You are brainstorming on possible growth strategies for your business. Ideas are flying around the room. Then someone talks about gifting as a possible growth strategy. You look at them as if they’ve lost their minds. This starts the questions flowing.
Why would giving corporate gifts be a way to grow your business? Corporate gifts are expensive. Aren’t they unnecessary expenses when I should focus on cutting expenses and boosting my revenue?
You’ve got it wrong. Gifting is a great way to grow your business. Everybody lights up when they receive gift boxes. The same thing happens to clients and employees when they receive corporate gifts from a company or organization.
Many corporate bodies have benefited from this strategy over the years. The gifting experience has enhanced their reputation and boosted their growth in the long term.
Your business can also benefit from this strategy. How can this happen? Stick with us as we reveal how a corporate gifting strategy can grow your business in 2023.
Why Give Corporate Gifts
Companies have been giving out gifts since time immemorial, when humans started trading with each other. Today, the custom is widespread, with corporate gifts worth $22 billion given in 2017.
Businesses run on relationships. The gifting process is a good way to appreciate your clients for the sales they’ve brought your way. Giving a custom gift helps to solidify the business relationship with the clients.
Most corporate gifting occurs at the end of the business year, usually in December. But it can also mark special milestones in the business world.
These could be after a business arrangement, contract, or expansion into new territories. It also happens during the launch of new products or services, business events, and exhibitions.
It’s also a way to market your company and attract new clients from prospects.
This strategy is also a way to reward employees in the company. The reasons include recording a milestone, rewarding productivity, or celebrating a special occasion.
Corporate gifting requires following proper ethics and procedures to distinguish it from bribery.
Get Started With a Gifting Process
Image from: Pixabay
Corporate gifting is much more than dashing to a gift shop, selecting some items, and shipping them off to the recipients in personalized gift boxes.
Set up a corporate gifting strategy with a well-laid plan. Start with actionable procedures for gifting your clients, employees, and prospects.
This strategy should include the gifting budget, gifting needs sourcing, and the gifts to give out. Other considerations include the criteria for gift recipients and the logistics of sending them out.
Identify what qualifies clients and employees for certain gifts, including custom or personalized ones, among others.
And, consider whether the gifts will be branded with your business logo. If yes, write down your procedures for such branding.
The timing of the gifting process is another essential factor that you have to clarify.
For the gifts, you can look at gift cards (physical or electronic), downloadable products, or other similar affordable gifts for employees and prospects.
For clients, you should investigate their corporate gift-taking culture. Some companies discourage receiving gifts. For those who do, get to know your client’s personal preferences. This information will enable you to give gifts that resonate with them.
The gifts ought to reflect the amount of business and value they provide. If possible, get a concierge service to customize the gifts for your high-value clients. This service involves personalization and custom corporate gifts for your gifting needs.
How Corporate Gifting Can Grow Your Company
Image from: Pexels
There are various ways that gift-giving can aid your business growth. These include:
- Boosting customer relationships
- Increasing productivity
- Enhancing brand reputation
- Promoting the business
Let’s see how each of the above factors can boost your corporate growth.
Boosting Customer Relationships
Image from: Pexels
63% of companies credited gift giving as a factor in their improved customer relationships with their clients. Many companies are increasingly using gift-giving as part of their relationship marketing strategy.
Its effectiveness lies in the fact that most gifts are not expected. When you send a gift to your recipients, it tells them you value their relationships. It’s also a way of expressing gratitude to both your customers and employees.
The gifting experience is further heightened when you customize the gift. Receiving a personalized gift shows the recipients that some effort went into it. A custom card thanking them for their patronage puts the icing on this gesture.
Many recipients appreciate the gifts they receive. This action engenders trust and an unconscious need to reciprocate the gesture.
For customers, this reciprocity means maintaining or increasing their business dealings with you. These actions lead to more sales, strengthening the working relationship.
A recent survey reported 94% of top business executives believing that gifting can impact a business relationship
Image from: Pexels
There’s a saying that once you take care of your employees, they will take care of your customers and your business. Recognizing your employees’ efforts through internal gift-giving can boost productivity in your business.
Employees feel appreciated when given personalized gifts for performing their job. This gesture, especially when accompanied by public recognition, helps engage them. It sends a message to the workforce that productivity will be rewarded by the business.
There is a feeling of being highly valued and connected when employees get their gift boxes. It also engenders a sense of belonging and strengthens the workplace bond.
Giving gifts to your employees is also likely to spur them to work better at serving customers. This action is bound to increase productivity in your business.
70 percent of American employees raised their productivity after getting gifts from their employers. This was the outcome of a workplace survey.
Another report stated that 53% of employees stayed at their company due to the recognition and reward for their job performance.
Enhancing Brand Reputation
Corporate gifting is a great way to build a solid brand reputation for your business.
Giving gifts to your customers generates good feelings. These feelings engender an image of your business as being kind and caring.
This positive reputation can help your business attract more sales from customer referrals. Referrals are one way to increase sales without increasing your marketing budget.
27% of organizations say that external gift-giving resulted in their clients referring their business to new customers. These results come from people trusting the businesses enough to take care of their referrals. It’s also an effect of the good brand reputation already present.
Internal gift-giving is a sure way to boost your reputation among professionals. Potential employees want to work in an organization that recognizes and rewards productivity. A good brand reputation from gifting will attract the best professional talents.
Promoting Your Business
A marketing tactic for promoting your company is gift-giving. Gift boxes with your logo and branded cards are a great way to publicize your company softly.
Corporate gifting keeps your business in the minds of your clients and their peers. This situation happens when they use the gifted item.
It is also a great tool for turning prospects into customers. Giving promotional gifts to prospective customers physically and through the mail can increase your brand recall rate. 66% of gift receivers can recall a brand name on a promotional item after a year.
The same effect is noticeable when going after new business opportunities with other companies. 24% of gift-giving opened up new opportunities or leads for the gifting company.
Get Your Gifting Strategy Partner
To get your corporate gifting strategy right, you need a reliable partner for your gifting needs. Dayspring Pens is that reliable partner that will make your gifting experiences memorable.
Dayspring Pens provides high-quality pens, clocks, and other gift products. They come from well known luxury brands, so you’re rest assured of getting the perfect personalized gift for that executive.
Their services include same-day custom product engraving, free shipping within the US, and branded custom gift boxes. They can also help you with carefully curated gifts.
Here are some customer reviews of Dayspring Pens that will inspire you to take action.
Image from: Amazon | MCP Customer Review
Image from: Amazon | Anthony R. Customer Review
Image from: Amazon | Donna Bramell Customer Review
Featured image: Pexels
Daniel is the President and CEO of Dayspring Pens. He lives in Virginia with his wife and their four children. Learn more about Daniel's bio.