The world of marketing is changing, the days of competing on economies of scale are gone and organisations need to leverage customer relations and economies of scope to gain a competitive advantage. Relationship management leads to greater value creation through a co-operative and collaborative relationship, with this value benefiting all parties engaged.
However, developing these relationships need to go beyond purely economic bonds. By developing relationships that are underpinned by social and structural bonds they are less easily imitated by competitors and therefore lead to a sustainable competitive advantage.
But how do you develop such relationships?
Four useful steps in this process are:
Identify your prospects and customers. Differentiate customers in terms of 1) their needs and 2) their value to your company. Interact with individual customers to improve your knowledge about their individual needs and build stronger relationships. Customise products services and messages to each customer.
With this in mind, promotional gifts can be a useful tool in developing and maintaining these precious customer relationships.
The use of promotional products is one of the most low-cost and effective marketing strategies your business can have. Do not presume the low cost of the product has a small effect on the recipient,
Your brand is an essential part of your business. The more brand recognition you receive, the more customers you will gain. By placing your brand name or logo onto promotional products, you will generate more immediate brand recognition. Brand awareness will help embed your company into your customer lifestyles and purchase habits so that they don’t have to think twice before becoming a customer — time and time again.
In a world where consumers rely on extensive research and others’ opinions before making a purchase, brand trust is everything. Once a consumer bonds to your brand, they’re more likely to make repeat purchases with little to no forethought –– which then bridges the gap between trust and loyalty.
Promotional gifts still have a valuable place within marketing strategies, in helping to develop relationships with customers, but also keeping your brand in front of your customer. Promotional mugs are a great value promotional product which will have a prominent position in front of your customer for a long period.