The giving of corporate gifts has become a popular part of business. This has become especially true since the recession hit, as more businesses are trying to reward and build relationships with their customers. As well as this, there are many other reasons why.
So, what exactly is a corporate gift? A corporate gift is an item that is given between a business and a customer. The gift will generally be given on a special occasion, such as at Christmas or Easter time. However, gifts can also be given throughout the year. Corporate gift-giving has become a large business in itself with over 71% of businesses now giving corporate gifts.
The most popular corporate gifts are said to be company marked items, so promotional merchandise. Within this, the most popular items are 'wearable' and 'usable' items, so tee shirts, bags, and pens. All of which can be very cost-effective and designed to meet company specifications.
Many larger organisations choose to spend most of their budgets on traditional advertising methods, such as television and newspaper advertising. Whilst they may have promotional merchandise printed, they are more likely to distribute it to new customers than retained customers. This means they are never actually building up a relationship with their current customers. It is often said in business that it costs more to invest in new customers than it does to retain your existing ones.
Medium to smaller organisations, on the other hand, are more likely to invest in cost-effective methods that are going to work. This means investing in items like promotional merchandise for their business. If you are working for a smaller organisation then you will want your money to spread as far as it can. This can mean investing in promotional pens, keyrings or other items.
What many businesses fail to remember is that rewarding your customers means you are actually investing money into your business. Rewarding your customers means you are showing them they are valued, and by ensuring they are valued, it is more likely they will recommend you to others. Recommendations are important to smaller businesses in order to help them to succeed. This is because they can't afford to compete with larger organisations, meaning they have to find other ways to succeed.
Corporate gifts are one of the best ways to advertise your business, so make sure you are utilising all marketing methods.