Thanksgiving: The thank you effect on small business

Why thank you in business is importantWhen is the last time you said the words, “thank you?”  Next to “I’m sorry”, these words are considered two of the most important and powerful words in business.

The Power of Thank You with Sales.

A national consumer survey by Hallmark Business Expressions showed a total of 66 percent of consumers surveyed indicated that a greeting card sent to show appreciation for a purchase or referral makes them more likely to do future business with a company.  On the business side of things, of the businesses surveyed, only 41 percent stated they send any kind of thank you to customers.  With statistics like these, implementing a thank-you policy in your small business will easily move you in front of the competition.

How much does a new customer cost your business?  Thank you is actually even more valuable, when you consider the cost of client acquisition.   Businesses spend precious time and money developing integrated marketing strategies, sales incentives, and inbound lead generation tactics to acquire customers, only to lose them because of poor follow up.  Don’t fall into that trap.  When creating your marketing plan, add a section that focuses on following up with those who engage with your business.

The Power of Thank You with Employee Appreciation.

Research conducted by Capita Employee Benefits reported “Thank you” as the second most valued benefit after a pay raise.  The online career community Glassdoor just released findings from a survey of over 2,000 workers. The results of the survey found that 53 percent of employees would stay at their company longer if they felt more appreciated by their boss. More important, 81 percent said they are motivated to work harder when their boss shows appreciation for their work.

An unhappy employee can slowly sabotage a business.  I think it’s similar to a virus that causes turmoil on the inside and ultimately disastrous effects on the outside.  For help with identifying employee issues, and appreciation ideas, visit a fellow cafe member at MJ Management Solutions.  Owner and HR Expert Margaret Jacoby offers valuable tools and resources.

So now that we’ve covered the power behind these two little words, I’d like to express my sincere gratitude for your time.  Thank you for stopping by the myMarketing Cafe, and for giving us your time.  We appreciate you!