Corporate Gifting: Investment or Expense
Should you INVEST in Corporate Gifting?
or should you SPEND on Corporate Gifting?
Lot of businesses avoid Corporate Gifting for various reasons
One of them being budget constraint.
I totally get it, let me give you a different perspective.
An expense costs you money; an investment is supposed to make you money.
If you look up to Corporate Gifts as expense vs investment.
then I would like you to ask yourself these questions:
Will Corporate Gifts
1. Help build/ maintain/strengthen relationships?
2. Help you reinforce how much you value your contacts?
3. Help differentiate your company from competitors?
4. Contribute to improving the firm’s image and reputation?
5. Open up new market opportunities for us?
I
If your answer to one or more of these questions is “yes”
and you can measure improvements in employee engagement then
certainly Corporate Gifting is an INVESTMENT and an important part of marketing
strategy.
⦁ Difference between Corporate Gifts and Promotional Gifts
These are few distinctions to keep in mind while choosing a right promotional or c
orporate gift for your brand.
1. RECIPIENTS:
Promotional Products are given to your potential clients or target audience. For example: A giveaway at a trade show, meeting a prospect, token during sponsored event, marketing activity.
Corporate gifts are usually given to valued customers, recognizing an employee or a special vendor.
2. PURPOSE:
Promotional Product is a SALES tool, Promotional products are handed out with the hope they will be used, and your company brand will gain recognition by your target audience.
Corporate gift is a COMMUNICATION tool. They are more personalized and given to your existing clients or team members to say Thank you.
3. FUNCTIONALITY:
Promotional Product must be useful and functional. Every time someone uses the product, they should remember you and your brand. Few good examples are t-shirts, coasters, pen, keychain, umbrella, water bottle etc.
Corporate Gifts are meant to impress the recipient as in the way to recognize your teams’ efforts or to say thank you. You can be much selective here by choosing unique artifact, high value product, edible items etc.
4. FREQUENCY:
Promotional Product is an essential part of your marketing activity hence should be handed out regularly throughout the year.
Corporate Gifts given on a specific occasion. Usually during festivals, once or twice a year.
6. PRICE & VOLUME:
Promotional Products are considered as giveaways hence price would be significantly lower than the Corporate Gifts but in terms of volume, it will be higher than the Corporate Gifts.
.
