As the owner of a small to medium-sized enterprise have you considered investing in employee gifting but aren’t quite sure where to start? Don’t fret! Whether you are new to the topic or have some questions on your mind, NetFlorist is here to help. This blog series will cover the basics of corporate gifting. So, follow along to learn what it’s all about and how to make it work for your business. With that said, let’s jump straight into why corporate gifting is important.
Why should you send gifts to your clients and employees?
Any business owner will agree that good business relationships are crucial. Whether those relationships are with customers, clients, stakeholders or your employees. Take a moment to think about key marketing objectives like increasing brand awareness, attracting stakeholders, or improving customer retention. They all have one thing in common and that’s the importance of building relationships!
Of course, there are many ways to build relationships with your clients and employees. But if you want personal and engaging business relationships then corporate gifting is a great strategy to invest in. According to recent studies, 80% of companies say that gifts have improved their relationships with employees and clients (Danziger, 2021). The psychology of gift-giving supports this statistic perfectly. Consider a scenario when you received a birthday gift. You probably felt appreciated, and special, and that the person who sent the gift valued your relationship. Well, the same psychological principles apply to corporate gifting! However, instead of strengthening a friendship, you are building relationships with existing and potential clients. You are also appreciating your employees.
Why do corporate gifts hold so much value?
Sending a corporate gift can be beneficial to your business on so many different levels. From creating an appreciative and positive workplace culture to sustaining long-term growth for your business. Gifting is also important to keep your employees motivated. And when your employee satisfaction is high, chances are, so is your employee retention. The value added to your business depends on two factors: who the giftee is, and the meaning you attach to the gift.
For example, sending a gift to a prospective client has a different purpose than appreciation gifts for employees. The client gift warms up your prospect and encourages them to make a purchase or use your service. The thank you gift makes your employee feel seen and part of the team. In each instance, the person attaches a different value to their respective gift. But, both will still perceive your brand in a positive light.
If you want to increase the value the giftee attaches to your gift, put some thought into it! Personalised gifts are almost always trending, but remember the gift should embody your brand. Another good idea is to source a corporate gifting partner, like NetFlorist, who can guide you. Our dedicated corporate team are readily available to provide you with knowledgeable one-on-one service. This ensures that your gift sends an intentional message that is both personal and meaningful.
Why is it standard practice to send corporate gifts?
Over the years gifting has become a symbol of respect and appreciation. It also helps in building connections in the business world. Gifting is a standard practice because it allows businesses to showcase their brand and improve recognition. It also helps businesses to stand out from competitors. This is achieved by building an emotional connection with your giftee.
Projections show that the corporate gifting market size is expected to grow at an annual rate of 8% (Verdon, 2022). Although it has always been a popular market, the Covid-19 pandemic accelerated standard practice gifting into priority gifting. When most of the global working population worked from home, gifts allowed companies to remind their employees and clients they are appreciated.
As more businesses start to adopt a hybrid working model, corporate gifting will continue to be a priority. Less in-person interaction between businesses and their clients and employees makes it even more important to strengthen relationships. Ultimately, gifting will always be standard practice because its flexible nature can grow with your business’s structure and objectives.
Now that you understand why corporate gifting is important be sure to stay tuned for our second article. It will delve into the topic of when you should send corporate gifts. You can also follow us on LinkedIn to stay up to date with our latest corporate articles!
References:
Acharya, S. (2022). What Is Corporate Gifting And Why Is It Important?. Available at: https://www.offineeds.com/what-is-corporate-gifting/ (Accessed 12 September 2022).
Danziger, P.N. (2021). The $242 Billion Business Of Corporate Gifting Pivoted From A Routine To A Priority In The Pandemic. Available at: https://www.forbes.com/sites/pamdanziger/2021/09/01/the-242-billion-business-of-corporate-gifting-turned-from-a-routine-to-a-priority-in-the-pandemic/?sh=b08afa76ac2a (Accessed 13 September 2022).
Unknown. (n.d.). Why is Corporate Gifting Important? Available at: https://sendoso.com/corporate-gifting/why-is-corporate-gifting-important/ (Accessed 12 September 2022).
Verdon, J. (2022). How Innovative Startups Are Modernizing the $242 Billion Corporate Gifting Industry. Available at: https://www.uschamber.com/co/good-company/launch-pad/startups-modernize-corporate-gifting-industry (Accessed 13 September 2022).
