2016-12-11 00:00:00 Growing a Business English Enhance your client relationships by giving them holiday gifts. Learn who to buy for, how much to spend, and how to choose the right client... https://quickbooks.intuit.com/ca/resources/ca_qrc/uploads/2017/03/Hats-displayed-on-two-shelves-for-holiday-gifts-in-retail-store.jpg https://quickbooks.intuit.com/ca/resources/growing-business/holiday-gifts-to-market-your-business/ Holiday Gifts to Market Your Business

Holiday Gifts to Market Your Business

2 min read

Giving holiday gifts to your customers lets them know they’re appreciated, helps to foster relationships with them, and keeps your business in their minds. It can also lead to referral business. Maybe someone walks into your customer’s office and sees the coffee mug emblazoned with your company logo, or your customer is so touched by your gift that he or she brags to friends and associates.

Depending on the size of your business, it probably isn’t feasible to give gifts to everyone who has bought from you, nor should you upend your budget to dazzle your customers with expensive presents. With advanced planning, you can identify customers to whom it makes the most sense to give, decide how much to spend, and determine the type of gift that would make the best impression.

Gift Recipients

If your company is, for example, a boutique advertising firm with only a few clients, it might make sense to give holiday gifts to all your customers. On the other hand, if you’re a retailer that serves dozens of people each day, you’re better off zeroing in on a few big spenders, as well as doing something nice for your suppliers and wholesalers.

A few considerations can help you whittle the list down to a manageable number of gift recipients. Think about how much revenue each customer generates for your business. Additionally, if you have a customer who doesn’t spend big but serves as a strong influencer in the community, consider adding him or her to the list. Buttering up suppliers and wholesalers isn’t a bad thing, particularly if you feel you can negotiate for better pricing in the future.

Gift Budget

The question of how much your business should spend on holiday gifts can be answered pretty simply. It should be enough to make an impression, but nowhere near enough to materially alter your company’s budget.

Clearly, the appropriate dollar amount varies based on the size of your business and the number of gift recipients. Returning to the boutique example, if you have four primary clients, each with young kids, buying Xbox games for the children is a possibility. This offers the added touch of making a positive impression on your clients’ families. If you’re buying for dozens or hundreds of customers, you’ll probably want to go with something much simpler, such as mouse pads or tumblers featuring your business’ logo.

Gift Ideas

Aside from the possibilities mentioned above, think about client gift ideas that convey a personal touch. For instance, if your clients are concentrated in the fitness niche, you could find something inexpensive and gym-related to buy each of them, such as headbands to capture sweat or knee sleeves to provide protection when performing squats. The possibilities are endless.

Also consider the branding possibilities of your gift ideas. If you can combine a thoughtful gift with something that enhances your brand identity at the same time, all the better.

References & Resources

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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