As we approach the new fiscal year, it’s a good time to evaluate performance and to plan your promotional product strategy and associated budget projections so you get the most out of the dollars you set aside.
We all know that when you plan now, you'll thank yourself later — especially when it comes to budgeting.
Proactive planning can allow more flexibility, high level customization, and ease of mind, which will give you time to focus on important things like growing your brand throughout the year.
Refine your marketing strategy and action plan
A marketing strategy can be very handy when going through the process to make the most of your marketing spend and guarantee you’re placing your resources both to retain customers and to attract new business.
Begin the annual marketing budget by outlining what you plan on achieving and how those marketing goals feed into the overall business goals, as well as the timeline that will drive momentum.
Take into account operational costs such as internal department staff, vendors, or agencies. Consider current trends, company growth phase, and expected or projected audience reach.
When placing promotional products, custom merchandise, and company apparel as their own line items in your marketing budget, begin by bucketing your nice-to-have items on a wishlist with a section for your must-haves.
Alongside this, map these items against the yearly activity you have planned. Let’s review each step so you can assemble a bullet-proof and stable budget you can tap into all year long.
Planned events, sponsorships, and trade shows
Important events to keep in mind are trade shows, marketing campaigns, community events, and sponsorships. Don’t forget to leave some wiggle room for the unexpected costs associated with these events.
Mapping these out can give you an understanding of what kind of premiums you will need, when you need them by, what goals you’re seeking to achieve, and how much, cost-wise, you should put aside to make these events go off without a hitch.
Make a wishlist
Consider that budget is not a question and place all custom items you’d like to help you achieve your goals on a wishlist. These items are pieces that would be most beneficial to your company outside of fixed and operational costs.
Talk to your audience to find out what would matter most to them
So a large part of getting the most out of your 2020 budget is about getting to know the people that drive business.
You can then develop a plan of action based on knowledge like what they would use on a daily basis, what they would want to take home from an event, and what environments they would likely be using your products in.
Examples of items to fit into your 2020 budget
Once you have the year mostly mapped out, you can start thinking about what kinds of items to consider exploring.
Here are just a few ideas to get you thinking:
Branded t-shirts and long-sleeve shirts
Trade show giveaway items to keep engagement high
Narrow down the list and get started
Start narrowing down to the items that would truly connect with your company and audience, achieve your marketing goals, and grow the bottom line. To decide on what makes the final cut, remember these steps:
- Design a marketing strategy based on input from your goals, target audience, events, and that wishlist you created
- Write out your fixed and operational costs
- Re-work your marketing strategy with budget considerations
- Finalize and bring it all together
Contact a branding expert to discuss options based on your budget and marketing plan. Sooner is better than later so you have flexibility in customization, no stress on the timeline, and can produce the perfect premiums for your brand.