The Corporate Gifting Market Estimated at £78.3 million
Rewarding corporate clients for their custom and loyalty has always been big business, but new data has revealed the UK market is worth £78.3 million.
The research by One4all Rewards identified almost half (49.3%) of UK workers have received some form of reward or incentive from an existing or new supplier to the company they work for.
On average, workers are receiving rewards and incentives worth £50.
It is largely private sector organisations – and also often those involved in competitive industries, where purchasing of materials and equipment is common – which are being targeted by these types of corporate gifts the most.
Manufacturing (68%) is the industry in which suppliers are incentivising staff the most, closely followed by utilities (67%) and information and communications (62%) sectors.
Declan Byrne, managing director at One4all Rewards, said: “There is a huge opportunity for companies in the UK to use business to business rewards and incentives – such as small gifts or invitations to events – to engage prospective clients, further build relationships with existing customers and encourage repeat custom.
Byrne continues: “This is why so many UK businesses are already making the most of it. It is interesting to see how much this marketing practice is being utilised by those within extremely competitive sections of the private sector. Almost 1 in 2 workers have been incentivised to engage with potential or existing suppliers using this method, suggesting just how many are using these to get the edge over their competitors.”
Food and drink items, such as bottles of wine and hampers, are the most popular types of rewards being given out (35%), suggesting many businesses hope to reach customers’ hearts through their stomachs.
Gift cards which offer the recipient the opportunity to choose a reward for themselves were the second most common (29%), followed by monetary rewards (21%) such as commission or loyalty bonuses.
20% of these types of rewards are designed to be more memorable – such as event tickets and days out.
Meanwhile 16% of business to business rewards provide an additional opportunity to build or reinforce relationships with customers and partners, such as at parties.
Workers within the education industry (33%) report having received these types of rewards the least, closely followed by those in local and national Government (37%) and healthcare (38%).
One4all Rewards are industry experts in benefits and rewards. Working with over 6,000 businesses of all sizes nationwide, One4all Rewards helps to transform customer and employee relationships through successful rewards and incentive schemes.
For more information or to read the full Business Incentives report, please visit https://www.one4allrewards.co.uk/blog/?p=2879