How giveaways impact conversions in your industry

How do gifts impact conversion in your industry?

This data-driven deep dive will answer this question about the impact of gifts on your bottom line and give you tips and tricks to improve your team's performance. Stay tuned for more insights on unconventional ways to boost your conversions and leave your VIPs smiling!

Conversion rates represent the percentage of targeted leads that reach the desired outcome—which can be clicks, form submissions, file downloads, or even closed deals—and are often measured against a company's intended results. Unfortunately, it's quite difficult to say what a good conversion rate is because these must be examined across different industry verticals and channels. Furthermore, low-cost B2C items are easier to sell and typically involve less risk than a B2B item, for example.

So, let's talk about unconventional ways to increase closing rates, to increase conversions: converting people to buy the product.

So, it seems like you can use this unconventional approach, or a personal and human one, every step of the way to convert your client. I can see you have a suggestion for coffee chats to increase meeting invitations; so, when you're just getting to know your prospect, if you don't ask for a call, but instead invite them to a virtual or in-person coffee chat, you can increase the likelihood that they'll accept the offer!

But, when you go deeper into the funnel, you start using gifts. Do you think sending someone a gift in a coffee chat setting is too early? It probably is. For example, you don't want the gift to seem like a bribe. I know in some countries, it wouldn't be seen well, so using a coffee chat, or a coffee coupon, is a nicer way to do it. If you think about it, if you were having an in-person meeting and you were a sales rep, you'd probably pay for that other person's coffee; so you're just having it online now. And it also shows that you're actually ready to invest some money into the relationship.

Another thing you could do—and this is later in the funnel—is to use gifts to rekindle cold leads by creating a special campaign for these people, with a nice message, and maybe a gift that's not too expensive. Just to sort of get the conversation going. And once you have that, you could possibly convert more of these leads and turn them into actual customers.

First of all, not all of your competitors will use this, and using a gift-first approach is still a fairly new idea, so it's something where you're giving a gift without requiring them to return it. So you're trying to open the floor for conversation. And I think a lot of companies might say, why would I invest money in something that I'm not 100% sure I'm going to get a return on?

But the real fact is that you'll probably get more conversions by doing this because you're changing the normal way people expect companies to do business. So, people expect companies to say, "Hey, buy from us, we have something for you!" — and not to start a conversation saying, "Hey, here's something for you, you know, we think you might like this, and also, would you like to talk to us about doing business with us?" So, it's a different conversation.

Another thing is, when you're trying to ship gifts internationally, it can be quite difficult because, if you weren't using a gifting platform that allows you to do this, you'd have to do research, and let's say, for example, you want to ship to Costa Rica, Poland, Canada, the US, India, you'd have to go to websites in all those countries, maybe use Google Translate to understand the stores, so it seems like a lot of time and effort. But through us, you can easily ship your gifts to any country.

We must not forget that it is also about spreading joy and building good business relationships by putting people first!