What Is The Psychology Of Corporate Gifting?
Corporate gifting is creating a touchpoint with clients, employees, or prospects through the use of cheap customised gifts Singapore, whether giving physical articles like practical swag pieces, personalized clothing items, or non-physical gifts like gift cards.
Why is Corporate Gifting Important?
Receiving a gift is powerful as it creates a sense of relation with the giver and can create positive associations with a person. Companies have long relied on the power of gifts under $5 Singapore to secure better relationships with clients and to show appreciation for their company. When used as part of your all-around marketing or employee retention efforts, gifting can be very effective in terms of satisfaction and ROI.
The Psychology of Corporate Gifts
The effectiveness of giving a gift has a strong correlation to its psychological effect on the recipient. If you have ever received an unexpected surprise or treat, you have personally experienced this phenomenon. This is partial because physical contact with a gift results in the endowment effect which is a sense of ownership over an item that translates into a person valuing it more highly, as per a study on the effects of cheap corporate gifts on business outcomes. It also impacts feelings of reciprocity and trust. This consequence can be seen in gift-giving results in several common corporate gifting scenarios.
For Prospects
Giving gifts can encourage those who are not yet your consumers to become one. Eighty percent of consumers say they are likely to do business with a firm if it offers personalized experiences. In addition, sending gifts at the right time can turn out to be a motivator for prospects to take a desired action, like signing up for service, completing a purchase, etc.
For Clients
Clients, too, can aid from a well-timed gift. It can let them know their industry is valued, encourage them to continue their service, and has the power to bring your firm back to top-of-mind in cases where it has been a while since the last interaction. As per a retail study, customers with an emotional relation with a brand have a 306% higher lifetime value.
For Employees
Prospects and clients are not the only people businesses have to consider. In many cases, the key to incredible customer outcomes starts much closer to home. Moreover, a study reports that 57% of people claim that obtaining mail makes them feel more valued. Of course, this statistic relates to mail gifts; nonetheless, if you have ever been the recipient of some nicely-branded, high-quality gifts under $5 Singapore, you know it can work for your staff.
These gifts, particularly when they are well-personalized and of good quality, create a feeling of being respected by your employer and foster a sense of connection and belonging to the team. These feelings translate into the way workers go about their roles and the quality of service they give to external stakeholders, prospects, and customers.
- Personal Events: Personal milestone, new home, completion of a certificate or degree program, or other personal achievements.
- Company Events: Milestone years, years of service, service level recognition, or completing training programs that further their skills.
- Special Recognition: Rewarding instances where a worker saved the day or went the extra mile to help a business objective or a colleague.
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