When author John Ruhlin tells you that you need to give a client a gift, he’s actually thinking of your bottom line. “Gifts are the symbols of the value you place on a relationship,” Ruhlin wrote in a recent book, titled Giftology, that argues that the right kind of customer appreciation can not only bring existing clients back but will also bring new clients in – not for the swag, but because of what the swag says about you.
According to Ruhlin, people want the people who give them gifts to succeed “because we appreciate the generosity that was shown to us.” As a result, receiving a gift that shows some actual thought creates a situation in which the recipient is likely to go out of their way to try to further your success either by referring additional business, returning with their own business needs, or helping you out in some other way.
Of course, this type of gift giving is not always easy. “These are the gifts that become artifacts and heirlooms for clients and their families.” However, that shouldn’t scare you off, since Ruhlin also says that gifts that are too expensive make it appear that you are just trying to impress the recipient rather than actually give them something meaningful.
Gift-giving, when properly done, can be a huge business-booster.
Point to Ponder:
Do you think this type of gift-giving is appropriate? Does it make good business sense?
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Carole Ellis is the host of Real Estate Investing Today, a popular 9-minute daily podcast focused on educating real estate investors about the important topics that will make their investing SAFER, FASTER, and MORE PROFITABLE. She's also the editor of the Bryan Ellis Investing Letter. She has more than a decade's worth of experience in and reporting on the real estate industry and, additionally, has written dozens of courses on the topic. Carole lives in Kennesaw with her husband, Bryan, and four children. She believes wholeheartedly that your best investment is always your OWN education.