What is Corporate Gifting, exactly?
Unique Corporate gifting is the practice of using a present to engage with employees, clients, or prospects, whether it is a physical item such as a functional swag item, a tasty treat, a personalized apparel item, or a non-physical gift such as an eGift card or an event (such as airfare or concert tickets).
What is the significance of corporate gifts?
Receiving a gift is a powerful experience; it creates a link with the giver and can lead to positive associations with a person or a business. Companies and marketers have long relied on the power of gifting to improve ties with existing and new consumers and express thanks for their business. When used as part of your overall marketing or staff retention initiatives, gifting can improve ROI and satisfaction.
Corporate Gifts and Their Psychology
The psychological impact of gift-giving has a high association with its effectiveness. If you’ve ever gotten a surprise or treat (either in person or through direct mail), you’ve seen this phenomenon in action. According to a study on the effects of gifting on business outcomes, physical contact with a present causes the Endowment effect—a sense of ownership over an item that leads to an individual placing a higher value on it. It also influences feelings of reciprocity and trust. This effect can be seen in marketing and gift-giving results in various common corporate gifting contexts.
Gifting can entice people who aren’t yet clients to become ones. According to Instapage, 80% of consumers think they are more likely to do business with a firm that provides tailored experiences. In addition, sending the right gift at the right time can motivate prospects to complete the desired action, like making a purchase, signing up for a service, or making a discovery call.
A well-timed gift can also benefit clients. It can reassure clients that their business is valued, encourage them to continue their service or become brand ambassadors, and has the potential to bring your company back to the forefront of their minds after a time of inactivity. According to a retail survey, emotionally attached consumers to a brand have a 306% higher lifetime value.
Businesses must examine more than just their clients and prospects. In many cases, the key to excellent customer service begins much closer to home. According to one survey, 57% of people believe receiving mail helps them feel more valuable. Of course, this statistic applies to direct mail presents; however, if you’ve ever received some nicely-branded, high-quality clothes, you know it can also work for your staff.
These gifts, especially when of high quality and well-personalized, create a sense of belonging and connection to the team and develop a sense of belonging and connection to the team. Moreover, these emotions influence how people perform their jobs and the level of service they deliver to external stakeholders, customers, and prospects.
Personal Occasions: A new family member or personal milestone, the completion of a certificate or degree programme, the purchase of a new home, or other personal accomplishments.
Years of service, milestone years, service level recognition, or completion of industry-specific training programmes that advance their skills are all examples of company events.
Special Recognition: Recognizing situations in which an employee saved the day or went above and beyond to assist a corporate goal or a colleague.