That says a lot about the nation's thriving industry.
It also further proves that the Great White North is one of the best countries to start a business in. After all, it wouldn't have a gross domestic product (GDP) per capita of more than $48 thousand if it wasn't.
At the end of the day though, these aren't enough to make your business thrive. You need to learn the Law of Reciprocity to survive in today's competitive market.
But what exactly is this law and how does it affect your brand?
All this and more we'll share with you today. We'll talk about how branded giveaways are the best tools to satisfy this law.
Breaking Down the Law of Reciprocity
To understand what this rule of reciprocity is all about, let's start with a few sample situations.
For instance, you're out with your friends and you realize you're short on dough. So, your pals pick up the tab. You, on the other hand are already thinking of ways you can pay them back.
Maybe you'll treat them the next time you go out or make dinner for them.
In any case, that's reciprocity at work.
Here's another example:
You visit a craft brewery for the first time. Seeing that you've never tried anything from their taps, they graciously offer you free shots from each one. They say it's for you to test out which one best suits your fancy.
As you're downing the free stuff, you're most likely thinking "This place is really nice, freebies, and really good drinks too." You probably even started to make a mental list of people you'll recommend the place to.
Again, this is a type of reciprocity.
On an evolutionary level, reciprocity means giving but losing nothing. People give to other people and those who receive also give to other people.
In other words, it's a domino effect of giving. We have our brains to thank for that since it tells us that when we receive something, we should pay it forward by giving something too.
Where Promotional Products Enter the Picture
Now that you have the basics of reciprocity down, think of how your customers will react when you hand them branded giveaways like promotional drinkware with a smile.
Do you think they'll feel more inclined to stay and browse through your offers? Will they spend more time - and money - on your products?
Most likely, yes. Because upon receiving the giveaway, they'll feel compelled to give something back in return.
It's not the written rule, but you can think of reciprocity like a quid pro quo. You scratch your potential customers back and they'll scratch yours too.
They may not pay for a product or service then and there, but they may tomorrow or in a few days. They may even spread the news to their family and friends about how your business gives away useful stuff for free.
That word of mouth action already boosts your marketing and advertising campaigns. Don't forget that so long as you give them items they can use every day, say eco-friendly bagsthat are all the rage today, they'll be like walking advertisements for your brand!
One thing to keep in mind about the law of reciprocity is to never expect anything in return. Give, but don't demand clients to reciprocate and pay you up front for products or services.
Give them time, and once they become purchase-ready, they most likely will remember the law and apply it to your brand.
Branding Like No Other While Making Consumers Happy
Science backs it up: Free stuff makes people happy.
For instance, people who received $10-worth vouchers saw a 38% increase in their oxytocin levels. For reference, oxytocin is also known as the "cuddle hormone," because the body releases it when folks bond in a social manner.
And you know what people do when they're happy. They're more inclined to spend money, whether for themselves or others.
So, why not use promotional products to instill brand awareness while also putting a genuine smile on your customers' faces? When you give them something for free, it can make them happy. At the same time, they'll feel inclined to reciprocate and pay you for something.
Because they already feel good after receiving a freebie, then they may buy even more products you expected them to! You may even start receiving calls from other potential clients - people your giveaways' recipients recommended your business to.
They're Free, But Giving Just "Anything" Away Won't Cut It
Just because you're giving away stuff for free not expecting anything in return doesn't mean anything can make the cut. You need to strategize and ensure the recipients will have an actual use for them.
After all, it wouldn't make any sense to give them items that they'll just throw in the bin. Or put away in the farthest corner of their cabinets.
The best way to figure out which branded giveaways to invest in is to learn more about your market. Consider their age, gender, interests, and needs.
For example, your market consists mainly of students. Now, think back of the times you were in college and had no pen or pad in class. So, isn't it a sound idea to give away free writing implements to your target customers?
The bottom line is, you need to ensure your promotional items will serve a purpose in the life of those who will receive them. Because the more useful they are, the more the recipient will use them. This also translates to more publicity for you since the user will expose your brand name to more people.
Ready to Rule with the Rule of Reciprocity?
As you can see, harnessing the power of the law of reciprocity can benefit your brand in more ways than you imagined. So, as early as now, start applying it to your brand with promotional items. Branded giveaways may cost you some cash up front, but their long-term impact is worth every penny.
To begin reaping the benefits of reciprocity, feel free to contact us about our promotional products! We'll even throw in a free quote upon request.
The Law of Reciprocity: Why Branded Giveaways Work
Canada's business sector is impressive, boasting of a whopping 1,259,812 active businesses.
