Understanding the Purpose of Corporate Gifting
Many corporates either miss out on the power of corporate gifting or don’t utilize it to its full potential. We don’t know which category your company belongs to, but let’s understand the purpose of corporate gifting and how you can make the most of it.
Strengthening Business Relationships:
Corporate gifting is the greatest tool to strengthen business relationships. The simple gesture of sending a gift to your clients on significant occasions, like gifting during Diwali, corporate events, and other milestones, allows your company to stay connected to them.
Leaves a Lasting Impression on Prospective Clients:
If you’re trying to close a deal with clients, then instead of constantly calling them up, send a thoughtful hamper to them, reminding them that you value this professional relationship. Also, a customized gift hamper is a more memorable pitch than checking up on them constantly.
A Way to Appreciate Employees:
You can see corporate gifts as a way to appreciate and acknowledge your employees’ efforts. Doing so boosts their morale and urges them to work harder. This, in turn, benefits your company and also helps retain employees for longer.
Read More: Budget-Friendly Diwali Gift Box Ideas for a Memorable Celebration
Setting a Corporate Gifting Budget
There are a lot of things to consider when setting a budget for corporate gifts and doing so in the right way is of utmost importance because that budget will decide the corporate gift ideas you can bring to reality. So, let’s see how to go about this process.
Assess the Company’s Financial Status:
To understand how much budget you can allocate to gifting, you must first know the company’s financial situation. Only after assessing this will you get an idea of the budget you can proceed with.
Identify the Gifting Occasions:
There are multiple occasions for corporate gifting, but you must plan how many gifting occasions you will consider, which will then determine the frequency of gifting. For instance, birthdays, work anniversaries, client appreciation, and more.
Consider Additional Costs:
When you’re allocating a budget for unique corporate gift ideas, consider the additional costs like shipping fees, customization, and more.
Choose a Gift Category:
There are a plethora of categories that gifts fall into: budget, premium, and luxury. So, when setting a budget for corporate gifts, decide on the category you want your company to fall under, making it easier to determine the budget required.
Choosing High-Quality Corporate Gifts Within Budget
We know it might sound “too good to be true” when we say that even high-quality gifts can come under your budget, but hear us out. When you choose gifts within a set budget, you have the flexibility to spend the rest of the money on some other useful aspects of the business.
So, your aim should always be to stay within the budget when buying corporate gifts but at the same time, don’t compromise on their quality.
Cost-Saving Tips for Corporate Gifting
Quality Over Quantity:
If your budget is less than 1.5k, then the best way to go is to focus on the quality of products instead of the number of products in the hamper. This way, you can get the most out of your gift without burning a hole in your pocket.
Prioritize Practicality:
Since you might be working with a minimal budget, it’s best to go for products that are practical and add value to your employees' or clients’ lives. For instance, office essentials, tech gadgets, etc.
Plan in Advance:
If you want to reduce the cost of your corporate gifts, then it’s better to plan and make the most of bulk ordering discounts. This way you don’t compromise on the quality of the products and also save money.
Seasonal Discounts:
A lot of gifting companies run seasonal discounts and offers on occasions like Diwali, New Year, etc., so make the most of this time by buying corporate gift hampers that are available at discounted prices.
Consider Loyalty Programs:
If you buy from the same gifting company frequently, then you might be eligible for loyalty programs. This way you can get discounts or other perks on your gifts, which help you in cost-saving.
Corporate Gift Ideas for Employees on a Budget
Enough talk, now let’s check out some corporate gift ideas for employees that are affordable yet exude a premium vibe.
Honouring Your Journey:
Every work anniversary marks another year of growth, teamwork, and success. This specially crafted hamper is designed to make employees feel valued by honouring their journey, featuring elegant keepsakes, gourmet treats, and personalized touches that reflect your company’s appreciation.
The Starter Pack:
Set the right tone for new beginnings with this starter pack hamper. Brimming with workplace essentials, premium stationery, and thoughtful products, this hamper is designed to enhance employee engagement from day one. So elevate your onboarding process and leave a lasting first impression!
The Legacy Gift:
Saying goodbye is just another way of saying thank you. These legacy gift hampers are a perfect way to appreciate departing employees for their dedication and hard work. With elegant keepsakes, self-care essentials, and thoughtful mementos, this hamper ensures they leave with a lasting impression of your company’s gratitude.
Empowered Elegance:
Celebrating Women’s Day is a big part of corporate culture and these thoughtfully curated gift hampers offer the perfect balance between aesthetics and practicality with an assorted range of products. So, motivate your female employees with empowered elegance through corporate gifts.
Dedication Delights:
Recognize and reward your team’s commitment with this premium work anniversary hamper. Filled with elegant keepsakes, gourmet treats, and personalized touches, these dedication delights make every milestone extra special for your employees.
Avoiding Common Budgeting Mistakes in Corporate Gifting
There are several budgeting mistakes that companies can make while setting a budget or afterward, but we are here to help you avoid making those mistakes.
Unrealistic Budget:
Sometimes companies start with the wrong budget expectations, setting them too low or too high, which eventually causes a problem with not many options to choose from or affects the company’s financial status.
Not Tracking the Spending:
Another important aspect that businesses miss out on is tracking their spending. When you keep a check on how much you’re spending on corporate gifts, you can make adjustments accordingly.
Underestimating the Expenses:
Companies sometimes underestimate the total cost of the gift hampers as they don’t include shipping fees, personalization, and other services that they bear the cost of, which might cause problems later on.
Conclusion
Setting a budget for corporate gifts might seem menial, but it’s one of the most important tasks. So, take all the factors discussed above into consideration, and don’t let budgeting mistakes stop you from discovering the full potential of corporate gifting. The Good Road’s budget-friendly gift options are perfect for companies that are looking for premium gift hampers without breaking the bank.
