At a glance:
- Effective B2B gifting balances strategy, personalisation, and compliance.
- Successful corporate gifting builds genuine relationships, not just transactions.
- Barney’s platform simplifies B2B gifting, maximizing ROI and fostering business connections.
Let’s talk about reciprocity. It’s that warm, fuzzy feeling you get when someone does something nice for you, and suddenly you’re compelled to return the favour.
In B2B, reciprocity is like a secret handshake that opens doors, builds relationships, and keeps the wheels of commerce greased. It’s the reason why that prospect you sent a thoughtful gift to suddenly seems more interested in your pitch.
But here’s the kicker: reciprocity is a double-edged sword. Wield it wisely, and you’re a relationship-building maestro. Mess it up, and you’re that creepy person who thinks friendship can be bought.
So, how do we navigate this minefield of corporate gift-giving? We’re about to dive into the do’s and don’ts of B2B gifting, with insights gleaned from Manny Deol, the co-founder of the corporate gifting platform, Barney.
1. The Strategy
Do: Take a strategic approach to your gifting efforts. Define clear objectives for your gifting program, whether it’s increasing meeting attendance, accelerating deals, improving client retention, or boosting employee morale. Map out all potential use cases across departments:
- Marketing: Driving impact at events and trade shows
- SDRs: Firming up meetings with coffee vouchers
- Sales: Accelerating deals and nurturing high-value prospects
- Customer Success: Building and maintaining client relationships
- HR: Rewarding and motivating team members
Don’t: Treat gifting as an afterthought or a sporadic activity. Avoid a scattergun approach where gifts are sent without clear purpose or strategy. Remember, a gift without a plan is just a random act of spending.
2. Budget
Do: Set clear, comprehensive budgets for your gifting strategy. Assign specific budgets to team members or roles, empowering them to make quick decisions while staying within financial boundaries. Consider all use cases when allocating budgets, from marketing events to employee rewards. Regularly review and adjust your budgets based on ROI and business impact.
Don’t: Leave your team guessing about spending limits or ignore the financial implications of your gifting strategy. Avoid the “blank check” approach to gifting – it’s a quick route to overspending and reduced impact.
3. The Intention
Do: Use gifts as a genuine expression of appreciation for your business relationships. Think of it as relationship fertiliser – a little bit goes a long way, but use too much and you’ll burn the whole thing down.
I once sent a handwritten thank-you note with a box of locally-made cookies to a client after they referred us to another company. It wasn’t flashy, but it was sincere. The result? They became our biggest cheerleader.
Don’t: Give gifts with the subtlety of a sledgehammer, trying to influence business decisions or contract signings. That’s not gifting; that’s bribery with gift wrap.
4. Rules of Engagement
Do: Familiarise yourself with industry-specific regulations and company policies regarding gift acceptance. Develop clear guidelines for each type of gifting activity, including budget limits, appropriate gift types, and approval processes. Pro tip: Check out resources like the UK Bribery Act 2010 or the FCPA for more information.
Don’t: Assume that what flies in one industry will soar in another. The gift that makes you a hero in tech might make you a pariah in healthcare. Avoid creating gifting policies in a vacuum – consider legal, ethical, and industry-specific implications.
5. Balancing Value and Ethics
Do: Keep gift values modest and appropriate for the relationship and industry standards. In the UK, for example, gifts up to £50 per year per recipient are typically tax-deductible. It’s like playing limbo with your wallet – how low can you go while still making an impact?
Don’t: Go overboard and turn your gift into a tax liability. Nothing says “I value our relationship” quite like creating extra paperwork for your client’s accounting department. (That was sarcasm, in case you missed it.)
6. The Personal Touch
Do: Research the recipient’s interests, hobbies, or professional goals to select a thoughtful, personalized gift. Use some good old-fashioned social media research to get insights.
I once discovered a client was a huge “Star Wars” fan and sent them a Yoda-shaped succulent planter. They loved it so much, it became a conversation starter in every meeting. May the force of personalization be with you!
Don’t: Resort to generic, impersonal gifts that scream “I put absolutely no thought into this.” Unless your goal is to be forgotten faster than last year’s marketing buzzwords, in which case, carry on with those branded stress balls.
7. Timing
Do: Maintain a consistent gifting strategy throughout the year. It’s like a drip campaign, but with actual, tangible things. Plan for different gifting occasions across departments – from event giveaways to deal acceleration gifts to employee recognition.
Don’t: Send lavish gifts only during contract renewal periods. It’s about as subtle as a neon sign saying “PLEASE LIKE ME” and just as desperate. (Plus, it might violate some of those pesky regulations we talked about earlier.)
