In today’s business world, many companies are finding it difficult to retain customers. “On average, a company loses between 10% – 30% of its customers every year,” according to McKinsey research.
Many customer losses could be attributed to stiff competition from other entities. One way to remain in the good graces of customers is to give executive business gifts. Thoughtful executive business gifts can definitely strengthen business relationships.
Here are five useful tips to keep in mind when giving custom executive gifts to clients:
1. Make sure your corporate gifts are ethical.
There is a thin line that separates custom executive gifts – on one side, they can be viewed as ‘gifts of appreciation’; on the other side, they have risks of being viewed as ‘gifts that seek to influence’. Make sure that you tread this line carefully. Some clients may not take kindly to untimely gifts.
2. Choose your recipient carefully.
Who do you wish to give your gift to? Some companies have policies that restrict receiving gifts. If your recipient happens to be an employee, he may have to seek an approval from his manager regarding receiving gifts. Don’t make your gifts unnecessarily expensive unless your recipient is a top-level manager.
3. It’s all about timing!
Choose an occasion to give away your gifts. It could be a company milestone, an office party or annual events such as Christmas, Halloween and Thanksgiving. By associating your gifts with such occasions, they won’t seem out of place or imposing.
4. Choosing the right corporate gift.
A mistake several companies make is giving away items that are expensive, but have no utility value to the recipient. Conduct quality research and search for corporate gifts that could do your brand a world of good. Business card cases, travel wallets, pen gifts and quality mugs are just some of the items that will definitely impress your clients!
Make sure the price range of your gifts is right. A customer who spent $100 on your products shouldn’t receive a corporate gift costing $50 or more. Also choose corporate gifts based on color and the visibility if your logo is included.
5. Don’t give corporate gifts to prospective customers.
It’s wise not to give away gifts to prospective customers: At times, it’s advisable not to give gifts to prospects. Why? Because even though you see it as well-thought gesture, he may not. Instead, he will be encouraged to stay away from you!
Editors Picks: Pictured clockwise. 1. Fitbit Flex Wireless Activity & Sleep Wristband $99.95 2. Tiffany & Co Card Case $230 3. Harry & David Business Gifts 4. Gumball Machine $19.99 5. Spinning Executive Decision Maker $14.99 6. Hourglass Sand Timer – 30 Minute $15.99
Jayden Samuelson is an online marketing expert and a regular contributor to Promo Direct. He likes reading articles on online marketing industry and has been a part of discussions on many boards and forums.
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