- On December 14, 2021
Who doesn’t love getting a gift? Whether you’re celebrating an employee milestone or just saying “thank you” to a client, corporate gifting can be a great tool for your company. But corporate gifting needs to be done right.
It’s important to consider a lot of things before you start giving out gifts to employees, clients, or prospects. Here are a few things to keep in mind:
Decide When and Why to Send a Gift
It’s a good idea to figure out when and why corporate gifting will occur for your business. It can be pretty expensive if you send a gift to every client on their birthday, after all.
Some companies opt to provide a small token of appreciation after doing business with a new client. Others choose to send a gift during the holidays every year for a few years in a row. There’s really no right or wrong decision here.
The same applies to corporate gifts for employees. Does every employee get a Christmas gift? Are there gifts for each employee as they obtain new ranks or roles?
The important thing with corporate gifting is consistency. You don’t want to give gifts to only a select few people and leave many others out or provide lesser gifts to certain people who have performed the same work.
Figure Out a Budget
Corporate gifts can get expensive. Buying an item for every employee, client, or prospect can add up quickly. Determining a budget from the start is important.
Begin small and work your way up to higher-cost gifts. There are tons of small gift options available that can show your appreciation, such as office supplies or nameplates. Larger items like gift baskets could be a good option when you know you’ll have enough of a budget to handle the cost.
There’s nothing wrong with providing expensive gifts to some and inexpensive gifts to others, just as long as it’s fair. You may give a more expensive gift to a higher-spending client or a higher-performing employee.
Look into the Law of Corporate Gifting
Corporate gifting can sometimes be complicated by the law. Some businesses aren’t legally allowed to accept corporate gifts, even if they appreciate them. Be sure not to put your gift recipients into an awkward situation.
Tax laws can also come into play. Many types of gifts can be partially or fully written off during tax season. Be sure to consult an accountant to see how much value can be written off as a business expense.
Benefits of Corporate Gifting
The advantages to corporate gifting are endless. Just a few good reasons to send corporate gifts include:
- Reinforcing relationships with clients
- Reminding prospects to get in touch
- Showing your employees that they are valued
- Reconnecting with old clients
- Pitching yourself to potential clients
- Making employees feel like a part of the team
When you send a gift to someone, it tells them that you care. Use corporate gifting as a tool to show others that you are thinking of them and want to stay in contact. Even if the gifts do not lead directly to new business, it’s always a good idea to let others know that they are appreciated and seen.
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