Promotional products continue to be relevant to the marketing mix of businesses with statistical and literature support. However, despite its proven track record, corporate gift is more of an art form considering the dynamics that businesses need to learn. According to existing literature, corporate gift giving can be a double-edged sword. Enterprises benefit if they align it properly or fail if they take it for granted.
In order for companies to gain from it as marketing approach, it has to be incorporated into the overall marketing communication strategy. Marketers must strive to synergize the promotional nature of productions to the goals and objectives of the companies. Business gifts should not just be able to stand alone as tokens but also support other brand advertising efforts.
Companies need to realize the importance of creating and maintaining long-term relationships with their patrons. Business or corporate gifts offer enterprises the unique position to not just sell their brand but also build relationships for the long-run. Given the right product, presentation and package, business gifts can be a never-ending advertising initiative for companies.
There is no limit to what companies can give as a corporate gift. The same goes for all other promotional products. As most experts note, it is only limited by imagination. Nonetheless, studies emphasize the difference between business gifts and incentives. Companies give out gifts to recognize business relations and as part of the business to business promotion. Incentives act more as rewards for receiving any service or transaction in return. There are three primary categories of corporate gifts: giveaways, standard gifts and luxury items.
Previously, the main focus of corporate gift giving is purely as banners for sale promotion. However, in the past few years, they have evolved into more meaningful tokens offering better overall marketing and business value.
The evolving business sector has found ways to promote more innovatively transforming the value of company tokens. It is important for companies to realize that their marketing promotions cannot rely solely on promotional products. Rather, these items can support and offer complimentary impact to bigger sales promotion initiatives. Their significance cannot be ignored thus the emphasis on careful planning, selection and intention.
Enterprises have to reconcile the following issues in order to proceed with a successful corporate gift giving campaign: role and purpose of the gifts, budget a recipient. There are always practical considerations when considering a marketing mix as such. Business owners and advertisers need to consider the right type of gift, their context and the occasion it will be given under. More importantly, there are also underlying ethical and cultural concerns.
Companies have to define the roles of their promotional products or corporate gifts to understand the right packaging and presentation. Business gifts are as flexible as enterprises can want them to be. Whether they will be for advertising, public relations, sales promotion or personal selling, businesses need to clear their objectives for project their company image properly.