Updated: 11/10/2023
Corporate gifting is a memorable touchpoint that can lay the foundation for a strong relationship with employees, vendors, prospects, and clients. It’s a way to show your appreciation while also planting a nugget of psychological motivation to establish a lasting connection.
That’s not just hearsay. According to Deloitte, 78% of businesses believe that corporate gifts offer a substantial ROI in terms of brand recognition and relationship building. With that number in mind, imagine what a solid corporate gifting program can do for your company’s bottom line.
While sending gifts might seem simple enough, doing things by the books is a little more complex. Here’s how you can start a successful gifting program at your business.
1. Establish a Budget
Setting a firm budget for gifting is paramount. It’s the very first step in the process because all of your decisions moving forward hinge on the amount of money you can spend. Your budget will ultimately dictate who gets a gift and what kinds of items you can afford. Despite the best of intentions, sending a pricey present to every client, employee or vendor is just not feasible. And while it sometimes pays to shower clients with goods, going over-the-top for every connection can do more damage than good.
A successful gifting program is a little more selective, and your budget will be one of the first determining factors you’ll need to know. Think of corporate gifts as an investment for the future of a business relationship. The last thing you want is for that investment to go into the red.
2. Define Your Gifting List
With your budget in mind, you can start building your recipient list. The goal is to show your appreciation for the people who make your business successful. But of course, every client, employee and vendor’s impact is a little different.
Start by making a list of the individuals who bring the most value to your company. They could be longtime vendors or clients who consistently invest in your product or service. Those are the relationships you want to continue fostering most, and a more distinguished gift will ensure that your company is always on the top of their mind.
After that, you can move onto those who provide things you value. While these recipients might not be your most lucrative or high-producing, they have the potential to get there. Sending them a memorable gift could be the thing that pushes their contributions to your business even further.
After you build your recipient list, it’s good to separate those individuals into different gifting tiers. A hierarchical system will make choosing client gifts more manageable. It helps you find appropriate presents that impress while still keeping your budget in mind. For example, an affluent client whose relationship has a higher lifetime value will go into the highest tier. They could receive a more expensive gift because the value they bring to the company is more. Meanwhile, a lower-tier recipient will still appreciate something that’s both simple and tasteful.
3. Create a Corporate Gifting Program Policy
There’s a good chance that other employees will handle many of the gift-giving duties. To ensure that things go off without a hitch, it’s a good idea to create a company-wide gifting policy. Not only do your policies govern how gifts go out, but it simplifies the process and creates a similar experience for clients and vendors across the board.
The policy should outline your program’s gifting approach. For example, it can cover:
- Who receives a gift
- What gifting tier each recipient belongs to
- How much money employees can spend
- When employees can send gifts
- How presents align with corporate values
- Guidelines for choosing client gifts
The gifting blueprint can also include suitable gifting practices and the steps your employees should take before sending items out. From a legal standpoint, corporate gifting is quite complex. The SEC has strict rules for financial service providers. Laws exist for government officials and medical professionals, too. On top of that, recipients might work under distinct gifting policies that prohibit certain items. Your in-house corporate gifting policies should cover all of those unknowns. Have your employees verify what’s appropriate and what’s not.
4. Choose a Gifting Timeline
For an annual corporate gifting program, your timing makes all the difference. You don’t have to limit yourself to holidays or special occasions. Those gifts are predictable and have a much lighter impact compared to more thoughtful moments.
Consider when a recipient works with you most. Then, send a gift at just the right time. For example, CPAs are utilized most during the spring. So, they can send clients gifts at the beginning of the year to stay fresh on their minds around tax season.
The same principles can apply to seasonal vendors or clients who make a big purchase once or twice a year. By timing your gifts strategically, you can make a substantial positive impression your recipients will remember.
5. Selecting a Gifting Partner
Last but not least, you need to choose the right gifts. The corporate gift industry is valued at $242 billion and expected to reach $306 billion by the year 2024, so the possibilities are endless. While you can pick out individual items, working with a gifting partner is much easier.
Gift vendors offer a variety of gifts to meet all budgets and needs. Plus, they take care of the little details like order preparation, customization and shipping to a large list of recipients. These capabilities may seem trivial, but they go a long way to simplify things on your end.
Find the Perfect Pick at Cane River Pecan Company
Ready to start your company’s gifting program? Cane River Pecan Company offers a wide range of gourmet pecan gifts and Southern delicacies to surprise anyone on your list. Plus, they have a team of corporate gifting specialists who can help you choose client gifts and prepare your order. Check out our website today and start fostering those all-important professional relationships.