The New One Pound Coin
The Treasury has urged businesses to prepare in advance for the 28 March 2017 introduction of the new 12-sided £1 coin to eventually replace the old round pound which we have been using for the last 30 years. Following the introduction of the coin, there will be a six-month period when both the new and the old £1 coin will be in circulation at the same time until the 15 October 2017 when the round pound will cease to be legal tender.
The new coin is being introduced in order to tackle the problem of counterfeit money, a ‘hidden high-security feature’ has been added to the new coin in an effort to make its design harder to replicate.
What must businesses do?
- Determine which of your cash processing equipment is calibrated to accept the new £1 coin and which may need to be upgraded or replaced
- Contact your equipment manufacturer to discuss any upgrades or replacement of your cash processing technology
- Train staff on the security features of the new £1 coin and ensure they know how to spot authenticity
- Consider any changes to the cash handling processes e.g. counting, storing and banking to determine the best way to exchange the old pound coins with your bank/CIT provider
- Make the necessary changes prior to 28th March 2017
- Ensure staff do not accept the old pound coins after the date of demonetization on the 15 October 2017
For more information please check this Link
What else can businesses do?
In this confusing transitional period, a lot of attention will be paid towards what to use on supermarket trolleys, gym lockers etc which is where you can take advantage. Personalised trolley token coins are an amazing cost-effective promotional tool that ensures your logo and contact details are always in view and close to your customer whilst out and about, you can be sure that they won’t forget about you!
We have a huge choice to choose from, so why not input your details below for an instant quote or call 020 3640 7670 to speak to one of our experts who will ensure your campaign receives the care and attention it deserves because impressions count.
We though we would ask the British Promotional Merchandise a few questions about our industry to help our customers understand why we are members and to get an inside view of what is considered best practice in our industry. We met up with Gordon Glenister Director General at BPMA and the info below is to help you as you ponder your next approach to promoting your brand. We hope it helps you.
Who are the BPMA?
The bpma is the UKs trade association representing the £1bn promotional gift industry. The association conceived the idea for bringing together the gift industry to promote the value of promotional branded gifts as an effective advertising medium
What benefit to marketeers is there from buying from a BMPA registered distributor?
All our members are financially checked, referenced and sign up to our code of conduct. Sadly not everyone in the promotions industry adheres to high standards and its important buyers check carefully they are buying from professional bpma distributors
What three things should a marketeer consider in selecting a promotional product?
- Target customer – who are they, what do they like – are there different types of customer eg a sales person from a MD
- Type of product – that’s useful and relevant to their campaign
- Message – what’s your objective, make sure you don’t just add a logo but a powerful message or call to action
What is your favorite use for promotional products?
Exhibition brand awareness probably is my most favorite use of promotional products of it as it’s a very powerful engaging technique to stop and attract customers
How important is measuring your campaigns?
Where possible it’s really important to try and measure the effectiveness – sometimes that can be done by a website link, a QR code, a unique telephone or more commonly anecdotal responses.
Where can end users obtain independent statistics on the use of promotional products?
On the bpma website we have a resource section with a number of different presentations that anyone can download. (Click here – bpma.co.uk opens in new window)
What do you think will be the next big thing in the promotional products world?
Mm, interesting point. I think anything that incorporates virtual reality. Pokemon go has been so powerful in this area, and I think its now as much about branding and messaging as physical product.
Remember to check out the free resources on the BPMA page on the link above.
I have been asked many times about the supply of promotional items and VAT charges so to clarify the majority of promotional items we supply will have VAT charged apart from the following:
Childrens clothing – There is no VAT charged on items such as school uniform.
Construction Hard Hats supplied with your logo – There is no VAT charged on branded Hard Hats with your logo on.
The selection of promotional items available today are so vast and varied that you might start getting paralysed trying to decide what’s the best option for your marketing campaign. You’ll have to pick one that’s relevant to your target market, provides practical use and has an aesthetic appeal to make clients want to keep them on their desks for a long time. Here’s our shortlist of the top promotional items, along with interesting trivia about each product’s strengths, and how best they can support your marketing message.
It’s amazing how even the simplest branded promotional item can give you so many business benefits inside and outside your company.
First, corporate giveaways motivate leads by making way for conversation starters. Even a simple promotional pen eases your brand into their awareness much easier than any clever slogan.
Second, promo gifts can also create a positive attitudes within the workplace when anyone in the office receives small tokens of appreciation on special occasions work should be fun right!
And last, these marketing giveaways create lasting residual value by being kept for longer periods/ or by being passed around. (pens can be owned by up to 7 people during their life!)
The Power of Residual Marketing
Residual Marketing offers what is called the “residual marketing effect” or RME, which happens after the initial campaign is over, and past the novelty phase of a marketing tool. RME affords opportunities for brand awareness at an organic phase – without the struggles of hard selling. This eventually leads to better brand recall and retention.
Promotional products are the perfect example of this phenomenon. They get a proper introduction to decision makers and they stay in front of them until a purchasing decision is made and sometimes long after keeping you in your customers mind which can lead to referrals and repeat business. This is more likely to happen once a promotional gift is kept for longer and longer periods.
Promo Items Brand Recall by the Numbers
- 75 % response rate for sales letters with enclosed free gifts*
A Promotional Products International Association (PPIA) study in 1992 indicated that direct mail offers with free gifts are more likely to be opened. The added bonus of a promotional gift works as continued advertising long after the sales letter has been thrown in the bin.
- A branded coffee mug can be seen as much as 5 times a day*
One of the advantages of promotional products is that it provides the most cost effective cost/impression rate. Compared to radio or TV ads, where each impression is delivered at such a huge expense, the practical use of promo items leave a better impression, and can stimulate a purchasing decision much more effectively.
- a 100 sheet notepad can give as much as 100 impressions*
This doubles if the note is passed to another person! Promotional items are so effective that impressions do not stop as long as the item is seen. This guarantees better brand awareness.
(*Source: “The Power of Promotional Products: ..”, By Maria Carlton, David Blaise)
Increase Your Market Share with Promotional Products
With effective promotional campaigns that use promotional items, you can tap into the residual marketing effect to double or triple your market share. If you know your target market well and know how to gain their attention, make your marketing message heard time and time again with a relevant marketing giveaway to suit their needs.
If you need help picking the right promotional item for your campaign, get in touch with us on the phone, via the web, send us a letter (old school!) or connect with us on social (digital is where its at!). We have been in the business of branding since 2007 and we offer a wide selection of promotional products for any type of campaign you have in mind.