Did your friends ever send you “snipe-hunting” at summer camp? If so, you’ve experienced the power of myths firsthand.
But not all myths are created equal. In fact, some myths can be downright harmful. This is especially true when they hold you back from doing something that can benefit your business.
A prime example of this is the realm of business gifting. There are many misconceptions about business gifts — which could potentially get in the way of you taking advantage of this powerful tool.
That’s why we’re breaking down five common myths about business gifting. Plus, we’re explaining the truths on the other side of these misconceptions.
(And don’t worry: there were no snipes harmed in the making of this post.)
Myth: Business Gifting Is a Thing of the Past
When you think about business gifting, you might imagine people at an old-school trade convention — people at a folding table with branded polos, handing out logo-stickered mugs and flyers with their names on it.
To some, business gifting seems outdated, like something that no longer fits in the scheme of modern business. They feel like it belongs in the rubbish heap with VHS players and floppy disks.
Truth: Business Gifting Is Still a Growing Trend
Actually, business gifting is a more powerful practice today than ever before. 2022 has seen the corporate gifting industry grow to over $258 billion. And one study predicts that it will continue to grow by 8.1% annually through 2024.
This means that the world of business gifts is continuing to expand and evolve. There are more options and greater flexibility to explore what fits your needs. So even if you haven’t used gifting as a part of your business in the past, it’s still a prime time to get started.
Myth: Business Gifts Are Only For Big Corporations
Do you associate business gifting with big-name, large-scale corporations? If so, you’re not alone. And it’s true that a lot of larger companies have a gifting program.
One reason for this is that many of these companies have already been around the block with business tactics. They’ve tried various strategies and programs and figured out that gifting can work for them.
The good news is that the benefits of business gifts aren’t reserved for multi-million dollar corporations.
Truth: Gifting Programs Can Help Businesses at Any Stage
Imagine asking someone who’s successful at something, “What do you wish you could go back and change?”
In many cases, you’d probably hear an answer along the lines of, “I wish I would have gotten started sooner.”
This principle applies to business gifting programs as well. The sooner you get started, the sooner you can start to reap the rewards. And you can begin at any stage of business.
Lochtree’s corporate gifting program is streamlined and customizable, so we help you find a solution that meets your current business needs and budget.
Myth: Business Gifting Is a Waste of Company Resources
Your company’s resources are finite. So you may worry that putting time, money, and energy into business gifts is a waste.
And this feeling is understandable. Unlike some other investments, your return on investment may not come as an immediate you can analyze. But that doesn’t mean there’s nothing coming back to you.
Truth: Intentional Business Gifts Create a Significant ROI
When you craft an intentional, personalized business gifting program, you create a return on your investment that keeps giving.
Here are just a few of the ways well-chosen gifts can benefit your business:
- Longer-lasting client relationships
- More motivated, loyal employees
- Reciprocal goodwill from key partners
- Increased revenue from repeat customers
- A positive brand image and reputation
It’s true that some of these benefits can’t be calculated into a precise dollar amount. However, the growth that gifting can bring to your business is real — and valuable. And when you do it right, it can continue to pay dividends over time.
Myth: Giving Business Gifts Is Unethical
Another common myth about business gifting is that it’s inherently unethical. People with this concern may feel like giving gifts is creating artificial debts or using bribery.
Others may worry that gifts will only go the biggest names within the company, leaving others feeling sidelined or unappreciated.
But both of these issues can be resolved. It comes down to how you structure and run your gifting program.
Truth: Creating an Ethical Corporate Gifting Practice Is Simpler Than You Might Think
There are some specific rules and guidelines surrounding business gifting. These include things like dollar amounts and types of gifts. Our corporate gifting team can help you navigate these nuances. That way, you feel confident knowing you have everything in order for tax season and audits.
Beyond that, you get to choose how you run your business’s gifting program. You can use gifts intentionally and ethically. For example, you can show appreciation to clients or partners who support your business. Or you can thank employees for their dedication and celebrate milestones. You can reward loyal customers by adding gifts to their repeat orders.
At the end of the day, there’s an ethical and an unethical way to do just about anything. And we help you create an ethical, value-based business gifting policy you feel good about.
Myth: All Business Gifts Create Unnecessary Waste
You’ve probably gotten a gift from a company that left you feeling unsatisfied. Maybe it was packaged in tons of plastic, or maybe it was a useless trinket that you ended up throwing away. In these situations, business gifting can feel wasteful.
But not all gifts have to be this way. Our gifting experts help you reduce waste by:
- Choosing meaningful gifts people will actually use
- Eliminating plastic and packaging waste
- Offsetting carbon emissions from shipping
Truth: You Can Choose Sustainable Business Gifts
Today, there are many sustainable business gift options out there. These gifts are easier on the planet and help you show your company’s commitment to sustainability.
At Lochtree, we make it ultra-convenient for you to choose the best sustainable corporate gifts. That’s because we take the time to make sure each item in our marketplace meets the highest standards of sustainability.
We always give you:
- Vetted earth-conscious brands
- A selection of curated, unique eco-friendly products
- Plastic-free packaging at every level
- An increased impact through our charitable partnerships
That way it’s easier than ever for you to something that’s great for your business and the planet.
Discover the Benefits of Sustainable Business Gifting With Lochtree
Now that we’ve busted these five common myths about business gifting, they can take their place alongside the snipes and Loch Ness Monsters of the world.
And now that you’re armed with the truth about corporate gifting’s potential to grow your business, here are some next steps.
Sneak a behind-the-scenes look at how our business gifting program works in this step-by-step guide.
- Ask questions and get personalized recommendations, get in touch with our dedicated business gifting team, visit our corporate sales page.
We’re here to make sustainable business gifting simple and effortless for you. So please feel free to reach out any time to get more information. We look forward to hearing from you!Resources: