In the supermarket retail environment, we often see big brands giving out premiums but what are the best premiums that you can afford for your consumers? So today I’m going to cover on what sort of premiums to choose for your target market. If you would like to review if giving away premiums is a type of promotion that you would like to conduct, you can refer to my earlier post here to consider some of the reasons why or why not giveaway premiums
Most of us I would believe are tied with the budget on how much to invest or spend for a premium. However, you also must remember to consider as well the cost that goes along with giving away the premium and not only the premium cost alone. These costs would include the packaging cost to protect your premium from being damaged and others which I will cover in a separate topic
When it comes to choosing the best premiums for your target market, I think a lot of people like to gift things that compliment to their product. An example would be if you are selling cereals, the common premiums would be containers. Purpose? To store the containers. Or if you are selling laundry detergent, you tend to giveaway laundry bags. Some people would giveaway their own company products as premiums. A common example I always observe in the market are such as this company who specializes in cleaning aids would always give say free cleaning sponge with every purchase of cleaning mop. I’m not saying this is good or bad but each of them most probably have limitations in terms of costing and ROI
In fact, with the budget especially if your product is low value and low profit margin, the best premium you can offer any of your target market would be a simple container and I’m not talking about those air tight ones
If you have a slight bigger budget and are thinking what sort of premiums to giveaway, why limit yourself to what your product compliments and think about your target market instead? You can be selling facial tissues but giveaway a cute plush! All that matters is what your target market likes and is interested in because premiums can be a source of motivation or impulse purchase if it is attractive enough.
An example would be such as if you are selling healthy snacks, your target market should be people that are health conscious? Instead of thinking of a container, what about a discount voucher for gym memberships? Or a meal voucher to a healthy restaurant? Or perhaps a even a toiletry set?
What about a product like 3in1 instant coffee? What sort of premium can one consider? Well, you need to breakdown exactly who are your target consumers as this is a pretty mass item. But for usual coffee drinkers, why not opt for collectible mugs. USB heating mug or something that can be used in an office say post it note, notepad, or even a shopping voucher!
All I’m trying to say is let’s not limit ourselves to only thinking of premiums that compliments the product but also expand our ideas to what interests the target market as well because most often enough if the premium is attractive, you can even convert your non-users to becoming your users through a good premium promotion
