Businesses can employ different growth strategies, but corporate gifting is often not the first idea that comes to mind. After all, every company’s goal is to cut expenses and increase revenue, and corporate gifts seem to be quite the opposite, only adding to the costs. As surprising as it is, this strategy is a sure-fire way to boost your business’s reputation and growth in the long run. How is that? Stick with us to learn more about corporate gifting and its incredible benefits for your company.
The psychology of corporate gifting
Throughout history, gift-giving has been perceived as a way to build relationships, and while on the surface, it’s only an exchange of items, deeper connotations are associated with it. Gifts trigger emotional and psychological emotions like appreciation, recognition and the need to reciprocate. Essentially, the giver expresses their feelings through an item, hoping the message will be received as intended. In other words, gifts are symbolic.
In the business environment, gift-giving can result in improved relationships and, thus, a better ROI. It is one of the most effective marketing strategies, allowing brands to build deeper connections with customers, employees and partners. Corporate gifts are a way to show these people that you genuinely care about them, and at the same time, they highlight your business values and brand identity.
How corporate gifting can benefit your business
Corporate gifting has a wide-reaching effect on recipients, generating positive emotions, which can go a long way toward your company’s success. When you offer a gift to employees and clients, it will eventually come back to you in the form of loyalty and a great reputation. Let’s take a look at the advantages of corporate gifting.
Enhancing customer relationships
Gift-giving is among the main factors that contribute to better customer relationships, and companies are increasingly using it in their relationship marketing strategy. Gifts are generally unexpected, and recipients appreciate such gestures as they feel valued. But this experience is further enhanced when you offer customers a personalised gift, showing them you put some effort into it. As a result, customers will reciprocate by maintaining their business dealings with you or investing more in your brand. Moreover, they may even become brand evangelists, recommending your business to family and friends, ultimately resulting in increased sales.
Boosting productivity
You know what they say: if you take care of your team members, they will take care of your business. Internal gift-giving is a great way to acknowledge your employees’ efforts and improve productivity in your company as a result. There are many ways to show appreciation to your team, which can even include small gestures like writing a thank you note. Still, gift-giving is one of the best ways to engage your employees, conveying that their hard work is always valued. Plus, it creates a sense of belonging and enhances the workplace bond. Rewarding employees for their work will result in increased satisfaction and motivation, which is crucial in ensuring a high output in your business.
Advertising your business
Gift-giving is a great marketing tactic to raise awareness of your business. More specifically, you can use promotional items to ensure your venture stays in the minds of your clients. Branded products can literally be anything, from pens and T-shirts to a personalised hip flask – there’s an item for any occasion! Gift receivers recall a brand name even if it’s been a year since they got the present. This means that your business will be the first to come to customers’ minds when they need a service or product. For example, if they consider purchasing new furniture, they will likely choose your business over the others – that’s what strong brand recall is all about.
Creating a happy work environment
Is there anyone who isn’t happy when receiving a gift? Not that we know of! Corporate gifting can help build a happy work environment where employees are encouraged to achieve the company’s goals. No matter who you ask, chances are, they will tell you that an organisation’s culture plays a significant role in their career fulfilment. According to science, dopamine is released when receiving a gift, so it isn’t surprising that employee engagement increases dramatically if you offer quality items to your team members.
Standing out from competitors
Let’s face it: the business world can be really tough! Competition is fierce, and you must do what it takes to stay relevant – namely, to keep innovating and find ways to meet your customer’s needs and desires, which by the way, are constantly changing. While it takes a lot of hard work to build a solid business, keeping it on the right track can be truly challenging. Customers won’t hesitate to choose another company if you don’t give them what they want. They will look elsewhere for a better product or service and an overall better experience. Fortunately, this scenario doesn’t have to come true. Corporate gifting is a fantastic way to beat competition and retain customers. This act fosters goodwill, and well-thought presents will always create a lasting impact on the receiver. Relationships are everything in business, and companies that know this have a higher chance to succeed in a competitive market because they will always look for ways to strengthen the bond with their customers.
Corporate gifting practices to keep in mind
Now that you’ve learned the importance of corporate gifting consider the following practices to ensure a successful outcome:
- Get the timing right. You want to offer the present at the right time, like on special occasions or during holidays. Now, this doesn’t mean you can’t also give a gift simply because you want to, of course not. But generally, it’s best to plan them strategically to make them more meaningful.
- Set a budget. Make sure to establish a budget for your corporate gifts! This is crucial so you can avoid overspending or offering cheap presents. A healthy middle ground is what you should aim for.
- Put thought into packaging. Packaging matters more than you think, so making your gift look good is essential! Consider including a personalised card or note to add more value to it.
Corporate gifting can go a long way in your business, so embrace its power, and you will thrive!
