The Promo Industry: Price vs. Value

Promotional Products: Price vs. Value

In an increasingly competitive industry, how do you set yourself above the crowd?

How can you compete with a business that is offering sub-market prices for the same products that you are selling?

At first glance, it may seem that you are out of the race to be the highest selling distributor or supplier.

But, we have some good news! You can be a viable competitor despite lower prices and higher volume of competitors.

It’s Not Just The Promotional Products Industry…

If you take a step out of the promotional products industry and into, let’s say, the tech industry, you will find they have the same issues as you do.

What name comes to mind when you think of a ‘computer company’?

Probably Apple or Microsoft, right?

Well, there are 40+ other computer companies that sell desktops, laptops, and various electronic devices for significantly less money, but they somehow manage to escape the consciousness of most households.

Why is this?

Because what you choose to spend your money on whether business or personal, is NOT entirely dependent on prices. 

The Secret Ingredient to Your Business’ Success

I’m going to tell you something about business that may blow your mind and simultaneously knock your socks off…

Branding is the ticket to success.

It is more common than not in human nature to choose stability, comfort, and trust over uncertainty. There is just too much that can go wrong if you take a risk with your hard earned money.

A brand is a company that lets their company culture ooze onto their customers. They are transparent. They say they will do something, and they follow through.

What makes companies like Apple and Microsoft so successful?

Yes, they have beautiful interfaces and sexy products, but that has evolved over time.

The fundamental component of their respective successes is that they build a life-long relationship with their customers.

Side Story: Our Digital Marketing Executive Tina Cheng is very vocal about her ‘Apple Lifestyle’. She has a Mac desktop computer, a MacBook Pro, an iPad mini, an iPhone 5, and she believes that everyone should do the same. When I asked Tina why she is so adamant about Apple products, she responded with: “Because they all work so well together; you can’t just have one Apple product.” Amazing, right? Apple slowly built trust with Tina, and now, she is one of their biggest advocates.

Promote Value Over Price

As a business in the promotional products industry, you have an important job: you are helping businesses develop their company culture, expand their presence in the public sector, and much more! (For a more efficient morale boost read our post: “How to Pitch Your Promotional Products Business“).

Put yourself in your customers’ shoes… Would you invest you money in a promo company that sells their products for cheap, but are completely unreliable? Or a company that sells their products for cheap but leaves the footwork to you?

So maybe some of your competitors sell their products for better prices, but do they also go above and beyond on customer service? Do they treat their customers like human beings rather than a transaction? Do they truly care about the promo industry, or are they in it for the paycheck?

Consumers like to be pampered. Especially when they’re spending their hard earned money on your products or services.

In order to compete in this industry without running your business into the ground, you have to promote your company as a valued distributor/supplier. Talk is cheap.

The 10 Commandments of Walking the Walk

  1. Thou shalt respond to all inquiries.
  2. Thou shalt determine the most effective niche and target said niche.
  3. Thou shalt distribute helpful content.
  4. Thou shalt follow through with promises.
  5. Thou shalt engage with potential customers and current customers on social media.
  6. Thou shalt remain friendly and helpful with all customer interactions.
  7. Thou shalt offer incentives for customers when they purchase with you (free rush orders, free samples, or various payment methods)
  8. Thou shalt observe the market and determine what consumers want and need.
  9. Thou shalt integrate your personality into your business (see “Networking Made Simple“)
  10. Thou shalt ask for testimonials when deserved.

Now, off you go! Make your business a brand.

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