How to Make the Most of Your End-of-year Budget
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The company year-end is fast approaching! If you have unused budget, BrandHK can help you spend it wisely and invest for the year to come. We all need to ensure that every cent is spent effectively but, when it gets to the end of the year, the finance department are likely to claw back any unspent departmental budget. And they will probably give your team less next year as a result.
We all recognise the importance of corporate gifting and promotional merchandise as part of the marketing mix, but branded gifts from BrandHK give you more control over your budget cycle.
Corporate gifts are the best way to manage your surplus
Advertising (digital and mass media), printed material and events are key parts of the marketing mix, but they suffer from a few drawbacks compared to corporate gifts, and these drawbacks mean that they are less suitable for spending your year-end budget.
- Time-sensitive: Advertising and events are very time-sensitive. They typically need to happen when you buy them. And the time when they will be most effective is not always when you need to spend your end of year budget. For example, if your customers are not available in December then running an event then would be a waste. Corporate gifts are not time-sensitive and, because they can be stored, you can use them when they will have the most impact.
- Flexible messaging: Corporate gifts are about the brand and promoting your company generally, so the specific details of your campaign may change, but corporate gifts will still be relevant. Advertising, events and printed literature go out of date quickly because they have a lot more specific messaging in them.
- Flexible use: Another problem with advance purchasing advertising and events is that they might become redundant in a short time. We only have to look at the impact of the pandemic on the events industry to see the risks associated with early investment in events. Corporate gifts, on the other hand, can be redeployed easily - they can be posted instead of give face-to-face, they can be sent to different locations for distribution, and so on.
Flexible payment options help beat budget deadlines
BrandHK offers clients a range of different ways to pay for their products (depending on your credit status with us). This can include partial or full payment up-front, and flexible delivery. So, for example, you can order in December for products you need in February, and take delivery closer to your event or campaign. This is a great way to even out the bumps in the budget cycle and ensure you have a continuous stream of great branded merchandise for your customers and staff.
BrandHK can store your branded merchandise
Corporate merchandise can be bulky and take up a lot of office space, which is at a premium in city centre locations. BrandHK has modern, high-quality storage facilities for storing branded merchandise safely and securely. This means you can order in advance to get the best prices, and take advantage of our cost-effective storage and logistics to take delivery of product when you need them later in the year.
Use BrandHK PromoShop and top-up your branded merchandise catalogue
BrandHK PromoShop service makes it even easier to deal with budget cycles (and disruptions to supply caused by China lockdowns). BrandHK will set up a FREE online store through which you can manage your catalogue of branded merchandise, and we will store, pick, and pack products for delivery for you on demand. You can add new products to the store and use year-end budget surpluses to top-up stock in expectation of demand.