8. The Cultural Tango
Do: Consider cultural norms and preferences when selecting gifts for international business partners. It’s like being a gifting chameleon – adapt or risk offending.
Fun fact: In Japan, gift-giving is an art form. The wrapping is often as important as the gift itself.
Don’t: Ignore potential cultural taboos or sensitivities. Unless your goal is to become the subject of a “cultural faux pas” anecdote at your recipient’s next dinner party. (Spoiler: It shouldn’t be.)
9. Transparency
Do: Keep clear records of all gifts given and received, regardless of value. It’s like having a gifting diary. Assign responsibilities for gifting to specific departments or team members to ensure accountability and prevent overlap.
Don’t: Try to hide or obscure gifting practices. Transparency isn’t just a buzzword; it’s your get-out-of-jail-free card when the ethics committee comes knocking. Avoid creating a gifting free-for-all where no one knows who’s giving what to whom.
Tools like Barney can help you track gifts alongside your customer interactions. It’s not just for pipeline management anymore, folks!
10. Measuring ROI
Do: Track the ROI of your gifting campaigns using both quantitative metrics and qualitative feedback. It’s not just about feeling good; it’s about doing good (for your business). Plan for measurement from the start, deciding how you’ll evaluate success for each gifting use case.
Use A/B testing in your gifting strategy. Send different types of gifts to similar prospects and see which ones lead to more meetings or closed deals.
Don’t: Assume that all gifting is automatically beneficial without analyzing its effectiveness. That’s like throwing spaghetti at the wall and hoping it sticks – messy and ultimately ineffective. Avoid continuing with gifting strategies that aren’t showing clear business impact.
11. Data Protection
Do: Ensure you have a lawful basis for processing personal data when managing gifting campaigns. GDPR isn’t just a four-letter word. Include data protection considerations in your gifting strategy from the outset.
Don’t: Neglect data protection regulations when collecting or using recipient information. Unless you enjoy hefty fines and public shaming. Avoid collecting more data than you need for your gifting program – keep it lean and compliant.
12. The Relationship Foundation
Do: Use gifts as a way to initiate conversations and strengthen business relationships. It’s like a conversational lubricant. Integrate gifting into your broader relationship-building strategy across all departments.
Don’t: Rely solely on gifts to maintain or improve business partnerships without genuine engagement. A Rolex might buy you time, but it can’t buy you a real connection. (See what I did there?) Avoid treating gifting as a substitute for real relationship-building efforts.
Barney:
Punch!’s Preferred Solution for Corporate Gifting
When it comes to navigating the complex world of B2B gifting, having the right tools at your disposal can make all the difference. Enter Barney, a platform that’s simplifying corporate gifting. At Punch! we’ve been using Barney in different areas of our business – from sending coffee vouchers to prospects before discovery calls, to thanking our clients for reviews with some gourmet cookies.
Barney is the brainchild of husband-and-wife duo Manny and Ras Deol, who have been pioneering the corporate gifting space since 2017. Their journey in personalized business gifting laid the foundation for what would become a revolutionary B2B gifting platform. At Barney, they’re not just about sending gifts – they’re about fostering meaningful relationships and creating lasting impressions in the corporate world.
What sets Barney apart is its unique blend of industry experience, technological innovation, and a deep understanding of how thoughtful gifting can transform business relationships. The platform is designed to streamline your gifting process while ensuring each gesture remains personal and impactful.
Here’s how Barney can elevate your B2B gifting strategy:
- Personalization at scale:
Barney allows you to create customized gifting experiences for each recipient, even when managing large-scale campaigns. - Compliance tracking:
Keep your gifting practices in line with industry regulations and company policies by easily tracking and reporting all gift exchanges. - ROI measurement:
Integrate your gifting efforts with your CRM to track the impact of your gifts on key business metrics. - Cultural sensitivity:
Access a wide range of culturally appropriate gifts for your international business partners. - Budget management:
Set and manage gifting budgets across different departments and teams, ensuring fiscal responsibility while maintaining gifting impact.
By leveraging Barney’s platform, you can transform your corporate gifting from a potential minefield into a powerful tool for building and nurturing business relationships. Book a demo here.
The Bottom Line:
B2B gifting is an art form, a science, and sometimes a legal minefield. But when done right, it’s a powerful tool in your business arsenal. It’s about creating those moments of delight that turn a transactional relationship into a genuine partnership.
Remember, at the end of the day, we’re all human. A thoughtful gift can be the bridge that connects us, the spark that ignites a great conversation, or the nudge that moves a deal forward.
