83% of C-suite executives believe gifting generates positive ROI
Corporate gifting has long been an established etiquette, especially during the holidays and at the end of the year. It’s a way to say “Thank you for your business,” just as much as reminding your customers that you care about them. Now, beyond being just a feel-good activity, studies show that corporate gifting can actually contribute to your bottom line.
In the latest “Business Gift Satisfaction” report by Knack, C-suite executives are overwhelmingly positive about gift giving. Respondents report that they are two times as likely to recall an interesting story associated with their last business gift. Gifts that stand out are ones that take the unique characteristics of the recipients and their companies into account. Being remembered for a great gift can be the factor that puts you over the top when it comes time to customer loyalty and maintaining an important business relationship.
C-suite executives see the benefits of corporate gift giving, with 83% of survey respondents believing that business gifting generates a positive return on investment. Further, 77% say that business gifts make them feel valued, and 67% believe that gifts demonstrate that the giver values the relationship. Gifting not only impacts the bottom line, but also builds and strengthens relationships. If you are thoughtful in your choice of gifts each year, then these benefits are sure to accrue over time.
Finally, the survey reveals that 40% of people report feeling “more connected” to a company that sent a gift, and 40% report an increased sense of loyalty and desire to work with a company that sent a gift. The degree of connectedness increases by 50% when the gift is perceived as memorable. Adding a warm note to your gift, explaining why you selected it and what the relationship means to you, is another way to build that sense of connection and loyalty with your clients.
There is a potential downside to giving a gift: be thoughtful with your selection. Remember, during the holidays, your client’s office will probably be filled with food. The more unique and careful you can be in selecting a gift, the more it will be appreciated and discussed around the water cooler.
Of course,it’s hard to go wrong with food, and if you take the time to be a little more clever, you can really wow your audience. For example, a gift that is engraved or personalized, such as a picture frame, can be used to frame a photo from a recent team event and ensure that your gift is seen daily. It may take a little more time to select a unique gift, but you won’t regret it when the time comes to renew a contract or a license!
And remember: gifting is not just for the holidays! Another way to stand out is to surprise and delight your client with an unexpected gift. Simply thanking your customers for their business with a nicely worded note and a well-chosen gift can elevate your position in your client’s eyes, taking them out of their day-to-day and making them feel special. Based on the findings of this survey, corporate gifting is truly good for business.
Knack’s “Business Gift Satisfaction” report