As a marketing professional, you probably don’t need to be told that branded promotional products are big business.
Companies today devote millions of their annual marketing budget to corporate-branded swag, apparel, and various other promo items for prospects, customers, partners, and employees. According to an article on LinkedIn, companies allocate 15% to 20% of their marketing budget to events, trade shows or external branding, a large portion of which is earmarked for promotional products. In the U.S. alone, that translates to between $21.2 billion and $26 billion annually, depending on the source; worldwide, that figure is far higher.
That is a lot of money. Yet shockingly, despite the huge budgets devoted to this space, many companies have no idea what promotional materials they currently have in inventory, where those items are, or how much of that inventory has actually been handed out.