The Power of Corporate Gifting: STRATEGIC GIFTING - What is it and how does it work?

Strategic gifting - what is it and how does it work?

When you apply strategy to gifting & merchandise it elevates your brand, solidifies connections, and skyrockets conversions while keeping your clients and employees loyal to your business.

Having a strategy versus not having a strategy can be the deciding factor between success and failure in any venture.

But if the benefits of strategy alone, aren't enough to convince you, this newsletter also covers:

The perils of neglecting a strategy or plan in business purchasing, and uncovers the hidden risks.

When opting to allocate a portion of your company's profits towards corporate gifting and branded merchandise, it's crucial to have a well-crafted strategy and plan in place. This approach will not only make financial sense and elevate your brand but also foster robust relationships and generate remarkable outcomes by harnessing the power of this exceptional marketing tool.

Are you ready to discover the secret formula behind a game-changing corporate gifting strategy? Delve into the world of Strategic Gifting

Strategic gifting transcends the realm of ordinary corporate gifting by integrating a well-crafted plan, designed to achieve long-term results that run parallel to your companies objectives. Whether your aim is to;

• Convert prospects into loyal customers
• Amplify brand recognition, or
• Retain the individuals most crucial to your business - such as your clients and employees

Strategic gifting has you covered.

Without a strategy or a plan you are blindly entering into a process, and hoping something will stick.

The essence of strategic gifting lies in a purposeful approach. In the absence of a solid corporate gifting strategy, you risk investing time and resources into projects that fail to deliver the desired outcomes. By embracing a long-term gifting strategy, you'll enhanced results and increase opportunities for an exponential return on your investment.

Put simply, you can't manage what you don't measure.

This powerful marketing tool can transform your professional relationships and boost your company's bottom line when executed strategically.

In this engaging and inspiring newsletter, we'll unveil the secrets behind effective corporate gifting and its undeniable impact on ROI.

Strategic Gifting: A Smart Approach to Corporate Gifting

At its core, strategic gifting is about well-informed decision making, planning and optimising the impact of your efforts.

The Importance of a Corporate Gifting Strategy

In today's digital era, a robust corporate gifting strategy establishes lasting human connections. By making your clients, prospects, suppliers, and employees feel valued, you'll see a positive impact in the company accounts.

According to a recent Adobe survey, a 5% increase in customer retention can lead to profit boosts of 25-95%.

Additionally, you should have strategies in place to keep employee turnover low, and retain top talent.

High employee turnover can damage both your finances and company culture. It is estimated that the cost of replacing an employee can range from 50% to 200% of their annual salary. Strategic gifting done right helps you avoid the pitfalls of poorly managed relationships. Instead, it fosters strong relationships, loyalty, and enhanced brand image.

Strategic Gifting in Action: A Success Story

During the Covid pandemic, BOW Gifts helped EGR Global, an international conference organiser, create a memorable and meaningful connection with over 500 delegates. By curating, designing, and delivering bespoke corporate gift sets that were carefully aligned with the event's theme, BOW Gifts provided a unique and impactful experience for attendees. This strategic approach strengthened relationships, demonstrated care, and showcased the power of harnessing a plan that was steeped in the events objectives.

And what’s more, they achieved international delivery to over 20 countries on time.

Creating an Effective Gifting Strategy

Here's how you can create a successful corporate gifting strategy that delivers results:

