One form of marketing that many start-ups forget about is merchandising. A merchandising strategy can open up many opportunities for founders looking to grow their business venture without breaking the bank.
In this article, we take a look at how merchandising can benefit your shiny new venture.
Here goes…
Brand Awareness
One of the most beneficial aspects of merchandising is that it can help build brand recognition.
Start-ups are especially prone to a lack of brand recognition due primarily to shortages of resources and the relatively short period of time they have been active in the market.
Start-ups that create branded merchandise such as, T-shirts, mugs, stickers and other promotional goods can increase visibility in real-world settings.
Customers who wear branded materials, essentially become walking billboards for your product. Merchandising can push your brand out into the real world and help capture the minds of real people.
Additional Revenue Streams
One of the exciting things about merchandising is that it can be a revenue-generating income stream all by itself.
If done correctly, merchandising can bring in a steady influx of income as well as raise brand awareness.
You should ensure your merchandise aligns with your brand and customer preferences.
Limited edition items or creative designs can create a sense of excitement, exclusivity and encourage purchases.
Customer Loyalty
Many new businesses operate in a crowded market where retaining customers is just as important as gaining new ones.
Merchandising offers something tangible to customers that helps build connections and a sense of belonging to your community.
People find comfort in belonging to a community and merchandising offers customers the opportunity to belong to your ‘tribe’.
Offering exclusive merchandise to loyal customers or early supporters can make them feel valued and appreciated.
Rewarding supporters of your venture with merchandise encourages engagement and helps nurture a community who are happy to display their affiliation with your brand.
4. Enhancing Marketing Campaigns
Most businesses will be carrying out some form of marketing activity and merchandising can certainly help with turbo-charging results.
Custom merchandise can be used for giveaways at product launches, social media contests or events.
Successful campaigns that involve free giveaways can not only excite existing customers but also attract new ones.
A start-up can amplify its reach by partnering with influencers who can help distribute exclusive merchandise. This can help in growing your social proof.
Differentiating from Competitors
The ability to stand out from the crowd is essential for any business but is critical for every start-up.
Well-designed merchandise can help differentiate your brand from your competitors and help build a unique brand identity in the market.
Employee Pride and Unity
Merchandising is not only for customers. It can certainly help in fostering a sense of unity within a team.
Branded apparel and office items can help contribute to a cohesive culture. Employees can wear the company’s merchandise and reflect pride in the company’s values and what it does.
In addition, merchandise can be given to employees as incentives for achieving targets or boosting morale.
Final Thoughts
Merchandising is a strategy that can offer start-ups many benefits. From helping boost brand awareness, helping build additional revenue streams, fostering of community and customer loyalty.
Start-ups who invest in creative and quality driven merchandise that aligns with their brand identities have a better chance of standing out in the crowd in an ever more competitive marketplace.
As your start-up grows, incorporating merchandise as part of your branding and marketing strategy can help win over the hearts and minds of the public and your customers.
Good luck!
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***Disclaimer: This article is not financial or legal advice and is given for informational and entertainment purposes only. Readers should conduct their own research and not invest more than they can afford to lose. Crypto is extremely volatile, and as such can drop in value considerably without notice. Pop Up World has a global presence and is not specifically targeting any jurisdiction with its content. Any crypto references are not intended for UK businesses or consumers. You should always seek legal advice to understand if the use or investment in crypto is allowed in your jurisdiction.
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