What is a Corporate Gift?
With an excess supply for all types of demands, many businesses struggle to find success with their marketing efforts. Due to this, they end up directionless, spending too much time and money on marketing through print media and radio ads, while looking past the most economical and personal tool to market their business- corporate gifts.
Long gone are the days where gifting is limited to only special occasions, housewarming parties, or festivals. Now, organizations have found a way to revolutionize the traditional ways of gifting and are now using gifts to their strategic advantage. Businesses, no matter how big or small, whether they’re a startup or are on a multinational level, are now accepting and adopting the trend of giving out corporate gifts to create a touchpoint with employees, clients, or even prospects. These gifts are usually physical items, such as practical pieces, edible treats, or personalized items. Non-physical gifts, however, include eGift cards or an experience, such as plant tickets or concert tickets.
Why is Corporate Gifting Great For Businesses?
Receiving a gift is an exciting, joyful experience; it creates a sense of connection to the giver and oftentimes, leaves positive impressions for a person or a brand. Organizations and strategic marketers have long relied on the secret powers of gifting to ensure fruitful relationships with potential and existing clients or to show gratitude for the employees.
When using gifts to show your acknowledgment of your employees’ contributions and loyalty, it can also help in retaining your top employees, making these gifts extremely effective in regards to ROI and satisfaction. Aside from that, sending corporate gifts to clients can also form a special bond between both businesses. These small investments can bring back great value to businesses.
What Makes Corporate Gift So Effective?
One may wonder- how do corporate gifts work so well in growing a business? Well, first off, think about the last time you received a surprise or gift. How did you feel? Did you feel excited, grateful, or even closer to the gifter? This is mainly because physical contact with a gift gives the receiver the Endowment effect- a deep sense of ownership over an item, allowing them to value it much more highly, thus creating feelings of reciprocity and trust. When this effect is used in marketing, this results in great returns on the little investments companies make in corporate gifting.
Gifting Corporate Gift to Prospects
Gifting can be a good motivator for prospective clients to become existing ones. Following this, according to Instapage, 80% of consumers say that they are more likely to do business with a company that offers personalized experiences. Gifting the right item at the right time can be the encouragement many potential customers need to take your desired action e.g completing a purchase, registering for a service, or collaborating with you.
Gifting Corporate Gift to Existing Clients
When sending corporate gifts to your clients, both ends will be able to benefit from the well-timed gift. It will enhance their consumer journey with your company, let them know that their business with you is valued, and encourage them to continue working with you. In some cases, these gifts can even give the right push to make your client your new brand evangelist. These types of clients are insanely trusting towards your brand and their word-of-mouth promotions are some of the best advertising you can get! It has even been reported in a retail study that consumers with an emotional connection to a brand have a 306% higher lifetime value.
Prospective clients and existing clients aren’t the only people your business has to consider when preparing a gift. Your employees are the backend of your businesses and their efforts are the reason why your company has gained success. You should always remember that the key to great business outcomes or achieving your corporate goals begins in the company. As mentioned above, receiving gifts makes most people feel more appreciated. Therefore, take this as an opportunity to show your top employees just how thankful you are for some high-quality gifts.
When gifts are of high quality and are nicely personalized, they aid in creating a feeling of being appreciated by your employer, building a sense of belonging and connection to the company you work for. These feelings translate into your employees’ work ethic and the quality of work they provide to both your clients and prospects.