Business firms today are facing competition like never before. In order to counter this, they have begun to concentrate on their products and services offerings to stay ahead of the race. Whether it is a regular product or a promotional one, it must be innovative and unique to attract the customers and make them remain loyal to it. Most firms find it challenging to pay attention to marketing using promotional products. Many studies show that when a firm offers a promotional product with special attributes or usage to its customer, then it can create a multiplier effect on the satisfaction levels and retention rate of the customer. This in turn acts as a positive outcome for the business firm.
What is a multiplier effect?
This refers to the benefits that keep growing owing to a super promotional product. This is because it not only influences the customer in a positive manner, but also acts as a promotional tool to help the firm get better visibility among the general public.
Using the multiplier effect judiciously by the client company will ensure that there is substantial visibility of the company or brand. Imagine placing a coffee mug on your workstation with a company insignia embossed on it. Not only will it elicit positive interest about the company, but attracted by the graphic design on the mug, some co-workers might even turn out to be potential customers of the client company.
Firms keen to offer super promotional products such as mugs, caps, fridge magnets, stubby holders, sipper bottles etc. enable a smart marketing move by printing and distributing their corporate insignia to their customers and stakeholders.
When a company is offering a promotional product, it indicates the firm’s endeavour to enhance its customer value and helps users to easily connect with the brand behind the company. In addition, this technique also raises the product value and the brand value. These are the astonishing results rendered by the multiplier effect.