We get it. Times have never been this challenging. But, if you still wish to prioritize your finances for a budget corporate gift campaign, you can give yourself props. A tight budget should never get in the way of building and maintaining your business connections. And, if that’s what led you to this article, we’re happy to tell you that you’re already on the right track!
On any battlefield, your strategy can mean the difference between victory and defeat. Similarly, a budget corporate gift campaign is a tussle you can easily win by implementing the right game plan. No matter the size of your budget, whether annually or monthly, you can successfully launch a gift campaign when you plan ahead. Read below as we guide you with tips and tricks for sending corporate gifts on a budget.
What is a Corporate Gift Campaign?
A corporate gift campaign is a strategy you implement to send corporate gifts to each recipient. And it helps you keep track of the goals you wish to achieve by sending them. Corporate gifting allows you to connect with your prospects, clients, business partners, and employees through an irreplaceable experience – receiving a gift just for them. There are many different kinds of corporate gifts like marketing gifts, sale prospecting gifts, and gifts for employees, to name a few. Before launching your corporate gift campaign, you need to determine what you want the campaign to help you achieve.
Do you want to increase brand awareness? Do you want to reward employees for their hard work? Once you give your gift campaign a purpose and set specific goals, it’ll be easier to draw up your game plan. And, of course, this is where setting up a budget comes in. But, how much should you be spending on corporate gifts? We look at some statistics in the next point to unpack this question.
How Much Do Companies Spend on Corporate Gifts?
More organizations are beginning to see the value of corporate gifting. And with that, there has been an increase of investments into corporate gift campaigns. In 2021, a survey confirmed that nearly 50% of businesses intended to increase their gift-giving frequency post-covid. And, despite the challenges presented by the pandemic, the U.S corporate gift-giving market has experienced significant monetary growth, with the prediction of reaching $306 billion within the next 3 years.
The UK corporate gift-giving market is also on the rise, currently worth an estimated £78.3 million (around $82 million). And, over the past year, almost half (49.3%) of UK workers received some kind of reward or incentive from their company.
Concerning gift costs, studies show that most businesses spend between $75- $100 per gift. The willingness to spend this amount indicates an increasing desire for higher-quality gifts. And this needs to be taken into account when drawing up a budget for your corporate gift campaign.
Creating a Budget Corporate Gift Campaign: A 4-Step Guide
Every business is different and financial resources and requirements will vary. But, there are a few things that every business should consider when creating a budget for a corporate gift campaign. Whether you’re allocating funds monthly or annually, our 4-step guide below will help you get the most out of your budget corporate gift campaign:
Step 1: Set Goals for Your Budget Corporate Gift Campaign
When creating a corporate gift campaign, the first question you should ask yourself is, “why am I sending gifts?” Whether sending them for the holidays or celebrating a company milestone, gifting should always have intent. This allows you to allocate funds accordingly and set up a budget for the kinds of gifts you will buy and send.
Step 2: Estimate How Many People You Plan on Gifting
Corporate gifting goes beyond your employees at the office. Most companies send gifts to their business partners, collaborators, and the many other service providers they work with. Knowing more or less how many people you plan on gifting in one campaign will help you estimate how far you need to spread your funds.
Step 3: Always Leave Room For More Gifts
Once you’ve set up a budget, a good rule of thumb is to allocate at least 15% more for unexpected costs. This may not seem possible if your budget is really tight. But, when it comes to a corporate gift campaign, it’s always better to have more than ‘just enough. Best believe that your recipient list will grow once you reap the rewards of corporate gifting. And you’ll be happy you invested more.
Step 4: Establish a Spending Amount Per Person:
After determining your maximal budget, you can break out the calculator and work out a gift budget per person. If you’re sending gifts to your employees who often work together, there is a greater chance that they will share their reactions to gifts with one another. Avoid showing favoritism by spending the same amount on each person. But remember, this doesn’t mean they all have to receive the same gift. Personalization is key!
Sending gifts to partners and clients allows for more of a sliding scale. You can definitely spend more on one business partner or client than the other, depending on your relationship and their importance to your business.
Budget Gifts by Price Categories
So, you’ve punched all the numbers and finally have an idea of how much you can spend on gifts per person. But, you’re still unsure what kinds of gifts you can buy. Well, the good news is that you can find quality gifts at every price point! Have a look at our price categories to find appropriate corporate gifts in your price range:
If you want to send gifts to a large group of people (in the 100s), this price range is a good way not to break the bank. Simple yet thoughtful gifts such as mugs, coffee, logo pens, and notepads are great, especially if you present and wrap them stylishly.
This price range is ideal for gifting a smaller group of business partners or affiliates (under 50 people). Strengthen your business relationships with a quality bottle of wine, perhaps paired with a delicious cheeseboard. You can also gift stylish clothing items like scarves, jumpers, and polo shirts.
If you wish to spoil an outstanding team member or a business partner who saw you through a tough year, this is an appropriate price range for their gift. You can focus on more personalization here as well. Customized items such as tote bags or jackets with their names or initials will undoubtedly make them feel appreciated.
This price point is perfect for your employee of the year, or your inner circle of corporate partners. Show them your appreciation with a stylish briefcase, a laptop bag, or tablet holder. Convenient gifts such as bluetooth speakers, headphones, charging cables, and other small electronics will also leave a lasting impression.
Let Corporate Gifting Lead the Way
When setting up a budget for a corporate gift campaign, avoid thinking about how you can spend as little as possible. Instead, consider how far you can spread your funds to get the best out of your budget! Remember that corporate gifting opens up a world of opportunities and benefits. And, investing in a corporate gift campaign, no matter how small the investment, has the potential to take your business further than any other marketing strategy to date.
No matter the size of your budget, invest in the world of corporate gifting today, and watch your business grow bigger than you ever thought possible.
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Alex is a hopeless romantic who was supposed to be born in Italy (her dream destination), but proud to be South African nonetheless. She lives by her heart, and, consequentially, leaves a little bit of herself in everything she writes. She wholeheartedly believes that mermaids (and fairies) exist and is deathly afraid of the age ’30’.