I think I'd tie the ribbon on the other side of the clip so it could be clipped onto papers, book pages, etc. Would be cute to make a bunch of these and put in one of those magnetic tins with the clear plastic lids for a gift.
Easy Crafts To Make and Sell - Ribbon Bookmarks - Cool Homemade Craft Projects You Can Sell On Etsy, at Craft Fairs, Online and in Stores. Quick and Cheap DIY Ideas that Adults and Even Teens Can Make http://diyjoy.com/easy-crafts-to-make-and-sell
As Seen in Good Housekeeping Magazine - Bird Bookmarks ... set of 3