What happens when you fail to create a swag budget? The potential consequences go beyond simple money loss; they also include missed branding opportunities as well as misdirected marketing initiatives. It takes more than just allocating money to create a well-thought-out swag budget; you also need to carefully invest in your brand's influence and visibility. However, you'd be surprised to know that it's easy to get off track and get subpar outcomes.
A robust swag budget is the compass you need to point you in the direction of effective promotional efforts that resonate with your target audience. That’s the purpose of this post; to show you how to set and maximize your swag budget.
Best Practices for Setting Your Swag Budget
Before setting your budget, consider these tips:
1. Order in Large Quantities
A survey by the Chartered Institute of Procurement & Supply (CIPS) found that when placing large purchases, UK companies frequently negotiate for better prices and discounts.
At higher quality, all items have price breaks. Having to hurry manufacturing and shipments to fulfill urgent demands will result in lower setup costs, which can result in significant savings. If you’re facing any difficulty storing bulk orders, kindly check out our inventory.
2. Gauge Quantity Based On Informed Decisions
Although it might be challenging to estimate quantities, you can use your lead generation objectives as a starting point. However, you’d be required to answer questions relating to how you’ll treat your attendees. Ensure you calculate the required quantity of items and budget, then add approximately 10% more. Having a surplus of swag is preferable to running out, as it guarantees you won't face shortages.
3. Prepare for Your Swag Requirements Ahead of Time
Work throughout departments, if possible, to identify company-wide requirements, or at the very least requirements for each office. For example, how many exhibitions are you sponsoring? Will your account-based advertising approach or sales promotion initiatives involve using direct mail? Will you require client appreciation gifts? Recognition for staff prizes or gifts?
4. Integrate Swag Into Your Comprehensive Plan
This is an opportunity to get innovative with your swag because there are so many options available. Planning ahead can help you have additional team members available to create something distinctive and attention-grabbing. In order to purchase swag that both your consumers and staff will want to utilize, you'll need to set a budget in order to identify what will work for your captivating ideas. Nothing is worse than trying to discover the ideal promotional item or giveaway at the last minute.
5. Anticipate the Number of Fresh Employees Onboarded
You might perhaps save money through volume discounts by factoring your new hiring forecasts into your purchase budget. To achieve maximum savings, it's advisable to make a single comprehensive order for the entire year instead of dividing it into quarters. You can get lower prices per unit by ordering in bulk. For instance, buying 30 branded t-shirts over the course of the year will cost more per item than buying 300 t-shirts over the course of the year.
Best Practices for Maximizing Your Swag Budget
The following tips will come in handy in your efforts to maximize your budget.
1. Know Your Goals
Getting the most out of your swag money means finding the right balance between spending smartly and showing off a style that's unique to you. But first, you have to know what swag means to you.
Knowing your goals will help you spend your resources wisely. You also need to be honest about how much money you have. Figure out how much you can spend on swag without giving up on other necessities. This way, you'll start off on the right foot with your spending.
2. Save Costs by Buying More Swag
According to a researchgate publication, procuring promotional products in bulk can save money substantially. To get the most out of your marketing budget, kindly note that finding inexpensive items isn't always the best strategy. A better course of action would be to buy in larger numbers. This is because many swag suppliers are willing to reduce prices for larger orders. For instance, you could get a price cut for purchasing a product in large quantities.
3. Buy Swag That Works for Multiple Occasions
Choose cool stuff that can serve different purposes. Easily switch from daytime to nighttime by wearing things like blazers that can go with many outfits. Pick simple colors and timeless styles that you can change up with different accessories. Adding layers, comfy clothes, and shoes that go with a lot of outfits makes your collection more flexible. Our product categories include:
4. Keep Your Swag Design Simple
Keeping things simple in design makes clothes versatile and always in style. Basic items like plain t-shirts or classic dresses are great because they're easy to match, can last a long time, and make you feel confident. When you choose a simple style, it lets your own unique fashion sense stand out without needing flashy decorations.
5. Patronising a Reliable Vendor
This aspect of maximising your efforts requires you to take your time and carefully choose a reliable and efficient vendor. Remember that when you opt for vendors with the cheapest promotional products, disappointment is inevitable. Partnering with the right vendor will eventually pay off because then you'll have the best quality products, the best service, and the lowest prices.
6. Outsourcing Warehousing to Your Swag Supplier
Always opt for swag vendors capable of warehousing your goods, and that's what we do here at Swaghut. Beyond price, quality printing, and eco-friendly options, choosing us is your best bet. Here at Swaghut, we're committed to saving you time and money if you trust us with your promotional products and inventory.
7. Leveraging on Product Bulk Discounts
Big discounts are the best way to save on your swag budget. For instance, placing a 30-unit order might not qualify for a discount. However, if you were to purchase 200 units in advance, you'd be eligible for a discount offer. Also, apart from the discount, the shipping fees for the next inventory can also be reduced.
A well-planned swag budget is essential to the success of any branding initiative. It might result in missed chances and unsuccessful efforts if it is neglected. Recall that according to this global ad impression study, there’s data showing that promotional items have the most impact. Therefore, make use of budgeting software, evaluate data from previous campaigns, and look for industry standards. That way, you’d be producing a lasting impression on your audience and financial results.