To begin, I will talk about how to buy corporate gifts, because not only are corporate gifts a way to promote relationships between corporations and their clients, but also a way to show appreciation for its employees.
What is the process to buy these Corporate gifts? I will explain why is gifting important, how big is the corporate gift market and who is responsible for buying these fancy presents. Let’s dive in.
What are Corporate Gifts?
Gifts that are carefully selected and given to strengthen business relationships and enhance personal connections between clients, employees and the corporations are Corporate gifts.
“Gift-giving is proven to increase business activity hence, increasing the return on investment”.Promotional Products Association International
Why is Corporate Gifting important?
Gifts help to enhance personal relationship between the business entity like a corporation and its clients & employees.
Branded gifts that are given on special occasions like work Anniversary promote a sense of loyalty to its employer.
Corporate gifts always make employees feel special. Thereby increasing productivity as employees feel appreciated.
Branded gifts given to clients build an invisible bridge whereby the client feels almost obligated to stay with business.
For example, a client that receives a Christmas Corporate Gift Basket is more likely to stay with that business because he feels appreciated.
There are strict laws in the US about gifting. As there is a very thin line between gifting and bribery.
If you like, you can read my thoughts on that here.
How Big is the Corporate Gift Market?
This could represent a $64 billion incremental growth opportunity through 2024.
Who is Responsible for Buying Corporate Gifts?
As we know “gifts can impact their opinion of a business partner both positively and negatively” (By https://knackshops.com/pages/business-survey).
In most large Corporations HR is responsible for buying these gifts. A BUDGET is created and a $$ amount is assigned.
The Management is informed about the gifts and encouraged to recognize their Team employees at different time of the year.
Only HR approved gifts can be given to business clients.
The only clients that receive gifts from corporations are the one in investments/brokerage/mortgage that work on a different scale.
Gifts I have received
Personally, I have received many of these corporate gifts and I love them. These gifts have ranged from bonus-stuffed animals-branded wear- to gift cards.
I loved them all.
The Cheesecake factory gift card was awesome.
The Employee’s attitude is also important.
If the employees snigger, then no corporate gift is good for them, but if one realizes that at least Corporation /management appreciated their hard work then one might feel good.
How To Buy Corporate Gifts
Corporation Budget will be different but the right amount per gift is between $50-$150. This could go higher if the Corporation is buying for valuable clients.
Most employees will buy fancy lunches and put them on corporate credit card but usually hesitate in buying gifts.
So, hopefully my suggestions will simplify the task of selection.
You can also reach out to me.
Checklist For Buying Corporate Gifts
- Give a useful item.
- Surround the useful item with shareable gourmet food.
- Gifts made in the U.S are very popular.
- Spend between $50-$150, with Junior level business partners in the $50-$65 range, most clients and manager/director level associates at $75-$100 and for C-suite execs, VPs and most valued clients up to $140-$160.
- Take time to write a personally addressed note.
- Take time to package it beautifully.
Next are my suggestions for Corporate gifts. These are my personal suggestions and most Corporations give these with some variations.
What Gifts To Buy For Virtual Meetings
- SWAG BOX
- Personalized Video Shoutout
- Digital Bulletin Board
- Studio Lights
What Gifts are Appreciated by Team Members
- Branded Corporate Swag
- Gift Baskets
- Books that promote love.
- Memberships to gym
In conclusion, corporate gifts are an integral part of American culture because they promote relationships between the corporation and its employees, clients and customers.
What do you think- did I cover all points about Corporate Gifts?
Have you ever received a corporate gift? What did you think about it?
Do leave a comment below.