Understanding Business-to-business Gifting

Understanding Business-to-business Gifting

Business to business (B2B) gift giving is a serious business. Do you know that 60 percent of the businesses out there give gifts to other businesses? If you have never done this, it is the right time to consider this. Forging lasting relationships between businesses is one of the ways to stay afloat in the market.

Some of these businesses have been customers, buying your company products or utilizing your services for years. The way you handle them is slightly similar to the way you handle individual customers, but also different in some ways.  Thanking these businesses will give you an upper hand over your competitors, and it will go a long way to build the goodwill you need in the business.

Whether you are the owner of the business or the person that the manager has chosen to handle the gift giving process, you need to plan and decide which company gets the gifts. This is true when you have so many companies that you are doing business with. It is also a challenge trying to figure out what to give to each business. The goal is to give a business gift from a premium personalized corporate gifts supplier in Singapore that says thank you to the recipient for their role in the business process during the year while putting you at the top of the list for more business in the future. Here are some tips to make this process a breeze.

Understand the Recipients

You need to know which business among the many will receive the gift and which won’t. Before you go ahead and choose the recipient, you need to know the budget for the process. If the manager has come up with a budget at the start, then this is ok. If he hasn’t, you need to understand the company’s gift budget at the time as you come up with the list of clients.

Know the Budget

The budget will determine various things that will happen during the process. For one, it dictates the kind of gifts that you have to buy for the particular purpose. Additionally, it determines the number of recipients of the gifts. If the budget allows you to give a gift to each business, then be it. But you get a challenge if the budget doesn’t allow you to buy a gift for everyone. When this happens, you can randomly pick a recipient or choose the one that has great value for the company. You can as well consider the revenue that each has brought to the business in such a case.

You can budget more for bigger clients and allocate less to the smaller clients. If you have prospects that are looking good, you can go ahead and gift them if you are sure that the gesture will bring in more future businesses.

Know the Policy Regarding Gifts

The next step is to know whether the client is allowed to receive gifts and of what nature the gifts should be. Ask the business management if it would be ok to give them a token of appreciation and in which context you can deliver the gift.

Pick the Right Gift

You need to work with the supplier to understand what kind of gift will leave the impression you desire. Being a business, you need to give a gift that will stand out and show them that you appreciate their business.

The Bottom-line

With the right gift, you can influence the decision of clients to give you future business. Some of the biggest clients you can use in the business are other businesses that buy your products or use your services.