Corporate gift-giving is a big business at $242 billion annually, and is expected to grow at a CAGR of 13.2%. While many businesses offer gifts to their clients or employees, corporate gifting can be equally important for your collaborative partnerships. Hereâs five reasons why â especially heading into the holiday season â you should make thoughtful gift-giving a priority for your business partnerships.
1. Enhance Your Reputation
Corporate gifting can strengthen your reputation and your overall relationship with your business partners. In fact, a 2023 report found that 42% of businesses cite relationship management as a top reason for their corporate gifting initiatives.
After all, at times it can be easy to lose sight of the fact that your partners are real people with their own goals and desires â and they can lose sight of that, too. Corporate gifting helps humanize your company to your partners and can serve as an important reminder for your team that your partners are real people.
This may seem like a small thing, but strengthening your relationship through gifts can be a big difference-maker when disagreements or challenges come up later on. A stronger, more âhumanâ relationship with your partners will make it easier to work together to find meaningful solutions.
2. A Meaningful Way To Express Appreciation
Corporate gifting is a powerful way to express appreciation to your partners. According to Matt Crowley, president and founder of Chicago Steak Company, âSending gifts to employees, customers or business partners has never been more impactful. However, while the gesture itself can already be effective in making employees or customers feel appreciated, itâs the type of gift being given that leaves a lasting mark on a relationship.â
The premium meat company is a popular brand for high-end steaks and seafood and delivers tens of thousands of packages across the U.S. every month. A few years ago, Crowley and his team started offering gifting solutions to its business customers â and has since delivered its products to Disney, UPS, Bank of America and other corporate heavyweights. Essentially, businesses can sign up to order various packages (including personalization options) at reduced rates.
The program has been such a success that Chicago Steak Company conducted a survey among participating enterprises and released the results as a case study. The study provides unique insights into how businesses are successfully using gifts to show appreciation, why they continue to rely on these gifts and how it has affected their business.
3. Stand Out
At the most basic level, corporate gifting helps you stand out and remain top of mind with your partners. Just like you probably work with several strategic partners on a variety of initiatives, each of your partners likely works with multiple partners of their own. You donât want to get lost in the shuffle, especially with partners you rely on for important initiatives. Sending a gift can be especially valuable if some time has passed since your last major project or initiative together.
As one of Chicago Stake Companyâs case study participants put it, itâs especially gifts that come with a certain âwowâ factor that will truly make a company stand out. One of my personal favorite options? Supporting a local business by sending a University of Tennessee themed box from Moonshine Mountain Cookies that provides a taste of East Tennessee with Rocky Top, Sugar Shine and Caramel cookies. And for partners that arenât UT fans? Giving the gift of choice and letting them pick the mix of cookies they will enjoy the most.
While premium food is typically a safe bet, there are a number of other products that can achieve a similar effect. Jewelry, watches, and art can do wonders if they end up in the right hands. And of course, the more personalized a gift is, the louder the âwowâ will be.
4. Overcome Physical Distance Barriers
Itâs fairly common for businesses to treat their partners to lunch or host a special appreciation event â but in todayâs business environment, geographic distance between partners can make this impossible. Itâs not unusual for businesses to partner with individuals and organizations on the other side of the country â or even outside the country.
Corporate gifting ensures that physical distance isnât a barrier to expressing appreciation or strengthening your relationship outside of work-related activities. The right gifts can help business partners feel closer to you, even if you are physically distant. This has become especially prevalent post-COVID. Corporate gifting has become a $242 billion industry, with much of that growth coming after the rise of remote and hybrid work arrangements.
5. Focus On The Positive
Sending a gift to your business partners is a great time to accentuate the positive aspects of your relationship. Whether you are sending a holiday gift, a token of appreciation after a strong business quarter or commemorating the anniversary of when you began your partnership, corporate gifting is a great way to celebrate partnership wins and other meaningful milestones.
This can set the right mindset when talking to your business partners about other important issues. By focusing on the positive aspects and outcomes of your partnership, you create the ideal atmosphere for engaging in conversations about new projects and initiatives. Building off these positive experiences is sure to generate even more winning outcomes in your partnership.
Gift Your Way To Stronger Partner Relationships
Corporate gift-giving doesnât negate the need to develop other attributes of being a good business partner. But expressing how much you value your relationships with your partners can go a long way in further strengthening and developing your collaborative partnerships. Everyone loves to receive a meaningful gift, and with the right corporate gifting initiatives, you can please and delight your top partners and strengthen these important relationships.