You’re in charge of your company’s promotional products and brand experience. Congrats! You may not think so yet, but this is going to be a fun understanding. Before delving into curating the ideal set of products and experiences for your team, you have to learn how to set your swag budget.
Actually, budgets for promo products and employee gifts are often overlooked or grouped in with other marketing efforts. However, this decision can be costly. Remember, setting a swag budget from day one will help you be more strategic and save money throughout your journey. Here are tips to consider when budgeting for branded merchandise.
Include Shipping and Fulfillment Fees
There’s a good chance you have remote team members. Distributing merchandise or gifts in person is no longer easy. Not to mention, some experiences like onboarding kits make a greater impact when dropshipped directly to the recipients’ home. Be sure to factor in the shipping, warehousing, and fulfillment costs so you’re less likely to go over budget in the dying minutes.
Account for Hiring Projections
Accounting for hiring projections when establishing your swag budget can save you money in the long run through volume discounts or bulk pricing. For instance, if you already know you plan to hire five new people next quarter, raising your initial order quantity for branded merchandise to include those new hires will work to your advantage.
Nearly every product on the market has price breaks as quantities increase. For this reason, ordering in bulk will always help maximize your swag budget. Additional one-off order that are placed as new hires are onboarded come with rush shipping costs that could have easily been avoided.
Rounding Up
There’s no denying that brand experiences make a big different when done correctly. Either way, you need to optimize your swag budget for things to turn out effectively. The key lies in creating something people actually want to keep. Luckily, you can count on professionals who know what people around the world are excited to receive and experience to save yourself the hassle.
