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Friday, March 24, 2023

Corporate Gifting: Is Being Frugal Costing You? | Forbes

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Lowering costs on business gifts can harm a company’s reputation and connections, whereas spending money on high-quality gifts can build a supportive work environment and increase customer loyalty. 

Cutting corners on corporate procurement and cheap corporate gifts can backfire, damaging a company’s reputation and relationships with employees, vendors, customers, and other stakeholders. Dissatisfaction with cheap corporate gifts can lead to missed opportunities to build positive buzz about your brand and connect with your stakeholders, wasting your entire budget. To avoid negative feedback and landfill waste, you should select unique gifts that enhance brand loyalty and company culture that attract high-performing employees. Allocate more budget to win at more advanced items and test gift products to make sure they are durable before handing them out. Additionally, select gifts that reflect company values and consider giving better gifts to fewer people instead of low-quality gifts to many. 

Source: https://www.forbes.com/sites/forbesbusinesscouncil/2023/03/10/corporate-gifting-is-being-frugal-costing-you/?sh=669621a6b92d 


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