Strengthen those relationships, even when you can't meet!

“Relationships are the only thing that matters in business and in life.” – Jerry Weintraub

 As every successful businessman knows, building strong relationships is the cornerstone of every business. Your customer wants to know he is more than just a chequebook to you. He needs to trust you and know that you value him. These relationships don’t develop overnight, they take thought, time and effort. 

Even with the vaccine, it will be another couple of quarters before we can go back to our pre-pandemic way of life. In a time when business lunches, golf tournaments, charity runs and meeting-for-cocktails are out of the question, how do you make sure you are on the mind of your most important client and more importantly, that he knows he’s on your mind?

The most elegant solution is a gift. Everyone loves receiving one and it’s a great way to open the door for a friendly call. Gifting is one of the most effective relationship-building strategies you can employ, provided it is properly executed. A poor attempt means your client doesn’t value your gift, will probably re-gift it and you end up having spent money on something that added no value to either side. 

Every successful strategy must be able to answer the Why and the How. We’ve covered ‘Why’ so let’s continue with ‘How’ you choose something i.e the principles that should guide the selection of a gift specifically in the business context:

1.    Always play to your audience’s taste: Possibly the most important point to remember is that a gift needs to be something the giftee can use. This means that it may not necessarily be something you like or desire. Don’t bother with a tie for a man who works from home or in the great outdoors; he’ll appreciate a pen that has antibacterial properties and can write underwater and in space more.

2.   Sometimes the best gifts have nothing to do with you: Companies are always looking for ways to get their brand and logo out there. Brand recognition is an important consideration for every company but on occasion you should consider leaving your branding off your gift. Your client is unlikely to carry a pen emblazoned with your logo to a family wedding; by leaving your name off the pen but putting theirs on it, you’ve gifted them with something that they will use more often and will have thereby reinforced your connection, without being obvious about it.

3.   Cost is not always a reflection of value: A study has shown that one of the chief disconnects between the giver and the receiver is that the gift-giver equates cost with thoughtfulness while the price actually has no bearing on the receiver’s actual feelings of appreciation.This finding underscores the fact that it is possible to add value without overshooting your budget. You may not be able to gift your client a new iphone but you could get him a Superbook at a fraction of the cost. Now you’ve presented him with a gift he can accept, and he will be reminded of your thoughtfulness every time he writes in the planner, charges his phone or needs a pendrive. 

Now that we’ve covered the basics, let’s breakdown the elements of a perfect gift: The ideal gift is something that is long-lasting, has a personal connection to the recipient and is a practical luxury he or she desires but wouldn’t necessarily buy for themselves. 

a.   Long-lasting: What do box of chocolates and an ipad have in common? They’re both done for in a matter of months. A gift should remind the giftee of you for a long time to come.

b.   Personal connection: This can be accomplished in many ways. The easiest is to simply personalise the gift itself. By engraving it with their name or a special message, you attach an emotional component to the gift and elevate from an item to a treasured possession. A handwritten note is also a wonderful way of adding a personal touch. In this age of digital communication, a handwritten one-liner can really make your gift (and the thought you put into it) stand out. 

c.   Practical Luxury: A gift needs to be something that is practical and useful. A productivity tool like the Quikrite is a more effective gift for the average office-goer than a pretty piece of crystal that’ll be locked away in a closet and never seen again. 

d.   Budget : A question that’s often asked is how do you decide the right amount to spend on a gift? My recommendation would be to spend as much as you would on a dinner for two at a good restaurant. 

When should you gift?

“Florals? For spring? Groundbreaking.” -  Miranda Priestly, The Devil wears Prada 

This iconic, sarcastically delivered line should be at the forefront of your mind during every gifting season. Simply put, standing out in a crowd is much harder than standing out when you are alone. You need to put in a lot more effort and possibly cash to make your gift memorable during Christmas than say on Labour Day.

People are deluged with similar gifts during the festive season, so if you really want to make an impression find an occasion and a gift that is unique to you. For example, instead of a mundane Diwali hamper in November, reach out to your client around tax season and gift him with a topical Financial Year Planner. Make the occasion a yearly occurrence so your client anticipates it and looks forward to receiving your gift at an unconventional yet expected time.

I hope you found this useful. I’d welcome your comments and questions. And yes, happy to share a list of my favourite gifts too!