Most professionals know how expensive it can be to give away corporate gifts to retain and attract new customers. Fortunately, you can lower your spending in numerous ways while making an impactful impression.
In this article, you'll discover critical tactics to consider when aiming to reduce your corporate gift spend. You'll be given essential advice on budget-friendly methods to help you save.
By following this guide, you can cut costs while ensuring that the gifts your company gives away have a lasting impact. So read more below to understand why reducing corporate gift spending is essential.
Different Ways To Reduce Your Corporate Gifts Spend
Reducing your corporate gifts spending can not only help save you money, but it can also help streamline your expenses and create a more efficient budget. You can use several strategies to cut costs for corporate gifts. Here are a few critical tips:
1. Establish A Budget
It's an essential component of any effective corporate gifting strategy, as it allows you to determine precisely how much money you are willing to spend on gifts. A clear and organized budget can help ensure the gifting process stays within the desired limits.
Setting up a budget determines what gifts you want and what price range makes sense for your company's resources. Additionally, consider any recurring costs associated with ordering or shipping gifts from businesses such as MeowPrint and similar companies. Once you have established these parameters, your budget can be tailored accordingly.
It can help ensure that all the funds for a given project will be used appropriately and efficiently. By setting up an adequate budget and sticking to it, you can confidently manage your company's corporate gift spending without breaking the bank.
2. Shop Around For The Best Value
Savvy shoppers always shop around for the best value, and corporate gifts are no exception. Do your research and compare prices from different retailers. Find one that offers discounts or special promotions for bulk orders. You can ask a company if they provide discounts for frequent customers, which could help you save on your corporate gifts over time.
It's also worth considering the price of individual products and the overall shipping and delivery cost, especially when buying in bulk. Consider the total cost before purchasing since it could save you money in the long run.
Finally, look out for loyalty programs that offer rewards such as points or exclusive discounts with each purchase. These can be great when reducing your corporate gift spend since they often provide access to special deals.
3. Leverage The Power Of Bundling
Another way to reduce your corporate gift spend is to bundle products together. Bundling is when you combine two or more products and offer them as a single product at a discounted rate. Why? Customers perceive the value as higher than buying the same products separately.
The trick to leveraging the power of bundling is to focus on complementary items customers would likely buy together, like grooming sets, snack boxes, stationery kits, and tech gear. Here, customers receive multiple items at a price lower than they would pay separately.
You can also offer bundle deals on just one item, like if you offer discounts when customers buy multiple things at once. This strategy works great if you want to encourage people to stock up on your product and incentivise customers to buy in bulk.
By bundling complementary items or multiple quantities of the same thing in packages, you can ensure you're getting good margins from each sale—and still giving your customers a great deal.
4. Take Advantage Of Volume Discounts
It's best to purchase items in bulk to get the most out of your money. It is especially true with custom corporate gifts. A great way to achieve this is to take advantage of volume discounts. There are usually thresholds at which you can get significant discounts, so take time to figure out how many of each item you need and order a bulk quantity that works for you.
You can also save when ordering custom corporate gifts like custom enamel badges by comparing quotes from different suppliers. Getting multiple quotes can help you save on costs if one supplier has a better deal.
Not only can pricing for similar items vary significantly between suppliers, but many also offer predetermined packages or deals based on the gift type or product quantity ordered. So do your research and compare quotes – it could be just the thing to help reduce your corporate gifts budget!
5. Know When And How To Splurge
When reducing your corporate gifts spending, finding a balance between splurging and saving is essential. You don't want to skimp too much, but at the same time, you don't want to overspend.
So how can you maintain this balance? Here are a few tips:
- Know Your Target Audience
It's vital to know who your target audience is when considering whether or not to splurge on corporate gifts. Are they long-time clients or potential new customers? Knowing whom you're dealing with can help determine if it's worth spending more.
- Services And Experiences
Sometimes a service or experience can make just as great an impression as a physical gift. Think about setting up an after-work happy hour for team members, providing an exceptional service engagement like a cooking class, or giving tickets to an event. These types of gifts are often more personal and memorable than material items.
- Quality Vs. Quantity
You can still be thoughtful without breaking the bank. Instead of getting 20 USD$20 gifts, aim for 4 $50 gifts. It's all about choosing quality over quantity when looking for ways to reduce corporate gift spending without sacrificing the impact of your gesture.
6. Utilize Re-Gifting Tactically
One smart way to reduce corporate gift spending is to tactfully utilize the art of re-gifting. It's a cost-saving strategy often overlooked when managing the budget for corporate gifting, but it can be a great way to get some use out of unneeded items.
The key is to only re-gift items that are still new and unused and that you would be comfortable giving as a first-time gift, like those with little sentimental value.
For example, if you've received branded tumblers or notebooks from another company, consider re-gifting them when appropriate. It's a great way not to waste these resources but to show appreciation to other companies in your network. Doing so will help you save time and money.
7. Sell Unused Corporate Items
A creative way of managing and possibly profiting from corporate gifting budget is selling items which have proven unnecessary for your needs. Companies often end up with promotional merchandise and high-quality gifts that no longer fit into their current strategy or branding plan. By creating an avenue for selling these items - whether internally among employees or externally to the broader community - you transform potential waste into valuable resources. Selling gifts you have purchased allows you to recoup some of your initial expense while simultaneously finding useful homes for them, supporting sustainability initiatives and reinforcing a positive brand image. In particular, knowing how to sell Ticketmaster tickets effectively is an invaluable skill that can maximize returns for any event gifts you might give.
Conclusion
Reducing corporate gifts' spending should be approached strategically and carefully. Look at the types of gifts you are giving and the amount you are spending so you can find ways to save money. Consider cost-efficient options such as digital and DIY gifts or even gifting experiences. Also, set clear parameters that help to prioritize purchases and determine how much to spend on each gifting occasion.
By creating a plan and establishing guidelines, you can reduce your corporate gift spend and make insightful, meaningful gifts that make an impact.
