Six facts about the new £1 coin

Are you ready for the new £1 coin?

You may or may not be aware that the £1 coin is changing. The change could mean huge cost for businesses who have to upgrade equipment to accept the new coin and it is estimated it will cost between £15 and £20m to change all the current machines in the country.

Here are some facts about the new £1 coin:

New £1 coin               Picture: Royal Mint

  • A new £1 coin will be introduced in March 2017. It was designed by 15 year old schoolboy David Pearce from the West Midlands who entered a competition and won.
  • The current £1 is one of the oldest British coins in circulation, first issued in 1983, and has become vulnerable to forgeries. It’s estimated that one in every 30 £1 coins in circulation is fake, generating significant cost to taxpayers, industry and the general public.
  • The new coin will have 12 sides and will feature the four symbols of the UK – a rose, leek, thistle and shamrock. It also has the Royal Mint’s new anti-counterfeiting technology; milled edges.
  • The new coin will be the most secure circulating coin in the world to date, with two different coloured metals and a high security feature – a revolutionary new high security coinage currency system developed by The Royal Mint
  • There will be a six month grace period between the old and new £1 coins.
  • All machines that accept the old £1 will have to be changed i.e. shopping trolleys, vending machines, parking meters, lockers…

If you own standard trolley coin keyrings then soon these may no longer work! Businesses are being consulted about any necessary upgrades to equipment to accept the new coin.

New shape trolley coins are sure to be available in the coming months so sign up for our newsletter to receive product updates.

Sources:

The Guardian

Royal Mint

How to measure results with branded merchandise

It’s important to know if your branded merchandise is working in the way that you want it to.

Planning how the product fits into your overall campaign means you will get more return on investment than a last minute purchase. So you should ask yourself – what are your goals? To drive more traffic to your website? To increase sales? Once you have defined these goals you need to decide how and what to track.

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THE HOW

QR Codes

QR (Quick Response) codes are great for when you don’t have much space to work with. Use them to direct people to a specific web page for more detailed information that you wouldn’t be able to fit on to your promotional product.

Unique landing pages

Set up a customised landing pages specifically created for your promotional product campaign. This way you can track effectively who has visited your page by using the details on your product. Make sure your call to action is clear – what do you want them to do when they get there? Make an enquiry? Buy a product?

Dedicated numbers

You could set up a separate phone number for your campaign. Call tracking technology is used to track phone calls to measure conversion rate and to better qualify leads.  Establish the callers who are showing a specific interest to turn them into loyal customers.

Sign up forms

If you are looking at a more general brand awareness approach why not get people to sign up for your email newsletter or to receive a catalogue. This way you can still track interest and you can keep in touch with those who are interested in your product/service.

Social media conversations

Make your promotional product social – get your customers to share pictures of your product, include a campaign hashtag to track conversations or just include your social media handles so people can follow you on your social channels.

THE WHAT

Calculate your Return on Investment (ROI)

Return on investment (known as ROI) measures the percentage of your profits to your advertising costs.

To find this number, subtract the cost you spent on promotional products from the profit, then divide this number by the cost.

For example:

You spent £1,000 on giveaways that resulted in £5,000 in profits, the calculations would look something like this: (£5000 – £1000) / £1000 = 4.

Which means you made 4 times what you originally spent.

Mugs
Who doesn’t love a good cuppa?

Cost per impression (CPI)

You could also track cost per impression. Work this out by the cost of the product compared to the number of times someone will see it.

For example:

You buy 100 mugs with your logo. They cost £4 each. That makes our total spend £400 (100 x £4).

One customer uses your mug four times every day at work for a year (average 253 working days) so 4 x 253  = 1012 impressions. Work out the CPI by dividing what you spent by impressions £4 / 1012 = £0.003 is your CPI.

Why promotional products work

The ROI on promotional products is actually higher than most other forms of marketing communications. 94.1% remember the advertiser/product when they received a promotional product and 15% have gone on to make a purchase because of it.


Need some advice on your next promotional campaign? We can provide advice and ideas lists to get you started. Contact us by email info@jsmbusinessgifts.co.uk or call 01452 310030

Why using a fulfilment service could save you time and money

Fulfilment is ideal if you don’t have the resources to stock or distribute products yourself.

If you have many departments using regular stock… how do you manage inventory, storage, picking/packing and then dispatching your products?

Or maybe you want to order large product quantities for your marketing campaign, and need packs or individual mailings assembled?

warehouseSelecting the right fulfilment partner is the key factor in providing an effective service.

The Benefits:

  • Cost

The advantage of better unit prices from being able to order larger quantities. If you order promotional products on a regular basis then ordering in bulk and getting them stored for future use is a great benefit.

  • Stock Management & Orders

Manage your inventory – prevent out-of-stock panic! Reserve stock for specific channels, such as annual trade shows or open events. Online ordering software can also be used by selected staff in different departments.

  • Budgeting

The option of being invoiced per month for only the stock used during that month, thereby helping to spread your marketing budget and getting the maximum value for the money you spend.

  • Distribution

Products can be sent out to multiple locations, to different teams or customers, in quantities specified by you. Ideal for mailing campaigns, or just getting stock to the right places quickly.

  • Time

Outsourcing your fulfilment frees you up to get on with other important jobs. Online management and reporting makes the whole process easy.

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Online order management

 Promotional product fulfilment from JSM

We operate from a secure, large capacity warehouse and many of our clients take advantage of this by storing their promotional merchandise with us and ordering as required. We even offer our stocking and fulfilment as a completely free service if we have a contract with the client. With our own production team, print facilities and storage solutions, we can print, stock, pack and distribute merchandise from one central location.

Our bespoke stock management system allows you to see what products you have available, your stock levels and to place an order online. User management means you can control the ordering process if your company operates from more than one location and more than one person needs access.

Some examples of projects we manage are:

  • Corporate/Team Clothing
  • Merchandise for trade shows and exhibitions
  • Products for regular mailing campaigns
  • Specific gift campaigns (e.g. Christmas boxes)

Our service is used by some big brands who trust our experience, expertise and quality of service. If you’d like to know more contact us today.

Three Ways Promo Improves Customer Growth

Promotional products are a valuable marketing tool and when used correctly can play an important role in your marketing strategy. And the statistics are out there to prove it – studies by the BPMA have shown that it is an effective advertising medium and continues to give results.

Here are three ways promotional products can improve customer growth:

They make people take action

Promotional products give more of an incentive to take action, over other advertising methods such as TV, online and print as they grab attention and are a constant reminder. 55% of people said they had used a company product/service several times after receiving a product from them.

BPMA_survey_action
Taking action

They last longer and are used multiple times

94.1% of recipients say they do not forget the advertiser/product advertised after receiving a promotional product and having it for more than six months. Generally people agreed that they like receiving free products that have an advertising message on them as long as it was good quality and relevant.

Popular products include: Hampers, USBs, Diaries and Notebooks and Mugs. All useful things that are more likely to be kept the longest.

 

BPMA_survey_reaction
Receiving promo

They invoke loyalty

If you want to encourage repeat purchases or make customers remember you, then promotional products are great for this purpose – 58.6% agree that they are the best advertising tool to inspire loyalty and make people feel appreciated.

BPMA_survey_loyalty
Promote loyalty

Get started on your own promotional product campaign by choosing products here or contact us on 01452 310030 for ideas.