3 Reasons Why The Corporate Gifting Practice Is Essential For Your Business
As you may know, corporate gifting has become one of the latest trends in the business world these days. This gifting practice is meant to establish a prosperous touchpoint with customers and employees by providing them with company gifts. These corporate prepaid gift cards can be physical items like t-shirts or non-physical things like vouchers, gift cards, or experiences.
In that context, you should know that there are two different types of corporate gifts—those you give to your employees and those you provide to your customers. Engaging in both types of corporate gifting can have exceptionally positive benefits for your company. For example, if you're searching for ways to reduce staff turnover or improve employee engagement—corporate gift packs such as company-branded wine gift box sets are one of the strategies you can adopt to help you achieve what you want. Similarly, if you're willing to strengthen your relationships with your existing or prospective customers or help your company stand out above rivals, providing corporate gifts to customers should be a crucial part of your strategy.
Well, to help you decide whether corporate gifting is the right strategy for your business, we've put together this brief article addressing the key three reasons why corporate gifting is essential to your company's success. Let's dive in.
Letting Recipients Know That They’re Valued On Your Behalf
If there’s a single thing that can harm your company more than anything else, it’s having people—both employees and customers—who feel undervalued and underappreciated. If customers feel this way, they’re likely to look elsewhere for companies that actually appreciate them. In fact, as many as seven in ten customers will switch to another company simply because of perceived indifference on the part of the company. Likewise, employees who feel unappreciated and undervalued are likely to become less effective and despondent.
And although it’s really quite helpful to have leaders and managers who communicate their appreciation directly, providing them with a corporate gift or gift set can show individuals that the company values them as a whole. Even something as simple as a personalized mug or a branded sweater can show the recipients that you’re willing to go the extra mile to impress them and show your utmost gratitude for their loyalty.
Corporate Gifting Can Create A Positive Work Culture
To begin with, undervalued employees are likely to be less productive and less happy in the workplace. The result of this is that not only you’re going to deal with less effective personnel, but you’ll also create a hostile, toxic culture within your business.
For that reason, corporate gifts used to reward high-achievers, employees who go beyond or above for the company, or serve as a simple thank you to hardworking personnel can go a long way to creating and promoting a positive work environment. Even more, the more positive the work culture in your company, the more likely that your employees will look forward to coming to work and producing better work while they’re in the office. So, as you can tell, corporate gifting can be a win-win for everybody.
Enhancing Brand Reputation
Furthermore, corporate gifting is a fantastic way to build a better brand reputation for your business. Giving corporate gifts to your clients generates good feelings, and these feelings provoke an image of your company as caring and kind.
This reputation can help your company attract more sales from customer referrals, as referrals are the best way to increase your company’s sales without increasing your marketing budget. As a matter of fact, 27% of companies state that providing corporate gifts to their clients resulted in them referring their company to new potential clients. But, again, these results come from customers trusting the company enough to take care of their referrals.
On the other hand, internal gift-giving is a fantastic way to boost your reputation among professionals. Potential employees want to work in an environment that recognizes and rewards productivity. For that reason, a good brand reputation earned from corporate gifting will help you attract the best talent out there.
Final Words
The term corporate gifting is incredibly relatable across nearly all industries worldwide. In fact, according to a recent survey, U.S.-based companies spend more than $4 billion on corporate gifting and employee and customer engagement. This is proof that the strategy is a rising trend and for a good reason.
Corporate gifting mainly aims to improve customer relationships, promote brand awareness, and motivate employees. This strategy improves harmonious relationships between the company, customers, employees, and prospects. This practice usually improves productivity and sales that can take the business to the next level. Nevertheless, companies need to be careful when gifting to ensure that they achieve their goals and that your corporate gifts show appreciation rather than being sales-oriented.