What is a new client worth to you?
This is one of the questions I asked an accountant I spoke to at a networking event last week. They had told me that promotional products don’t work for them. I asked them to explain what had happened for them to reach this conclusion?
It turns out they had, had a stand at an exhibition, done their homework and found out that 500 people were expected to attend the event.
They had £400 left in their budget, so decided to buy 500 promotional pens to put out on the stand.
They were disappointed, as while lots of people seemed to come to collect the pens, which kept the stand busy. They hadn’t had many quality conversations or many leads.
Were The promotional pens to blame?
By having giveaways on your stand, it does mean you will get more visitors, as they will come along for the free stuff. However, this doesn’t mean they are prospects.
12% of people at an event are prospects!
Statistics say that on average, 12% of people at an event are likely to be interested in what you have to offer.
It is a delicate balance between getting enough people to your stand to find the 12% and being too busy with others for the 12% to stop and chat.
If your stand is too busy people will just wander on past. They may have the intention of coming back later, but we all know, that sometimes doesn’t happen.
what were the alternatives to promotional pens?
As the accountants budget for promotional products was £400, instead of spending it all on enough products for everyone at the show. They could have spent part of this budget on inviting the people they wanted to see to the exhibition. Then picked something to say thank you for them taking the time to stop by and have a meaningful conversation.
Are all visitors equal?
By concentrating on the 12% of people who are more lightly to be your prospects, you can spend more of your budget on each prospect. Giving them a gift which is more in line with what they are worth to you.
This could be something like a quality notepad or a leather business card holder, which is gift wrapped. This will make a distinct impression and show that you value your clients. These gifts could be kept out of sight and handed out to actual prospects, that you have great conversations with instead of just visitors.
Rewarding great conversations
They could have still have had some small promotional products to giveaway, like a packet of branded mints or sweets. As they can be useful for starting conversations, but these would be less visible than all of the pens and less likely to attract pen hoarders.
Need help with your next promotional product to market your business? Get in touch firstname.lastname@example.org