11 Top Tactical Ways To Managing Your Product Packaging Budget
Making a budget is not a simple task; it demands extensive research and planning that help you achieve your business targets. Like other company departments, the product department also needs perfect management of the packaging budget. Consequently, product packaging budget management is a vital thing to opt for your brand’s success. Here is a question: what is budget management? It is a process of managing income and expenses. Choose the right and budget-friendly options that meet your packaging needs, please your target clientele, and help your business grow.
How To Manage Product Packaging Budget for Small Business
We know the benefits of budgeting management for enterprises. So, we help you well manage your packaging budget with the under-mentioned eleven useful tactical ways:
1. Invest In Your Product Packaging Consciously
Conscious product packaging budget management is essential to your brand that can save you money. Don’t over-invest in your custom packaging that you do not need or is not necessary for your brand. If you can get the same profit with simple packaging of products, then investing more money for your product packaging design does not make sense.
In short, be realistic and spend your money on your packaging with a balance. It means you should neither spend less nor an extra amount for your product encasing. Investing extra money in your product packaging will cost you a lot too.
In addition, consider the return on investment (ROI) prior to investing in your packaging boxes. For instance, no one likes to buy less-expensive products with luxury embellishments because these options are useless for buyers. So that they will not show their interest in paying extra money for cheap products, this way, you will not get a good ROI for your business.
2. Consider Your Customers’ Needs To Triumph
Considering your target customers’ needs is an essential topic to consider regarding your product packaging. You should know your target audience’s preferences and customize your packaging boxes to impact consumer behavior. If your customers are pleased with your custom product packaging that fulfills their needs, you don’t need to invest more in them.
Considering the customers’ preferences and needs during your product box packaging can be beneficial to your quick business success. Moreover, there are different people with diverse interests. You have to find out if your customers prefer to get environmentally friendly packaging boxes that save nature from pollution or if they are dedicated to achieving just sturdy and protective packaging. When you know your customers’ needs, you can plan to create product packaging boxes accordingly and plan your budget for your brand.
3. One-Time Investment Versus Recurring Cost
Many brand owners forget to consider the differentiation between one-time costs and repeated recurring costs. For instance, packaging die and plate charges cost you one time. On the contrary, there are some recurring costs that you have to bear regularly on different packaging orders. This cost is invested in product boxes, taps, and their artworks. Consequently, tracking these expenses for your branded packaging can help your brand invest in the right direction.
4. Get Custom Packaging Boxes In Bulk
Ordering the product boxes in bulk can save you a lot of money. That is one of the top tricks to your packaging budget management. For instance, CBM as Packaging supplier offer different discounts on different volumes of custom boxes. If you want box packaging for your products that are high in the sale, ordering custom wholesale packaging boxes in bulk is a perfect option for your brand. That is an economical packaging option for your brand that makes your brand eligible to win discounts offered by packaging producers.
In addition, it is crucial to consider that you do not need to order extra boxes for your products if you don’t need them in a big volume. If you are launching a new product in the market and want to analyze its sales, you can get customized packaging boxes for your brand. If you see satisfactory results out of your products, then you can order packaging in a big volume at a cost-effective price.
5. Select The Perfect Type Of Packaging Boxes
To budget your product packaging, the right choice of packaging can help your business get quick marketing success. Choosing the suitable packaging boxes depends on your packaging purpose and product type. For example, to choose the right product boxes for your company, you can ask yourself these questions: What is your product nature? Where do customers see your packaging boxes? What is your packaging purpose? When you get answers to these questions, you can create top-grade packaging for your products.
If you need packaging cost-effective, lightweight, sustainable, and green packaging boxes, then paper-based material is perfect to create these boxes. These boxes are non-toxic to the environment and highly popular among consumers today. In addition, they are best for different food items packaging. Kraft paper, cardstock, and corrugated cardboard are examples of these types of nature-friendly product boxes.
Furthermore, a Corrugated cardboard box and mailer box is the perfect option for shipping your packaging orders. Mailer boxes are shipped flat, which makes them the best option for ecommerce packaging. On the contrary, corrugated boxes are perfect for shipping multiple products stored inside a big yet durable box.
