The corporate world is ramping up their gift-giving efforts in 2019, as customer appreciation remains critical to slow or stop customer churn. Approximately 50% of customers will go to another business within the next five years.
Offering exclusive customer service and showing appreciation can help reduce this churn rate.
The right luxury gifts are helping to shape the modern corporate landscape, allowing many companies to retain lucrative contracts and contacts. Gift-giving etiquette that is helping Fortune 500 companies show appreciation to key accounts and customers are:
1. Privately Give Gifts If Not Everyone is Included
It’s proper etiquette to give gifts in private when not everyone will be receiving a gift. If a top customer comes in and receives a gift right in front of a long-term customer who did not receive a gift, you may lose a long-term customer as a result.
If gifts are being given to people in the office, you’ll want to follow the same etiquette outlined above.
2. Thank You Notes
If a client gives a gift out of appreciation, it’s important to send out a “thank you” note within a week of receiving the gift. You can handwrite the note, but it’s not always necessary. When a gift is personalized, a handwritten note will be suggested.
Otherwise, you may be able to send an email or other form of communication to say thank you.
3. Choose Thoughtful Over Expensive
Over-the-top gifts do not need to be returned based on monetary value. The right gifts for him or her will be personalized. Personalized gifts are going to leave a lasting impression more than a gift that is generic, such as baked goods, unless the person baked your favorite item especially for you.
It’s always better to be personal than to be concerned about the price of the gift.
4. Remain Mindful of Policies
Corporations may or may not have policies in place that forbid gift giving. Some corporations forbid the practice completely, while other corporations will require gifts to be valued at $25 or less.
You need to be mindful of these policies and not break them. It’s acceptable to call the recipient’s company to ensure that the gift is appropriate with the human resources department.
Gift giving is a way to show appreciation, and while it may be acceptable to send a close friend a humorous gift, it’s not acceptable in the corporate world. The right gift will give a lasting impression, helps forge deeper relationships and has been a key practice in the corporate world for decades.