Big Ideas

Give Thanks

As the saying goes, it's the thought that counts. And the fact that your customers think through their options before choosing you as their business partner definitely warrants a thank-you.

Both on and off the job, genuine expressions of gratitude help to sustain relationships. As a business person, the more relationships you sustain, the more customers you retain, making a thank-you gesture all the more important.

A leading insurance company recently put this notion to the test. They issued a letter of thanks to their customers. It was accompanied by a survey that solicited feedback on satisfaction, renewal intention and more. The questionnaire process was automated and responses were entered into a customer database.

With no incentive, more than 20% of customers responded. (They all received thank-you notes, of course!) More than 20% of these respondents highlighted cross-sell opportunities that were automatically fed back to the sales force for further action. Customer retention increased by 5% -- and it all began with a simple thank-you.

This week set aside an hour or so to thank a few customers of your own. Next week, do the same. You get the idea. The sense of satisfaction you'll achieve through such genuine interaction will likely be reward enough. If it isn't, you can be sure the increase in customer retention will be.

If you have any questions regarding the above or if you need a hand putting this humble notion in motion, feel free to contact us. We're here to help!

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