Corporate gifting is giving gifts from your business to a client, customer, vendor, or potential prospect. When done appropriately, this helps foster a positive and meaningful relationship. A good corporate gifting strategy can help with your company’s goals, brand identity, and business values.
But does it have any other benefits? It does. Corporate gifting can be beneficial in many ways, such as boosting sales, developing B2B relationships, and enhancing brand reputation. These benefits significantly impact the business’s overall success.
You can make a difference by arranging the plan and detecting the purpose behind corporate gifting. In this article, we curated a guide to corporate gifting so you can find the best way to manage it. Let’s proceed.
Identifying The Recipients of Corporate Gifts
Who are your target recipients of corporate gifts? Determining this will help you tailor your gift selection based on each group’s preferences and interests. The list may include clients, consultants, employees, business partners, and prospective clients. They all significantly ensure and promote the business’s growth.
You should also consider the recipient’s gender and age range. For instance, female recipients may appreciate different gift ideas than male recipients. Incorporate gifts suitable for different ages, like younger employees and retired partners.
Another key factor to consider is acknowledging the significance of the existing recipient and the new one. To whom should you give more personalized gifts? Choose gifts according to their roles and importance in your business.
Establishing A Realistic Budget
According to the Researchnxt, a notable 67% of survey participants allocate a set budget for corporate gifts ahead of time, with small to medium-sized businesses averaging around $10-50, large corporations between $50-200, and big enterprises between $100-500.
Setting a defined, realistic budget is as important as it gets. It will help prevent overspending and guide your corporate gift selection process. However, you should focus on quality over quantity in corporate gifting.
- To find a reasonable approximate budget, revisit what corporate gifts you purchased in the previous year.
- Research competitors or companies in your industry to determine if you want to match them or go above or beyond.
- Negotiate with suppliers for bulk discounts or find cost-effective options that align with your aim. Make sure you prioritize and allocate the budget strategically.
Choosing The Right Gifts
Your business can strengthen its professional relationships and improve brand recognition. But the gifting approach should be well-calculated. It is important to be mindful and select the gifts carefully. This will ensure you are giving the right gift to your recipient.
An appropriate gift can help your business grow effectively, create memorable experiences, and leave a lasting impression. A study shows that 88% of recipients feel appreciated after receiving a corporate gift.
A few things to consider while choosing the right corporate gift have been suggested below. Check them out.
Considering Practicality, Quality, and Uniqueness In Gift Selection
A good gift is a gesture of appreciation and an incentive. To make the gift memorable and unique, choose a practical gift item that resonates with your recipients, and then personalize it. Your gift should serve a practical purpose and add value to the recipient’s life.
Also, consider the occasion and ensure the gift’s quality. It demonstrates your commitment to excellence. Show your sincerity, thoughtfulness, and consideration as the giver.
If you are having trouble choosing the right gifts, here are some facts to help you.
- Gift cards are the most preferred corporate gifts, accounting for 40% of all corporate gifts.
- 55% of companies use personalized gifts in their corporate gifting strategy.
- The most popular corporate gift in 2021 was tech gadgets.
Reflect Your Company’s Values and Brand Identity
The right gift should align with your brand identity, value and image. Ask yourself how the gift can reflect your brand personality. Opt for sophistication, innovation, or sustainability to leave a positive impression.
Also, incorporate a logo, company colour, or slogan into gifts. These will act as ambassadors of your brand, helping you stand out and enhance your business’s reputation.
When to Send Corporate Gifts
You may ask: Is there an ideal time to send corporate gifts? The answer is it depends. Selecting strategic opportunities can be helpful.
In a nutshell, timing is everything. In this fast-paced business world, you should be calculative to make a meaningful impact on the recipient.
According to a survey, around 70% of companies plan their corporate gifting strategy at least three months in advance. Check out the tips below to understand when you should send corporate gifts
To Show Appreciation
You don’t have to consider any specific time of the year to show appreciation. To thank your special client or show your employees that their dedication isn’t going unnoticed, you can surprise them with gifts.
To Celebrate Different Milestones
Celebrate different milestones to strengthen your client, prospect, or employee relationship. The occasions can include birthdays, career milestones, employee recognition, and work anniversaries.
Recognizing these special occasions with thoughtfully curated personalized corporate gifts sends a clear message to your recipient that you care about them.
Holidays
Holiday occasions, such as Christmas or other festivals, are special. Celebrating them with your business associates can help you leave a lasting impression and create memories. But make sure the individuals receive these holiday gifts on time.
New Year
Set the tone for the new year with gifts. The New Year is also a significant moment in a company’s life. It’s a great opportunity for businesses to show their appreciation.
This gift gesture will create a memorable experience, make your people feel valued and delighted, and help your business stand out.
Personalization and Customization
Gifting is an art; personalizing or customizing gifts can make a huge positive difference. It can contribute to the gift’s occasion, recipient, or theme.
It also adds a thoughtful touch, showing that you have taken the time and effort to customize the gift, especially for the recipient.
