Why Consider Printed Lanyards During Tough Economic Conditions?
Promotional Products and the Economy
A US study by McGraw-Hill Research during and following the 1981-82 recession revealed that companies with a more aggressive approach to their marketing during that recession had sales on average 256% higher than those that cut their marketing budget.
These days times are tight with the UK economy - there's no doubt about that (despite what the government may be saying about the signs of recovery c. 2014). For many businesses, sales may be recovering but are still down and fewer of their customers appear to be willing to part with their money. At times like this, one of the most common reaction is for companies to batten down the hatches and sit things out until the lean times are behind them. This is often coupled with a swift review of the company spend to see where cutbacks can be made. The marketing budget, for many businesses, is one of the first things to be cut as customers aren't biting at the moment, so why waste money on marketing, right?
Interestingly studies show that the opposite is true and that short-term cuts in marketing spend may actually be harming revenues and profits in the medium to longer term. By cutting back your marketing budget, you are essentially paving the way for your competition to muscle in, potentially stealing customers from right under your nose. The US study by McGraw-Hill Research during and following the 1981-82 recession revealed that companies with a more aggressive approach to their marketing (i.e. they continued to market as usual or increased their marketing efforts) during that recession had sales on average 256% higher than those that cut their marketing budget. The former also continued to enjoy significantly higher sales even after the recession was over.
Branded lanyards and other promotional products are an effective way to establish and increase awareness of your brand affordably. If you would like more information, please browse our range of lanyards and get in touch today - we love to hear from you! We are happy to send out samples of our work to all genuine business and organisations so that you can see for yourself and be assured that you're dealing with the experts.