Corporate Gifting: A Complete Overview
Reflect a moment on the last gift you received. Chances are, you remember the giver, the occasion or reason for the gift, and how you felt when you received it. Why is that? Because everyone loves receiving gifts. That special joy of receiving something wholly unexpected and unknown cannot be adequately described — it must be experienced. This is the magic behind corporate gifting.
Corporate gifting has been around for as long as people have given gifts to one another. If your company has never before harnessed the power of corporate gifting, you have yet to unlock the potential it has to transform your business. More than a mere list of corporate gifting ideas, this article is your complete overview on corporate gifting and why it is such an effective strategy.
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What is Corporate Gifting?
Corporate gifting is the practice of strategically providing gifts to employees, clients, prospects, event attendees, or others to make or enhance a business connection. These touchpoints can be practical or elaborate branded items, like coffee mugs, personalized attire, or office equipment; to non-physical gifts or experiences like eGift cards, airfare, or hotel reservations.
The idea behind corporate gifting is to make a favorable impression that boosts the relationship or prospective relationship. Custom-branded corporate gifting ideas are the gift that keeps on giving both ways: the recipient can usually keep using the gift for an indefinite period of time, while you reap advertising mojo for the same indefinite amount of time.
Of course, planning and implementing a corporate gifting strategy must include some consideration for compliance with gift policies and the potential for laws that govern such gifts. Some of your intended recipients may be banned altogether from receiving such gifts, while some must adhere to company-generated policies. It is always wise to look into this topic beforehand if you suspect the recipients of your targeted largesse may work under prohibitions against corporate gifts.
Why is Corporate Gifting Important?
So, in short, corporate gifting is giving people gifts to gain some sort of favor. Is this really important? The answer is a resounding yes. The long and short of it is, people love receiving gifts. And a gift is a special way to show appreciation, value, and to create a memory that will last.
If your company is just now investigating the viability of corporate gifting and are not yet convinced, let me convince you. The bottom line in business is doing what works. And as you will see demonstrated below, corporate gifting works.
- 83% of Americans report that they like to receive promotional products with advertising messages on them.
- 25% of people report having more positive impressions of companies after receiving their promotional products via swag bags.
- 50% of people report daily using the promotional products they have accumulated from swag bags.
- 85% of consumers admit to doing business with a company after receiving a promotional product from them.
- 89% of people who received a promotional product in the last 24 months remember the name of that company.
- 67% of people pass promotional products on to someone else, providing further exposure.
- 90% of people currently own or possess a promotional product.
- 53% of consumers use a promotional gift at least once per week.
- 66% of people can remember the name of a company who gave them a promotional gift in the previous year.
- 58% of people say they keep a promotional product for between 1 and 4 years.
- 84% of people agree branded merchandise increases brand awareness.
- 85% of consumers do business with a company after they receive a promotional gift from them.
Corporate Gifting in Your Advertising
Gifts are proven to provide significant motivation for those who you are targeting in your advertising. Don’t miss the statistic above that reveals 85% of consumers do business with a company after receiving a promotional gift. The right gift at the right time can create an experience that is just what the person needed to take action and do business with you, sign up for your services, buy a product, or some other desired response.
Corporate Gifting to Existing Clients
A well-timed gift to your existing clients can let them know they are valued partners and encourage them to continue the relationship. It can also be a memorable way to remind past clients that you are still around, providing valued products or services they may need again soon.
Corporate Gifting to Your Own Employees
Great client outcomes begin with satisfied employees. Corporate gifting ideas that fit your various team members are sure ways to lift their spirits, show you care when they reach certain milestones, make them feel part of the team even if working remotely, and build overall team camaraderie.
What is the Psychology of Corporate Gifting?
So far, the focus has been on the cold, practical focus of how corporate gifting works to promote your business and attract customers. For those who wish to delve deeper into the mechanics of how corporate gifting works, let’s explore a bit into how the psychology of corporate gifting unfolds. After all, the primary role of gifting is to make a connection; it pays to understand how that connection is created.
Corporate gifting, from the strategic design of a campaign to the corporate gifting ideas chosen to the intended recipients, is primarily psychological. The impact of a gift on the receiver creates certain feelings and emotions. Some call it the endowment effect, which is a sense of ownership that breeds value and fosters feelings of reciprocity and trust.
Capitalize on these good-will emotions by presenting surprise gifts for:
- Personal Events: New births or adoptions, marriages, purchasing a new home, graduating from college, child graduations, retirement, and more.
- Company Events: Commemorate valued years of service, achievement milestones, service level recognition, completing industry-level training, and other company-related events.
- Special Recognition: Any over-and-above event or act of service to your company or in your community.
The impetus behind your corporate gifting strategy is always about connections. Build on the psychological feelings of positivity and good will a gift can generate. Use them to:
Create and Strengthen Relationships
Creating brand awareness is a primary goal of marketing, and what better way to spread the word about who you are and what you do than by using a memorable gift to create good will and serve as a constant reminder that you exist? Get people to know who you are and begin establishing a foundation of trust.
Corporate gifting also serves to distinguish you from competitors by demonstrating a client’s value to you. A simple gift can say, “I appreciate your continued partnership in business,” often better than words. And, your expression of gratitude will be remembered longer.
Be sure to choose your gifts wisely; they should create a memorable experience that makes the recipient feel remembered and valued.
Bridge Physical Distance Barriers
How do you connect (or reconnect) with clients or team members when physical or in-person interactions are curtailed? This has become more of an issue now, with COVID-19 imposing significant barriers between people. Now, a physical indicator of appreciation and value is much more impactful.
Boost morale among your employees, especially if you have remote workers, by sending a gift that says, “You are remembered and still considered part of the team.” The right gift can remind clients that you are still available to serve their needs, or even share a new way you can be of service.
Reinforce Your Value of People
When all is said and done, running a successful business is about people. The people you employ and the people you serve matter. Their unique personalities, dreams, ethnic backgrounds, skills, families, and individuality make them each valuable. Simple gifts to say “thank you” still make an impact and boost your reputation as a company that values people.
Rewarding employees can motivate your workforce over and above any existing incentives and make the work relationship more human and personal. Employees don’t stay with companies — they stay with people. Your company can effectively demonstrate that people matter and reap a generous long-term benefit that far exceeds the costs.
Does corporate gifting seem like something that would benefit your company? Call today and speak to a KIT by USP team member or simply begin selecting your KITs online. You will receive personalized service to ensure your satisfaction is guaranteed.