Bullet-proof Your Gift Selections – Step 2- Know your Price

Understanding your budget is a critical step to bullet-proofing your gift selections. Knowing how much you are targeting to spend per gift has many benefits. Here is a list of the top ones:

Price Drives Innovation

Knowing a particular price point helps us to understand how much innovation we can drive into a recommendation. While we work hard to drive innovation into every price point, there are typically more options as the price point rises. A marketing gift with new innovation at a lower price can have more consumer appeal than higher priced options that have been used over and over again.

Budgeting Creates Consistency

Consistent value creates consistent results. Understanding your price point in advance helps us to slot the most competitive offer in the highest performing cycles to drive maximum results. It also makes sure we stay on budget and provide a compelling offer year-round.

Price Provides Insight to Competitiveness of Offer

Albert Einstein once said “Make everything as simple as possible, but not simpler.” The same is true of your gift selections. Your goal is to be as competitive as possible on your offer, but not more competitive than necessary. If you have an offer that’s twice as good as any competitor, you’ll get great results. On the other hand, could you have gotten the same results with an offer only 1.5 times as good and saved the money? The reverse is also true. If your offer is consistently lower than your competition, your results may suffer.

Compare Apples to Apples

Knowing your price can help you select the best gift partner. Different gift providers will recommend different items, but establishing a desired price point in advance can help you compare their ability to create the most compelling offer for the money.

Take some time and determine what gift price is best for your bank. It can reduce a lot of future pain, and is a good tip to ensure that you get the best deal possible!