[Updated for 2023]
At the end of the year, everyone is thinking about gift giving for their family and friends, but as a business owner or manager, you’re also thinking about corporate gift giving. The year has flown by and it’s already that time again - Time to start thinking about your corporate gift giving strategy.
GETTING STARTED WITH YOUR GIFT GIVING STRATEGY
The best way to plan your gift giving strategy for your clients this season is to think about their needs and their goals. There's a lot to think about when getting started with your gift giving strategy, including:
- Who are you sending gifts to?
- How many gifts are you sending?
- What's your gifting theme?
- What is your budget?
- How are you sending your gifts?
- How are you packaging and wrapping your gifts?
WHO IS RECEIVING GIFTS?
As a business leader, you must think about the morale of your employees and the loyalty of your customers. What better way to boost and reaffirm both of those than with a thoughtful, useful, practical, and high-quality gift? Put together a list of your employees, top clients, and partners whom you plan to send gifts to this holiday season to form your gift giving budget.
HOW TO SET YOUR BUDGET
The way gift giving budgets work is through identifying a dollar amount per person, which will include the actual gift, and also:
- Packaging / Box / Tissue / Bag
- Gift Wrap or Belly Band
- Card or Note
- Freight / Shipping
Once you set a budget per person, you can talk to an expert about how to make that budget go a long way. With corporate gifts, there's a perceived value that far extends the actual value of the item(s) because you're buying in bulk.
Remember, it's five times as expensive to capture new clients than it is to retain your current client base. So thinking about customer lifetime value (CLV) is a great way to identify a proper budget per person.
One idea to help with setting budgets for corporate gifting is to create a multiple- pricing tier system. Creating a system like this will allow you to choose multiple gift options for different pricing levels of your clients and employees. Maybe you have clients who have done business with you for 10 years. Those clients may get your top-tier gift, like a pair of Bluetooth headphones. This is a great way of personalizing your gifts while making the most of your budget.
WHERE TO SEND GIFTS?
Hopefully, you know where your employees are, and chances are your clients are working from home. How do you find out clients' home addresses? Ask them! It's important to be open and honest with your clients as to why you're asking for their personal information. And let's face it, who doesn't love to receive gifts? You'll be surprised at how eager they will be to share in return for a sweet holiday present!
You can also launch a survey to clients. Ask them what their challenges are. This information can help you understand what they are going through and adjust your content marketing as needed. At the end of the survey, you can leave a section for updating their home or remote addresses if you were to send them a gift.
Hold onto this information after asking for their permission to do so. This is the first step in building your gift giving list in your CRM.
WHEN TO SEND GIFTS?
Timing is SO important when it comes to your gift giving strategy.
HOLIDAY SEASON
The holidays are not the only time when you should be thinking about your gift giving strategy. At this time, all of your clients will be receiving gifts, and may be inundated with goodies. This may mean that your gift goes unappreciated. Also, around the holidays, you may find your favorite item is sold out - corporate gift manufacturers tend to have depleted inventories around the holidays. You may also find shipping delays as you get closer to December.
That said, it is expected to give clients and employees gifts at the holidays. Consider being the early bird - Thanksgiving is a great time to show your appreciation to clients and employees.
Related: Supply Chain Issues and Corporate Gift Giving
OTHER GIFTING TIMES OF THE YEAR
It's the clever business person who identifies other times of the year to give gifts. Delight and surprise your clients with gifts given at alternate times of the year. The benefits of extending your gift giving strategy throughout the year far outweigh the downsides. Your gift will be the focus of your clients' attention, without other competing presents and baskets. You will also be more likely to have a full selection and full stock to choose from. Furthermore, faster shipping times will give you more flexibility in your timing and budget.
Different times of the year for gift-giving:
April - Administrative Professionals Day
October - Boss' Day
November - Thanksgiving
February - Valentine's Day
Your company's founding anniversary
Post-purchase or signing of a big deal as a "thank you."
Employee milestones, like work anniversaries.
TRENDIEST GIFTS OF 2023
This season, the hottest corporate gifts are those that keep convenience and comfort in mind. They fall into the following categories, but you can also check out our 2023 Gift Giving Webinar & Guide for specific items:
Customized Tech Accessories: Items like branded wireless chargers, custom phone cases, or high-quality headphones were popular choices, given the increasing reliance on technology.
Wellness and Self-Care Items: Considering the importance of mental and physical health, corporate gifts such as meditation apps, wellness subscriptions, or self-care gift baskets were well-received. Who doesn’t love new pickle ball gear?
Personalized Gifts: Personalized gifts that show thoughtfulness, such as monogrammed leather goods, engraved pens, or custom-made office decor, were a hit.
Branded Apparel: Customized clothing, like branded hoodies, T-shirts, or high-quality jackets, can help promote your company while providing employees or clients with useful items.
Gourmet Food and Drink: Premium food and beverage gifts, such as artisanal chocolates, wine, gourmet gift baskets, or coffee are always a classic choice.
Tech Gadgets: High-tech gadgets like smart speakers, fitness trackers, or portable phone projectors are always welcomed especially for tech-savvy recipients.
Home Office Upgrades: With many people working from home, items like ergonomic desk accessories, standing desks, or noise-canceling headphones were appreciated gifts.
RELATED: THE POWER OF PROMO: TANGIBLE MARKETING IN A VIRTUAL WORLD
ONE LAST THOUGHT
Think about how YOU would feel receiving a surprise gift from your business partner or boss this holiday season. Pure joy!
Our corporate gift giving experts here at Ironmark are prepared to help you build and fulfill your gift giving strategy this upcoming holiday season and beyond. All you have to do is start the conversation with us and tell us what your goals are. We'll handle the rest!
