In the corporate world, exchanging gifts is fundamental to building and nurturing business relationships. In fact, the corporate gift-giving market is worth an estimated $125 billion. Companies allocate budget for gifts in hopes of getting a return on their investment with a new business partnership or deal, and the data says this pays off.
In Knack’s Business Gift Satisfaction Survey, 89 percent of respondents said business gifts bring people closer together, and 83 percent said they generate measurable positive ROI in addition to the intangible benefits. It’s also important to note that a negative gifting experience can be costly for a business. Fifty-seven percent of respondents said gifts can impact their opinion of a business partner both positively and negatively.
Every industry and company has different standards when it comes to gifting, but there are guidelines that ensure proper business etiquette. These do's and don’ts will help you select appropriate and memorable gifts that positively promote your business goals.
Do Make it Personal
With corporate gifts it can be challenging to make each one feel unique. Add a personal touch by including a note to the recipient that mentions why you value your business partnership. This may seem obvious, but only 47 percent of recipients report getting a business gift with a personal message from the giver.
Bonus Tip: SLATE COLLECTION™ helps you make gifts more memorable with complimentary monograms, optional gift messages, and premium gift wrapping.
Do Make it Practical
A gift is far more meaningful when it’s something that will actually be used. Choose high-quality, practical gifts that have utility for the long-term. Consider items that you find valuable in the workplace and use that as your gift inspiration.
Do Recognize Accomplishments
In a positive business relationship, their success is yours. When gifting to a client or business partner, pay attention to their personal achievements. Winning an award, launching a new product, reaching a milestone or company anniversary—all of these accomplishments deserve celebration. You’ll earn major points for recognizing their achievements.
Do Check Company Gift Policies
Before you select a gift for a client or prospect, be sure to check their company’s gifting policy. Financial and political companies usually have strict terms. These can vary, but price limitations, having a witness present during the exchange or non-acceptance conditions are all common ones you could come across. When it comes to a price range, choose corporate gifts that are between $50 and $150.
Don’t Forget Small Holidays
Don’t limit yourself to standard holidays, you can show your appreciation year-round. Your gift will stand out when you send gifts on other professional holidays. Some favorites to consider include:
- Employee Appreciation Day
- Administrative Professionals Day
- Salesperson Day
- Small Business Week
Don’t Make it Promotional
A gift with your company’s name and logo in bold bright colors looks more like a marketing ploy than a nice gesture. Avoid gifting the kind of promotional items that are given out at conferences or events. If you wish to include your company name or logo on a gift, we recommend embossing as a tasteful and subtle option.
Don’t Give Lavish Gifts
There’s more to corporate gifting-giving than picking out products that appear expensive and extravagant. Going overboard or gifting too personally is inappropriate and could ruin a business relationship. The best way to find a balance between excessive and cheap is to set a price point.
Bonus Tip: Professional gift wrapping adds a touch of luxury and shows that you care.
Don’t Forget Your Team
You know that gifts are essential in building relationships with clients, but don’t forget about your employees. Aside from welcome and farewell gifts, show your team gratitude and reward accomplishments with an incentive gift program. Show your appreciation for their hard work and build loyalty among staff.
There are many choices when it comes to corporate gifting, but SLATE COLLECTION™ offers something special. We create American-made leather bags and accessories that make an impression. Our team loves working with clients to select professional and unique gifts that are memorable. Please contact us to talk about how we can help you build your business relationships.