Branded marketing assets are a great way to promote your business and build customer loyalty. This merchandise has your company logo on it and gives people another way to promote your company. Your campaign could range from a simple T-shirt or key chain giveaway to a full company store that sells branded electronics, clothing and coffee mugs.
Putting this merchandise together can be expensive, however, so it's not a decision to rush into. Here's what to consider before launching this type of marketing campaign.
When Can My Business Afford It?
There's no exact method for determining when you can afford branded marketing assets, but as a general rule of thumb, it's something you should only consider once your business is established and in a comfortable financial position. Even companies that sell merchandise typically break even at best; most lose money in the short run in exchange for marketing value in the long run. If you're still building up to a consistent profit, wait to add this new expense.
One strategy to consider is selling or giving away branded marketing assets only after you raise capital through investors. If they're willing to put money in your business, this indicates you're in decent shape. The money they provide is meant to help you grow your company; you could use some of these funds to create marketing assets to hand out at a trade show or as a way to expand your revenue.
When you first start putting together branded merchandise, it's important not to get carried away. It's easy to get excited about building your brand through a range of merchandise, but you also have to make sure you stick with your budget. Pick a few different items you think will be the most popular and are the most reasonably priced. For example, starting with pens and T-shirts would be less expensive than branded sweatshirts and electronics.
The company creating your merchandise can give you estimates for the prices of these products. Let them know the size of your business and your rough budget, and see what they recommend for getting started. If your initial launch is a success, you can expand your branded product line as your business grows.
When you invest in branded marketing assets, make sure you're developing merchandise your customers actually want. It doesn't make sense to design a company shirt if no one will wear it, so think about what your clients will actually use. If your company provides tech security consulting, for example, a branded USB key would be more useful than clothing and would help consumers associate the merchandise with your services. If you sell or give away camping and outdoor gear, water bottles and backpacks could be a good fit. Consider surveying your best customers to see what they recommend.
Branded marketing assets are a fun way to promote your business if you can afford the investment. Keep this advice in mind as you make your first branded merchandise launch a success.