Acculist USA supports many clients marketing in the corporate gifting space, with a focus on food and wine gift baskets and catalogs. We recently ran across some interesting data from a study by Knack, a Seattle gifting company, that should help gift suppliers to craft the most appealing packages and business gift buyers to maximize gift effectiveness.
The C-suite Believes in Gifting ROI
The good news from the Knack “Business Gift Satisfaction Survey” is that corporate gifting works well when it is done well: 57% of respondents said that “gifts can impact their opinion of a business partner both positively and negatively.” In fact, over 80% of C-suite executives surveyed said they believe that business gifts generate measurable positive ROI in addition to intangible benefits. Since there’s a huge investment involved annually, with the market for non-cash business gifts estimated at $125 billion, getting the most positives and fewest negatives is clearly vital.
Well-Packaged, Personal & Memorable Score Best
Return-on-investment for a business gift to high-value targets, such as C-suite executives, is highest if the gift tells a story and facilitates a deeper personal connection, per the survey. Quality is more important than the quantity spent to achieve that personal connection; the survey finds that the right amount to spend per gift is between $50 to $150. What defines quality? The best impression comes from good presentation/packaging and the kind of personalization that logo items and gift cards lack, per gift recipients. A memorable gift will seem selected just for the recipient; will include a personal message and will have “value attributes,” such as a handmade/artisan item or a gift supporting an appropriate cause, such as ecological sustainability or made-in-U.S.A.
A Fail-Safe Business Gifting Checklist
Based on 1,000 business gift recipients’ responses, here is the survey’s checklist for fail-safe business gifting:
- Give a useful item, something practical and that everyone can use.
- Surround the useful item with shareable items, such as gourmet food in line with the gift theme. Stress quality over quantity.
- Aim for a “value attribute,” such as made-in-the-U.S. items. Specific causes might be polarizing but “Made in USA” is universally favored as a top value attribute.
- Spend between $50-$150. Spend for junior-level business partners in the $50-$65 range and for most clients and manager/director-level associates in the $75-$100 range. Spend up to $140-$160 for C-suite execs, VPs and most valued clients.
- Always include a personally addressed note with the gift!
Get more details from the Knack study on corporate gifting.