It may not be flashy (and it isn’t always fun), but market research is a crucial step in the sales process. In addition to staying on top of promo products trends, you want to know challenges and positives in different markets so you can tailor presentations to segments. It’s also important to understand local, national and global current events – everything from new construction in your town to international supply chain issues. Make sure you research every client you call on too, from reviewing their website to checking their social media accounts. The more informed you are, the better promo products and marketing campaigns you can recommend. Let’s talk about how to get and stay in the know!

Where to Start

Starting is always half the battle and knowing where to start is the other half. Market research can seem overwhelming, but once broken down it can be relatively easy and worth every minute in the end. One place to start is with ASI’s Market Research and State of the Industry (SOI) report ‒ two pieces that have broken every aspect of most markets down.  Another place to start is by asking yourself the following: do you read, watch or engage with CNN, FOX News, MSNBC, NPR or the local news? The answer is most likely yes in some compacity which means that you already know how to start researching the market. One part of the research is knowing which market you want to focus on, and the best way to focus on it is usually in the news. For example, on a local level, think of the following: Is there a new boutique being put in downtown? Perhaps the high school just added water polo as a sport or the town is holding a new fair this year. These are all product opportunities. Knowing this information can set you ahead of the competition and make sure you are a lasting partner. Further, on a regional and national level: Are new major league teams being added in the area? Are state and national elections coming up? And are international soccer or other games being held in the region? Finally, international news can include shortages in China, strikes with international airlines, or companies expanding to new international headquarters.

All these examples can be found in various forms of news content and are crucial for needing to know what an important product is to push or not push depending on the time. A specific example of this during the pandemic is knowing and listening to what frontline workers need and pushing those products. Prioritizing PPE right off the bat is an excellent example of knowing the market and doing the research.

Get Influenced

Love or hate social media, it is the core of trends and the market currently. Following customer blogs, social media and subscribing to newsletters is an efficient way to consume media that is entertaining and educational. Listening to a consumer or industry podcast on the way to or from work once a week is a way to integrate this content into your everyday routine without it feeling like homework. When consuming this media, it is important to notice trends. This includes noticing what influencers and celebrities are pushing across all demographics. Most people wouldn’t have expected tote bags to be the new trendy accessory, but celebrity Hailey Bieber and major fashion influencer and designer Matilda Djerf were both spotted holding artsy tote bags and now they are all the rage. Gen Z is even signing up for memberships to the New Yorker and other businesses to receive their trendy and complementary tote. This is a timeless promo product that is quite literally a perfect canvas for all types of branding. Promo industry news, websites and social media should be checked daily to stay up to date on supply chain, inventory and market trends in conjunction with product trends.

Be Resourceful

Your sales are a direct correlation to the trust and reliability customers feel with you. Being up to date on the market is a great way to show that no matter what questions clients may have, when you always have an answer about the market, it increases their positive connotation of you. As mentioned before, a quick way to catch up on market info when clients are in a pinch is through ASI’s Market Research. ASI offers insights on regional and international trends and market research and produces an annual full SOI report, State of the Industry. Market research is a way to build a stronger and longer-lasting relationship with current clients, elevating your business to the next level.