How Investing in a Corporate Gifting Strategy Leads to Business Growth


Opinions expressed by Entrepreneur the collaborators are his.

Corporate gifts are an effective strategy for business growth in 2022. Think about it: Everyone is enlightened when they receive a gift. Experience can improve your brand reputation and increase long-term relationships and productivity in your organization.

The corporate gift can mark special occasions and milestones: celebrating the launch of a new product, following a contract or agreement, turning potential customers into customers, or consolidating a business relationship.

A good example of this is seen with luxury brands targeting Las Vegas high-rollers. The same strategy described above has been successfully implemented by Las Vegas casinos to seduce Chinese players and secure the gambling revenue of these high-level gamblers.

Case Study: Las Vegas Casino Gift Strategy

According to figures released by the Nevada Gaming Control Board, October 2021 marked the eighth consecutive month with more than $ 1 billion in revenue generated by Chinese players.

Nevada’s economy depends on the big Chinese. For this reason, casinos are making an extra effort with this clientele. In addition to luxury gifts, they offer all kinds of amenities to pamper their guests, from free private jet transportation to hotels and free spa treatments and more.

In my experience doing business with some of the high end casinos in Las Vegas, there are unique business opportunities for luxury brands in corporate gifts. But corporate gifts for casino casinos are a business that requires strategic planning, dedicated collections, careful product assortment, supply chain organization, the ability to cultivate key relationships, and an understanding of culture. Asian.

Related: # 4 Tips for Business to Make Gifts a Perfect Process

Receiving a gift is a powerful experience. It creates a positive association with the brand and an opportunity to connect and participate. Receiving a luxury gift to win in a 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 gifts, especially if the gift is from a world-renowned brand. French and Italian high-end brands and products, such as crystal bar items, silver frames, and desk accessories, are winning combinations in corporate gifts.

How to invest in a corporate gift strategy leads to business growth

Giving away gifts can help you grow your business, from building customer relationships to improving your brand reputation and increasing employee productivity.

The reason corporate gift works is its effectiveness. Most gifts are not expected and inspire reciprocity and trust. As a way to express gratitude, a gift tells your customers that you value their relationships. To further enhance the experience, get customizable gifts and add a thank you card that expresses gratitude for sponsorship.

To communicate to your team that productivity is rewarded in your organization, the gift gesture along with public recognition helps to strengthen the work bond. Finally, corporate gifts can also enhance the brand’s reputation and attract more sales from customer referrals.

Related: 19 last minute gift ideas to consolidate a business relationship

How To Create An Effective Gift Strategy

To benefit from the practice of gifts, create a plan with actionable procedures to give away to your customers, employees and potential.

The strategy includes: gift budgeting, branding and sourcing criteria, personalization, and gift delivery logistics. Identify what qualifies customers to receive a gift and how often you need to create a point of contact with them.

The first step in the process is to research the corporate culture of giving gifts to your customers. If receiving gifts is a good practice in your organization, find out your personal preferences and calibrate the gifts to reflect the amount of business and value they provide. Invest only in personalization and personalized business gifts for high value customers.

So, after doing the right research and developing an effective strategy, as seen in high-end Las Vegas casinos, your business can also see huge growth from corporate gifts.

Related: Giving Gifts Internationally: How to Surprise Your Global Partners Every Time



Source link

Leave a Reply