Promotional product industry is currently a $22 billion worth. It is an ideal ground to build your business. The growth is highly stable and you don’t need to create people’s need. They require what you are selling.
However, the competition is extensive in this industry. The margin pressure will be real and your customers can directly go to the internet.
This is Crazy!!!
This is the reason I am coming up with this post to provide you valuable insights that can help you to build your promotional products business and stand out from the competition.
Are you ready? Then, let’s get started,
Identify Your Target Niche
Can you get any customer any kind of imprinted products for promotion? Yes!!! Well, buddy that is a trap that you are creating exclusively for yourself. It may sound absurd for a second but that is a fact.
Most of the new promotional businesses fall into this trap. You can earn a quick cash in the beginning but then there are abundant of problems waiting down the road for you. So, stop this urge.
When you are identifying your target niche, you need to consider these pointers,
● What is your passion?
First, you need to identify your passion in your life. It can be anything. Yoga, Travelling, photography, sports, games, music, dogs, camping. Whatever you love most in your life.
● What about your network?
You need to look for opportunities that can help you to build the value proposition for your business when you enter the market. What kind of challenges your friends are facing in their business? You need to understand every ounce of these things.
● People, you think you can handle all day?
For your business, your perfect clients are those who share your vision and willing to see you succeed. You don’t want to work with those who cause you stress. Picture your perfect client and start targeting those people.
Analyse and Observe Your Competition
You don’t have to worry about a general promotional seller who is selling almost everything to everyone. Your true competitor is the one, who is already selling in your target market.
You need to be clear what position your competitors have sustained in the market. Apart from that what is their approach to the audience. You can work on these questions to get a perfect observation of your competition.
➔ How your competition has established themselves in the market?
➔ How are they different from your other competitors?
➔ Do they compete on product selection?
➔ Do they compete on the price tag?
➔ Do they compete on design?
➔ Where their weak points are if you compare them to your business?
➔ What’s their magic bullet?
Work on creating your own brand identity
It is a necessity for a business to differentiate itself from the competition in the market. The most common trap for which most of the starters fall is a simple website with a decent catalog which looks exactly same as many other companies in the closet. It can be highly addictive as it doesn’t cost a lot of money and require no effort at all.
Take your time to create your own brand. First, you should have a crystal clear understanding of who you are serving. Try to build a brand that serves your target audience. Some of the points you may want to have a look,
➔ A distinctive name is always easy to pick. Pick a standalone URL to make things better for you and your business.Stand out from the crowd with a unique name. The market is filled with ample of similar names who have no identification in the market because of the common name of the business.
➔ Hire a good designer to build a unique brand identity of your business. Make sure that he invest perfect ideas in your business and vision. Logo and your website are very crucial to brand building. A designer can get you a unique logo for your business.
➔ Build a story-centric website with the help of either WordPress or Magento development. Your designer will help you in designing the website.
Now see, focusing on the case study and a story-centric website is a much better way to trend than just simply putting a catalog on your website of promotional products. Take a path which is less common and stand out from the competition.
Curate Your Products
As for now, you will have a greater understanding of your customer base, you need to be mixing your product according to your customer base. Resonate ideas with your customers. When you source any product, ask yourself these questions,
➔ What kind of story can I tell about this product to my customer?
➔ How will this product help my customers to skyrocket his business?
➔ Can I maintain a reliable stock of these products all around the year?
Use Right Technology To Manage your Business
Technology always matters to a business. And when it comes to promotional business, then it is paramount that you use a tech support which can help you in guidance and grow your business.
Primaseller is a premium company which provides multi-channel commerce platform for retailers of all sorts. Primaseller has been working on the inventory and order-management problems since 2013 in various experiments and models and has come to understand a unifying model for both offline and online retailers.
So, with services like Primaseller, you can easily adapt a tech which can help your business grow and thrive.
Define Your Marketing Strategies
Digital marketing is very important when it comes to business from online. Content marketing is one of the major aspects of marketing strategies. You need to understand that for a better visibility one need to strategize their content marketing strategies. And for better content marketing strategies, you need to have a better content.
Some of the marketing ideas to follow are,
➔ Social media marketing
➔ Ebook publishing
➔ Public speaking in seminars and shows.
So, these are some of the activities that can make your promotional product business stand out from the heavy competition in the market.
I hope you like my post. Please share it to help others. Did I miss something? Mention that in the comments section below. Till then, have a good one.