That says a lot about the nation's thriving industry.
It also further proves that the Great White North is one of the best countries to start a business in. After all, it wouldn't have a gross domestic product (GDP) per capita of more than $48 thousand if it wasn't.
Let's not also forget that Canadians are also some of the nicest people in the world!
At the end of the day though, these aren't enough to make your business thrive. You need to learn the Law of Reciprocity to survive in today's competitive market.
But what exactly is this law and how does it affect your brand?
All this and more we'll share with you today. We'll talk about how branded giveaways are the best tools to satisfy this law.
Breaking Down the Law of Reciprocity
To understand what this rule of reciprocity is all about, let's start with a few sample situations.
For instance, you're out with your friends and you realize you're short on dough. So, your pals pick up the tab. You, on the other hand are already thinking of ways you can pay them back.
Maybe you'll treat them the next time you go out or make dinner for them.
In any case, that's reciprocity at work.
Here's another example:
You visit a craft brewery for the first time. Seeing that you've never tried anything from their taps, they graciously offer you free shots from each one. They say it's for you to test out which one best suits your fancy.
As you're downing the free stuff, you're most likely thinking "This place is really nice, freebies, and really good drinks too." You probably even started to make a mental list of people you'll recommend the place to.
Again, this is a type of reciprocity.
On an evolutionary level, reciprocity means giving but losing nothing. People give to other people and those who receive also give to other people.
In other words, it's a domino effect of giving. We have our brains to thank for that since it tells us that when we receive something, we should pay it forward by giving something too.
Where Promotional Products Enter the Picture
Now that you have the basics of reciprocity down, think of how your customers will react when you hand them branded giveaways like promotional drinkware with a smile.
Do you think they'll feel more inclined to stay and browse through your offers? Will they spend more time - and money - on your products?
Most likely, yes. Because upon receiving the giveaway, they'll feel compelled to give something back in return.
It's not the written rule, but you can think of reciprocity like a quid pro quo. You scratch your potential customers back and they'll scratch yours too.
They may not pay for a product or service then and there, but they may tomorrow or in a few days. They may even spread the news to their family and friends about how your business gives away useful stuff for free.
That word of mouth action already boosts your marketing and advertising campaigns. Don't forget that so long as you give them items they can use every day, say eco-friendly bagsthat are all the rage today, they'll be like walking advertisements for your brand!
One thing to keep in mind about the law of reciprocity is to never expect anything in return. Give, but don't demand clients to reciprocate and pay you up front for products or services.
Give them time, and once they become purchase-ready, they most likely will remember the law and apply it to your brand.
Branding Like No Other While Making Consumers Happy
Science backs it up: Free stuff makes people happy.
For instance, people who received $10-worth vouchers saw a 38% increase in their oxytocin levels. For reference, oxytocin is also known as the "cuddle hormone," because the body releases it when folks bond in a social manner.
And you know what people do when they're happy. They're more inclined to spend money, whether for themselves or others.
So, why not use promotional products to instill brand awareness while also putting a genuine smile on your customers' faces? When you give them something for free, it can make them happy. At the same time, they'll feel inclined to reciprocate and pay you for something.
Because they already feel good after receiving a freebie, then they may buy even more products you expected them to! You may even start receiving calls from other potential clients - people your giveaways' recipients recommended your business to.
They're Free, But Giving Just "Anything" Away Won't Cut It
Just because you're giving away stuff for free not expecting anything in return doesn't mean anything can make the cut. You need to strategize and ensure the recipients will have an actual use for them.
After all, it wouldn't make any sense to give them items that they'll just throw in the bin. Or put away in the farthest corner of their cabinets.
The best way to figure out which branded giveaways to invest in is to learn more about your market. Consider their age, gender, interests, and needs.
For example, your market consists mainly of students. Now, think back of the times you were in college and had no pen or pad in class. So, isn't it a sound idea to give away free writing implements to your target customers?
The bottom line is, you need to ensure your promotional items will serve a purpose in the life of those who will receive them. Because the more useful they are, the more the recipient will use them. This also translates to more publicity for you since the user will expose your brand name to more people.
Ready to Rule with the Rule of Reciprocity?
As you can see, harnessing the power of the law of reciprocity can benefit your brand in more ways than you imagined. So, as early as now, start applying it to your brand with promotional items. Branded giveaways may cost you some cash up front, but their long-term impact is worth every penny.
To begin reaping the benefits of reciprocity, feel free to contact us about our promotional products! We'll even throw in a free quote upon request.