The business environment is continually becoming more competitive. To stay ahead of the competition, businesses have to find innovative ways of promoting their products. One way of doing this is by selling branded merchandise.
Simply put, branded merchandise refers to any product that bears the logo or any other visuals that reflect a company’s brand identity printed on it. The purpose of branding business merchandise is to promote a company or a brand.
When branding merchandise, businesses need to be creative to improve their visibility in the market. One way of doing this is by branding different items that they can sell to their target audience.
Most marketers achieve this by branding products that people use on a day-to-day basis. These include T-shirts, apparel, caps, hoodies, keyrings, bottle openers, drinkware, and accessories, among others. So, how do businesses benefit from selling branded merchandise?
Below, we show you how branded merchandise can help your brand:
1. Generates Additional Revenue
In addition to their ordinary revenue streams, businesses that sell branded merchandise are able to create additional income streams for themselves. However, to earn a good profit margin, companies should keep the cost of producing branded merchandise low.
Since different customers or prospects have varying preferences, companies should consider diversifying the branded merchandise they sell to customers. For instance, you can sell magnets, bottle openers, magnets, T-shirts, bags, and keyrings, like those that Steel City Marketing produces. This way, they boost their chances of selling a branded item to each customer since every person is able to find something that they like.
2. Boosts Brand Visibility
People love to belong. Selling them branded gift items that people use on a daily basis makes them aware of the brand that’s offering them. Better still, selling branded merchandise is a great strategy for placing your brand before your target audience on a daily basis.
Brand visibility matters in business. When you brand your merchandise, you put it out there for people to see and become aware of it. These people are then constantly being reminded of your company, whether they know it or not. Your brand also becomes visible to any other person who comes into contact with those who use your branded merchandise.
Additionally, when your target audience is constantly aware of your brand, it’s highly likely that they’ll buy your product anytime they need to resolve an issue that you’re specialized in. This has a positive impact on your company’s sales revenue and profitability.
3. Sets Brands Apart
The business space is more crowded and noisier today than it has been at any given time. Data from Psychology Today shows that every single day, customers are exposed to at least 3000 brands. This means stiffer competition, which makes standing out from the crowd a priority for every business.
The creative nature of branded merchandise forces businesses to think of unconventional ways of making their brands stand out from the competition. Selling branded merchandise helps set brands apart in the noisy, crowded marketplace. By branding promotional items, like T-shirts, pens, caps, or water bottles or openers, businesses leave a powerful impact on their customers or prospects in ways that’ll position them ahead of their competitors.
4. Increases Customer Engagement
One way of maintaining customer interest in your product or service is to keep them engaged. People who own branded merchandise have the power to engage with prospects as well as current customers who are already buying from the company. When they’re in branded merchandise, they’ll take and share photos of their travel activities, events, and other cool activities to identify with a brand or company.
By selling branded merchandise, businesses can leverage this power by building communities of the people who use their products to increase customer engagement. For instance, businesses can encourage customers to take and share photos that show off their swag. This way, they increase customer engagement and even drive sales from their networks.
Creating and selling branded merchandise is a simple, yet powerful way of keeping your brand on top of your target audience’s mind. For businesses that adopt it, it becomes a double-edged sword–it promotes their brands by enhancing visibility and, at the same time, serves as a new revenue stream for the business.
If you’re looking for a way to build loyalty and keep customers hooked on your brand, selling branded merchandise is a great strategy. You can leverage the power of the fact that people long to belong or you can build a customer community by running a photo or video sharing challenge wherein buyers participate using your branded merchandise.