6. Apply Your Innovative Packaging Design Ideas
All the packaging designs don’t make your brand outshine in the retail market. So, choosing a suitable theme, style, and color combination can help attract more customers to your branded products. If your packaging design idea is mind-blowing, you can make more new customers and win significant popularity for your company.
Consequently, studies reveal that 81% of customers bought new products due to their attractive packaging, and nearly 52% of consumers changed their brands on account of new packaging of products.
In addition, it sounds good to know that you can apply your unique and eccentric packaging boxes design idea while remaining within your limited budget. For this purpose, you must consider your target audiences’ age group, gender, region, and preferences. It results in the production of fascinating product packaging at a reasonable cost.
7. Provide Good Experience With Handy Packaging
The product that provides consumers an excellent unboxing experience brings more profit for brands. You can create handy and easy-to-unbox product boxes with perfect packaging styles.
Trendy styles of packaging boxes are decided by professional structural engineers who create easy-to-use boxes according to the product specifications and provide consumers with a perfect experience. At CustomBoxesMarket, you can get user-friendly packaging boxes with appropriate designs and styles within a specific budget.
8. Choose The Right Printing Option
Deciding on the printing option for your boxes is an important factor while managing your custom product packaging budget. There are three different opportunities for brands to print their packaging boxes: flexographic printing, digital printing, and lithographic printing.
Flexographic printing is less expensive than litho printing. This printing technique needs a simple plate that accepts a limited color option. Lithographic printing, on the other hand, is a little more expensive option than flexo printing. It is the perfect choice for those products that need high-quality illustrations and images on the packaging boxes. Both of them are perfect for high-volume product delivery.
On the other hand, digital printing is best for testing the packaging that can be used for printing custom boxes in a small quantity. It provides good results and is cost-effective for brands. You can choose any of the above-mentioned packaging techniques after considering your budget and needs.
9. Keep Extra Packaging Options In Mind
There are two phases of packaging: primary and secondary.
Primary packaging is the creation of product boxes. In contrast, secondary packaging is the name of embellishing and adding extra options to the primary packaging that makes them unique and user-friendly.
Many new brands don’t know the vitality of extra packaging add-on features that can make them apart from the rest.
Using these additional add-ons and making the product packaging budget is vital to getting your desired business results. These add-on options are box inserts, dividers, filler, window patching, etc. Considering your budget, you can use these options to create trendy product packaging boxes.
10. Compare Different Packaging Companies
Customers choose products after analyzing different things. Similarly, you should also perform extensive research before finalizing your packaging company. You can compare different packaging suppliers for your product packaging solutions. Many packaging companies offer different packaging boxes with diverse specifications at different prices. You always prefer the brands that provide more for less money.
In addition, you can check the brand packaging standard by sending them quotes and asking for 3D illustrations of boxes or physical samples. The company that offers you custom packaging boxes with free packaging designs, faster shipping, and quick turnaround is the best option for brands.
There are many packaging supplier firms in the U.S. CustomBoxesMarket is one of the top companies in the United States packaging market, with many years of industry experience and skillful professionals. You can get cost-effective and budget-friendly packaging for your brand, whether you belong to a renowned company or a big brand.
11. Be Ready For Unpredictable Packaging Expenses
Unexpected expense is an important factor you should consider when budgeting for product packaging boxes. Many accidental events occur in the business world randomly. A business that is well-prepared for these accidental expenses can survive. On the other hand, businesses that don’t consider this factor face unpredictable property loss. So it is crucial to be prepared with a rainy day fund. It is a specific amount of money that’s set aside for unexpected expenses. This fund can be highly advantageous when disaster strikes the business operations. That is a perfect tactic to manage your product packaging budget.
For instance, your product packaging boxes can get stuck in a storm or any other disaster during shipping and get damaged with leakage and destroyed. Consequently, government policy changes can compel you to comply with the updated regulations and print the specific content on the packaging accordingly. All businesses can face any unpredictable and unexpected circumstances. So, being prepared with reasonable additional cash to cover out-of-the-blue expenses will be better for the successful future of your company.
Let’s be honest. Packaging is an integral part of your customers’ shopping experience and its bottom line, but discovering something seemingly mundane like packing and shipping costs likely landed at the bottom of your to-do list.
How Much Do Custom Boxes Cost?
