Receiving a present is a powerful experience because it establishes a bond with the giver and can foster favorable associations with a business. Organizations have long depended on the power of gift-giving to build stronger relationships with prospective and existing customers, as well as to express gratitude.
Whether you’re giving a non-physical gift, like an experience (e.g. concert tickets) or an eGift card, or a physical gift, such as practical corporate gift baskets, personalized clothing items, or edible treats, corporate gifting can be very effective in terms of satisfaction and ROI.
In this post, we’re discussing the importance of corporate gifting and how to establish successful gift-giving practices in your company.
Why Is Corporate Gifting Important?
Gifts are a great way to entice prospects to become buying customers. Research has found that 80% of consumers are more likely to choose an organization that provides tailored experiences. So, sending the perfect present at the right time can inspire potential customers to take the required action, such as making a purchase or signing up for a newsletter.
A well-timed present can also benefit your existing customers. It can reassure them that their business is valued, urge them to continue doing business with you, become brand ambassadors, and put your brand back to the forefront of their minds if they haven’t heard from you in a while. Consumers who have an emotional connection to a brand have a staggering 306% higher lifetime value, according to a retail survey.
Finally, high-quality, personalized gits can benefit your employees by instilling a sense of connection to the team, as well as fostering a sense of being valued by the employer. These emotions influence how employees carry out their responsibilities and the level of service they deliver to prospects, existing clients, and external stakeholders.
5 Steps to Establish Successful Gift-Giving Practices
Corporate presents serve as a physical expression of your company’s values. Thoughtful, personalized gifts convey more care and appreciation than anything else. Here are some pointers on how to do corporate gifting properly:
The Gift Should Reflect Your Company’s Values
Link the gift to a value that your firm cares about. If encouraging environmentally responsible corporate gifts is vital to you and your brand, for example, give out gifts created from recycled materials to demonstrate your dedication. This will not only benefit your company but will also demonstrate how corporate gifting can be a form of corporate responsibility.
Send the Right Message
Make sure the present you choose does not send the wrong message about your business. For instance, gifting stress balls to all of your employees might seem like a great idea to you, but all it does is acknowledge your company’s stressful, unhealthy culture.
Avoid Apparent Advertising
Ensure that your motives of giving and gratifying others take precedence over your desire for self-promotion. Is a glorified business card with a large brand logo really a gift? Remember, corporate gifting should be about expressing appreciation and gratitude. It’s an added plus if you can promote your business in a discreet way.
Offer Quality Gifts
Ensure that the presents you choose are well-made and long-lasting. Just because a gift is expensive doesn’t mean it’s worth giving it. When choosing presents, do some research on where they came from.
Research has shown that seven out of ten consumers agree that companies have a responsibility to address environmental and societal challenges. If you gift items that are hazardous to the environment or were made using other harmful activities, your brand will be connected with these practices.
Consider Gifting Experience
Instead of physical gifts, consider gifting an experience that the receiver will actually love, such as a virtual cooking class or a trip. You should also consider making a donation in the recipient’s name to show your gratitude.
According to a study by Packed with Purpose, 33% of consumers are willing to spend more with a company that gives a gift that has a good social impact. Including a philanthropic component in your corporate gifting program shows that you care about making the world a better place, and it’s a great way to connect both consumers and employees.
Once you implement corporate gifting tactics, your company’s profits are sure to start rising. Corporate gifts aren’t just things you’re giving away; they are instruments for improving brand engagement and building strong customer and employee relationships.
Consider one of these corporate giving methods the next time someone does business with you to demonstrate your appreciation. An effective corporate giving strategy will increase sales while also leaving a lasting impression on your customers, partners, and workers.