If you still do not know what a GWP stands for, it actually refers to a Gift with Purchase. This usually arrives in the form of a complimentary or discounted gift that is given when someone purchases one or more products. Many companies/brands provide GWPs to their customers which either serves as a token of appreciation or to encourage sales. However, the benefit which a GWP can confer actually goes far beyond that.
For one, a GWP would definitely provide an added incentive for customers to increase their spending in order to meet the minimum purchase criteria and qualify for the complimentary gift. This in turns leads to an increase in the store or brand’s average sale. GWPs can also serve as a way to increase the engagement with the customer. After establishing a more personal connection with the customer, GWPs can be used to provide an added level of personalisation to the customer. For example, a GWP can be carefully selected based on the wants of the customers and provide the customer with an even greater purchase value. In addition, a GWP can also help create increased brand awareness amongst potential customers. For example, a skincare brand which offers a technological product as a GWP could help create awareness for its brand when its customers utilise the GWP and other consumers become exposed to the skincare brand as well.
Motivate instant purchase
GWPs can also serve to increase the conversion rate of customers. By providing a deadline, for the distribution of GWPs, this provides a shorter window of opportunity to customers and motivates them to buy now rather than wait. With this increase in purchase intent, it may also make it easier for your company to cross-sell other products or services to these motivated customers.
Foster stronger ties
Lastly, GWPs can be used to foster a stronger relationship with your top-tier customers. For example by creating a personalised corporate gift you could schedule a visit with one of these customers and leverage on this gift to recommend your latest product or service to them. This personalised “shopping experience” felt by the customer can in turn lead to purchase and a stronger loyalty to your brand.
As can be seen, there are numerous performance benefits which your business can reap from the offering of a GWP to your customers. In Singapore, there are several corporate gift companies which can help provide you with the perfect gift to meet your organisational goals. At SWITTs Singapore, we promise to provide you with customised corporate gifts for your customers which would also meet your business requirements. Hesitate no further and contact us via email or Whatsapp to allow us to provide you with a hassle-free solution for your corporate gifts in Singapore!