What benefits can corporate gifting bring to your business?
Wondering how to show your appreciation for a client or supplier? Find out the benefits corporate gifting can bring to your business.
If you’ve ever wondered whether corporate gifts were still ‘in’, take note. A 2021 survey published by Coresight Research has found that the corporate gifting market will reach $242 billion by the end of 2021, growing to a $306 billion industry by 2024.
The advent of remote working has not changed the trend; in fact, gift-giving is on the rise, with around 58% of companies surveyed stating that they give the same (or a larger) number of gifts now than pre-2020. Whether you are a new startup or a seasoned business with a large loyal client base, how can gifting mark your business as one that cares about the happiness and satisfaction of its clients?
The advantages of corporate giving
The Coresight report showed that the biggest advantage of gift-giving for business is improved relationships with clients. The emotional impact of a gift is of utmost importance to givers, followed by lead generation and improved sales.
Gifting – especially when done outside traditional holiday periods – can be highly effective, as it carries an element of surprise and makes recipients feel more valued. Corporate gifts for employees can also be beneficial, with around four in 10 businesses ranking employee productivity among the top three advantages of gifting.
Additional advantages cited include improving customer loyalty, enhancing employee retention, improving sales, nurturing new relationships, launching products more effectively, and boosting brand awareness.
What do companies look for in gifts?
The number one quality companies seek out for corporate gifting is quality, followed by timely delivery to the recipient, and the variety of gifts available. Around 70% of people surveyed, meanwhile, cited personalization as “extremely important” or “important” and around 28% said classed the option to deliver the gift digitally in this way.
This makes sense considering the fact that a gift must be desired if it is to meet its mark. Personalization is especially important when companies gift items such as perfumes, clothing, or accessories. Take the case of perfume – you may know what the best Burberry cologne is, but it may be more difficult to guess if the recipient prefers an Eau de toilette or Eau de parfum, or if they prefer floral or woody scents.
By giving them the chance to choose their preferred scent, you add choice into the equation, which heightens the authentic value of your gift.
What are the top gift categories purchased in the past year?
As a company, it is important to be innovative and show your own personality in gift-giving. However, if a little inspiration is required, take note of what others are giving clients and employees.
Top-selling categories include gift cards, gift baskets (excluding edibles), company-branded products, food items, flowers, experience-based gifts (like tickets to a concert or cultural event), beauty and personal care items, gadgets, clothing, alcoholic beverages, and décor items.
To add more meaning to the gift-giving experience, prioritize personalization, include personalized greetings when you make a gift and allow your recipients to select delivery dates and times.
Recent research has shown that far from being a thing of the past, corporate gifting continues to be highly valued by companies. Top-selling gifts include gift cards, baskets, and personal care items. To make it extra special for the recipient, include personalized greetings and make it easier for them to choose an item that they actually have their heart set on.
Photo by freestocks