Corporate Gifts and Your Budget – Tips for Financial Management during a Promotional Campaign

Most businesses now set a portion of their budget aside for corporate gifts, and most businesses make one or both of the following mistakes when they start spending that portion of their budget:

  • They buy cheap corporate gifts because they can get more units for their money. Then they realize that the quality is so poor nobody actually wants their corporate gift. They receive more units, but more units also end up in the trash.
  • They buy high end gift items that they think will impress recipients. They end up with so few units that they cannot afford to give them out to many of the people who may use them and bring in business. They may impress a few, but their campaign doesn’t go very far with such a limited supply of gifts.

If you don’t want to spend your corporate gift budget on the cheapest or the most expensive gifts being offered, what does that leave? It leaves the middle of the market for the most part. You can find affordable options that are made with reasonable quality while still giving you a high number of units for your budget. You can also find higher end gifts that others will be impressed by, but which are still affordable.

The best strategy is to purchase a select number of higher end gifts and then finish out your budget with reasonably price products that you can order in bulk to receive a large number of gifts. You can give out the lower priced gifts freely while reserving the higher end gifts for those who are bringing in business or who you truly value and want to impress.

When you spread your budget in this manner, you are able to strike a balance between bulk orders of lower priced gifts and smaller orders of higher priced gifts. In order to avoid the mistakes listed above, you will have to follow these guidelines:

  • Make sure the lower priced corporate gifts are still of reasonable to high quality. Quality is often the difference between the cheapest product and a slightly higher, yet still affordable product.
  • When selecting gifts, make sure you choose functional items. If your recipients have a clear use for the gift, they are more likely to actually use it. For instance, a waist pouch is not as functional today as a disc drive, but both may be around the same price when purchased in bulk.
  • Do not limit your selection to items directly related to your business. You may operate a cake business, but that doesn’t mean you can only purchase cake-related corporate gifts. Open yourself to items that have a general use for all people.
  • Ask your employees what type of gifts they would like to receive, or ask them to choose from a select group of products. Others will probably choose the same items they would choose.

Just like marketing your business, you have to know what your market wants when selecting the best corporate gifts. If you give them something they can use, then they will use it and your money will not be wasted.

Leave a Reply

Your email address will not be published. Required fields are marked *