Promoting your business can be done in a variety of ways. This can be done through conventional ad media such as commercials or billboards, social media posts, or even word of mouth.
Another way to spread the word about your company is through corporate giveaways. These are items that contain the logo or name of your brand, ranging from small items such as pens and mugs to apparel such as shirts and jackets, and are given out as a way to promote your business. In addition to being marketing vehicles, they can also just be given as rewards to employees for their good work or tokens to participants at a company-sponsored event.
However, budgeting corporate giveaways can get tricky at times, given how there are various things to consider. Here are some tips on how you can efficiently budget your corporate giveaways.
1. Determine what the giveaways are for and what they’ll be
Deciding on the details of your corporate giveaways should be your first step and can influence your entire budgeting process. To do that, you need to determine what the purpose is behind the giveaways. Just saying “for marketing” can be vague, so try to narrow it down. Are these giveaways just gifts for your own staff? Or are they going to be given in a particular event that your company is holding as part of a promotion? Knowing these details can help you determine how much you might need to shell out, when the turnaround for the items should be, and how many people are expected to receive them.
In addition, identify what kind of giveaways you’re planning to gift your recipients. Having a variety of giveaway items can be exciting for them, although just having a single type may be more budget-friendly. Consider as well what kind of giveaway is appropriate for your brand. For instance, if you’re running a travel agency, luggage tags are perfect giveaways to suit your business. Whoever the intended recipient may be is also important. Your employees may appreciate more pragmatic items such as tumblers or jackets, for example, so that they can use them in the office or at home.
2. Set your budget early on
Next is to set a specific budget for ordering and distributing your giveaways. This should include payment to the supplier and delivery logistics, that is if you’re planning to have the items shipped to recipients. This budget can either be per person or as a lump sum. Having a budget range can guide you in choosing which suppliers to partner with and to prevent you from overspending. It may even help determine what kind of giveaways are most suitable for you to order.
For instance, if you’re a small business and can’t spare that much for your giveaways, then simpler gifts such as wristbands or lanyards might be preferable. When setting your budget, try to add some leeway on top of it as well. You never know when extra expenses may crop up, so it’s better to be prepared.
3. Identify how many recipients you have
It’s also a must to identify how many people you’re planning to distribute your giveaways to. If they’re intended for your staff, then make sure you’ve got the latest copy of your employee list to know the number of items you should order. Meanwhile, if the giveaways are to be distributed during an event, check the estimated number of attendees. In both cases, try to order a small excess amount of the items just to be safe. Determining the estimated number of recipients will help you avoid having too many giveaways made and thus save you money.
4. Pick the right supplier
Choosing the right supplier to make your custom giveaways will allow you to get the most out of your budget. The first thing to check is the quality of their output. Since corporate giveaways carry your brand’s name, you certainly want the items to be of high quality to leave a good impression.
Likewise, choose a supplier who can offer a wide range of customization options for you so that, even if you want different kinds of giveaways made, you can just get them all from a single source. Lastly, check if their prices are within your budget. Try to see if you can negotiate lower rates as well if you’re planning to order large quantities for more savings.
5. Monitor the giveaway distribution
When distributing your giveaways, make sure there’s proper documentation involved. Confusion on whether you’ve already given one to a recipient or not may lead to bad logistics and distribution. This can deplete your stocks faster, which may lead you to ordering items again and thus spending more as a consequence. If you keep track of your giveaway distribution, not only does it keep things more organized but you also maximize your stocks.
Corporate giveaways are a great way to extend your appreciation to employees, attendees at an event, or your clients. They can also carry your brand name and increase visibility as recipients continue to use your giveaways. That being said, having a definite budget ensures the gifting process will go smoothly, from ordering the items from your supplier to distributing them to the recipients. With the tips included in this article, you can surely prepare your corporate giveaways without having to break the bank.