But how do you personalize and customize gifts? It’s about taking strategic approaches and establishing an emotional connection with the recipient. A few important tips will be:
| Step-by-Step Guide | Brief |
| Gather The Recipient’s Information | Firstly, collect all relevant information about your recipient. Know their interests, preferences, and tastes. It will help you personalize and customize the gift. |
| Categorize The Recipients | Secondly, determine your recipients and create a segment for them. Simply divide them into different categories, such as newcomers, travelers, eco-advocates, or others. |
| Select Personalization Options | Thirdly, engrave personal touches like the recipient’s initial, name, or customized message to make the gift meaningful and memorable. This serves as a lasting reminder of your recognition and appreciation. |
Presentation
How can you make your first impression fascinating? Unboxing a gift and how it is presented matters a lot. In corporate gifting, you can never underestimate the power of proper presentation.
It conveys the message of your appreciation and professionalism. Packaging is one of the most important aspects of corporate gifting.
Thoughtful packaging enhances branding, provides protection, and allows you to create a lasting impression on your recipient.
A well-designed or packaged gift shows the effort and care you put into presenting it, adding a layer of sophistication. There are creative ways to curate the gift. Don’t be afraid to embrace those.
Delivery
If you want to hand over the gift personally, you can do so. However, there are other ways you can deliver the gift.
If distance is a factor, deliver the gift by mail or courier service. But remember to secure the package to avoid any damage during transit.
Ethical Considerations
Ethical considerations are crucial when it comes to corporate gifting. Traditional practices often involve wasteful, unsustainable products, packaging, and practices that don’t serve the brand’s reputation and image well.
A survey shows that sustainable and eco-friendly products are becoming more popular, with a 30% increase in demand over the past two years.
Sustainable gifts have significant marketing benefits. You can elevate your company’s reputation to a new level using sustainable corporate gifting and a thoughtful approach to the business world. Adopting this idea can help your business grow and promote positivity.
Sustainable gifting incorporates choosing eco-friendly, socially responsible, and ethically produced products. Take notes of the following tips, as they can help you with ethical considerations in corporate gifting.
- Consider Eco-Friendly Materials.
- Support Ethical & Fair-Trade Brands.
- Opt For Long-Lasting and Reusable Gifts.
- Offer Alternatives to Plastics.
- Educate The Recipients About Sustainability.
Measuring Impact and Feedback
Corporate gifting is a meaningful way to show your appreciation to the recipients. The impact doesn’t end with delivery and presentation. You should also look forward to the giftee’s feedback. What was their experience? How did they feel receiving the gift?
Your follow-up call can help nurture relationships by creating positive impressions. Track how recipients respond to gifts to measure the impact.
You can also use different metrics. For employees, metrics like increased productivity, improved turnover, or improved job satisfaction surveys can help you measure impact.
On the other hand, for clients, monitoring engagement metrics or client retention rates can help. Moreover, calculate your revenue to know if it increased or the corporate gift-giving was effective.
Long-Term Relationship Building
Corporate gifting can strengthen relations between the company and potential prospects. When your employees receive a gift from your company, it motivates them to do their best at work.
Similarly, when a customer gets a gift from your company, the happy customer becomes more loyal and trusting of your company. Therefore, it will encourage them to continue their business relationship.
Though corporate gifting might seem a mere formality at first glance, the concept’s depth is profound.
- It boosts employee morale.
- Strengthens client relationships.
- Increases productivity and loyalty.
- Improves brand image.
- Catalyzes the company’s overall success.
It is a strategic approach that can help build long-term relationships with individuals. The act ultimately secures the potential prospect as a key to long-term success.
Conclusion
Sending gifts from your company to the employees, clients, and stakeholders is a beautiful gesture. As more companies are focusing on improving their work culture to impact their potential growth, corporate gifting has become vitally important.
A well-thought-out gift makes the recipient feel valued, appreciated and admired. But that’s not the end of the story. It improves employee morale, strengthens client relationships, increases productivity, and catalyzes the company’s overall success.
There are strategic ways of gifting to secure better relationships with potential and existing clients, enhance employee engagement and client retention efforts, and result in effective ROI. Get your hands on them, practice thoughtfully, and help your business stand out.
FAQ
How do we offer corporate gifting?
Identify the recipients, establish a realistic budget, choose the appropriate gift, consider when to send the gift, personalize it, make an appealing presentation, and deliver it to your recipient.
What is the concept of corporate gifting?
Corporate gifting is a thoughtful gesture that helps build and strengthen relations between employees, clients, partners, vendors, and stakeholders.
What is corporate gift-giving etiquette?
Common corporate gift-giving etiquette involves selecting appropriate gifts, celebrating different milestones, understanding the recipient’s preferences, personalizing them, and considering ethical considerations.
What are the types of corporate gifts?
Some common examples are gift cards, tech and gadgets, gift baskets, and eco-friendly, sustainable gifts.
Who needs corporate gifting?
Corporate gifting is a strategic approach that appreciates the value of partnerships, whether between employees, clients, partners, vendors, customers, or others.
