Gifting has become an essential part of the corporate culture. In 2018, Forbes reported that the global corporate gifting market size was $125 billion and snowballing (for a good reason too).
Apart from building relationships and creating bonds, gifts perform another critical function – to bring in more business, both from existing clients as well as new ones. And when you throw in the added perks of image building and loyalty, it is a winning approach.
However, all of the above are great in theory, but in reality, your corporate gifting program requires a sound strategy to realize its maximum potential.
Therefore, setting goals as to what you intend to achieve and how you intend to achieve it is vital to success. Simply put, when you are clear about what you want to accomplish, it is easier for you to determine your ROI as well as use it strategically to grow your business, keep your clients happy, and your organization top of mind.
Corporate gifting metrics to pay attention to
Once you have decided to use your gifting program strategically, it becomes essential to track and measure the metrics relevant to your gifting goals so you can fine-tune them to suit your business’s needs. In addition to this, most companies would demand data to justify every penny spent.
However, measuring gifting metrics is tricky. There are tangible benefits that can be measured, and then there are intangible benefits that may be difficult to measure.
Let’s take a look at some.
1. New leads/opportunities
Everyone is aware that gifts can open doors to new business leads and opportunities. It is one of the best ways to influence positive and favorable action when it comes to new leads (And better still are thoughtful and unique gifts, which are reported to be 2.3x more effective than sending swag). Therefore, it is not surprising to know that corporate gifting is one of the most widely used tools for lead generation and to develop long-term business relationships.
But, as we mentioned before, for it to work effectively, it is essential to:
- Measure the tangible results. (Keep a count of how many new leads, positive replies, converted leads, repeat customers, etc. your gifting brought in)
- Polish your plan as you hone your strategy
Perfecting your gifting plan will take time and effort, so don’t throw in the towel too quickly. Keep doing what you are doing, and you are sure to see results.
2. Gift costs
Costs are everybody’s favorite metric! Nobody can disregard them, irrespective of how big the budget is. But focusing on this metric will help you understand the expenses related to gifting for new leads or business opportunities.
Many companies set aside a budget for corporate gifting. There are many ways to do this. The simplest is defining a random budget depending on how much you can afford without feeling a pinch. Or you could base your budget on what you hope to achieve from your gifting program.
Remember that you may not want to be overly miserly in this respect because you do not want to create a bad name for your company.
It is important to note that gifting may sometimes seem like an extravagant expense. However, it has the potential to bring in large amounts of business that would eventually dwarf the cost of the gift. It could also build relationships that may yield more business for your company down the line.
3. Customer lifetime value
Yes, you can keep your clients for a lifetime if you create a relationship with them. And because gifts are known to develop emotional bonds, they can help you create and reinforce client loyalty (according to a study, people who have a personal connection to a brand or company have a 306% higher lifetime value).
Although we are sure that you value all the clients associated with your business, in truth, some clients will be more valuable to you than others. This could be for various reasons- perhaps because they are old and loyal clients or bring a large business volume. But whatever the reason, it would make complete sense to assess how valuable your client is to your company and then determine what kind of a budget you want to set for different categories of clients.
4. Return on investment
As we have been saying all along, gifts have both tangible and intangible benefits.
i) Tangible benefits
A study shows that over 80% of C-suite executives believe that corporate gifts create positive and measurable ROI and pay for themselves two-fold.
There will be times when you know that the gift you sent was helpful in a conversion or enabled your company to be top of mind translating into repeat business. These instances are tangible and can be measured.
ii) Intangible benefits
However, measuring the intangible ROI of corporate gifts can be a tricky task.
The key is to focus not on how much money the gifts are making you but how they are humanizing your business, creating a positive image for your company, building relationships and goodwill, and improving brand recall. They are a catalyst to a deeper connection, which 94% of top executives believe is crucial to business success. And although all these are influential in conversions, they cannot always be directly measured.
There are ways to measure the ROI (although they are not number based). Thank you calls from clients (which can be used to bond and take the business further), referrals, repeat business, etc. are good indications that your gifting program is working and that your investment is paying off.
The challenges of corporate gifting
Corporate gifting can pose a host of challenges and can end up being a job description in itself because it takes up so much time.
Then there are the added challenges of sending a meaningful gift to a new client that you know absolutely nothing about. The problem of how to balance the cost and the effort spent on choosing corporate gifts, and still come up with a winning solution is hard. And how to keep track of gifting cycles to keep you top of mind with your clients. The list goes on! Understanding the corporate gifting metrics sure helps you in these tasks, but you still need a way to track them.
Track Corporate Gifting Metrics with Eva
Eva Gifting Assistant is a service that works on artificial intelligence. It will learn enough about your client to send them the most delightful gift. Simply put, it is the ultimate organizer for your every gifting need. The great part about Eva is that it is easy and almost effortless to use. And to make your life a whole lot easier, Eva can even be connected to your CRM to automate your entire gifting program. This way, it’s simple to track the gifting metrics and stay updated all the time.
Whether you are looking for unique gifts that are beautifully packaged with your company branding, gifting campaigns, or a personalized gifting experience for your valuable clients, Eva has it all. And it will do everything for you from getting to know your clients’ preferences to picking a trendy gift, packing it, and delivering it to a delighted client.
If you have not already thought about how to make gifting work for your business, it is time that you give it some serious thought. With Eva Gifting Assistant, the hassle of the gift selection and logistics is off your shoulders. All you have to do is keep an eye on the metrics.
Although you can send your clients gifts they are happy with, it is their delight that you are aiming for personalized gifts because that makes the gift memorable, drives a positive relationship, and in return, the ROI. So, go ahead, let Eva take care of all your corporate gifting needs, and delight your clients with cool trendy gifts.
If you would like to know more about how Eva can help you with your gifting program, take this quick demo to discover how Eva can help you.