Whether it’s a birthday gift, a holiday present, or even an apology gift, who doesn’t love being on the receiving end of gift-giving?
Corporate gifting builds off that innate feel-good emotion that accompanies receiving a gift, especially a thoughtful one.
Business gifting, both internally and externally, is so impactful because it immediately creates an emotional connection between the recipient and the company. It shows that you’re willing to go the extra mile to express appreciation to your clients, prospects, and employees by creating a meaningful point of connection.
According to a Coresight research study conducted last year,
…the US corporate gifting market will reach “$306 billion by 2024, growing at a CAGR of 8.1%.”
There is a myriad of factors that contribute to this projected growth. We’re currently seeing more and more companies embrace the era of employee care and the rise of culture as a service, both of which emphasize the importance of employee satisfaction.
With this employee-first mindset being more important than ever before, corporate gifting is a great way to strengthen your relationship with your employees. It also holds tremendous value externally with both prospects and existing clients alike.
Let’s dig a bit deeper into what exactly corporate gifting is, why it’s important, and how it can benefit your business.
What is corporate gifting?
Corporate gifting is the act of sending an employee, prospect, or client a physical or non-physical gift in an effort to create or strengthen the connection between the recipient and the company or brand. Some examples of physical corporate gifts include branded swag items and custom care packages. Non-physical corporate gifts include digital gift cards or an experience in lieu of a tangible item.
Why corporate gifting is important
Corporate gifting is important internally for companies because it helps strengthen the emotional connection and relationship between the company and its employees through creating an experience, i.e. receiving a thoughtful gift. Taking the time to source and send a gift to your employees shows that they are valued and appreciated which will result in higher employee engagement or overall satisfaction.
It also helps foster pride amongst your employees and a sense of community, particularly if you send high-quality branded swag items.
Corporate gifting is equally important externally because it helps build brand recognition and encourages loyalty in your clientele. Business gifts can incentivize new clients to begin working with your company and help to open a dialogue and establish a budding relationship.
For existing clients, gifting is a fantastic way to re-engage and strengthen established business relationships. Whether a sales prospect or current client, corporate gifting shows the recipient that their business is important to your company and that you want to establish or build a meaningful working relationship.
Examples of Corporate Gifting
Corporate gifting for employees shouldn’t be a last minute scramble, but rather an integral part of your employee care and well-being plan. High-quality and personalized gifts can have a positive impact on an employee’s job satisfaction and motivation levels. Try implementing an employee recognition program where top performers are rewarded throughout the year.
Why corporate gifting is important for employees: Corporate gifting shows employees that their contributions are valued and helps create an emotional connection between the employer and company.
For Sales Prospects
Corporate gift-giving for sales prospects is a great way to raise brand awareness amongst potential clientele who may not be very familiar with your brand or company. A prospect may be choosing between multiple companies to do business with and the right gift received at the right time may be just what’s needed to motivate them.
Why corporate gifting is important for sales prospects: Corporate gifting to sales prospects shows that you value their potential business enough to send a thoughtful business gift and immediately creates a tangible connection point between the prospect and your company.
For Existing Clients
Gifting to existing clients, even small appreciation gifts, shows clients that their business is highly valued and increases the likelihood of clients’ continued business. Clients who feel an emotional or personal connection with a company or brand tend to invest more and can even become brand evangelists who extend referrals to their family and friends.
Why corporate gifting is important for existing clients: Corporate gifting to existing clients helps re-engage and strengthen business relationships resulting in increased brand loyalty and client longevity.
For Conferences & Events
Whether you’re hosting an internal conference or attending an external larger event, corporate gifting is a great way to engage with either your employees or event attendees. Arm your employees with everything they need to attend a work conference including branded pens, notebooks, and laptop backpacks. Long after the conference, they’ll carry with them a tangible piece of the experience. Or at a larger industry event, corporate gifts are a great mechanism to help your brand stand out amongst all others.
