Though U.S. retail sales reached an all-time high last year, there are growing concerns about the price of goods and the subsequent impact. With inflation rising higher than it has been in decades, and gas prices remaining uncertain, it’s likely that disposable income will decrease – bringing the potential number of customers for your business down with it.
According to research conducted by McKinsey and Company, almost 30% of American consumers feel pessimistic about the economy today. That figure is up by half since March 2020. The trend of financial gloom is subsequently affecting spending habits. A&M Consumer Retail Group found that around 49% of people admitted that the products they wished to buy have become too expensive, whilst 59% are only shopping when they feel it’s essential.
Amidst this web of expanding economic crisis, great brands have to adapt accordingly. Given that many are encountering tougher times, the focus on acquiring goods for the best price and getting the most ‘bang for buck’ is very important.
Brands can aim to increase what the marketing world calls the ‘conversion rate’ of your business - defined as the percentage of people that have completed a desired action, this mainly refers to the purchases made on your website. It may be calculated using the following equation:
(Number of visitors that converted/number of people who visited your website, or in this case, the number of those who received a promotional item) x 100
Brands can increase their personal conversion rate by utilizing promotional branded products to increase awareness and build relationships with customers that can be sustained over time. The Promotional Products Association International (PPAI) prove that this really does work, as 52% of survey respondents bought from the company which provided them with a promotional product. We’re here to show you why.
1. How it boosts conversion
As explained, the key benefit of branded merchandise is that it can be used to boost conversion rates. But how does this work?
Perhaps most importantly, these products remain memorable to prospective customers. According to a study conducted by the PPAI, of the people who received a promotional product during the last two years 76.2% could recall the product and the company it came from. Couple this with that fact that a product is essentially a free gift and you’re onto a winner. Many successful brands have a long history of using freebies as a technique to boost sales. Take a look at Starbucks, for example, which established a free coffee rewards programme to encourage Americans to buy more coffee. Or Walmart, which regularly offers customers free samples. A quick search of ‘samples’ on their website brings up a number of giveaways which have the effect of massively increasing revenue.
Using personalized merchandise is no different in the results it generates. When people are willing to buy into a strategy that offers them free stuff, they will look to come back to your business time and again.
2. Which products are most likely to boost your conversion rate?
It’s important that you utilize products that meet people’s needs and that will really add value to their everyday - these will impact conversion rates most. When people see that your company has provided them with a useful item, they’re much more likely to reach out to you in the future. Putting the customers’ needs first by providing them with things they actually want is crucial. Here are our top picks:
Stationery (specifically pens, pencils and notebooks) offers highly practical items that will serve people every day. Whether they need a new pen for work or at home, or a notebook to organize their daily tasks, stationery is always extremely popular amongst recipients. The use of more quirky items such as our unusual pen collection can be particularly effective in making your brand extra-memorable.
The selection of drinkware we offer will also do the trick in filling that much needed hydration hole in someone’s life. From coffee mugs to sports bottles, travel mugs and beer glasses, we’ve got you covered. Recipients are again highly likely to use these products on a daily basis, serving as a regular reminder of what your brand can offer.
3. So, are promotional items really worth it?
In short, yes! If you’re looking to boost your marketing strategy and don’t know where to start, this could really be the solution that you were hoping for. Promotional products are invaluable items that resonate with customers and ensure they will remember your brand – and, most importantly, make that all important purchase!