The short answer: custom packaging costs less than you probably think. But there is no single, simple answer to your boxing needs. How much does a personalized box cost? How much does a watch cost? The answer, of course, depends on many variables. Are we talking about a high-end Rolex or a more homemade Timex variant? I can’t tell you for sure that it costs $ 2.36 per box, nor can I tell you that a watch costs $ 50. That is until you know more about what exactly you’re looking for. Like watches, boxes come in all shapes, sizes, designs, uses, colors, etc. There are no limits to your options.
But do not worry. While there is no simple answer that will keep everyone happy, there are ways to determine how much custom boxes will cost your business. Once you know what you need, a detailed estimate can be done to make a packaging estimate that is meaningful to you. To begin with, you can ask yourself the following questions to get a better idea of how much your company will be spending on custom boxes:
1- What Kind Of Products Do You Sell?
First and foremost, it comes down to what you put in your boxes. Do you need retail boxes? Cosmetic boxes? Show packaging? How you answer these questions has a huge impact on how much you spend on custom boxes.
Ask Yourself The Following 10 Questions About Your Products To Refine Your Assessment:
2- What is the price of your products?
When you sell luxury items, your customers expect the packaging to reflect it. In addition, you will want to be pampered when you unpack your products. So, it would help if you thought about the overall look and feel (and make money). Throwing a few peanuts in corrugated cardboard isn’t enough. Think about adding some great factors such as Using different colors and textures or satin ribbon closures to wrap everything.
If your items are expensive, consider tamper-evident containers for added security. Of course, this will add to your costs, but it will help ensure that your products arrive in good condition.
3- Are your items fragile?
No matter what you ship, the top priority is that your items are properly protected. Some things need more protection than others.
4- Are your goods perishable?
When shipping items like cheese or steaks, you need to find the right box, so your items don’t arrive in a mess. Unfortunately, these special boxes increase your costs.
5- Do you ship products in different sizes?
There is no point in buying custom boxes in a single size. If the package is too big for your items, you will waste money on shipping and filling. Instead, you will want to see a variety of boxes of different sizes that will fit all of your products, large or small.
6- What kind of brand do you need?
Another important factor that determines how much you pay for your custom boxes and other packaging is the type of branding you want (also known as your box design).
7- Are you looking for a small logo printed on your box, or would you like all sides to be covered with your brand colors, logos, and slogans?
Large, established companies like Amazon can afford to keep their brand simple. If you look at a box with the Smile logo on it, you will know where it came from. But, of course, most companies have to add a little more pizzazz if they want to be remembered and stand out from the crowd.
And the brand is not limited to the box. It continues inside all the inner packaging. So, as you can imagine, undertaking a full branding crusade won’t be as cheap as printing your logo.
8- What volume do you expect to need?
The volume of your packaging determines the printing method you use. They like the speed flexo gives you, but the setup cost means that short runs cost you a lot.
9- Does it match a fancy logo or your brand name in a standard font?
There is a lot to consider when designing your box print. The main thing to consider is whether you are using an image-based logo or your brand name in a standard font and how many colors you have incorporated. As with the first point, the type of layout used will affect the type of printing method you choose. You don’t want to spend money on a printing method that costs more when your packaging design can easily be completed using a cheaper way. Sometimes a single color logo on the packaging can be more effective.
10- How much is your time worth?
You know the old saying that time is money. This also applies to your shipping and packaging requirements. It takes time to prepare a beautiful package carefully. Is it worthwhile for your employees to carefully fold and glue the tissue paper, or would you be content to fill your boxes with Kraft paper casually?
Or maybe your business has more time than money. In this case, you can put a logo label on each shipping box. Or perhaps it makes more sense for you to invest in printing your logo on each box, so it’s ready to go.
At first glance, custom boxes may seem too expensive for your budget. But by playing with your custom options and priorities, you can find a custom boxing solution that works for you. And it’s not that you have to order the same type of box forever. As your business grows and your needs change, you can always update and spice up your custom boxes to reflect that.
Managing your product packaging budget is not a complex task if you follow the above-mentioned strategy. You can partner with CustomBoxesMarket to create premium quality, unique, and economical packaging solutions that can improve your brand image in the competitive market.