It feels bad when your business’ trajectory is going down. It’s even worse when you see that your competitors are moving up. It means that not only did they find new customers, but they might also even have snatched some of your existing customers. Therefore, it’s time to consider doing something different.
The use of promotional merchandise might be an old marketing campaign, but many companies started forgetting about it. The idea is that you will give something for free. It doesn’t have to be a product that you sell. It could be a cheaper item that bears the name or logo of your business. Mugs, umbrellas, shirts and pens are some of the most common items given away. They’re cheap and easy to mass produce. You can find more of them at https://www.fyldepm.co.uk if you haven’t tried using them before. These are the signs that it’s time to give them a shot.
Your existing customers keep moving away from you
When you notice that your sales start to go down while it’s the reverse for your competitors, it’s a sign that you need to change. You can win back your previous customers by giving them something for free. It’s no longer a question of how much they liked your product. They were your customers for a while. It means that they loved what you had to offer. Perhaps, the other companies gave them something more, and it made them change their mind. Giving them promotional items might allow you to win them back.
You can’t reach local audiences
There’s nothing wrong in focusing on online marketing strategies. The problem is that you’re targeting general audiences and probably losing local customers. Therefore, you need to find a way to win them. Giving random items on the street to potential buyers might be a good idea. Make sure though that you’re giving these things to the right people; otherwise, you’re wasting your time advertising on those who won’t change their minds.
Your prices are higher than your competitors
Pricing matters in any business. You want to put a price tag which allows you to get back your capital, but also earn more. You need to compute your operating expenses to decide at what price you will sell the items. You also have to compare with your competitors to see the difference. If you’re offering high-quality products, but at a higher price, you could turn off some potential buyers. Therefore, you need to win them back by giving something for free. It sends a message that you’re not only after their money. You’re also willing to give something without asking for anything in return.
These aren’t the only signs that you have to give promotional items. Even if you don’t see these signs, you have to consider giving things away. It’s a way of endearing your company to your target audience. You can think about what to give out and how much to spend. You’re not earning from this effort, but it’s a risk that’s worth it.