Corporate gifting has become a widespread practice in the business world – and it’s easy to see why. More than simply tangible items, corporate gifts are items that are imbued with gratitude and appreciation the giver wishes to express to the receiver. With no obligations whatsoever, these are given as a genuine token of goodwill. But beyond that, they offer a lot more benefits for the giver than more than it meets the eye. So if you’re wondering what they are, read on!
What Is Corporate Gifting?
In corporate cultures, gift-giving is important. Beyond giving your thanks, gifting a gift to your customers, clients, stakeholders, or employees offer you a chance to build and affirm business relationships and enhance personal connections. Additionally, when incorporated into your business’s marketing strategy, it helps to remind someone of your business and boost your brand recognition.
So, you may be wondering: how does that help your business at the end of the day? The short answer: increased return on investment (ROI). Business gifts are relationship builders. Whether you are sending it to prospective new clients or increasing your retention rate, the folks that do receive something from you will feel noticed, valued and appreciated. This way, your relationship with the receiver will strengthen, and they will be more willing to work with you for the long run. When you give something, you’ll ultimately receive something back.
Corporate Gifting For Your Clients And Customers
If you’re looking into expanding your consumer base, corporate gifting can help you with that. Gifting can motivate prospective clients to switch into becoming one of your consumers! In fact, a survey done by Epsilon states that 80% of consumers are more likely to do business with a company if the latter offers them personalised experiences – in other words, corporate gifts. Sending the right gift at the right time may just be the push your clients need to take action.
Apart from acquiring a wider customer base, giving out corporate gifts also helps maintain your business’s existing clients. If you consistently show them your appreciation for their continued patronage, they will most likely continue being part of your clientele for even longer. Since losing a long-term client can be detrimental to a business, all the more reason you should make an effort to show your appreciation helps in making sure that the worst doesn’t happen.
Corporate Gifting For Your Employees
Employees are arguably the greatest asset of a business or company; after all, your business operations will cease if you don’t have anybody to help you run it. They are the ones who will keep things moving, which is all the more important to make sure that your employees feel valued and appreciated, lest they leave for good. If you include your employees in your corporate gifting strategy, you run the chance of making them stay in your team longer. Apart from employee retention, corporate gifting will also motivate them to deliver good performance, especially when they know that their contributions and accomplishments are recognised and valued.
Conclusion
When running a business, most owners don’t automatically integrate corporate gifts into their business plans as it is not directly related to the different business aspects. But if its motivations and purpose are well understood, you can definitely benefit much by using this strategy.
If you are looking for one of the best providers of customised corporate gifts Singapore has to offer, Nanyang Gifts can help. Apart from our extensive range of corporate gifts, we also provide other complementary services such as tote bag printing to make your gifts one-of-a-kind. Contact us, and we’ll help you revel in all the benefits this marketing strategy has to offer.