What Does SWAG Mean in Business? SWAG Acronyms 2024
Medha Mehta
Overview
You might have heard the word SWAG from top business leaders to the teenager next door. If you're wondering how this terminology is widely used and what it actually means, you're at the right place! In the business world, the term "swag" often conjures images of freebies and promotional merchandise. However, its scope extends far beyond mere tangible items. This article delves into three meanings of swag in business—each of which plays a crucial role in corporate strategy and brand identity. By understanding these interpretations, businesses can leverage swag not just as a marketing tool, but as a cornerstone of strategic development and customer engagement.
Key Takeaways
Three popular SWAG meanings in Business
1. Stuff We All Get
2. Strengths, Weakness, Actions, Growth
3. Sold Without A Guarantee
Other Meanings of SWAG
1. Scientific Wild-Ass Guess
2. Secretly We Are All Gay
3. A fashionable person with an attitude
4. Unlawfully and unethically acquired items
SWAG Meaning 1: Stuff We All Get
The most famous SWAG meaning in business is Stuff We All Get, representing customized merchandise with logos and brand names imprinted on it. SWAG: S=Stuff, W=We, A=All, G=Get. The traditional definition of swag in the business context refers to promotional merchandise—often branded with a company’s logo—that is given away at events, conferences, or workplaces. These items can range from pens and t-shirts to high-tech gadgets, designed to keep the brand at the forefront of recipients' minds. These branded merchandise or SWAGs are manufactured, distributed, and sold to improve brand identity and earn profits. Here are some popular ways people use swags.
1. Corporate swags
In business, swags means Stuff We All Get, referring to custom merchandise, such as T-shirts, hoodies, pens, diaries, water bottles, and more, that businesses distribute to their employees, distributors, retailers, and other stakeholders. These items feature the company's brand name or logo and are commonly referred to as “business swag”. Companies provide these freebies during onboarding, holidays, corporate events, and as tokens of appreciation. Some organizations even establish swag stores where employees and stakeholders can purchase customized merchandise.
2. Contest and promotional swags
Businesses organize contests and affiliate programs in which they distribute the custom swags as the winning prize. In this way, marketing teams encourage people to engage with their brand, provide contact details, follow their social media pages, subscribe to email newsletters, and refer the brand to their friends and family.
For example, Morning Brew launched a successful promotional contest where participants received a branded high-quality jogger by referring five friends to sign up for the Brew. Within just 10 days, the company garnered over 75,000 new subscribers and distributed 8,000 custom swag items as rewards.
3. Creators' swags
Musicians, gamers, YouTubers, podcasters, and influencers often sell merchandise with their logos, images, taglines, quotes, dialogues, and lyrics. They build online stores with their merchandise or give contracts/licenses to swag vendors to create, store, and deliver the merch in exchange for profit-sharing.
According to research, Harry Styles made US$22.9 million and Lady Gaga made US$15.8 million from the branded swag (merchandise) sales. The popular YouTuber Mr. Beast earned $54 million in 2021 just from the merchandise sale.
4. Sports swags
Sports teams possess copyrights for their logos and generate substantial revenue through the sale of merchandise bearing their logos, team names, popular players' names, and images. In North America alone, the licensed sports merchandise market garnered an impressive $15.43 billion in revenue in 2023, as reported by Statista.
5. Non-profit swags
Non-profits and organizations working for a cause usually sell merchandise with their logos, cause-related lines, or humanitarian quotes to raise funds. They sell these swags at their headquarters, via online stores, or in fundraiser events. Sometimes, they customize luxurious swags and organize auctions for fundraising.
6. Political campaign swags
Political parties frequently distribute swags such as t-shirts, caps, and hoodies featuring their party name, logo, and the names of prominent candidates. Supporters and volunteers also purchase this merchandise to display their allegiance while attending political events and rallies. These political swags often have sarcastic messages, anti-opposition party quotes, and popular slang to degrade the opposition leaders.
The strategy behind such business swag is to create a lasting reminder of the brand, promoting both visibility and goodwill. Marketing studies suggest that high-quality swag increases customer loyalty and can significantly boost return on investment through repeat business and referrals. Additionally, the trend towards sustainable and practical items reflects a broader consumer shift towards brands that prioritize environmental responsibility.
SWAG Meaning 2: Strengths, Weakness, Actions, Growth
Beyond physical goods, the swag acronym in business can also refer to an evaluative framework: Strengths, Weaknesses, Actions, and Growth.
SWAG: S=Strengths, W = Weaknesses, A = Actions, and G = Growth.
This model serves as a tool for business strategy, enabling organizations to assess their current position and plan future actions effectively. This framework allows businesses to conduct a comprehensive self-assessment and planning exercise.
Strengths: By identifying strengths, a company can capitalize on its competitive advantages.
