Before we start off with the 9 big reasons, lets start with this fact that Corporate Gifting & Promotional Merchandise has the best ROI compared to any other form of advertising. Yes. Its true. We are sharing our insights about gifting and the benefits it brings to any business here. We will share another story on the DO’s and DON’T’s of gifting in the near future. Here is why business gifting is an important part of brand building and relationship building.
1. Raise & Build Brand Awareness
Corporate gifts are given more as an expression of gratitude for customers and employees to know that their business or association with the company is appreciated. By giving a gift that bears your company’s name or logo you are spreading awareness about your company. It is believed that 65% of recipients come back with repeat business. Even in cases where it is a gift given to a potential customer, the chances of attracting new business is immense. It just helps build brand awareness and association. You are giving your potential customers an opportunity to remember you and recall your brand name.
2. Increase Loyalty
Corporate gifting helps build a positive reinforcement to encourage repeat business. It forges a partnership link between the giver and receiver. It’s a subtle reminder to your customer that you appreciate their business and in most cases this gesture is reciprocated with repeat business. It builds loyalty and a lasting relationship.
3. Save Money
Business gifting is significantly cost effective as a means of advertising. When you already know your customer, it’s a lot more economical to find ways to retain them than to acquire new customers. A carefully chosen & thoughtful corporate gift is retained and used often. This indirectly means your cost per impression is substantially low and targeted. No amount of advertising can be this focused. And besides this, it adds to visibility and brand recall.
4. Improve Image & Perception
Much like personal gifting to your loved ones, business gifting also bring in the same connect with your target audience. When you give a gift to your customers, you are expressing how important they are to your business and rest assured they will understand that you value their association. The idea of giving is associated with goodwill. By giving corporate gifts to your stakeholders and prospective clients, you improve your company’s image and build a positive perception.
5. Build & Nurture relationships.
Gifting can be recurring or seasonal. Where the customer is a potential repeat customer and a loyalty program can be built around their business, it helps to build and nurture the relationship. The stronger your bond with your customer, the harder it is for your competitors to make inroads.
6. Attract New customers & clients
Typically, something that works well in trade shows and public events, where you establish a connect with your target audience with small, thoughtful gifts that are innovative and interesting for them to retain. Corporate promotional gifts help to establish a connect with the customer or potential customer, but the thought of a free gift brings more footfalls to your venue. Isn’t that the effort of every business? To have more visitors, footfalls and eyeballs focusing on your brand? With a gift at hand, the customer now has something visual to remind them of that company.
7. Generate More leads.
By distributing your company’s logo, name and contact details on corporate gifts, you increase brand awareness, build curiosity in your brand and develop an interest in knowing your brand better. Gifts can be used as incentives to collect useful data from customers like email addresses or contact numbers. Most people would be willing to share contact information, when they receive something in return. Your interest in the potential customer is reciprocated.
8. Get more referrals.
Existing customers are the best source for referrals. The conversion rate for referrals from existing customers is extremely high. Nothing compares to this success ratio. Don’t wait. You can seek your existing customers help for referrals and don’t forget to reward them and tell them how valuable they themselves are for your business. You can use promotional products to encourage lead generation. Who doesn’t love a reward for their gesture?
9. Link customer to the company & not to the sales contact.
Corporate gifts help is building an association with the company and brand. The company’s brand philosophy and its approach to its customers is reflected through the gift that is given.
Remember to choose your business gift carefully. It should be thoughtful and something that the customers would love to retain. And remember, the packaging of your gift is as important as the gift itself.
Do share your views and suggestions or experiences. We’d love to hear from you.