As a small business owner or a top executive of a big corporation, you might be tempted to cut down on your gift giving expense. However, that will be too bad because giving gifts is an investment which pays handsome dividends.
Here are some reasons on why giving gifts help your business scale newer heights.
Build Morale of the Team
When gifts are given internally, they help strengthen the morale of the workers. The workers who receive a gift from their management feel that their hard work is paid off and appreciated. They will feel more motivated, as would be other workers because they realise that they are working for a company where hard work is rewarded. That is why running programs such as Employee of the month, Performer of the Quarter, or Super Employee of the year are so important.
Apart from giving gifts to top performers, corporate gifts can help develop a feeling of cohesiveness among employees. Contrary to popular belief, such a campaign is not costly. For instance, you can give all your employees a t-shirt with company’s logo on it and can have one day in a month when everyone, from the CEO to the office boy, will have to wear that t-shirt.
Build brand image
Your gifts to customers help build brand image as well as customer loyalty. Personalized gifts with company’s logo or brand will help to spread brand awareness, not only among the recipients but also people around them. For instance, if you give a worker a laptop bag with your company’s logo on it, other people in his or her office will have repeated exposure to your brand.
Gifts are amazingly effective in creating brand awareness. As a matter of fact, in a particular study, researchers found that gifts with logos were more effective at advertising than TV spots and radio ads.
Besides spreading brand awareness, quality gifts improve your chances of winning repeated business. In another study, researchers noted that nearly half of the people who had received a gift said that they were likely to do business again with the company.
Attract new customers
This is so true in the case of trade shows. If you are offering freebies, more customers will be drawn to your booth. With a logoed gift at hand, the customers will have something that will remind them of your company and you will have a better chance of getting new business.
Retain your best clients
Show your top customers that you value their friendship by offering them customized corporate gifts from time to time. For such clients, it would be a great idea to go beyond regular gifts like t-shirts, pen holders, or memo pads. That is to say, you should run exclusive gift giving programs for best clients on top of your regular gift giving programs.
When it comes to offering exclusive gifts, try to personalize the gift as much as possible. For instance, if you have a client who loves watching football, giving him or her Season Pass would be a great idea. Similarly, if a client is a wine connoisseur, give him a bottle of his favourite wine on his or her birthday.