How Investing in a Corporate Gifting Strategy Leads to Business Growth
The benefits of corporate gift-giving and how to implement the practice in your strategy.
Corporate gifting is an effective strategy for business growth in 2022. Think about it: Everybody lights up when receiving a gift. The experience can enhance your brand's reputation and boost long-term relationships and productivity in the organization.
Corporate gifting can mark special occasions and milestones: to celebrate the launch of a new product, after a contract or arrangement, to convert prospects into clients or to solidify a business relationship.
A great example of this is seen with luxury brands targeting Las Vegas high-rollers. The same strategy described above has been implemented successfully by casinos in Las Vegas to seduce Chinese gamblers and secure gambling revenues from these high-rollers.
Case study: The gifting strategy of Las Vegas casinos
According to numbers released by the Nevada Gaming Control Board, October 2021 marked the eighth consecutive month with more than $1 billion in revenues generated by Chinese gamblers.
Nevada's economy depends on Chinese high-rollers. For this reason, casinos go the extra mile with this clientele. Besides luxury gifts, they provide all kinds of amenities to pamper their guests — from free private jet transportation to complimentary hotels and spa treatments and more.
In my experience in doing business with some of the high-end casinos in Las Vegas, there are unique business opportunities for luxury brands in corporate gifting. But corporate gifts for the casinos' clientele is a business that requires strategic planning, dedicated collections, thoughtful product assortment, supply chain organization, the ability to cultivate key relationships, and the understanding of Asian culture.
Receiving a gift is a powerful experience. It creates a positive association with the brand and an opportunity to connect and engage. Receiving a luxury gift for winning at the Baccarat game or a Blackjack tournament is even more rewarding. It is an incentive for future participation in gaming activities.
Casinos are well aware of the power of gifting, especially if the gift is from a world-renowned brand. French and Italian high-end brands and products, such as crystal barware, silver-plated picture frames and desk accessories, are winning combinations in corporate gifting.
How investing in a corporate gifting strategy leads to business growth
The practice of gift-giving can help your business grow — from boosting customer relationships to enhancing brand reputation and increasing employees' productivity.
The reason why corporate gifting works is its effectiveness. Most gifts are not expected and inspire reciprocity and trust. As a way to express gratitude, a gift tells your clients you value their relationships. To further heighten the experience, source customizable gifts and add a thank-you card expressing appreciation for the patronage.
To communicate to your team that productivity is rewarded in your organization, the gesture of gifting accompanied by public recognition helps strengthen the workplace bond. Finally, corporate gifting can also improve brand reputation and attract more sales from customer referrals.
How to create an effective gifting strategy
To benefit from the gifting practice, create a plan with actionable procedures for gifting your clients, employees and prospects.
The strategy includes the following: Gifting budget, branding and sourcing criteria, customization, and the logistics of sending gifts out. Identify what qualifies clients for receiving a gift and on which occasions you need to create a touchpoint with them.
The first step in the process is to investigate your clients' corporate gift-taking culture. If receiving gifts is good practice in their organization, find out their personal preferences, and calibrate the gifts to reflect the amount of business and value they provide. Only invest in personalization and custom corporate gifts for high-value clients.
So, after doing the proper research and developing an effective strategy — as seen in the high-end Las Vegas casinos — your business can see tremendous growth from corporate gift-giving too.
Entrepreneur Editors' Picks
Formerly Enslaved Black Man Nearest Green Taught Jack Daniel Everything He Knew About Whiskey. Today, the Founder of Uncle Nearest Premium Whiskey Celebrates His Legacy.
Leadership Lessons From the Exclusive Creativity School That 'Packs 5 Years Learning Into 5 Days'
3 Expert-Backed Strategies for Staying Calm in Times of Confrontation
The CEO of Wayfair Has Helped Revolutionize Digital Shopping for 20 Years. Here's How He Handles Rocky Economic Conditions.
This Founder Went to Prison When He Was 15 Years Old. That's Where He Came Up With the Idea for a Company Now Backed By John Legend.
3 Signs You're Letting Pride Get in the Way of Being Successful
Chip and Joanna Gaines and Shonda Rhimes Found Incredible Success By Using This One Entrepreneurial Strategy. Here's How You Can Too.