Weaknesses: Acknowledging weaknesses, meanwhile, allows for targeted improvements and risk mitigation.
Action: Following this, the company formulates an actionable plans addressing their unique strengths and the areas where it is lagging behind. Businesses assess their available resources, and budget and make practical strategies to achieve success. In other words, the 'Actions' component involves setting strategic initiatives based on the strengths and weaknesses identified, aiming for measurable growth and improvement.
Growth: The final component, Growth, pertains to the establishment of specific metrics and benchmarks to monitor progress and determine the efficacy of the implemented actions.
By using SWAG, businesses can keep growing and making smart choices to reach their big goals with a reliable method in place to gauge success.
Swag Meaning 3: Sold Without A Guarantee
Another popular swag meaning in business is sold without a gaurantee.
SWAG=S=Sold, W=Without, A=A, G=Guarantee.
Some businesses use the word SWAG for products that are being sold without any warranty or guarantee of their condition or performance. This interpretation of swag emphasizes the consumer's trust in the brand and their willingness to purchase without the promise of a refund or return. While it presents risks, such as potential dissatisfaction without recourse, it also offers significant rewards by enhancing brand prestige and customer engagement.
This term is often used in the context of second-hand or used items, where the seller is not providing any assurance that the item will function as intended or be free of defects. In this case, the buyer assumes all risks associated with the purchase.
This approach is often used for exclusive or limited-edition products, which can create a sense of urgency and exclusivity among consumers.
Employing this strategy effectively requires a strong brand reputation and a loyal customer base. It’s a bold move that can lead to heightened brand loyalty and increased sales through word-of-mouth and social proof. However, it demands excellent product quality and an impeccable brand image to ensure that customers feel confident in their purchases despite the lack of a safety net.
Other SWAG's Meanings and Acronyms in Contemporery Slangs
1. Unlawfully and Unethically Acquired Items
Another less popular meaning of swag is related to stolen goods, and possessions taken by illegal ways. In Australia, swag means possessions of a traveler, worker, or thief wrapped up in a blanket and attached to the edge of the stick. The person is shown to carry over the swag on their shoulder, as shown in popular cartoons.
Here is an example of swag.
Image source: Pixabay
2. Scientific Wild-Ass Guess
A "Scientific wild-ass guess," often abbreviated as SWAG, is an estimation based on experience and intuition rather than on precise data or calculations. To make educated guesses when there's a lack of concrete information. While SWAGs can be useful for generating ideas and hypotheses, they should be taken with a grain of salt and further tested or researched to ensure accuracy.
3. Secretly We All Gay
The term "SWAG" was used by gay men in the 1960s to secretly communicate their sexual orientation. It stood for "Secretly We Are Gay." The word "swag" was also used to identify and let others know about their status.
4. A Fashionable Person with an Attitude
In pop culture, swag slang means a self-confident, cool, and stylish person. When they walk and talk with a confident attitude, they are said to be swaggering. Sometimes, the swag word is also used in a negative context i.e. someone with so a high attitude that they seem arrogant, rude, and intimidating.
Here are some examples of the ways the swag slang is used in a sentence by today’s generation.
“That boy's got swag.”
“Jessica got no swag.”
“Come ‘on girl, bring on your swag!”
"Take your swagger self at the club today."
Where Does the Word SWAG Come From?
The word "SWAG" has a fascinating history and a variety of meanings. It first appeared in the 13th or 14th century as a corruption of the Scandinavian "svagga," meaning "to rock unsteadily or lurch." Over time, it evolved to mean "hanging loosely or heavily, to sag." Its first print sighting was in 1303. By the 16th century, it was used to describe a blustering person and later came to be associated with stolen goods, particularly when used in the context of thieves' plunder or booty in the 18th century. (Reference).
In the 1960s, "SWAG" became an acronym for "Scientific Wild-Ass Guess," used by experts to make rough estimations based on experience and intuition. In the 1960s, there was also a rumor that "SWAG" was an acronym for "Secretly We Are Gay," supposedly used by gay men as a code on posters announcing orgies. However, this claim is unsubstantiated and likely a false etymology.
In the 1970s, "SWAG" was also used to describe promotional products given away at events or used for marketing purposes. This meaning is still in use today, with "SWAG" often referring to free merchandise or giveaways.
In the 2010s, "SWAG" became a popular slang term, often used to describe someone with style, confidence, and an air of coolness.
The word "swag" also carries different meanings in other countries and languages, for instance, as an Australian term for a traveler's bedroll, and it has been used in various colloquialisms and slang expressions across the globe. (Reference)
In conclusion, the word "SWAG" has a rich history and a variety of meanings, from its early Scandinavian origins to its modern-day usage as a slang term for confidence and style.