How important is marketing to your business? Peter Drucker, tremendously influential to modern business practices, made a profound statement more than 60 years ago. He said that marketing and innovation are the only two functions of a business that produce results. Everything else – finance, legal, personnel and sales – are costs.
Marketing and Innovation – The Two Essential Functions of Any Business
Why is this true? Innovation is how a business distinguishes itself, whether this is with a better product or an improved method for providing a service. Business promotion or marketing creates a customer base for that product or service. In many businesses, the salespeople are the superstars. However, sales may take the order for the steak, but marketing generated the sizzle and the craving for the steak.
Never Allow Your Business to be Average
Consider Sears. For many years Sears was a preeminent company, the go-to store for countless families, supplying almost everything they needed. Consumer buying practices changed, but Sears didn’t. Their products were no longer viewed as unique or better, but as simply average – the kiss of death.
What is the difference between Sears and Apple? Marketing and innovation.
Promotional Products are Very Effective at Marketing Your Business
Your marketing budget is limited, so it’s important to spend those scarce dollars where they’ll do you the most good. Even when it seems as though the internet is everything, people still like to be given gifts they can hold and use. However, promos must be carefully chosen for your target consumers. They must be useful, high quality and possess a high perceived value. Cheap throwaway promotional items are a waste of money and will not promote your brand. Well-chosen items produce a great ROI and grow your brand.
- 85% of consumers become customers after receiving a great promotional item
- 31% of consumers own a promotional bag
- Consumers usually keep a promotional product for 6 months or longer
- 89% remember the company who gave them a useful promo 2 years ago
- 77% rank usefulness as the most important reason for keeping a promotional product
- Tech items and health and safety products are very popular
Promotional products can give you a big bang for your marketing buck and help your brand to stand out among competitors. Choose your item carefully, basing the choice on usefulness and quality. Giving fewer, but better promotional items can actually produce better results.