Last week, we published a blog post about the 4Cs of customer touchpoint gifts. Today we’re diving deeper into cost, which is an important consideration when creating a gifting program. Read on for some tips on how to determine an appropriate budget for corporate gifts.
Check Company Policies
Before you make a gift purchase, whether it’s for one person or multiple, make sure that you check with your team whether there are company policies around how much you’re allowed to spend on both internal and external gifts. You’ll also want to be aware of any special processes around expensing corporate gifts, and if there are any limitations on the kinds of items you’re allowed to purchase.
Understand Industry Regulations
Beyond your own internal policies, some industry-wide restrictions may apply to the value of the gifts that you send to clients and prospects. Be sure to check into any limitations on how much you can spend on client gifts, and how often you’re allowed to send them.
Consider the Variables
There is no one-size-fits-all budget for corporate gifts. You’ll want to put some thought into how much is appropriate to spend for different occasions and for different types of clients. Mapping out some general guidelines with your team (for example, establishing budget ranges for birthday gifts vs baby gifts, or for VIP clients vs casual customers) is a great way to get everyone on the same page.
Keep ROI in Mind
In an ideal world, gifting would be purely based on the kindness of your own heart. But in reality, corporate gifts are an excellent tool to move your business relationships forward and boost your bottom line. While being kind and fostering more personal connections should be at the forefront of each gift you give, you’ll also want to consider what’s in it for you. Whether it’s simply to stay top of mind with your top clients or to remind a potential client about your services, what you could potentially get out of sending a gift should also have an impact on your spend. Make sure that you keep track of who you send gifts to and when so that you can measure the return on investment later on down the line.
Do you have any tips on how to set budgets for corporate gifts? Leave them in the comments below!