The Benefits of Gifting to Colleagues & Clients
Taking the time to show your appreciation to your colleagues and clients not only helps nurture relationships with them, but can also have a direct positive impact on your business.
Recognising employee achievements helps foster engagement, increase productivity and reduces tension in the work environment.
Your colleagues will respond to appreciation at work, especially when it is expressed through recognition of their efforts. When their work is valued, your colleagues will feel good and this will benefit your business in many ways as a result:
We know that engaged staff are more productive, efficient and proactive in their work. If efforts are likely to be praised and rewarded, then it seems that colleagues will work harder to receive the recognition.
Showing your colleagues you recognise their great work and telling them that the work they are doing is valuable to the business means that you are sending the message that their work is worth rewarding and therefore must be important. If your colleagues feel that they are making a difference, they will feel more satisfied.
Engaged colleagues are much more likely to want to promote and sell your brand compared to someone who is disengaged. Rewarding hard work generates loyalty as your colleagues will feel an emotional bond with the organisation.
Satisfied customers means the rate of staff turnover is much lower. The time required to find and train new staff affects utilisation and the costs that come with this are high. Retaining staff has to be a priority and so rewarding colleagues gives them a tangible reason to stay.
Peer-to-peer recommendations are great for team spirit as they encourage staff to see the positive attributes in each other. Allowing colleagues to nominate each other for rewards is empowering and shows that everyone’s opinion is valued.
How can you reward your colleagues?
Rewarding your colleagues with an M&S Corporate Gift Card or e-Gift card is the perfect way of saying thanks. Companies are rethinking their reward strategies and are using flexible benefits to motivate their staff. There is pressure on businesses to reduce their costs whilst improving motivation and engagement but at M&S, we see loyalty as a way of going above and beyond to reward your colleagues. Rewarding colleagues with an M&S Corporate Gift allows them to shop in all of our 730+ stores across the UK, offering quality, choice and value.
Giving Gifts To Clients Can Improve Retention
If you go above and beyond for your clients, they are likely to come back to you again and again. Rewarding your clients will build strong relationships and strengthen long-term loyalty by giving them extra attention and making them feel valued.
Whilst many companies traditionally spend more money on client acquisition as some view it as a quick and easy way of increasing revenue, client retention is often faster and on average, costs up to seven times less that client acquisition.
Companies who shift their focus to client retention will find it is a much more efficient process as they are marketing to customers who already have expressed an interest in the products or services and have engaged with the brand. Client retention is a much more sustainable business model that is key to sustainable growth.
What does this mean for your business?
- Loyal clients are 5x as likely to repurchase, 5x as likely to forgive, 4x as likely to refer and 7x more likely to try a new offering (Tempkin Group).
- A 10% increase in a company’s client satisfaction score leads to a 12% increase in trust from customers (Institute of Customer Service).
- Repeat purchases from repeat clients means repeat profit.
- Previous customers will pay premium prices. Long-term, loyal customers are far less price conscious than new customers because they will value your company and as a result pay more for your services.
There are many reasons why thanking your colleagues and clients can have a direct positive impact on your business and it can all start with an M&S Corporate Gift. View the range now or contact one of our expert team to find out more.