How Investing in a Corporate Giving Strategy Leads to Business Growth

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Corporate gifts are an effective strategy for business growth in 2022. Think about it: everyone lights up when they receive a gift. The experience can improve your brand reputation and boost long-term relationships and productivity within the organization.

Corporate gifts can mark special occasions and milestones: to celebrate the launch of a new product, after a contract or agreement, to convert prospects into customers or to cement a business relationship.

A good example of this is seen with luxury brands targeting Las Vegas high rollers. The same strategy described above has been successfully implemented by Las Vegas casinos to attract Chinese gamblers and secure the gambling revenue of these high rollers.

Case Study: The Las Vegas Casino Donation Strategy

According to figures published by the Nevada Gaming Control BoardOctober 2021 marked the eighth consecutive month with over $1 billion in revenue generated by Chinese gamers.

Nevada’s economy depends on big Chinese players. For this reason, casinos go the extra mile with this clientele. In addition to luxury freebies, they offer all kinds of amenities to pamper their guests – from free private jet transportation to free hotels and spa treatments and more.

In my experience doing business with some of the high end casinos in Las Vegas, there are unique business opportunities for luxury brands in the area of ​​corporate gifts. But corporate gifting to casino customers is an activity that requires strategic planning, dedicated collections, thoughtful product assortment, supply chain organization, the ability to cultivate key relationships, and an understanding of Asian culture.

Related: #4 Tips for Businesses to Make Donating a Transparent Process

Receiving a gift is a powerful experience. This creates a positive association with the brand and an opportunity to connect and engage. Receiving a luxury gift for winning Baccarat or a Blackjack tournament is even more rewarding. It is an incentive for future participation in gambling activities.

Casinos are well aware of the power of freebies, especially if the freebie is from a world famous brand. High-end French and Italian brands and products, such as crystal barware, silver picture frames and office accessories, are winning combinations in corporate gifts.

How Investing in a Corporate Giving Strategy Leads to Business Growth

Practicing gift giving can help your business grow, whether it’s strengthening customer relationships, improving brand reputation, or increasing employee productivity.

The reason corporate gifts work is because they are effective. Most gifts are unexpected and inspire reciprocity and trust. To express your gratitude, a gift tells your customers that you value their relationships. To further enhance the experience, get customizable gifts and add a thank you card expressing your appreciation for the sponsorship.

To communicate to your team that productivity is rewarded in your organization, the gesture of donation accompanied by public recognition helps to strengthen the bond at work. Finally, corporate gifts can also improve brand reputation and attract more sales through customer referrals.

Related: 19 Last-Minute Gift Ideas to Cement a Business Relationship

How to Create an Effective Giving Strategy

To benefit from the gifting practice, create a plan with actionable procedures for gifting your customers, employees, and prospects.

The strategy includes the following elements: gift budget, branding and sourcing criteria, personalization, and gift-sending logistics. Identify what qualifies customers to receive a gift and when you need to create a touchpoint with them.

The first step in the process is to investigate your customers’ corporate gifting culture. If receiving freebies is good practice in their organization, learn about their personal preferences and calibrate freebies to reflect the volume of business and the value they bring. Only invest in personalization and personalized corporate gifts for high-value clients.

So, after you’ve done the proper research and developed an effective strategy – as seen in high-end Las Vegas casinos – your business can also experience tremendous growth through corporate gifts.

Related: Giving Gifts Internationally: How to Wow Your Global Partners Every Time