Today's business world is extremely competitive. One easy way to stand out is by expressing gratitude and giving festive gifts!
According to the US Census Bureau, an average of 4 million companies are started every year.
4 MILLION companies.
Every single year.
No wonder why today's business world has become extremely competitive.
As more companies compete over customers, they all have to constantly find new ways to differentiate themselves from their competitors.
The problem starts when companies are too focused on prospects,
that they lose sight of their existing customers.
As a result, the company's renewal and retention rates decrease while marketing expenses only increase.
Be better than your competitors.
So many companies have a greater focus on acquisition that they neglect customer retention.
Don't get me wrong, acquisition is critical to the success of a company,
but so is customer retention.
If you want customers to choose you over your competitors, you have to stand out.
One way to do so is by fulfilling the psychological needs of your customers throughout the entire Customer Journey.
Customers want to feel appreciated and special.
In addition to their professional desired outcomes, your customers have psychological needs as well.
They want to be acknowledged as individuals and they want to believe that their business is truly wanted (Brownell, 1999).
By fulfilling these needs, not only do you build strong and loyal relationships,
but you also position your company as one that values relationships over numbers.
In return, your customers will be far more loyal to your company and help you increase revenue with positive word of mouth.
Here is one practice you can implement today that will make you memorable:
Expressing your gratitude with a festive gift.
Before we talk about the actual practice, I want you to think of the last time you received a gift.
How did it make you feel?
I'm pretty sure it made you feel happy.
Why? Simply because receiving gifts is associated with joy and gratitude.
Interestingly enough, when it comes to our customers, gratitude has the strongest effect on their evaluations of our product and service (Balconi, Giulia & Vanutelli, 2019).
Now let me ask you - when was the last time you surprised a customer with a gift or even a handwritten thank you note?
My guess is it's been a while.
Use this holiday season as an opportunity to make yourself (and your company) memorable and send a festive gift to your customers!
4 benefits of festive gifts
#1. It's a reminder that you care about your customers.
A festive gift is an expression of your commitment to your customers.
It shows them that you care about their success and that their business is worthy of personal acknowledgment.
In other words, it's a great way to fulfill the psychological needs of your customers.
#2. It highlights your business values and brand.
We all know that gift-giving takes time and effort;
you need to find a gift that will evoke the right emotion and then, you need to send it out and make sure it's delivered successfully.
Giving gifts is a way to tell customers that your company puts its customers first and
that you see them as unique individuals.
#3. It makes you memorable.
Companies seldom take their time to genuinely express their gratitude.
Therefore, with the small act of sending a festive gift, you truly differentiate your company from your competitors.
#4. It has a high ROI.
As I mentioned, receiving gifts is associated with gratitude, which in return motivates the recipient to give back.
Grateful customers will reciprocate by becoming loyal and satisfied customers.
They will also help our company grow with increasing word of mouth, testimonials, and retention.
If I had to summarize this blog post in one sentence, I'd use the following formula:
My final recommendation is related to the actual gift:
As you look for a festive gift, make sure to keep your customers in mind.
Find a gift that will satisfy them - even if it's not your company's "swag".
Brownell, E.O. (1999). How to Make Yourself Memorable. The American salesman, 44.6, 11.
Balconi, M., Giulia, F., & Vanutelli, M.E. (2019). A Gift for Gratitude and Cooperative Behavior: Brain and Cognitive Effects. Social cognitive and affective neuroscience, 14.12: pp. 1317–1327.