There are many moving pieces that can impact your corporate gifting strategy. Of course, cost is one of the 5Cs of customer touchpoint gifts and has the biggest impact on the type of gifts you send, how often you send them, and who you send them to. Keep reading to dive deep into how to establish an appropriate client gifting budget for your organization.
Check company policies
Giving a gift is an act of kindness and appreciation, but in a corporate context, it comes with parameters. Before you make a gift purchase, whether it’s for one person or multiple, make sure that you check whether there are company policies around how much you’re allowed to spend on external gifts. You’ll also want to be aware of any special processes around expensing corporate gifts, and if there are any limitations on the kinds of items you’re allowed to purchase.
Understand industry regulations
Beyond your own internal policies, some industry-wide restrictions may apply to the value of the gifts that you send to clients and prospects. Be sure to check into any limitations on how much you can spend on client gifts, and how often you’re allowed to send them. This is especially important for financial industries and government sectors!
Consider the variables
There is no one-size-fits-all budget for client gifts. You’ll want to put some thought into how much is appropriate to spend for different occasions and for different types of clients. Mapping out some general guidelines with your team (for example, establishing budget ranges for VIP clients vs casual customers vs new clients) is a great way to get everyone on the same page.
Keep ROI in Mind
While the core intention of gifting is to make others feel recognized and appreciated, corporate gifts can be an excellent tool to move your business relationships forward and boost your bottom line. While being kind and fostering more personal connections should be at the forefront of each gift you give, you’ll also want to consider what’s in it for you. Whether it’s simply to stay top of mind with your top clients or to remind a potential client about your services, what you could potentially get out of sending a gift should also have an impact on your spend. Make sure that you keep track of who you send gifts to and when so that you can measure the return on investment later on down the line.
In this customer case study, Sunlife Financial Advisor Colleen Sutherland shares how she has seen a strong ROI with both increased client retention rates and client referrals from implementing a corporate gifting strategy with Gift Better Co. Seeing clear ROI on client gifts has helped Colleen incorporate gifting into her broader client experience strategy.
Partner with experts to create a custom gifting strategy
When done strategically, sending gifts to clients can be an excellent way to strengthen relationships and stay top-of-mind with your customers. Connect with us today to map out your client gifting strategy so that you can continue building relationships with your clients throughout the year without taking time away from your many other tasks. Contact us now to get started.
