2018 Gifting Strategies

Do you have a gifting strategy for your top prospects and clients for the holiday season?

If not, now is the time to get moving on this important business development, client retention, and employee appreciation initiative.

Why is it important?

 

Thoughtful gifting is a way to express gratitude to another person. Whether the gift is a small token of appreciation or a way of saying thank you for being a long-term client, the thought and effort spent to pick the right gift for another person is always appreciated.

Client Gifting Strategies

 

According to Landon Wade of Goodson Clothing & Supply Co., there are three primary gifting strategies that most businesses leverage:

• Cash
• Gift cards
• Branded items

Which one is the best gift to give?

 

It depends! It is important to have a gifting strategy to make sure the right people get the right gifts. Many organizations leverage a tiered gifting strategy to make sure prospects and clients receive a gift best suited for them.

If you chose to use branded items, make sure the items you select are appropriate for your clients. Furthermore, they should have a practical purpose and express the quality of your organization’s product and service offerings.

No matter what gift you give, it should be more than just a gift and be part of an overall brand message.

Branded gifts that are classy and understated remind people of the quality of the relationship with an organization.

How much should each gift be?

 

This question points back to your gift giving strategy. Matching the right gift to the size of the client or prospect is an important consideration.

Wade suggests evaluating your prospect and client list and assigning them to one of three gift categories:

• Premium
• Standard
• Not Required

It is reasonable for organizations to select gifts based on the revenue generated and profit of each client or prospective client.

It is common for organizations to overlook the time spent selecting gifts and the cost of shipping gifts. These costs can add up quickly, especially shipping. Be sure you include these costs when budgeting for gifts.

The average for holiday gifts is between $25 and $50. Gifts over $100 are not common and should be reserved for the high-value prospects and clients.

Team Member Gifts

 

You should also have a gifting strategy for your team members. The approach is very similar to the one for selecting gifts for prospects and clients. The primary difference is a focus on culture.

The gifts you select for your employees should be thoughtful, quality gifts that tie into the culture of your organization. They should be practical and of reasonable quality.

Most organizations spend between $25 and $50 on holiday gifts for their employees.

Action Steps

 

Take some time to review your gift-giving strategy for the 2018 holiday season this week. There isn’t much time left to place orders for branded gifts for Christmas!

If you are unsure of what to do, the team at Goodson Clothing & Supply Co. can help you create a gifting strategy that ties in with your organization’s goal for your prospects, clients, and team members.

Facebook
Twitter
LinkedIn
Email
Print