Why corporate gifting is important for conferences & events: Corporate gifting for external conferences & events elevates your brand’s positioning and awareness while gifting at internal conferences & events helps create a united and memorable experience for your employees.
For Holidays & Celebrations
The most traditional time to think about corporate gifting is, of course, the holiday season and that’s for good reason. The holidays are a special time to connect with employees and clients through holiday gift giving. Don’t forget to celebrate employee milestones or client successes throughout the year as well!
Why corporate gifting is important for holidays and celebrations: Corporate gifting for the holidays or celebrations is an important way to show employees and clients alike that they are top-of-mind during these special moments and want to share in their successes and happy times.
Benefits of Corporate Gifting
1) Strengthens existing relationships
The greatest benefit of corporate gifting is that it helps strengthen relationships both internally and externally. Business gifting makes employees and clients feel valued and that their relationship with the company is not only a priority but critical to the company’s success.
2) Nurtures new relationships
Corporate gifting helps to establish and nurture new business relationships with prospective clients. A cold call just doesn’t cut it anymore. Clients, especially new or prospective ones, expect personalized experiences from brands. Corporate gifting helps satiate that expectation and functions as a foundation for a flourishing business relationship.
3) Builds brand awareness & loyalty
With so many brands and companies fighting for consumer attention, it’s easy to get lost in the shuffle. Corporate gifting helps your brand stand out and raises company brand awareness. It also fosters a sense of loyalty resulting in longer client relationships and long-term employee engagements.
4) Increases productivity & retention
If an employee is being recognized and rewarded for their contributions, they’re much more likely to avoid employee burnout and look elsewhere for employment, resulting in higher levels of employee retention. Swag gifts and rewards have also been found to increase productivity as well!
5) Bolsters happiness
Last, but certainly not least, corporate gifting makes clients and employees happy. While this may seem like an oversimplification or obvious benefit, the happiness levels of employees & clients are extremely important to overall company success and the bottom line. Happy employees work harder, stay at companies longer, and have high job satisfaction. Happy clients result in increased revenue and long-term growth potential.
Types of Corporate Gifts
Swag is one of the most popular types of corporate gifts both for employees and clients or prospects alike. Whether it’s branded water bottles, notebooks, or shirts, swag is a great way to surprise & delight the gift recipient. Try stepping up your swag game a bit and think creatively about the best high-quality swag item for your brand.
➢ Gift Boxes
Corporate gift boxes are not only fun to open, but they’re a fantastic way to make a personal connection with the gift recipient. With the rise in remote work, we’ve seen a concurrent rise in corporate gifting companies that specialize in creating custom gift boxes for both employees and clients. For example, if your team is a bit stressed or morale is dipping, a thoughtful mediation gift box may be just what they need!
➢ Gift Baskets
From sweet treats to savory snacks and everything in between, there are so many great gift basket options in the gifting market! Gift baskets are a great way to both fuel your employees and show that you care about their overall well-being. They also are a great way to either start a relationship with sales prospects or function as a meaningful touchpoint with existing clients.
➢ Giveaway small items
Gifts don’t always have to be elaborate– small items can also go a long way in creating a cheerful moment. It can be as simple as ending a meeting by raffling off a $10 gift card or sending a bottle of wine to the top performer or client that month.
People Also Ask These Questions About Why Corporate Gifting Is Important
Q: How do I choose the right corporate gift for clients?
- In order to choose the right corporate gift for clients you must determine your budget, do your research, and quality check the gift options. We recommend partnering with a corporate gifting partner and utilizing their expertise! Learn more…
Q: How much do corporate gifts normally cost?
- Corporate gifts typically cost between $75 – $100 per gift. However, depending on the situation, that cost can fluctuate. Many companies offer a bulk order discount, so plan ahead and shop around when selecting the perfect corporate gift options.
Q: Are there services out there you can use to send corporate gifts to employees?
- There are some amazing corporate gifting companies currently in the market. Caroo offers some awesome client & employee gift options and is the perfect partner to help you along on your gifting endeavors.