Category: Industry News

As is the case in many industries — but especially within wealth management services — having a strong client network is integral to the success of your business. Because of the nature of wealth management work, the ideal client tends to be more discerning of the people they work alongside, socialize with and entrust their money to. Simply put, these people want to work with advisors who make them a priority.

With heightened standards in mind, finding ways throughout the year to remind clients of the value you bring can spell the difference between a fast-fizzled engagement and a thriving, long-term partnership. And as for new opportunities? Well, the same can be said for getting your foot in the door with prospective clients, too.

The Benefits of Client Gifting

Sending quality gifts is one of the best ways to strengthen and create connections with valuable contacts. Whether you’re trying to solidify current partnerships or you’re reaching out to new prospects, gifting offers a solution that rewards your effort in a variety of ways. Here are four of the biggest benefits you can expect from sending your partners an unexpected gift this season.

1.  Stay Top of Mind

With “banner blindness” and ad exhaustion seemingly stronger during busy shopping seasons, having a way to subtly remind people of who you are and the services you offer is invaluable. With gifting, you have a great tactic for keeping your name in front of clients and prospects in a way they’ll actually appreciate. After all, no one is hitting the skip button on a fresh box of pralines.

2.  Emphasize Your Client’s Value

Remember, your clients know their own worth. They want to work with someone who recognizes it, too. By sending them quality gifts — no matter the time of the year — you are illustrating how important they are to your business. If you’re willing to put forth this type of effort to recognize them individually, you’re likely working very hard on their financial behalf as well. 

3.  Reward and Encourage Loyalty

There just can’t be enough said of clients who stick by your side. With a market chocked full of competitors, loyalty is harder to come by these days — so you should reward it when you can. Consider creating gifting tiers for your current pool of clients, and send upgraded gifts to those who stay with you longer. This makes long-term partners feel appreciated for their commitment and trust in your expertise.

4.  Expand Your Reach

Don’t limit yourself to just current clients. Gifting can also be leveraged to establish connections with prospects, too. A thoughtful token or shareable box of treats with a warm greeting shows initiative and willingness to go the extra mile — two attributes that raise the stock of any wealth advisor. Plus, if you time your gifts right, they can help trigger an influx of new work just when you need it.

Stand Out This Season

At Cane River Pecan Company, we understand that making a big impression on your most valuable contacts is important. That’s why we make corporate gift fulfillment simple and stress-free. From gift selection to customization and order support, our specialists can help you every step of the way to find the ideal pecan gifts and unique Southern specialties to delight everyone on your list this year.

Updated: 11/10/2023

Corporate gifting is a memorable touchpoint that can lay the foundation for a strong relationship with employees, vendors, prospects, and clients. It’s a way to show your appreciation while also planting a nugget of psychological motivation to establish a lasting connection.

That’s not just hearsay. According to Deloitte, 78% of businesses believe that corporate gifts offer a substantial ROI in terms of brand recognition and relationship building. With that number in mind, imagine what a solid corporate gifting program can do for your company’s bottom line.

While sending gifts might seem simple enough, doing things by the books is a little more complex. Here’s how you can start a successful gifting program at your business.

1. Establish a Budget

Setting a firm budget for gifting is paramount. It’s the very first step in the process because all of your decisions moving forward hinge on the amount of money you can spend. Your budget will ultimately dictate who gets a gift and what kinds of items you can afford. Despite the best of intentions, sending a pricey present to every client, employee or vendor is just not feasible. And while it sometimes pays to shower clients with goods, going over-the-top for every connection can do more damage than good.

A successful gifting program is a little more selective, and your budget will be one of the first determining factors you’ll need to know. Think of corporate gifts as an investment for the future of a business relationship. The last thing you want is for that investment to go into the red.

2. Define Your Gifting List

With your budget in mind, you can start building your recipient list. The goal is to show your appreciation for the people who make your business successful. But of course, every client, employee and vendor’s impact is a little different.

Start by making a list of the individuals who bring the most value to your company. They could be longtime vendors or clients who consistently invest in your product or service. Those are the relationships you want to continue fostering most, and a more distinguished gift will ensure that your company is always on the top of their mind.

After that, you can move onto those who provide things you value. While these recipients might not be your most lucrative or high-producing, they have the potential to get there. Sending them a memorable gift could be the thing that pushes their contributions to your business even further.

After you build your recipient list, it’s good to separate those individuals into different gifting tiers. A hierarchical system will make choosing client gifts more manageable. It helps you find appropriate presents that impress while still keeping your budget in mind. For example, an affluent client whose relationship has a higher lifetime value will go into the highest tier. They could receive a more expensive gift because the value they bring to the company is more. Meanwhile, a lower-tier recipient will still appreciate something that’s both simple and tasteful.

3. Create a Corporate Gifting Program Policy

There’s a good chance that other employees will handle many of the gift-giving duties. To ensure that things go off without a hitch, it’s a good idea to create a company-wide gifting policy. Not only do your policies govern how gifts go out, but it simplifies the process and creates a similar experience for clients and vendors across the board.

The policy should outline your program’s gifting approach. For example, it can cover:

• Who receives a gift
• What gifting tier each recipient belongs to
• How much money employees can spend
• When employees can send gifts
• How presents align with corporate values
• Guidelines for choosing client gifts

The gifting blueprint can also include suitable gifting practices and the steps your employees should take before sending items out. From a legal standpoint, corporate gifting is quite complex. The SEC has strict rules for financial service providers. Laws exist for government officials and medical professionals, too. On top of that, recipients might work under distinct gifting policies that prohibit certain items. Your in-house corporate gifting policies should cover all of those unknowns. Have your employees verify what’s appropriate and what’s not.

4. Choose a Gifting Timeline

For an annual corporate gifting program, your timing makes all the difference. You don’t have to limit yourself to holidays or special occasions. Those gifts are predictable and have a much lighter impact compared to more thoughtful moments.

Consider when a recipient works with you most. Then, send a gift at just the right time. For example, CPAs are utilized most during the spring. So, they can send clients gifts at the beginning of the year to stay fresh on their minds around tax season.

The same principles can apply to seasonal vendors or clients who make a big purchase once or twice a year. By timing your gifts strategically, you can make a substantial positive impression your recipients will remember.

5. Selecting a Gifting Partner

Last but not least, you need to choose the right gifts. The corporate gift industry is valued at $242 billion and expected to reach $306 billion by the year 2024, so the possibilities are endless. While you can pick out individual items, working with a gifting partner is much easier.

Gift vendors offer a variety of gifts to meet all budgets and needs. Plus, they take care of the little details like order preparation, customization and shipping to a large list of recipients. These capabilities may seem trivial, but they go a long way to simplify things on your end.

Find the Perfect Pick at Cane River Pecan Company

Ready to start your company’s gifting program? Cane River Pecan Company offers a wide range of gourmet pecan gifts and Southern delicacies to surprise anyone on your list. Plus, they have a team of corporate gifting specialists who can help you choose client gifts and prepare your order. Check out our website today and start fostering those all-important professional relationships.