Curate Memorable Corporate Gifts to Impress Everyone on Your List With ReserveBar

Throughout the year, we carefully curate gifts that we believe our friends and loved ones would love to receive on special occasions such as birthdays, anniversaries, and holidays. Gift-giving of course isn’t something that’s new, but for many, it is truly an art of understanding your recipient and selecting the perfect item to match. This same talent for gift-giving also creates a resounding impact for developing business relationships. Gifts help us establish and define our relationships, so why should corporate gifting be different?

THE PSYCHOLOGY OF CORPORATE GIFTING

A study conducted by Coresight Research and sponsored by GiftNow tested the size of the corporate gifting market and predicted a new urgency post-pandemic. Over 80% said gifts have improved relationships with employees and clients, with 48% saying gifting delivered a substantial benefit. While companies rely on the power of gifting to show appreciation and strengthen a business relationship, there is a strong correlation to the resulting psychological impact of the recipient. According to the study, 43% reported substantial benefits in improved customer loyalty and 41% say it directly improves employee retention. When receiving a gift, you experience what is known as the Endowment Effect — a sense of ownership over an item that translates into an individual valuing it more highly, which creates feelings of reciprocity and trust. There are numerous ways to show value with corporate gifting: ​ For Clients: Gifting a bottle of Gin to a valued customer can let them know they are important and encourage the continued business relationship. For Prospects: Gifting to a potential customer/client can be used as a motivator to take the desired action. 80% of consumers say they are more likely to do business with a company if it offers personalized experiences. Sending a prospect an engraved bottle of whiskey can help solidify a new business venture. For Employees: Gifts for employees create feelings of being valued and foster a sense of connection to the team. Sending your team members a prime vodka will tell them how much you appreciate them and their work.

SOLVING THE GIFTING CHALLENGE

In addition to the benefits of Corporate Gifting, the Coresight study concluded senders and recipients want good quality products (88%) and a wide variety of gifts to choose from (81%). ReserveBar operates as an e-commerce platform to simplify your corporate gifting needs. We offer a wide scope of products, from classic brands and sought after spirits to exclusive wines, at a range of prices. Whether you’re sending to one office address or many, we can ship to the desired destination (states permitting). You provide the recipient's names, addresses, and any brand preferences; our Corporate Concierge Team can take care of the rest.

MAKING THE GIFT MEMORABLE

According to Ian Altman, Forbes Contributor, the secret to giving the best corporate gifts can be summed up in three key points; be creative, make it thoughtful, and make it personal. Essentially, you want to select a gift that matches the personality of the receiver and will make a lasting impression. ReserveBar allows you to engrave select bottles with a personal message or a logo. Imagine your business partner opening their favorite bourbon with the message “Happy Holidays, Mike” and your company logo engraved on the bottle. We make gifting spirits easy and memorable.

HOW MUCH IS ENOUGH?

While Coresight expected a significant increase in the corporate gifting market, they also predict corporate gifting budgets will be boosted. “Approximately 60% of the corporate gift total will be spent on gifts to clients and partners outside the organization and 40% for internal employee recognition and awards.” A good rule of thumb is to take these questions from The Business Journal into consideration:

1. What is the lifetime value of the relationship?

2. What is the recipient’s position?

3. How many gifts can you afford to give?

ReserveBar’s Corporate Concierge Team offers personalized service to help customers place bulk engraving orders and ensure that all goes well with your order from the gift selection to the timely delivery. The concierge team also creates custom selections based on budget and spirit preferences.

NEED INSPIRATION?

We curated our favorite bottles and gift sets in our 2021 Corporate Gifting Guide. From sparkling Champagnes to exceptional single malts, we have everything you need to bestow a memorable gift. Order by November 15, 2021, and get 50% off engraving! Contact our concierge team today at concierge@reservebar.com.