need to recognize who you are, and the quality and service provided by your business.
- Use of Modern Technology
During earlier times all the customers, vendors, presentations, orders, and invoices were managed through Excel, Word, handwritten PO’s, Quickbooks, and a filing system. Today the cloud-based solutions have made it much easier to streamline business processes. Cloud software solution helps to solve the sales workflow challenges. While you plan to start a promotional products business, you can integrate our Product Designer Tool on your website. When you reach out to your customers, you can talk about customization and ways they can create custom designs.
- Marketing Tactics
Marketing is vital to make your business reach more people. Here are some other marketing ideas to market your website and business.
- Social Media Marketing
- Digital Marketing – SEO & PPC
- Influencer Marketing
- Resources and Tools
It’s critical to invest in ongoing education so you can stay in touch with trends, product information, and what’s happening in the industry.
Free tools and resources:
- Promo Kitchen – Offers blogs, podcasts, and mentorships
- Promo Marketing – Database with hundreds of thousands of products
- Diaspark’s Blog – This is where you will find the range of articles and blogs on how to run a modern promotional products business.
- PPAI – the industry’s largest non-profit association. PPAI offers education, trade shows and publishes a popular industry magazine (PPB).
- Regional Associations – Affiliated with PPAI, there are several regional associations that cater to distributors and suppliers in the smaller markets.
- ASI – the industry’s largest for-profit industry trade association. Like PPAI, ASI offers education, a product search engine (ESP), trade shows and publishes their own magazine (Counselor).
Over To You
This market has a huge scope if you start in the right direction. If you are looking for expert guidance on how to start a promotional products business, you can reach out to us.
CustomBuilt, our Promotional product software solution, streamlines and automates the business process of sales, sourcing, storing, managing, and distributing company promotional items.