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The Art of Business Gift-Giving
by Joyce Boggerson
More Details at: http://www.legg-work.comResearch shows two primary reasons businesses lose clients:

-the client took a competitive offer
-they felt you didn't care about them as clients

Many business make the mistake of servicing the customer/client once and assume they'll stay forever. So, many businesses end up spending most of their time and marketing dollars going after new customers, instead of nurturing existing relationships. Clients want to be treated as strategic partners and feel that you care about them.

Consider this, existing clients tend to spend more money and offer more referrals. So, the moral of the story, spend more time taking care of your current customer base and your business will be rewarded with a continuous stream of increasing revenue.

Research also shows an overwhelming majority of people leave current employment because of:
 - the lack of appreciation and recognition by the employer
- the absence of teamwork

Employees are your clients too, they also want to feel as though you care and recognize them as valuable entities. The moral of this story is the same, the rewards are greater if a majority of time and effort is spent nurturing the existing relationships.

When is gifting appropriate?
We've listed some occasions when gift-giving would be appropriate.

Client Appreciation
"We appreciate your business" "Thanks for the contact" "Closing the deal"

Employee Motivation
"Keep up the good work" "Thanks for going the extra mile" "Thanks for pulling together" "It's time for a vacation, you're looking a bit stressed"

Employee Recognition
"Company growth-we met our goals!" "Excellent Performance" "Congratulations on your promotion" "Happy retirement" "Thanks for pulling together"
It's also important to know your companies policy regarding gift giving and familiarize yourself with the gift recipients company policy on gift acceptance. Just as important is to consider cultural and religious differences when gifting.

When is gifting inappropriate?
Never give during contract negotiations or when it could be considered bribery.

Good luck in building and enhancing those relationships.
         

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