Secrets of The Gifting Industry
Secrets of The Gifting Industry
Why should business owners prioritize work and family life?
I take a lot of pride in my family life. I have young children at home, and I focus on balancing my work with spending time with them. I want to give them the tools they need to become successful adults. I always say we're not just raising amazing children—we're raising children who will become amazing adults.
I spend a lot of time with my kids, teaching them what I believe will help them succeed in life. I use the term "winning in life" a lot. Some people misunderstand it, thinking someone has to lose for someone else to win. That’s not true. Everyone can win in life—it's not a zero-sum game.
One thing I do, and some people joke about it, is help my nine-year-old son with his online business. He sells photography and products locally, and he’s doing really well. We bond over it—we talk about the business, manufacture products in China, and sell at shows. It’s not just about the profit for him. It’s about spending time together. Some dads take their kids fishing; for me, we sell products together, and it’s how we connect.
On weekends, I try to turn off my phone and be fully present with my family for 48 hours. My wife and I have a strong relationship; we go out often and spend time together. I also offer business consulting to friends and family, often for free. I enjoy helping them reach their goals, and in doing so, I learn and grow myself.
You can have a great business but not a great life. Or you can have a great life without a great business. When I turned 40, my wife took me to the beach at sunrise, kind of like a fresh start. It made me think about what might be missing in my life, and I decided to make changes where needed.
It's important to win in life, not just in business. If you're too focused on business success, you're likely missing out on other things. I don’t want to wake up one day and realize my kids are grown and I missed it all. I believe we can be successful without missing those important moments outside of work.
Why is it important to focus on retaining customers rather than solely acquiring new ones?
When I started my business four or five years ago, I noticed an obsession in the market with SEO, Google ads, and constantly trying to get new customers. Everyone was focused on hiring agencies, spending a lot on ads, and figuring out how to bring in new business. But what I noticed was that once businesses got a customer, there was no obsession with keeping them happy. It's like dating—everything’s great until you get married, and then the effort stops.
I thought, why don’t we put just as much effort into the customer experience after they come in? Yes, getting the customer is important, but keeping them satisfied is even more crucial. To me, customer service sounds like something has to go wrong for you to fix it. I wanted to create a great customer experience so people leave saying, “Wow, that was exceptional.”
It’s like when a tip is built into a restaurant bill—there’s no incentive for great service. But when you have to earn the tip, you want to exceed expectations. So, we created a system that focuses on removing friction points to ensure the customer has a smooth and enjoyable experience.
What makes socks a memorable and high-value marketing tool?
Socks make a great gift because they have a high perceived value. Today’s socks aren’t like the cheap ones from the '90s—they’re high-quality. People are buying socks for $15, $25, or even $30. Brands like Happy Socks have changed the way we view socks, turning a $3 item into a $15 or $20 item. When you give someone a nice pair of socks, they don’t see it as a throwaway gift—they’ll keep it and wear it.
Socks are a personal item. They go into the top drawer, which is close to people’s everyday lives—like being on the first page of Google versus the third. For most people, socks can stay in that drawer for four to five years. One time, an insurance company gave out a set of three socks with the message, “We’ve got you covered,” because people tend to lose a sock. That was genius marketing, tying the product to the concept of coverage.
Socks have a high perceived value, and people love wearing them. I’ve seen customers call just to say they love the socks they received. A $10 sock can generate that kind of positive interaction—something you wouldn’t expect from most promotional items. In my business, I give out socks often, and I’ve seen firsthand how well it works.
Another thing that sets us apart is our seven-day turnaround time. I got tired of waiting 30 to 50 days for products, which can ruin the experience. If I send you socks in seven days with a quick tracking number, it keeps the excitement alive. Lastly, I’m passionate about Italian manufacturing. The care, passion, and generations of craftsmanship in Italy stand out, and it’s something I appreciate deeply, especially from my past experience in the necktie business.
Why should business owners focus on their core product?
There was one decision I made that haunts me a bit. I was doing really well selling socks in my retail store and fell into the trap of thinking I could put my product anywhere and it would work. I started opening pop-up shops around Toronto, but from an operational standpoint, I had little control over them because I was so focused on my main store.
As a result, the quality of the customer experience started to drop, which impacted the brand. Customers don’t care if it’s not your main store—if they have a bad experience, it reflects on the whole brand. Our service quality at the pop-ups was poor, and the product displays weren’t great either. Some locations just didn’t work because they lacked foot traffic. What worked in a financial district didn’t work in a suburban mall.
At one point, I was telling people I’d open 100 stores, but I quickly learned that there’s a huge variance in how well each location can perform. One downside to just selling socks is that it takes a lot of volume to make good money. I fell into the trap of feeling invincible because my main store was doing so well, which led to mistakes in other areas.
The lesson I learned is to stay focused. Just because I’m successful with one product doesn’t mean I can expand into blankets, scarves, or other items and have the same success. It’s important to be an expert in one thing—socks—and not get watered down by trying to do everything.
Ultimately, there’s always a chance you could be wrong with any decision—someone told me it’s 50/50. You have to ensure that if you’re wrong, it won’t wipe you out. Mistakes can bleed into your good decisions quickly, so it’s important to be cautious.
*This interview has been edited and condensed for clarity.*
