Increase Your Revenue With Company Merchandise
I’m willing to bet that no one else can sell your product quite as well as you can. You know the ins and outs of your entire business and know what facts to talk up and down. At the end of the day, however, you can only push so much of one product because the customer base only goes so far. It’s important for your growth to find a variety of products that you can offer to a wide variety of customers.
The thought of having to create and pushing a brand new product may seem daunting to some people. It takes a lot of time, money, and effort to create, test, and market a new item. However, if you’re not ready for that yet then there are a few shortcuts you can take that will still give your store a new tried and true product to sell. Sell merchandise as well!
Merchandise? Product? What’s the Difference?
If you are already taking to google to try and figure out what the difference between merchandise and product is, well the answer is…not a lot. They have almost matching definitions. Instead, lets build some working definitions here:
- Product is the backbone and child of your company. It is what you are known for and what sets you apart from other businesses.
- Merchandise is the voice and spokesperson for your company. It is the recognizable icon that serves as the first impression to your customers.
In short, you product is what makes your company unique. It is the unique service or item that people have a need for and that you can provide. Merchandise, however, is anything and everything that makes your company recognizable and spreads your renown. T-shirts, hats, coffee mugs, buttons, duffel bags, patches, stickers, office supplies, decks of playing cards, travel mugs, lanyards, and anything and everything else you can think of can be a form of merchandise.
Let Your Customers Be Your Advertisers
From a sellers standpoint, merchandise has always been a little funny to me. People are paying you money to advertise your product. Why? The answer is actually set in human nature. When we find something good, one of the first things we want to do is share it with others. We want to share that happiness with others (Psst…this is also one of the reasons why social media has become so successful).
Chances are good that if someone has purchased your product then they already think its pretty good. Merchandise gives them the added chance to keep talking about and sharing your product/company beyond the lifespan of your product. As a bonus, customers become personal advertisements whenever they wear or use your merchandise in public. They get to share a product they believe in and you get added revenue and advertising. Win-win for everyone.
Build Your Brand & Your Product
Another huge bonus of merchandise is that it can build your company’s voice and brand recognition. If your not sure what to put on a piece of merchandise try a slogan or a logo. An easily recognizable slogan, logo, jingle, or mascot work great for merchandise decoration. If your company doesn’t have one of these, fear not! There are several logo and slogan generators available to you. Fair warning though, some of the slogans I received when I specified the word “burn” were pretty silly (Burn-Austrailian for Beer). There were, however, some diamonds in rough (Be Better. Burn Brighter).
If you are looking for something a little more personalized than a computer generated logo, you can also look towards freelance work. Fiverr is a website where you can find artists, authors, actors, musicians, and more who advertise what talents they have for you to use. Fiverr will cost you depending on whose service you use, but sometimes that’s worth it to get the human touch.
Test Before You Invest
When preparing to sell merchandise as well as products, one thing you will have to do is market test your merchandise just like you would a regular product. It’s important to not assume that you will be able to push the same amount of merchandise as your regular product. Different customers have different preferences and wants. Some of them will be looking for a new office coffee mug, others may need a weekend t-shirt, and some might not be interested at all. Be sure to experiment to find out what merchandise best compliments your company and your product.
If you are planning on doing a lot of experimenting then it may be worth your while to invest in a heat press. A heat press is a device that let’s you decorate almost anything (as long as you have the right attachment) with cut vinyl. It may be too time consuming if you are trying to mass produce items, but it works great if you need a physical prototype to help visualize the end result.
Business Growth Through More Options
Imagine your product is like a farm, and your target consumer is a lake you draw water from. There are wet seasons and dry seasons, but in the end, there is only so much water to draw, especially when you consider that other farms are drawing fro the same lake. What if, however, you could start drawing from other lakes to grow more crops?
Merchandise can be a great method to increase your company’s revenue, but it comes with a lot of other great side effects as well. With the right effort, product, and customer base, your merchandise can also increase your advertising, customer base, product awareness, and more. It also works as a great method to increase your product line, while still letting you focus primarily on your main product. Have you found a specific type of merchandise that has added to your businesses revenue? Be sure to share it in the comments below to let us know what has worked for you!