FAIRFIELD, Conn., Nov. 14, 2007 (PRIME NEWSWIRE) -- With an estimated $17+ billion in corporate gift giving expected in 2007*, corporate gifts are big business. But the rush to spend -- and lack of inspiration -- in the next two months inevitably puts pressure on CEOs to buy the "right" gifts for their fellow CEOs, business partners, and clients.
"Gift giving is an important element of an executive's skill set, particularly on a CEO-to-CEO basis, but most business leaders don't have the time to learn the intricacies of high-level corporate gift giving -- especially international gift giving -- and then do the necessary legwork," Melinda Crews says. "And frankly, most are probably a little afraid of the task."
Crews, who advises senior executives on gift-giving programs that advance their business goals, has these five suggestions for CEOs as the 2007 holiday season looms:
- ACCEPT THE FACT THAT YOU ARE CLUELESS ABOUT GIFT GIVING. It's not
something they teach at Harvard Business School, after all, so
stick to what you do best -- running your company.
- DELEGATE -- JUST NOT DOWNWARD. Just because you task it out
doesn't mean it will be done properly. Sure you want to cross
the item off your To Do List, but do you really want to send
that case of wine again?
- DON'T BE CHEAP ... BUT DON'T OVERSPEND, EITHER. Using money as
the measuring stick of the relationship is OK -- just be sure
that the perceived value of the gift is consistent with your
intent.
- UNDERSTAND WHAT YOU ARE TRYING TO ACCOMPLISH. Why are you doing
it? To cement a relationship? To just check a name off a list?
Make a sincere best attempt at gift giving to mitigate unintended
consequences, such as conflicts of interest, boardroom bias or
just plain inappropriateness.
- COVER YOUR BASES. Does the gift conform to all existing national
and international gift-giving regulations? Does it comply with
your own corporate branding requirements? Nothing says you don't
care more than lack of due diligence.
About M. Crews & Company
M. Crews & Company (www.mcrewsandcompany.com) works with senior executives to build their businesses and their brands through strategic gift-giving programs. Founded by Melinda Crews in 1990, M. Crews and Company clients have included CNN.com, IKON, Hertz, Virgin Atlantic, Societe Generale, and UBS.
*SOURCE: State Of The Industry 2007, Larry Basinait, ASI and Dr. Marjorie Cooper, Baylor University