What is Corporate Gifting? why is it Important? The Psychology of Gifts?
What is Corporate Gifting?
Corporate gifting is the practise of using a present to establish a connection with employees, clients, or prospects, whether it's a physical item like a useful swag item, a tasty treat, or a personalised apparel item, or a non-physical gift like an eGift card or an event.
Why is Corporate Gifting Important?
Receiving a gift is a powerful experience because it establishes a bond with the giver and can foster favourable associations with a person or a business. Companies and marketers have long depended on the power of gifting to build stronger relationships with potential and existing customers, as well as to express gratitude for their business. Gifting can be highly beneficial in terms of ROI and satisfaction when used as part of your overall marketing or staff retention initiatives.
The Psychology of Corporate Gifts
The psychological impact of a present on the recipient has a high association with its effectiveness. If you've ever received an unexpected gift or surprise (in person or via direct mail), you've witnessed this phenomena in action. According to a study on the benefits of gifting on business outcomes, physical contact with a present causes the Endowment effect—a sense of ownership over an item that translates into an individual valuing it more highly. It also has an impact on sentiments of trust and reciprocity. This effect can be seen in the marketing and gift-giving results in a variety of frequent corporate gifting settings.
For Prospects
Gifting can entice those who aren't yet clients to become consumers. According to Instapage, 80 percent of consumers say they are more likely to do business with a firm that provides tailored experiences. Sending the correct gift at the right time might entice prospects to complete a desired action, such as making a purchase, signing up for a service, or scheduling a discovery call.
For Clients
Clients too can benefit from a well-timed gift. It can let them know their business is valued, encourage them to continue their service or become brand evangelists, and has the power to bring your company back to top-of-mind in cases where it’s been a while since the last interaction. According to a retail study, consumers with an emotional connection to a brand have a 306% higher lifetime value.
For Employees
Businesses must think about more than just their customers and prospects. The path to exceptional customer results sometimes begins much closer to home. According to a research, 57 percent of people believe that receiving letters helps them feel more valuable. This statistic pertains to direct mail presents; but, if you've ever received some well-branded, high-quality clothes, you know how effective it can be for your employees.
These presents, especially when they are of exceptional quality and well-personalized, establish a sense of belonging and connection to the team and make you feel valued by your company. These emotions influence how employees carry out their responsibilities and the level of service they deliver to external stakeholders, customers, and prospects.
Personal Events: A new family member or personal milestone, the completion of a certificate or degree programme, the purchase of a new home, or other personal achievements are all examples of personal achievements.
Company Events: Years of service, milestone years, service level recognition, or completion of industry-specific training programmes that enhance their abilities are all examples.
Special Recognition: Rewarding situations in which an employee saved the day or went above and above to assist a corporate goal or a coworker.
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