Track your gifting program’s effectiveness so it doesn’t become a wasted effort
Gifting is a powerful tool for building customer relationships. But without tracking its effectiveness, gifting can quickly become a wasted effort. One way to gauge gifting’s effectiveness is using Return On Appreciation™ (ROA), which measures peoples’ satisfaction and loyalty. By tracking ROA, companies can identify successful gifting efforts that lead to a positive customer experience and adjust their strategy accordingly.
ROA’s premise is to view gifting as an investment rather than an expense. When you invest in gifting, you create a human connection with your clients, which leads to better relationships and increased loyalty. Consequently, everyone benefits from ROA. Clients feel valued and appreciated, and companies see a positive ROI on their gifting efforts.
Why tracking ROA is important
Measuring ROA enables companies to identify successful gifting strategies that lead to a positive customer experience. This information can help companies make informed decisions about their gifting program, including what gifts to offer, how often to give them, and which clients to target.
Tracking ROA can also help justify the ROI of gifting efforts to management or stakeholders. Just as you measure ROI, you can also measure Return On Appreciation.™ This assessment is crucial because it demonstrates the positive impact of gifting on customer satisfaction and loyalty. Companies can justify the cost of their gifting strategy and secure funding for future initiatives.
Studies have shown that customers who have a positive experience with a brand are more likely to be loyal and recommend the brand to others. For example, a study by Bain & Company found that customers who had a positive experience with a brand were six times more apt to be loyal and 12 times more likely to recommend the brand to others. You don’t want to miss the opportunity to strengthen client relationships and differentiate your company from competitors!
How to track Return On Appreciation™
Companies can use several methods to track Return On Appreciation™:
Surveys can be valuable for collecting feedback after a client receives a gift. You can send surveys to gather information about each person’s experience, the gift’s perceived value, and overall satisfaction.
Quick feedback forms
Feedback forms are like surveys and can be used to collect feedback. You can design these forms to gather specific information, such as whether the gift was useful, met the person's needs, and was memorable.
Follow-up calls and emails
Following up with clients can be an effective way to determine how successful your gifting program is. You can ask about their experience with the gift, find out if they viewed it as valuable, and if they would be interested in receiving similar gifts.
Once you collect the data, it's important to analyze and interpret it. Analysis can involve looking for trends or patterns in the feedback received, such as common themes or issues that people have experienced. This analysis can inform future gifting strategies by providing insights into what is working and what isn't.
For example, if several clients indicate that they did not find a particular gift valuable, it may be worth considering a different approach or selection of gifts in the future. Alternatively, if a particular gift type consistently receives positive feedback, this may be an area to focus on in future gifting efforts.
3 tips for maximizing ROA
Ensuring everyone appreciates and finds the gifting options delightful is essential to maximize ROA. Here are some tips and best practices for achieving maximum ROA:
Personalize your gifts to make them more meaningful and relevant to the recipient. Take into consideration the recipient’s interests, preferences, and needs. Our Online Gifting Platform lets you pick from various personalized and valuable gifts. Clients are likelier to appreciate and remember your brand if you personalize their gifts.
2. Quality selection
Cultivate’s gifting options are high quality and we can help you find the right Collection that aligns with your brand, goals, and budget. Doing so can help establish a positive association between clients and your company. When you send quality gifts, clients will return to buy from you again. And most important, clients will relate to your brand with a positive feeling.
3. Go beyond gifts
Ultimately, the key to maximizing ROA is building long-term relationships with people beyond the initial gift. By demonstrating that you care about their satisfaction and success, you can generate greater loyalty and maximize the ROI of your gifting program.
Are you ready to get the most out of your Return On Appreciation™? We encourage you to start tracking the ROA of your gifting strategy and use the insights gained to inform future gifting goals. By doing so, you can improve customer satisfaction and loyalty by maximizing the impact of your gifting efforts.
Ready to begin this journey with our Online and On-site Gifting solutions? Click the button below to start the conversation with a Gifting Expert today — we’d love to tell you more!