It’s that time of year when HR departments and business owners all over the country will be looking for corporate gifts. And the science is out there: showing appreciation and gratitude and solidifying business relationships can have strong returns on investment (ROI).
Armed with this knowledge, it’s time to pick the perfect gift. And we’ve got the answer: chocolate gifting for business growth. However, we’re not talking about just any chocolate. We’re talking about premium chocolate varieties that create a mouth-wateringly delicious sensory experience.
Wondering if it’s a good idea? In our long experience, we can absolutely say that businesses can get business returns on their corporate gifting investment. Here’s what you need to know.
Understanding and Measuring the ROI of Corporate Gifting
Return on investment or ROI is how much you get in return or earn from every dollar you spend or invest in your business. And since your employees, partners, and clients are one of your biggest assets, it’s important to invest in them to see solid returns.
In the context of a corporate gift’s ROI, you should be aware that measuring the success of business gifting can sometimes be a challenge. That’s because it’s hard to put a monetary value on things like goodwill, long and healthy partnerships, or commitment to sticking with your business.
However, there are a few things you can do to measure the impact of your ROI of corporate gifting with chocolate, which include the following:
- Set clear objectives and measurable goals
Firstly, you want to define the scope of your gift giving strategy. What are your ultimate objectives? While you can give gifts willy-nilly, you should always have a strategic approach in your corporate gifting program.
Examples of objectives you may wish to achieve can be internal (related to your employees) or external (related to your partners and clients).
Regarding the former, you may wish to measure employee morale and engagement, improved productivity, better turnover, or higher job satisfaction levels. Regarding the latter, you may wish to measure how you enhance client relationships and boost brand visibility.
- Monitor your spending
Secondly, you want to ensure that your corporate gifting program is tracked accurately. This means looking at all the expenses associated with it. Examples include the actual cost of the gift, packaging, shipping, and any further expenses that may be incurred.
- Perform audience segmentation
There’s no better way to measure your corporate gift’s ROI than by segmenting your audiences. This means placing different recipients in different categories. In business, the three most common ones are employees, clients, and partners. Not only will this allow you to tailor your gifts but later on, it will enable you to better measure the impact on each group.
- It’s time to measure the results
Once you’ve actually handed out the corporate gifts, you need to measure the gifting strategy’s effectiveness. Here’s how:
- For employees, send surveys or direct communication that seeks to establish their perception of the gift. Monitor metrics like higher attendance at company events, participation in programs, greater productivity levels, and higher engagement.
- For clients and partners, you don’t want to do direct communication or surveys. Instead, you’ll want to look at associated metrics such as client retention rates over a given period, the frequency of business transactions, etc. Remember, the higher your client retention rates and repeat orders, the higher your ROI will be thus demonstrating that corporate gifts can truly have an impact on a business’ bottom line.
- As for brand visibility, it can be hard to measure but there are ways you can go about this. A few metrics to consider include monitoring your website traffic, checking your social media mentions, and of course, what media coverage and backlinks you acquired during and after your campaign.
- And now for the big one: calculating the increase in revenue: you’ll want to compare two separate periods (one without gifting and one with gifting) to see if you’ve had an increase in sales, subscribers, or more to determine the impact on your bottom line.
- Another measurement is your cost savings achieved. How much did you spend on the corporate gifting? Once you’ve got those figures, you can subtract them from costs of training and recruitment that is usually associated with employee turnover, and others.
- Think about corporate gifting as a long-term game
While it’s nice to have access to solid figures that we can use to make decisions about, it’s not always possible or easy to measure ROI of custom corporate chocolate gifts. That’s because the nature of gifting is a selfless act that seeks to bring joy to the other person on the receiving end.
Yes, corporate chocolate gifting does lead to reciprocation and enhanced relationships, but overall, in the corporate space it will take longer to measure the actual monetary results than would investing in a software tool for productivity, for example.
Cost-effectiveness of Chocolate Gifting vs. Other Corporate Gifts
Having covered a few of the essential metrics and strategies related to measuring the ROI of corporate gifts, let’s explore the cost-benefit of chocolate gifts for companies. Firstly, chocolate corporate gifts are budget-friendly, especially when purchased in bulk.
And no, that does not mean lack of customization or personalization. Secondly, giving other gifts like a fancy corporate pen or a branded mug is now becoming outdated and these are things that will likely go inside a cupboard, never to be seen or used again.
That’s why you should consider cost-effective corporate chocolate gifts which have a high perceived value and come at a reasonable price, to ensure you don’t go over budget while still getting your gift recipients something they will appreciate.
Benefits Across Different Business Areas
And if you’re still wondering if there are benefits of corporate chocolate gifts, the list of pros below may surprise you:
- Employee morale and corporate gifts go hand-in-hand, boosting team spirit and productivity
- The impact of chocolate gifts on business relationships is undeniable. The right chocolate gifts can lead to repeat business.
- Your marketing campaigns will also benefit because chocolates can enhance promotional efforts.
Overall, corporate chocolate gifts can lead to tangible returns, such as increased sales and client retention rates.
Tips: Maximizing the Impact of Corporate Chocolate Gifts
Now that you’re clear about why corporate chocolate gifting is so important and how to go about doing it in a cost-effective way, here are a few tips to consider:
- Browse our extensive selection of corporate chocolate gifts here at Totally Chocolate to select the right product for the right audience segment.
- Be sure to place your orders in advance for perfect timing.
- Don’t forget that you can fully personalize and customize your chocolate gifts to enhance your ROI. This not only means stunning packaging but engraved chocolate with your company logo, a special message, the client or employee’s name engraved on the chocolate, and many other personalization options.
Boost Your Corporate Gifting Strategy with Totally Chocolate
If you’re still thinking of a corporate gift strategy for higher ROI, we hope this post has helped you reach a decision. Yes, giving corporate chocolate gifts is a worthwhile investment because chocolate comes in many varieties, suiting various tastes.
It is a universally loved gift that spans ages, language groups, cultures, and dietary preferences. And finally, it’s a feel-good gift that can be shared or enjoyed solo. With Totally Chocolate at your side, you won’t ever go wrong with a corporate gift again.
We invite you to explore our range of premium and delightfully delicious chocolate varieties so that you can pick the perfect gift for any corporate recipient.
