Corporate Gifting Strategy
Corporate gifting strategies and unique experiences have always been a driver of revenue for organizations. However, since the pandemic, this channel is now more impactful than ever for business communication. Clients, employees, and other businesses can build relationships at scale. With Offline Engagement, it has never been easier to customize and automate the gifting process.
The increase in corporate gift giving has caused the corporate gifting industry to grow rapidly, but these gifting companies aren’t the only ones reaping the benefits. Other beneficiaries and their benefits include:
- Companies that give corporate gifts have loyal customers who are excited about engaging, which moves them along the sales funnel and ultimately increases profits.
- Employees who receive quality gifts from their employer are more productive and have higher work satisfaction.
- Companies connect with hard-to-reach, high-value stakeholders via customized gifts.
- Higher conversion rate for target accounts received by companies sending luxury or exclusive gifts.
Essentially, the gift-giving experience is different from other means of communication because it appeals to everyone with very few exceptions. Gifting campaigns can be designed to appeal to everyone, as those who don’t wish to receive the gifts can opt out. Making unique corporate gifts by personalizing or customizing them shows recipients that they are appreciated and valued.
In today’s hectic employment and business environment, being able to show appreciation and acknowledge value is a priceless commodity. That is why the gifting industry has been and will continue to be successful.
Businesses are filled with executives, professionals, tradesmen, support staff, and countless other people with various titles. However, they are all people, and they all want to make connections and form relationships. B2B gifting, in-house gifting, and gifting to clients or employees break down the barriers to forming those relationships. When done correctly, corporate gifts are a catalyst for success.
Corporate Gifting Industry
The corporate gifting industry has been growing at an increasing rate since the pandemic began. The combination of remote work and low employment forced companies to find new ways to make meaningful connections with their employees. They also had to find new ways to reach out to clients and B2B relationships.
Traditional, in-person events were canceled during the pandemic and have struggled since. These events were the core of many companies’ employee gifting campaigns. B2B corporate gifting transformed and was no longer a face-to-face touchpoint. Still, corporations needed to find a way to reach out to their employees, clients, and business peers.
In 2021, corporate gifting became a $242 billion industry because of the pandemic. It is supposed to reach $300 billion by 2024 according to a Coresight Research study. The corporate gifting market is going to continue to grow at a steady rate.
And the gifts aren’t cheap. Most companies expect to give anywhere from $25 to $125 per gift. How does all this pencil out? The money comes from marketing dollars that are no longer used for in-person events. Talk about a boost to the gifting budget.
Although the pandemic can be solely blamed for the huge boom in corporate gifting, it isn’t expected to go away any time soon. This is because in-person events and one-size-fits-all approaches to corporate gifting trends are no longer effective. People want personalized appreciation that is thoughtful, meaningful, and useful. Cheap, compulsory gifts don’t maintain relationships.
Corporate Gifting Companies
When the 2021-2030 corporate gifting industry report came out, it became clear that corporate gifting companies were experiencing a promising future. This was no surprise, and these companies had already been looking for ways to stand out, as the corporate gifting market size continues to grow.
Some companies have rebranded themselves as luxury corporate gifting companies offering the promise of better relationships through the delivery of better-quality gifts. These might be name-brand gifts as opposed to generic, or they might be high-end gifts that make recipients feel valued.
Corporate gifting companies must understand the gift-giving environment in order to be successful. This means they must know:
- The culture of the business
- Branding strategies
- Voice of the company
- The industry involved in giving
- Values of the recipients
Especially as the gifts become costlier and more personalized, there is more room for error. For example, you wouldn’t want to send a gift containing alcohol to someone who does not drink it. Likewise, you don’t want to give cheap trinkets that have no value to the recipient. It sends the wrong message.
A gift marketing strategy is important, which is why corporate gifting companies are essential to successful gift-giving, whether it is to clients, employees, or other businesses.
Gift Marketing Strategies
The right gift can be the perfect driver of qualified leads, which is another reason corporate gifting marketing is experiencing an upswing. Businesses recognize the value of a properly executed gift.
In fact, 80% of surveyed respondents stated that corporate gifts improved their relationships surrounding the business. Almost half of the respondents recognized that quality corporate gifts provided significant benefits.
What are the benefits of corporate gift marketing strategies?
- Customer loyalty
- Employee retention
- Employee satisfaction
- Employee productivity
- Shared business goals and success
- Maintained relationships and friendships
Some of these gift marketing strategies may include less-expensive marketing goodies or corporate gift boxes. They may contain paper or digital gift certificates. They may even provide options, so a recipient can choose to exchange the gift or not to receive it at all. The gifts aim to please, as any gift should.
Modern gift marketing strategies are recipient-focused, and that means that they are easy to exchange or turn down without shame or guilt. They are also of high quality and personalized to limit the risk that they will go unwanted. The extra effort makes the gift more enjoyable for the recipient, but it also ensures that the gift delivers all of the benefits listed above.
