You Have To Know Your Numbers With Promotional Products

know your numbers calc

If you are in a room filled with 100 qualified prospects ready to buy, how much would you spend to get each customer?

It’s amazing how many times we sit down with a new client and ask that question…and there is nothing. Crickets.

People often get taken aback because we have met with them to talk about promotional products. And let’s be honest, the majority of people who think about promotional products do not think about them in the sense of getting an actual return.

It’s merely buy some pens and hand them out. With the hope that they remember you when it is time to buy what you are offering. Click here to learn what we think about HOPE being a valid strategy!  Because Hope is Not a F*&$%#@ Strategy!

However, a promotional products campaign is no different than any other marketing campaign. It can be used in so many areas of an organization’s marketing efforts to simply start a conversation

Before you start that conversation though, you need to establish goals. To intelligently establish a goal, or anything else for a successful promotional campaign, you need to first understand your sales numbers. Without knowing your numbers, ROO and ROI will be irrelevant.  

 

Some questions that need answers:

    1. What is your dollar average amount per order/sale/contract?
    2. What is your gross profit margin?
    3. How much does it cost you to get a new customer?
    4. How long is your average sales cycle?

 

Assumption for this example:

If your average sale = $1,000 @ 30% GPM = $300 Gross Profit.

If it’s me, I would spend up to $50 on each of the 100 people to earn their business.

100 customers x $50 = $5,000 budget

100 customers x $1000/customer = $100,000 in Gross Sales…HELLO!

 

If you start with the numbers, you will almost always be happy with the promotional products campaign you run.

To check YOUR ROO/ROI #’s, click here to use our online, Tradeshow Bait Calculator

To get a full step by step process on How To Use Promotional Products To Get An ROI download our guide.  

Promotional Products: Starting the Conversation

Starting the conversation

There are many ways of closing a sale. But, the one given thing for most B2B businesses, excluding pure e-commerce, is that in order for a person to buy your product, or service, one thing has to happen. . A conversation!

Traditional methods of prospecting requires spending a lot of time cold calling, leaving messages, sending emails and simply getting the brush off because you haven’t been able to capture someones attention.

You’ve hired the best people for the job, but as any expert salesperson will confirm, having a tool box with the right tools is critical in starting the path to converting a new customer.

 One of the most useful tools you can provide for your team’s lead generation is promotional products.

Imagine turning a simple branded item into your #1 sales person!

Enter the promotional product. We all love free stuff, however, if you give stuff away without any need for the person to respond to your kind gesture, then you’ve just wasted time and money.

Sure, promotional products have an extremely high brand recall when the person is asked to identify the advertiser, but if you aren’t asking, they aren’t remembering and even worse…they are not going to be buying from you!

 

HOW DO YOU START?

The next step is to identify how you want to start the conversation. Do you want to speak over the phone or have a face-to-face conversation?  Whatever the goal is for your company’s particular sales plan, it will determine what your call to action is.  So how do promotional products fit into that?

It’s easier than you think. By arming your inexpensive, ‘teaser’ promotional product with a compelling enough incentive to pique your prospect’s curiosity, you are casting the bait.

When you get someone to ‘opt-in’ to your offer they have actually given you permission to engage them, you’ve set the hook!

How meaningful that conversation will be is up to you, so don’t blow the opportunity. It will be unlikely that person gives you a second chance.

 

You Can Call Me Anything, but Don’t Call Me Actionless

Start with getting your prospects to register online, which includes a call-to-action clearly describing your product or service, along with the hook:  Register and we’ll send you a highly useful promotional item.

Make this item something they would want to have, but wouldn’t necessarily buy for themselves. How much you spend on that item will differ for everyone as profit-per-sale varies greatly for every business.

If you make thousands of dollars from each sale, offering an item with a perceived value of at least $25.00 is a no-brainer. As long as the inexpensive ‘teaser’ promotional product is no more than a few dollars, you’ll be in great shape.

Obviously, a call-to-action must lead someone to, well…take an action! Invite them to an event, to accept your phone call, to register online, to take a quick survey.

Make the task simple and the incentive meaningful.

 

Tech Is Hot

Right now, the hottest promotional products for capturing someones attention are technology related. Everyone knows technology.  Everyone uses technology. Everyone wants the latest and greatest gadget.  

From portable chargers at the low end to Bluetooth speakers at the high end, you’ll get a lot of conversations started once your prospect receives that free item.

How can that work?  Think of it this way.  

You give your prospect the branded case for a portable charger…but the charger is NOT included. What is included is a card with a call-to-action resulting in receiving the portable charger upon completion.

Once the person responds, you have permission to begin your conversation. It’s a win-win!

 

Draw Them In with Writing Virtually

Drawing them in virtually

Chargers and Bluetooth speakers are still ‘hot’ but the newest ‘Tech’ promotional product is a virtual keyboard.  The keyboard is about the size of a lighter.  

Connect it to your phone, tablet or laptop, and, using LED lights, a keyboard projects onto whatever solid surface it’s sitting on.  

The keyboard is used the same way as a regular keyboard, complete with the sound of the keys as they’re pushed.  

 

Turn your Suspect into a winning Prospect!

In a prospecting situation, it is important to sell the sizzle and not the steak! Grab their attention with a cool object as a thoughtful distraction.

Don’t think for a minute people are stupid and try to trick them, you have to offer people something that will genuinely benefit them. No Bait-and-Switch! Honesty and integrity win every time.

The equation is simple: inexpensive item with a compelling message leading to an action for you to have a meaningful conversation. Done!

Now do this 100-1000 times a month depending on your business size and watch how quickly your sales flow fills up with better customers that are genuinely interested in learning about how your product or service will help them build a better business for themselves.

Promotional products can mean the difference on whether or not your prospects become customers.

Here at Edventure, we offer a variety of promotional items with great appeal that can push your sales team to higher levels with more closes.

 

Call us to find out and we’ll send you this ‘charged}’ screen cleaning cloth!  312-440-1800

To get a full step by step process on How To Use Promotional Products To Get An ROI – download our guide.