PPB September 2019

The Power Of Premium W hen it comes to premiums, it’s all about the brands—those brand-name products, such as Bose, Bulova and Tumi, used primarily in incentive campaigns such as loyalty programs, sales incentives, rewards and recognition initiatives, and for corporate gifting. Whether these programs aim to increase employee engagement, sales, customer satisfaction, market share, or some other metric, they are likely to feature high-end products to strengthen the marketing message. Some distributors may shy away from selling premium products, defined as high-end, brand-name products, because of the potentially higher price point. But that sentiment may be changing in today’s market. Adrienne Forrest, vice president of corporate sales for New York City-based supplier Bulova, says promotional products distributors have an important role in the premiums business and Bulova has developed specific lines such as their Corporate Exclusives line specifically to serve this market. “Distributors didn’t believe they could sell products at our price point,” Forrest says. “We explained that we provide an array of Bulova clocks and watches in many price ranges, so that we are important to the channel as a supplier of gifts.” Brand Demand There are other reasons to consider the power of the premium. Premium products reflect the attributes of high-end brands; thus, they can be used to support a company’s values and image with similar attributes. They strengthen a company’s brand equity, conjuring positive emotional associations. Rachel Stark-Cappelli, president of Sarasota, Florida-based supplier Stark Enterprises, says premium, brand-name products convey positive attributes—high prestige, taste and quality— that can be translated into a strong message about the gifter. “Gifting a premium incentive product, with its high- perceived value, demonstrates the care and attention a company has put into choosing that gift,” she says. Market demand for premium and incentive products appears to be on the rise. According to the Incentive Research Foundation’s “Industry Outlook Study 2019” Pr emi um Pr oduc t s by Brittany Glenn High-end or premium products strengthen a company’s brand equity and deliver the experiences consumers crave. 40 | SEPTEMBER 2019 | GROW