1. Hire a specialist corporate gift company: Partner with a corporate gifting specialist who knows how to manage the entire process from concept to doorstep. A great corporate gifting specialist also aligns your business's vision and values with your gifts and branded products.
2. Determine your budget: Allocate funds for corporate gifting at the start of your financial year. Distribute your budget among customers/clients, suppliers/service providers, employees, events/conferences, company milestones, branded resources, and onboarding packs.
3. List the recipients: Have a list of the recipients you plan to engage with through this incredible marketing tool. Gifting and merchandise touch-points can integrate with your sales processes and retention strategies. Keep track of who you engage with, and ensure their address and contact details are up to date, for a smooth gift delivery process as well.
4. Be aware of corporate gifting policies: Be mindful of your clients' and prospects' policies on receiving corporate gifts if you think this could be an impacting factor or is a cultural consideration. Adapt your strategy accordingly.
5. Identify easy touch-points: Leverage holidays, national days, wellness weeks, birthdays, anniversaries, and milestones for strategic gifting opportunities. These are a great starting point and easy ways to win, if you're new to gifting. Your specialist will want to know what activity you've done historically.
6. Get to know your audience: Understand the profile of your recipients and their preferences, hobbies, and needs. This is important during the planning stages, and helps to create and add more personalisation.
7. Identify your sourcing criteria: Establish guidelines for branding, cost, product quality, manufacturing possibilities, and packaging materials. These are key areas that a great specialist/preferred supplier will take a lead on, and help shape for your company.
8. Measure the results: Your specialist will know the right tools, and provide a range of opportunities to analyse, track and measure the performance of your gifting campaigns and refine your strategy accordingly.

Why does strategy matter?

It's understandable that you might be tempted to conduct a quick Google search, purchase an extravagant gift on impulse, or choose a product that seems appropriate while seeking the most affordable option.

However, while this approach may provide an instant feeling of accomplishment, it lacks a well-structured plan. You could end up requesting quotes for an entirely unsuitable product, which is akin to throwing your money into a fire!

We want the best for your business and that means reinvesting the company profits with strategy.

So how do I stay risk free from the perils of neglecting a strategy for my corporate gifting?

We're glad you've asked.

Alongside all the benefits shared above, its important you have all the information.

Operating without a well-defined strategy or plan when making business purchases can have detrimental consequences for your organisation. The absence of a comprehensive purchasing strategy can lead to several damaging effects, including:

1. Financial Losses: Haphazard purchasing decisions of any kind, can result in overspending on unnecessary items, leaving your business with a diminished budget for essential purchases. This lack of foresight can strain your company's financial health and hinder growth.
2. Poor Supplier Relationships: Failing to recognise the importance and value of a specialist for your company, can lead to inconsistencies and a loss of opportunity for your business. Communication will be intermittent, and you will miss possibilities for negotiation on volume purchasing and price-breaks. Overall, your company will have limited access to high-quality goods and services. This has a knock-on effect to your employees and clients too, who stand to receive gifting and branded merchandise from your business.
3. Inefficient Use of Resources: Without a clear purchasing and gifting plan, your business may end up allocating valuable resources, such as time and manpower, to tasks that yield minimal returns. Tasks that could have been done by a specialist/preferred supplier. This can hamper productivity and decrease overall operational efficiency.
4. Inadequate Inventory Management: A lack of planning can result in overstocking or under-stocking of crucial items, or worse still, not having enough time to order what you really need. This disrupts the smooth functioning of your business and potentially leads to lost sales and customer dissatisfaction.
5. Missed Opportunities for Competitive Advantage: Neglecting strategic purchasing and working with a specialist, can prevent your business from capitalising on opportunities that will gain you a competitive edge in the market. Effective planning can uncover new engagement possibilities, innovative products, and cost-saving strategies that strengthen your position in the industry.

In conclusion, the importance of a well-structured strategy or plan for your business cannot be overstated. When you adopt a strategic approach to your corporate gifting and branded merchandise you will maximise the benefits of doing so, from so many angles. We want you to win and always reap the rewards you so rightly deserve for all of your hard work.

How BOW Gifts Can Help

As your strategic gifting partner, BOW Gifts simplifies the process, ensuring your gifts align with your company's vision and values. We provide a comprehensive service, from concept to doorstep, branding to production, and tracking to delivery. Our personalised approach and understanding of the relationship between engagement and loyalty enables us to create strategies that work.

www.bow.gifts

[email protected]

+44 (0) 1138877622