Gift is something that can always build a relation. It can make a new one, help in enhancing an established one and can sometimes even repair a broken one.
Businesses are mostly believed to be run on statistics and numbers. But along with numbers, relations with whom you are doing business also matters a lot. Corporate gifting is something that can help you in this.
The most important advantage of corporate gifting is it creates a lasting impression on the receiver’s mind.
Some advantages of the right gift are as follows:
- Something, that is used on a daily basis, should be gifted like a mug or a pen. It will increase the recall rate of the brand among recipients till they use the product.
- Right gifts will not only increase brand recognition but also boost sales in the long run.
- Surveys and research done by the British Promotional Merchandise Association (BPMA) have established a direct link between Corporate Gifts, and an increase in sales as a result of improved brand recognition.
- It also acknowledges Promotional Gifting as having better return on investment compared to other forms of advertising.
Corporate gifting is not a new concept. It has been in the industry for far too long to be considered a new concept. What is new is its growing significance in a much larger sales promotion industry. If used rightly, it can also enhance the other aspects of sales promotion industry like
- Public relations,
- Sales promotion,
- Personal selling, etc.
But for its correct usage, the company must be clear of the objectives it wants to achieve through corporate gifting.
Some of the common objectives that it can achieve are
- Customer appreciation,
- Brand awareness,
- Launching and promotion of a new product
- Appreciating your own colleagues, co-workers or staff.
To create the correct impact, one should choose the right personalized product according to the target audience.
Following points should be kept in mind while choosing the product:
- One should make sure the promotional item is useful to the recipient.
- It should also fulfill the purpose of brand recollection in the future.
- One should get a little creative and choose something new and different.
- The product should be something that can be used again and again and for a long time
- It should also be according to the objective for which the gift is to be given.
- For e.g. according to latest studies, the most popular items or favorite promotional products were Pen Drives, Power Banks, Pens, mugs and many customized t shirts online available.
- Products can be lifestyle products with functional value.
The demand for corporate gifts is growing rapidly; in fact the potential has not been fully tapped till now. At the same time quality of the promotional item also has a say in the kind of impression it creates in the mind of recipients.
Organizations need quality corporate gifts but at a rate that is not exorbitant. Revenues do matter but what is also important is to get the best deal for the customer. This is because revenues will only be consistent and continue to grow at a steady pace when the same customer continues to come back to you each and every time.
The tragedy is that it is not treated as a separate vertical, it is mostly a part of events and conferences.
Earlier the culture of giving corporate gifts was mostly restricted to the festive season but the trend has changed completely over the years. The demand during the festive season is still very high but there seems to be a steady demand for corporate gifts all throughout the year for product launches and other events.
Given the convenience online shopping offers and additional offices being opened the corporate gift market should grow at healthy 20 percent to 30 percent,
But with this one should also see that it does not seem like an obligation to the receiver. If the receiver gets an impression that the gift has been given just to make him socially obligated to buy the product, the whole objective of gifting may be lost and can even create a negative impact in receiver’s mind.