Corporate gifting is a serious business and should remain that way in your business. As a well-formulated program, it can establish or enhance the crucial relationship between you and your clients, suppliers, business partners and employees. Let us look at the various tips to make the gifting process a success.
Studies have been conducted regarding gifting in a corporation the world over. For one, studies show that a vendor is twice likely to be contacted by a prospective client if he has a gifting program in place. It has also been shown that a client will more likely spread the word about your business to other prospects once you build a lasting relationship with them. Get the right gifts from high end corporate gifts wholesale suppliers in Singapore to make this aspect a reality.
Gifting vs. Giving Incentives
One of the top confusions that corporate have is distinguishing between these two programs. Although you give gifts and incentives to the same recipients, the two differ on a practical as well as a strategic level. You give an incentive as a reward for achieving a certain level in an activity, for example, good attendance. Gifts are more spontaneous, and you don’t give them as a part of a pre-arranged plan between you and the recipient.
The Ethics of Giving Corporate Gifts
Before you give out gifts, you need to understand the underlying policies of the company. Some companies don’t allow giving of gifts due to the sensitivity of their operations. The restrictions might touch on the value of the gift as well as the situation in which a gift can be given.
You should not give gifts in the middle of a bidding process. This will tell the public that you are trying to influence the direction of the bidding, which isn’t acceptable at all. You are also not expected to shower your clients with lavish gifts because this might be considered suspect. You might be required to justify the reason for doing it. The best option is to go for simple gifts that are meaningful.
Don’t create a wrong impression with your gift. Anything that might end up embarrassing the recipient or cause a reprimand might sabotage a relationship.
The Etiquette of Gifting
The process of giving gifts is an art in itself. You need to consider various issues before you deliver the gift to the recipient. First, you need to take care and make sure the gift is appropriate to the relationship you have with the client. For instance, don’t get too personal with a gift if the client is still new. Additionally, if the client seems aloof and business-like all the time, the wrong gift might make the situation worse.
You should also know the perfect timing for giving the gift. The best time is seemingly during the holidays, but any other time can have a profound effect on the relationship due to the surprise. Important dates in your business such as an anniversary or the time when you reach a certain milestone might be a good time to give the gift. You can also use completion of a project to give out a gift to the recipient.
You need to decide whether to customize the gift or not. Adding a logo and the company slogan keeps the gift in the mind of the recipient. When the gift is a practical item that will be used on a daily basis, it amounts to free advertising.
It takes proper planning and knowing the right etiquette to give the perfect corporate gift. Make sure you understand the needs of the client before deciding on the perfect gift.