Corporate gifting in budget

Corporate gifting in budget

This festive season, business houses and multinational companies operating in India are going slow on the age-old practice of corporate gifting. Most of them have slashed their budgets for 'gifts' significantly, and cite sluggish economic growth and alarming rise in food prices as prime reasons.

Many surveys have revealed that many corporate have started spending more of their budget amount in corporate gifting so as to increase their bonding with their employees as well as with their clients. They are now have became more practical and have started investing more in corporate gifts unlike the old traditional approach where they invested very less or we can say negligible but wanted their employees to work more than 100%.This approach was very wrong as u will get only when you will learn to give.

But also corporate have to see their budget also and can’t cross their limit in order to satisfy their clients and employees. There are now a lot of options in corporate gifts which can keep employees and clients happy and not even going out of budget of corporate. Some of the gifts are:

·         Mugs and sippers

·         Wall hangings

·         Backpack and laptop bags

·         T-shirts and caps etc

There are several types of occasion on which budget friendly items could be given to employees. Corporate gifts do not restrict itself to occasions like Diwali and other festivals. It is a broad term and could be used in several situations like:

2. Farewell and Transfer

A nice memento with the farewell note inscribed will not cost more than Rs. 200.Apart from the above mentioned gift ideas, there is something called customized corporate t-shirts with logo that is available in the market. These gifts are nothing but small stationery products in which the company logo will be either printed or embossed. For example, a key chain, a small telephone diary or a visiting card case or even a paper weight. 

There are special corporate gift suppliers existing in the market who will make the corporate gifting process cost effective and also custom made for your company.

Award to employees, award yourself!!

It is well said that benefitting your employees indirectly helps you to gain benefits. Corporate gifts have become so much popular now that each and every company is adopting this technique to achieve maximum benefits.

Business gifts take advantage of perhaps the most powerful word in the English language: free. Offer someone something for free, and you’ve immediately got their attention. This makes it an excellent way of building relationships and boosting business.

Here are just a few ways that promotional gift-giving benefits your business.

1.   Raise brand awareness

One of the best ways to “get your name out there” is to do it quite literally; a promotional gift with your company’s logo and name is a great way to raise awareness about your business.

Brand awareness is all about building associations. A gift helps potential customers to associate your brand with something positive, whether it’s something useful or just an attractive decoration. It makes a solid impression in your prospect’s mind, which also makes your brand easier to remember.

Save money

Not only is a business gifting a thoughtful token; it can help to advertise your company at a lower price than many other methods. Corporate gifts are among the most cost-effective means of promotion. A 2008 study revealed that the average cost per impression for promotional products was 10k

For comparison, prime time TV and newspaper ads both cost 50k per impression. That means that business gifts give you almost 5 times more bang for your buck.

Improve image and perception

A promotional gift helps to enhance a prospect’s opinion of you and your company. Even outside of the business world, a gift is an iconic symbol of goodwill. It only makes sense that corporate gifts would increase customer goodwill and improve the overall attitude of prospects.

Generate leads

Promotional products can help to inspire curiosity and interest in your company. It’s not unusual for customers to be more receptive to a business that gives them a free gift. These gifts might even be used as an incentive to sign up for a newsletter or visit a website.

Increase sales

Naturally, with greater customer goodwill and brand awareness comes more sales suggests that customers who receive a promotional product tend to spend more on products or services from the company that gave it.

Think of business gifts as a form of added value. Customers who feel that a company is giving them greater value for their money are ultimately likely to spend more.

1.   Maintain customer loyalty

Giving someone a promotional product helps to encourage repeat business; it’s a great way to remind them that their patronage is important to you.

2.   Generate referrals

Sometimes your own customers can be a great source of new leads. Promotional products are a great way of encouraging lead generation, but rather than just including a free gift with your referral request, consider offering it as an incentive.

3.   Develop employee relations

Corporate gifts can improve the attitude of employees as well as customers. Awards, plaques and other corporate gifts are an effective way to reward good work and thank employees for their dedication.

4.   Build B2B relationships

Much like average people, companies are very likely to take notice of free business gifts. If the promotional product you give to a business is something that’s frequently used in an office environment, it’s bound to serve as a reminder of your company’s goodwill.

Thus ,  when forming and maintaining partnerships with distributors, vendors or other organizations, a gift can go a long way.

 

Conclusion

Promotional gifts are a cost-effective and dependable way to give your company advantages in the business world. No matter what industry you’re in, it’s a good idea to incorporate a business gift into your marketing strategy.

Author is a marketing professional in India, Delhi NCR’s leading corporate gift suppliers. www.GiftingBazaar.com . Write to the author on Feedback@GiftingBazaar.com or contact on +91.98188.88926.

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