This blog is the third in a mini series in which we will highlight different entrepreneurial ideas, all of which will be published here in the Fully Promoted blog. This time, we break down how to start a promotional products business.
Promotional Products Industry Outlook
Promotional Products are everywhere you turn. At every sporting event, political rally, and around every single turn on college campuses, people are handing out something promotional.
From T-shirts to frisbees to free samples of the latest food and drink, companies love giving out free stuff – and people love receiving it. In a previous blog, we highlighted the power of promotional products.
- 88% of people remember the name of a company from which they’ve received a promotional product.
- 41% of those people said that product was a wearable item, the overwhelming majority.
- 85% of customers who received a free product did business with the company, and nearly 80% said they would do business with them again.
Needless to say, the promotional products industry is thriving. But to put that in a bit of context, we turn to IBISWorld, whose 2016 report shows that the industry generated $21 billion of revenue in 2016 and averaged 2.4% growth annually over the past five years.
How to Start a Promotional Products Business
So you’ve made the decision to invest in a promotional products business, but how do you get started?
For smaller companies especially, identifying niche markets is an excellent strategy. Though your target demographic is smaller, if you hit those groups hard with promotional or custom products that they’re passionate about, you can build a great foundational base of clients who you can convert into repeat customers with the right value and service.
Of course, that’s just one idea in the planning phase of opening your own business. There are more details to consider, and one important decision you can make is choosing to franchise with an established brand.
Maybe we’re biased, but choosing Fully Promoted is the best decision you’ll make. We started as simply an embroidering company, became the industry leader in embroidering promotional products, and finally grew into a multi-dimensional business that focuses on not only embroidering, but also screen printing and T-shirt printing, as well as providing digital marketing solutions.
For more on how to start your promotional products business, check out our free downloadable ebook.
Tips on Selling Promotional Products
Believe it or not, sometimes the best way to make money on something is to give it away for free. While that might seem counterintuitive, research shows that giving away a promotional product can actually increase your sales.
Selling your promotional products is as much about awareness as anything else. People won’t buy something they don’t know they like yet.
Ready to take the next step? Contact Fully Promoted today to set up a meeting with a franchise consultant.