Author: Dheivee | Date: 28 Jan 2021
COMPLICATED APPROVAL AND COMPLIANCE PROCESSES
Complicated internal approval processes prevent companies from executing an effective gifting strategy. Many of these approval processes are repetitive and time consuming, causing your other crucial tasks to become an expensive opportunity cost. Companies often need to jump through multiple layers of approval before a gift can be purchased. By the time this is done, the supplier can no longer meet the fulfilment deadline, forcing the company to settle for a generic, expensive product that does not meet their campaign objectives.
PRO-TIP – Instead of just finding corporate gift companies, source for those with technologies to streamline approval processes. These companies tend to have account management teams that enable you and your various offices to browse, purchase & even customise, pre-approved products available for immediate fulfilment through personalised platforms.
UPFRONT COMMITMENT TO MINIMUM ORDER QUANTITIES
Many companies abandon and write-off entire lots of gifts because they must buy at factory MOQs without the ability to deplete the gifts. Companies often overlook where to best store these extra quantities. This is problematic because the fulfilment process gets delayed, decreasing the likelihood of meeting campaign deadlines.
PRO-TIP – Work with larger gifting suppliers that offer a wide range of ready stock gifts with regional and global warehousing and fulfilment capabilities, so they can provide you with lower quantities or even store and distribute them when you need it.
INABILITY TO TRACK BUDGETS AND CAMPAIGN EFFECTIVENESS
Having your brand being held in consumers’ hands is extremely powerful, especially in the digital age, where the element of ‘human-touch’ is largely neglected. The difficulty in measuring the effectiveness against spend deters many companies from considering using tangible gifts as part of their marketing strategy. This is very regrettable, as according to PPAI, corporate gifting is one of the most effective forms of brand engagement.
PRO-TIP – Look for gifting companies that have invested in developing digital tools that provide meaningful and actionable insights about the spend details right down to when and where the spend had taken place and aligning that to the company’s promotional merchandising strategy.
DIFFICULTY MANAGING THE ENTIRE PROCESS
Sourcing for the right gift at the right cost is a difficult process in itself. Many companies that work with smaller suppliers tend to outsource multiple stages of the supply chain. This can become incredibly complicated, especially with international components involved. This often leads to delays, damaged goods, quality issues, shortfall of inventory, and so on.
PRO-TIP – Look for larger suppliers with dedicated and experienced design, sourcing, logistics teams that can handle the entire process – from end-to-end. Their initial higher cost may seem intimidating, but you will save tons of resources and end up with huge savings complete with supply chain traceability & ownership with such suppliers.
LIMITED IDEAS AND CREATIVITY
To create personalised and meaningful brand experiences with our audiences, we must envision how we differentiate ourselves while balancing it against business objectives, expenses, and schedule. Promotional gifts can achieve this, but companies may not know how. So, they end up with un-curated, generic products forced upon them by suppliers. These suppliers often lack sophisticated tools to prove product effectiveness, and capability to produce products that create personalised experiences. Such products are often quickly discarded by recipients – defeating its purpose and diminishing a brand.
PRO-TIP – Purchase expertly curated gifts specific to your objective, or work with a capable supplier to create one. Find those with creative teams skilled in working with marketing teams to design bespoke merchandise that is aligned with your brand and its purpose.