What are Corporate Gifts?
Corporate gifting is the practice of creating a touch point with employees, prospects or clients through the use of a gift – whether giving a physical item such as personalized clothing item, practical swag piece or via a non-physical gift such as an eGift card or an experience such as concerns or airfare tickets.
Why is Corporate Gifting Important?
Receiving a gift is a powerful experience; it creates a sense of connection to the giver and can create positive associations with a person or a brand. Companies and marketers have long relied on the power of gifting to secure better relationships with existing and potential clients, to show appreciation for their business when used as a part of your overall marketing or employee retention efforts, gifting can be highly effective in terms of satisfaction and ROI.
The Psychology of Corporate Gifts
The effectiveness of gift-giving has a strong correlation to its psychological impact on the recipient. If you have ever gotten an unexpected surprise or treat, then you have personally experienced this phenomenon in action. This is partly because of physical contact with a gift results in the Endowment effect – a sense of ownership over an item which translated into an individual valuing it more highly, according to a study on the effects of gifting on business outcomes.
It also influences feelings of reciprocity and trust. This effect can be seen in the results of marketing and gift-giving in several common scenarios of corporate gifting.
Gifting can motivate those who are not yet your customers to become one. Moreover, 80% of the consumers say that they are more likely to do business with a company if it offers personalized experiences, according to the InstaPage. Sending the right gift at the right time can be the motivator for prospects to take the desired action, such as completing a purchase, signing up for a service, or making a discovery call.
Clients too can benefit from a well-timed gift. It can let them know their business is valued, encourage them to continue their service or become brand evangelists, and has the power to bring your company back to the top of mind in cases where it has been a while since the last interaction. According to a retail study, consumers with an emotional connection to a brand have a 306% higher lifetime value.
Clients and prospects are not the only people businesses need to consider. In many cases, the key to great customer outcomes starts much closer to home. Moreover, a study reports that 57% of people claim that receiving mail makes them feel more valued. These statistics relate to direct mail gifts; moreover, if you have ever been the recipient of some nicely branded, high-quality apparel, you know, it can work for your staff as well.
These gifts, especially when they are of good quality and well personalized, create a feeling of being valued by your employer and foster a sense of belonging and connection to the team. These feelings translate into the way employees go about their roles and the quality of service they provide to external stakeholders, prospects, and customers.
Personal Events: New family member or personal milestone, completion of a certificate or degree program, new home, or other personal achievements.
Company Events: Years of service, milestone years, service level recognition, or the completion of industry-specific training programs that further their skills.
Special Recognition: Rewarding instances where an employee saved the day or went the extra mile to help a business goal or a colleague.
Harness the Power of Corporate Gifting
As demonstrated by these studies and predictions, the overall importance of corporate gifting for both your internal and external recipients becomes clear. Taking trends can help marketers, HR personnel, sales teams, and others to create highly effective
Corporate gifting campaigns and policies that can help move your business in the right direction.
With Naazme, get a customized promotional gift for your clients, employees, and vendor at affordable rates.