Gift Giving and Diversification Within the Oil and Gas Industry

The only certainty in business is the inevitability of change. As the energy sector monitors the swinging pendulum of supply and demand, boom and bust, they find themselves shifting business models and surveying unfamiliar shores. Experienced industry executives recognize this latest downturn as marking a “transformative period” of reinvention, redirection, innovation and resourcefulness. However, these challenges also mean opportunities to open new doors, form new partnerships and build new alliances. In fact, according to the Harvard Business Review, “History shows that the best deals are made in downturns.”

Continue reading Gift Giving and Diversification Within the Oil and Gas Industry

5 Surprising Health Benefits of the Pecan

National Pecan Month celebrates the value of the pecan, that delicious foundation in so many of our favorite indulgences. Even without their sweet dressings, pecans are a delectable staple able to keep your mind and body active all day long. Packed with power in such a small package, these tree nuts were lauded as “health capsules” in a study published by the National Institutes of Health. Here are five surprising health benefits that pecans provide.

Continue reading 5 Surprising Health Benefits of the Pecan

Louisiana Gifting

Cajun, Creole or transplant, Louisianans revere food as a powerful staple that unites family, strengthens friendships and forms new bonds. We serve our best because we understand that life’s most basic necessity is also one of life’s greatest pleasures. Cane River Pecan Company specializes in helping people express their gratitude through personal and corporate gifting, but a number of other Louisiana-based companies do as well. Order a ready-made box or basket, or choose from several purveyors to craft a custom creation. Whether you’re local to Louisiana or a business based abroad, gifts rich in culture and taste are appreciated across the board.

Continue reading Louisiana Gifting

Corporate Gift-Giving on Professional Holidays

While we think professional holidays deserve full recognition (translation: a full day of recreation or vacation), in reality, they’re usually limited to simple observances. Fortunately, that makes an unexpected thank you from the boss that much sweeter. If you’d like to reward the people who make your business successful, we’re ready to help!

Continue reading Corporate Gift-Giving on Professional Holidays

Assessing the Success of Your Gifting Strategy

Intangible Assessment?

Profitability comes down to assessing the return on investment (ROI) of every business metric, and corporate gift giving is no exception. In fact, as entrepreneurs and corporations alike focus on making less count for more, client gifts – and the anticipated resulting client retention – increasingly undergo piercing scrutiny. While ROI is often seemingly intangible, the four conventional standards for recognition of revenue still apply:

  • Collection probability.

  • Completed delivery.

  • Evidence of an arrangement.

  • Determined price.

Loosely translated, these four provide a lens to clarify the relationships you have with clients, suppliers, employees, banks and even shareholders – and the worth of strengthening or maintaining them through gifts.

Continue reading Assessing the Success of Your Gifting Strategy

9 Ways To Stand Out in Holiday Corporate Gifting

From Halloween on, the two remaining months are a mad dash to the year’s finish line for both individuals and businesses. Third-quarter reports are in, shifting the focus to fourth-quarter earnings, the year’s bottom line, inventories, taxes and plans for the new year. Meanwhile, a holiday extravaganza of parties, outings, mixers and gifts goes full bore. Amid it all is the seemingly unavoidable dilemma of corporate gifting. Business can be tough, but gifting in business settings doesn’t have to be.

Making the List

Some companies admit to spending hours agonizing over what to give and who to include while others hope the holidays slide by, attracting as little notice as possible. Nevertheless, the holiday bustle will swirl, with tokens of appreciation acknowledging entrepreneurial partnerships, client loyalty and jobs well done. As the gifts fly, how to stand out becomes the name of the game. Partners, clients, vendors and employees are all giving and taking. Piles of boxes and bags appear in lobby reception areas and crowd corporate credenzas. Does anyone even remember who gave what? If you do it right, they will – and they will appreciate it, too.
Continue reading 9 Ways To Stand Out in Holiday Corporate Gifting

Giving Thanks to Vendors

Large or small, no business venture is an island. A host of other companies supplies goods, machinery, services, advice and expertise that allow you to serve your customers and grow your business. No matter the industry — whether you specialize in power and energy, telecommunications, precious metals, biotechnology or wedding planning — you operate within a complicated networking interplay of skilled individuals, providers and suppliers several levels deep. Business consultants and CEOs all agree: Businesses literally live and die by their vendors. Contemplate your ability to prosper without them, and the picture turns quite grim.

