With the current uncertain economic climate, companies across industries have looked for ways to cut costs and restructure budgets. A common strategy right-sized by organizations is prospect gifting with leadership asking ‘Why spend money on gift cards and cocktail kits when we are bracing for an economic downturn?’
I’m not here to argue against that logic entirely, however, there are ways to optimize your current gifting strategy while still being mindful of budget. If anything, it’s a good wake-up call if you haven’t been prioritizing based on the value of accounts and rather throwing extra budget around without a ‘why’.
Here are four themes and actions you can take to do just that:
Theme #1: Be Selective and Thoughtful —Don’t Break The Bank
Since the goal is to do more with less, go back to basics, and focus on a tiered ABM approach to gifting.
ACTION: Don’t cast a wide net and send smaller gifts to a larger audience of prospects. Instead, determine a specific set of decision-makers from companies on your Target Account List (TAL) you would want to book a meeting with and send them a thoughtful (dare I say personalized?) gift that will make you stand out from the crowd. Simply put, use your resources to reach the key decision-maker as opposed to sticking with a more traditional scattered approach. If you’ve graded your accounts based on those most likely to close, prioritize investment there first. Also focus on those that aren’t just high-fit, but are showing high engagement or intent — those are the accounts likely to be most intrigued by your right-time gifting.
Some examples of gifts that would work for this are bluetooth headphones, instant print cameras, and record players. To be even more resourceful, bundle smaller less expensive items together and send that as a gift.
Theme #2: Celebrate Milestones — Pick a Prime Time to Reach Out
You’re likely one of dozens of vendors reaching out to a prospect at any time — so use the data you have to find a moment that stands out to send your gift. Recent job change or promotion? Company acquires a new arm of business? Cue outreach.
ACTION: By keeping a pulse on important milestones within your top accounts, you can not only know when to reach out, but what to reach out with. For example, if your prospect is on a team that just secured more funding -- chances are they’re more open to buying new tools to reach growth targets (a great time for you to jump in with a gift). Beyond that, you can also use that intel to personalize your gift -- something celebratory like a bottle of champagne or ‘dinner on us’ adds some delight to their experience with you.
Theme #3: Read the Room — Pick Gifts that Spark Connection
After being cooped up inside for the course of the pandemic, it’s no surprise that people want to do things that were sorely missed: going to concerts, sporting events, traveling, and visiting family, which is especially important since the holidays are fast approaching. So if you’re not ready to ditch gift cards just yet, this tip is for you.
ACTION: Since most folks are feeling the wave of the economic current, send folks gift cards to ticket sites, airlines, or their local concert venue(s) so they can still enjoy a much-needed night out or getaway.
Theme #4: Optimize What You’ve Got — Don't Forget the Leftovers
Does your team have some higher-end swag leftover from projects and events that have been long forgotten, but still have value? Or do you want to refresh your approach to gifting without changing the gifts themselves?
ACTION: Create an “exclusive” microsite full of those leftover items, brand the site accordingly to align with your company, and unlist the website from search engines (so people on the internet don’t stumble upon it by accident). Then, have SDRs send the link to the site in 1:1 outreach with high-value prospects, so they can redeem a gift of their choosing. This method not only gives your customers and prospects a choice on what they want to redeem but also gives the redeemer a feeling of being a VIP of sorts, which can go a long way in the sales process.