Awards & Engraving

June '16

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60 • A&E JUNE 2016 F rom time to time, I've had the opportunity to speak and work with awards and engraving business owners about what can be done to boost sales, land new clients, and increase busi- ness with current customers. One viable option is to add promotional products and ad specialty items to the menu of goods and services you presently offer. Oh, you've tried that before and it was less than successful? Maybe this is a good time to resurrect the effort, but do it in a different way. BOOMING PROMOTIONS The promotional products and ad spe- cialty industry is booming. The Advertising Specialty Institute (ASI)—in its annual sales analysis of the 2014 promotional products industry—stated total distributor sales topped $21.5 billion, an increase of 5.1 percent over 2013 and setting a new record for the second straight year. There are well over one million items from which a distributor or its clientele may choose in over 700 product categories. The demand among the general buying public for these products is burgeoning. Did you know: • Eighty percent of all consumers possess between one and 10 promo- tional products, and among these folks, 53 percent use one at least once a week. • Nearly six in 10 of them keep a promotional product for up to four years; the average time any person hangs on to an ad specialty item is 6.6 months. • Sixty-nine percent of consumers would pick up a promotional product if they deemed it useful, and 48 percent would like to receive them more often. • Fifty-three percent of the time, pro- motional products generate a more favorable impression of the adver- tiser. In fact, before receiving one, 55 percent of people had already done business with that advertiser. But after being given an item, 85 percent did business with the company. There are definite best practices and pitfalls to avoid when adding promo- tional products to your awards shop offer- ings. Let's explore some. Looking for ways to bolster revenues and deepen your penetration in current accounts? Look at your gross profit margin when considering whether or not promotional products are a good fit for your business. IMAGE COURTESY LOGOJET By Vince DiCecco Adding Promotional Products to Your Mix …Wisely

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