Business-Vendor, Vendor-Business — Perspectives

A number of studies have attempted to quantify the value of vendors to a business. While statistics for customer satisfaction, retention and impact are easily calculated based on repeat purchases and customer surveys, the business-vendor relationship is far more complex. Vendors operate as part of your business, but they aren’t employees. You are their client, but you’re a large-scale client, most likely one of many others. If your vendors are experienced, specialized and top-of-the-line in their field, it is likely that their services are in high demand, and they may even have to turn work away. Before you think that you can simply replace them, consider the true value of a top-notch supplier or service provider. In a trillion-dollar arena of million-dollar specialization, you may not be able to afford losing them. Continue reading Giving Thanks to Vendors

Southern Mindfulness – Gifting as a Part of Southern Culture

Everything’s a little slower in the South, but it isn’t due to the heat, and it isn’t laziness, either. What it is is a kind of mindfulness, an awareness of the proper Southern way things should be done and the importance of the manners instilled by family and community. It isn’t something reserved for special occasions. Southern Mindfulness is a daily ritual equally intrinsic to family, community and business. It’s a way of being.

Those ma’ams and sirs are genuine — as essential to a Southerner as sunshine and sweet tea. Hospitality and grace under fire are keynotes of the Southern experience, and the expression of respect even a simple gift conveys speaks volumes about the giver. In the South, the gift is often food, and food is far more than sustenance: It’s the language of the South.

Foundations of Tradition, Family and Community

Forget today’s bustling, high-rise metropolitan cities, like banking giant Charlotte, N.C., jazz capital New Orleans, La., or capital city and industrial-technological hub Baton Rouge. At the turn of the twentieth century, life in the South was a rural existence of long months of unrelenting heat, roving sickness and fever, endless agricultural labor and often loneliness and isolation. Harsh conditions meant large tracts of land were necessary to support farms and plantations. Those acreages to the horizon, however, also made visiting family and friends a social event anticipated for weeks – sometimes, all year. Family meant community, and community was family. Continue reading Southern Mindfulness – Gifting as a Part of Southern Culture

Corporate Gifting for Community Banks

bankers

Community Banks Community-Based

Despite the growth of megabanks, community banks still provide 60 percent of all loans made to small businesses. Your customers count on you to provide full services and keep costs low. You take pride in helping your community thrive, and your clients rest assured that the financial decision makers are locally vested individuals who appreciate what they’re trying to achieve. Within a national bank, a customer may go unnoticed in the $100-billion pool of assets, but at a community bank, every client counts. Corporate gift giving is a perfect way to show them they do.

Customer Retention Equals Profitability

A Forbes article for entrepreneurs stresses that businesses should never underestimate the value of client retention:

  • A mere 5-percent increase in customer retention can expand a company’s profitability by at least 25 percent, often more.
  • A full 80 percent of a company’s future revenue will come from just 20 percent of its existing customers.

The article highlighted that companies often find customer additions exciting but that “ignoring customer attrition could eventually spell their downfall.” High costs associated with customer acquisition mean that the early years of a business relationship are significantly less profitable than later ones, when established trust earns greater sales volumes. The optimal trick is to acquire new clients while keeping current clients happy.

Customer Satisfaction Versus Client Retention

Surprisingly, customer satisfaction does not automatically equal client retention, especially within business-to-business relationships:

  • Repeated studies demonstrate that even though customer satisfaction percentages may rank in the 80s and even 90s, businesses retain less than half of those clients.
  • The key determinant for customer retention was the customers’ position within their business hierarchy. When clients were decision makers, customer retention was much more likely.

Your bankers know those vital people making decisions. Your community bank has a much better chance than a megabank or many other giant businesses of earning customer loyalty and maintaining long-term relationships that will prove profitable for all parties for years – hopefully decades – to come. Continue reading Corporate Gifting for Community Banks