Finally, corporate gifting platforms automate the process of gifting. Your client, employee, or business partner gets a timely gift catered to their wants. It is never forgotten because the system is designed to send it out without delay. There is no risk of forgetting to send a gift when you have an automated corporate gifting strategy.
Corporate Gifts for Employees
Corporate gifts for employees are not simply a kind gesture. They yield positive results. This is mostly in the form of increased retention and decreased turnover.
In a recent survey, over 60% of employers said that employee retention was more difficult than hiring new employees. Equally important is the fact that over half of employees are currently searching for new employment. Many of them do this while on the job. The lack of engagement costs U.S. companies $2.9 million each day looking for new recruits.
What do employees need to make them stay? A recent Gallup survey determined that they want the following:
- Increase in pay or benefits
- Work-life balance
- A job description that utilizes their strengths
- No discrimination
Many of the items on the above list have to do with employee benefits and logistics. They are specific and measurable. But there is another idea that encompasses the entire list, and that is that employees want to be appreciated. They want employers to know and care that they exist. They don’t want to be viewed as subservient but rather members of a team with equal worth.
This is where corporate gifting strategies have gotten more complex. The gifts given cannot be superficial, generic, or meaningless. They must be quality items that convey honest gratitude.
Sure, they can still be branded gift ideas, but luxury corporate gift ideas are even better. A few ideas include:
- Gift boxes
- Branded hoodies
- Water bottles
- Coffee press
The eGifts scenario is a great prospect for employers, especially in lieu of remote work. A gift email to employees is a welcome surprise and a nice change from the typical. There is also the added benefit of the unexpected, as remote workers will feel less alienated and like they are a part of the company. This is an invaluable feeling to give to an employee who has no organic opportunity for praise.
Branded Corporate Gifts
Customized corporate gifts that sport the company’s brand or logo are dually beneficial because they advertise and remind the employee of the appreciation. Every time employees use the gifts, they’ll remember that the company cares about them. Whoever sees the gift will see that appreciation as well. It’s a notion that spreads.
Branded corporate gifts are also great promotional items for B2B gifts, and they can be customized with the other company’s name as well. The personalized aspect of this is welcome and blatantly flaunts the business partnership you have. This shows the company that you are appreciative of the work you do together and not afraid to show it.
Some of the best branded corporate gifts are luxury corporate gifts because they show that you are serious about showing appreciation rather than throwing out a cheap token. Examples of these gifts include:
- Charging dock stations or top-of-desk supplies
- Notebook and pen luxury set
- Knife set
- Travel or tote bag
- Cheese or Charcuterie board
- Drink glass set
- Drink cooler
- Gourmet treat basket
- Bluetooth speaker
Examples of corporate eGifts include:
- Gift card of their choice
- Access to an online store of gifts, so the employee can choose and exchange if necessary
Custom corporate gifts can come in nearly any shape or size, but they must be unique and meaningful to the recipient. Sometimes, the customization is what makes the meaningfulness stand out.
Corporate Gifting Platform
The most difficult part of starting a corporate gifting strategy is getting it organized, so you don’t leave out important members of your team or important clients/businesses. It might seem silly to program it into your Google Calendar, but you can invest with the help of a corporate gifting platform.
A corporate gifting platform is one way to make personal connections at a much larger level. After all, you probably don’t have time to sign one thousand Christmas cards, so how can you possibly find time to personally send out gifts on the desired scale?
At Postal, we created an Offline Marketing Automation Platform so that businesses can serve their customers, clients, and B2B relationships the way they could if they had the resources. A large part of the services offered is automation, which means you can engage in corporate gifting strategies while simultaneously managing a business.
Features of the Postal platform include:
- Online marketplace with thousands of gift options
- Concierge team to personalize gifts for employees, clients, and partners
- Virtual events with curated kits
- Direct mail with AI handwriting capabilities
The biggest advantage to using an Offline Marketing Automation Platform is scale. A marketing team is only as good as the tools that it uses, and automation frees countless hours that can be reallocated to add value to presentations and the fine-tuning of corporate gifting goals.
Automation does not cheapen the authenticity of gift-giving. On the contrary, automation enhances the success of corporate gifting because it ensures that it happens at the right time and to the right person. The authenticity comes from the tailored messages, personalized gifts, and gift options that show you really want to give something that the recipient will enjoy.
Corporate Gifting Strategies Maintain Relationships
Prior to the pandemic, corporate gifting strategies often took a backseat to in-person events such as retreats, meetings, and trade shows. They were an expected marketing component, but the fact that the gift was available was more important than how it was received.
Things have changed, and in a holistic sense, corporate gifting has improved. Recipients don’t want a gift that means nothing and has no value. They want true acts of kindness and appreciation that communicate worth and significance. This might seem like a challenge from a marketing standpoint, but it is actually an advantage.
In a world full of resignations and business breakups, corporate gifting fills a gap that was somehow created in the transition to remote work. The market trends reflect this in the increases in the corporate gifting industry. Employee and B2B gifting platforms make it easy to make sure your business is keeping up with these trends.
Get started with Postal to implement an effective corporate gifting strategy that drives revenue and shows ROI.