My First Million - 05/05/2020

Reciprocity

The concept of reciprocity is a powerful tool in building business relationships. Shaan Puri highlights how gifting can significantly enhance connections, with 56% of recipients more likely to reciprocate after receiving a gesture of appreciation 1. Sam Parr mentions the book "Influence" by Robert Cialdini, which explains the Rule of Reciprocity, where a small favor can lead to a disproportionately larger return 1.

Execs believe that gifting brings people closer together. Okay. Love it. And then after receiving a gesture of appreciation, individuals feel like sort of the rule of reciprocity. So 56% more likely to reciprocate.

--- Shaan Puri

This principle can be strategically used in business to foster goodwill and encourage mutually beneficial exchanges.

   

Gifting Platforms

Exploring innovative B2B gifting platforms reveals new ways to streamline business processes and enhance relationships. Shaan Puri discusses "Thinks," a platform that allows users to send digital gifts effortlessly, such as wine or chocolates, directly from their phones 2. Another company, Alice, uses AI to tailor gifts based on social profiles, offering recipients the option to donate the gift's value to charity or choose a similar gift 2.

There's a company called Alice and they do artificial intelligence powered B two B gifting. It's really cool. They basically scan your social profile and they figure out what your interests are.

--- Unknown

Integrating these platforms with tools like Salesforce or Slack could further simplify the gifting process, making it a seamless part of business operations 3.