Promotional and Incentive Product Series Part 2: The Landscape
In this second part of our multi-part series on the promotional product and incentive market we plan to provide a rough industry outline of all the verticals that exist in the market.
Promotional & Incentive Marketing and Products:
Promotional marketing is marketing that any brand or retailer that includes an incentive to persuade the target audience to take immediate action, driving some form of brand interaction that enhances a current purchase or that induces a future purchase. Within the promotional and incentive segment, there are first multiple tiers to items. Premium Incentives are other branded items given away with a purchase in order to increase the overall value to the customer. These can be the same brand or they can be complementary brands to the original item. One of the biggest promotional and incentive product markets that Style Asia services is Hotel and Casino Operators. Promotional buyers for these operators focus on buying items that provide the greatest value to their core customers. Whether these are Jim Beam Outdoor Grills, 18-piece BBQ sets, mobile promotional accessories, or watch sets, knowing who your core customer is and what the goal of your promotional marketing campaign is the key to a successful campaign. By working with our customers in these markets for the past 33 years, we have a unique ability to help buyers identify core markets and source, manufacture, and distribute high value add products. In an age when customer retention is key to a promising future, having a targeted value-add promotional products campaign is essential for casinos, hotels, retailers, and brands alike.
Customer Loyalty and Incentive Programs:
Focusing on developing omni-channel loyalty programs that span digital and physical incentives is key for any retailer to stay current in today’s world. According to Retail Systems Research, 61% of retailers say that customer retention is the biggest problems their brands face. Common buyers here include large and small retailers looking to send gift giveaways to their customers for the holidays or digital loyalty program buyers looking for physical giveaways when customers achieve certain digital goals. By being a factory-direct supplier, Style Asia has a unique ability to create custom tailored items for your key demographic at a variety of price ranges.
Employee Incentive Programs:
While often less known and utilized, employee incentive programs are an incredible tool to motivate your best workers and to recognize those that have worked hard. Merchandise incentives constitute about 50% of all employee and sales incentives programs. Non-cash rewards are an incredible tool that many employers often fail to implement. Non-cash rewards are a cost effective and highly valuable way to keep employees loyal and committed to the success of the firm.According to a Stanford University study, social engagement within the workplace and new experiences outside are among the main benefits of employee rewards. At Style Asia, we can help you pick products that are vital to experiences. Whether it be outdoor lanterns for those that go camping or BBQ accessories for employees who love to grill in their background, we have items for every demographic focused around creating unique experiences.
In the next part of our multi-part promotional and incentive product series, we will take a deeper dive into the promotional and gift give away segments and help you become a better promotional buyer for your business.