How To Promote Your Business Through Corporate Gifts?

The act of gifting helps in building new relationships and making existing ones stronger. Corporate gifting is an act of creating that link between the clients and the company or evolving the relationship between customers and the company by doing nothing but just gifting them something that has some value during corporate events. Gifts can be anything from clothes to fully sponsored vacations.

Why a corporate gift?

The effectiveness of gifting has a strong correlation to psychological satisfaction. To employees, it brings them a sense of belongingness and makes them feel respected by their employer, which in return increases their level of productivity.

For clients, well-timed gifting helps them feel more well served, which in return makes them more encouraged to keep continuing their deals for a longer period.

Promotion and Corporate Gifting-

Product promotion contributes to brand awareness, credibility, and sales. Promoting your business lets you get a better perspective on products and services and helps in framing future strategies.

To stay in the competition and to create brand value in the market, a business keeps on launching new products, and demand for that product is created only when people use it and recommend it to family and friends. One of the easiest ways to create that demand is by gifting that product to your employees and getting genuine feedback.

43% who reported receiving a gift from a company were more likely to recommend it.

Gifting Ideas- 

The choice of gift should be professional but also well-thought-out. A wrong move could make the entire promotion strategy go down the drain, and it would also be a waste of money and other resources. Some ideas are :

• Corporate gift vouchers
• Custom merch 
• Employees incentives
• Funded vacations

Corporate promotion and budget-

“A strategic approach is the difference between success and failure” 

The same thing happens with the idea of corporate gifting and business promotion. It is best advised to follow a budget blueprint while undertaking any kind of promotional drive. Overspending is as dangerous as underspending, so how should one budget?

The 3 main factors when deciding the overall budget for corporate gifting are:

• OCCASION: Is this an annual corporate event or some festive celebration? If it is more of a personal event, then the budget can be kept higher, but if it is more of a regular festive celebration, then it is better to keep the budget tighter.
• NUMBER: The budget also depends on the kind of audience the business is targeting. If it is to reward employees and the number is high, then it is better to go with an easy option like gifting some sweets+blanket combo. If the number is lower, say around 4-5 employees, then the best option would be to go with high-end items like a watch or maybe a car, the way Tata Group did in the year 2018 at their yearly corporate event.
• TARGET AUDIENCE: The most important thing in corporate gifting is to take care of the target group, who are the receivers, the employees, the client, or someone else.

The goal of almost every business is to not only build and maintain better relationships but to enhance engagement with their business. Corporate gifting ensures that customers are aware of the existence and positioning of products. It is a common mistake to believe that promotion by businesses is all about advertising. 

It isn’t. There are a variety of approaches that a business can take to get their message across to customers; corporate gifting is one of them, and it helps businesses to

• Maintain Public relations & sponsorship
• Personal selling of new products
• Direct marketing
• Sales promotion

TRENDS IN CORPORATE GIFTING-

• According to Forbes the corporate gifting market will reach $242 billion this year and continue growing at an accelerated 8.1% CAGR through 2024. 
• It’s been money well spent for gifting companies. Over 80% said gifts have improved relationships with employees and/or clients, with 48% saying gifting delivered a substantial benefit. Chief among the benefits gained were making the recipient feel valued (45% reported substantial benefits), improved customer loyalty (43% substantial benefit), and improved employee retention (41% substantial benefit).

Conclusion- 

It is completely fine to say that corporate gifting is not that different from personal gifting but to find better gifts, one should examine multiple choices. There are a lot of places that provide corporate gifting solutions in Chandigarh.

Now, the driving factors and perceived advantages of corporate gifting outweigh the direct monetary benefits. It’s all about the sentimental benefits, like relationship building, making the recipient feel valued, and boosting productivity and loyalty. And ultimately, these all end up on the bottom line.