With the talk of austerity hanging in the air of every news report and interview with the bank manager, value for money is very much the theme with any business purchases at the moment. For those that are spending, spending wisely is the theme of the moment and everyone in charge of making spending decisions is looking to get a little extra for their cash.
In the business world all eyes are turning towards Christmas and this celebration is still an important time for companies across the world. Bosses will have big decisions to make about how they celebrate the festive season, with many being forced into redundancies and pay freezes.
So what does that mean for this years Christmas business gifts? Is Christmas cancelled this year as businesses deal with the aftermath of the recession?
Not necessarily. When times are tough people don’t just stop spending and in fact this would have a negative long term effect both to the company and the economy. What does happen is that companies hold on to their money and make what they spend go further. Rather than putting a complete halt on spending, they are looking for more value for money and to see what they spend as an investment.
This is why going premium with business gifts can be an attractive option when companies are looking to spend more wisely. The rule of Christmas still dictates that businesses will use gifts at Christmas to reward staff and thank customers and this is still an important way of increasing staff motivation and making your customers feel valued. At the lower end of the market, promotional gifts such as plastic pens can be very cheap but very disposable in nature as they do not have a high perceived value. In stronger financial times, the temptation can be to get an item to everyone you possibly can, meaning a large number of cheaper items are used as business gifts.
When times are tighter it will be more tempting for companies to look to their staff and best customers when they are thinking of giving gifts, buying fewer in quantity as a result but looking more to quality. Premium business gifts that have a high perceived value will be treated more as a personal present and be better received than their cheaper alternative, making any branding more effective and resulting in better value for money. If a business gift is of premium quality then it will stand out from others, giving not only the gift but the branding on it greater prominence and greater visibility.
The fact that it is also less disposable in nature gives it a greater chance of being used, let alone the positive effects it will have on the company who gave it by the fact that it is a more distinguished object. The business gift that is given will inevitably reflect back on to the company who gave it. If the gift is cheap and tacky, what does that say about the company who gave it?
Rather than stopping spending altogether, businesses can spend more wisely this Christmas and create a positive image for both their brand and their future prospects.