3 Statistics You Didn’t Know About Promotional Products
Businesses across the world have always used promotional products to reach out to potential and existing customers. Promotional products are one of the most cost-effective ways to spread the word about your product or service, and they are an excellent tool used to make brands stick in the memory. Using promotional products makes sense statistically as well! Here’s why:
The Industry Is Worth Billions of Dollars:
A 2017 report by Promotional Products Association International estimated that the promotional products industry is worth around $23.3 billion. Some of the top buyers of promotional products include businesses in the education, financial, manufacturing, healthcare, construction, insurance, technology, non-profit, and agriculture industries. Those in the service sector also favor promotional products. In the U.S. alone, close to 40,546 companies are manufacturing and distributing promotional products, and they’re offering work opportunities to more than 4 million people. In Canada, promotional products were found to have generated around $2 billion in revenue; expected growth rate is 1.7% per annum.
Brand Recall Statistics Are Encouraging:
The same survey found that 9 out of 10 people who received promotional products as gifts could recall the product, while 8 in 10 people could even recall the message attached to the product. A slightly similar number of people could also remember the call to action message related to the product. Millennials in particular could remember products not only because they researched the product but because they shared it via social media as well. Baby boomers, however, could only remember website names or contact information. People love promotional products that are trendy and fun to use, and products that serve a useful purpose are great too.
Promotional Products Have a Powerful Reach:
Eighty-three percent of people who received a promotional product said they are more likely to do business with the brand who gave them the product. The same number of people were also found to have a favorable impression of the company that gifted them the promotional product. Around 81 percent of people who received a gift were likely to use it for more than a year, and those that did not would likely pass the gift along to others.
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