I sincerely appreciate your interest in this fascinating topic. Here is what I learned about saying ‘Thank You’ and how it can impact business…
Saying ‘Thank you’ is more than just good manners.
We first have to separate the interpretation versus the meaning. The meaning of the words ‘thank you’ are defined as a polite way to acknowledge your appreciation(source). The interpretation and impact of the words ‘thank you’ depend on the situation. As an example, a thank you at the end of the year from a business, or employer, is interpreted differently if the customer, or employee, has received previous thank you’s throughout the year. Let’s look at the impact of thank you on:
EMPLOYEES
- To understand the business impact of this we can consider a survey done for Glassdoor (source) by Harris Interactive showed 53% of of 2,044 employees surveyed would be less likely to leave there company if their employer showed more appreciation.
- The biggest indicator of success for many small businesses is productivity. Does saying thank you improve productivity? An amazing 81% of the surveyed employees said they worked harder for their employer when they felt appreciated at work.
CUSTOMERS
- If we look at the impact of thank you on customers then you need look no further than the industry sources that point to customer satisfaction, “68% of business lose a customer because they feel the company is indifferent about them” (source). It also sheds more light on the fact that less than 10% of customer will leave a business because of what competitors are doing.
- Retaining customers and profitability do not always lineup. So businesses need to strive to find ways in their model where they can retain customers and drive profitability. It is no surprise, based on what we have already learned, that saying ‘Thank You’ will increase customer retention and profitability. Harris Interactive surveys show customers being appreciated leads to 9 out of 10 Americans spending more for a better experience(source).
There are an almost uncountable number of stories available online that do a great job of demonstrating how thanks and appreciation in a business can improve the business, the environment, and the customer experience. It was hard to choose just one to exemplify what regular thank you’s look like in business, but while reading an article from Vanderbilt I came across a story from Stew Jr. A CEO for a small regional grocer in New England. I believe that this is a great example of saying Thank You in a way that drives performance and experience for everyone involved in Stew’s own words:
“Last night a customer called me at 9 p.m.. She has a kid who needed to go to school dressed as a chef the next day. The outfit they had ordered didn’t arrive. I was in New York City at the time, but I told her that I would call the store and arrange for her to pick up an outfit. Well, I forgot to call the store. She came over to the store, though, and asked for the outfit at 10 p.m.. Everybody at the store got it together, got her the outfit, and even put a meat thermometer in her sleeve. I didn’t even know it had happened. I called her this morning to apologize, and she said, ‘No problem! John was fantastic last night.”
Amy Lymen, Co-founder of Great Places to Work, described the way Stew told her this story and it again, perfectly demonstrates, the importance of interpretation:
As Stew told this story, he enthused about the performance of his staff, was humbled by their initiative and willingness to pitch in and get things done, and felt very honored to have had a part in creating the workplace culture in which this simple act could happen. Some leaders wouldn’t tell this kind of a story—one in which they were asked to help, yet it was others who actually followed through. Some might fear it would show them in a poor light. Yet for Stew, this story exemplified the kind of leadership he wants to see at Stew Leonard’s: everyone is able to pitch in, and praise for a good act goes to the people who actually provided the service.
By bringing this full circle we can say that saying thank you is important. We can even all agree that it takes less than a second to say the words, less than 10 seconds to write them, and less than 30 to email them. So why don’t we do it more?
This is where I believe we can create value with automation that generates cooperation and appreciation. We can all agree as business owners we appreciate people many more times than we tell them. The fact that this lack of communication disappoints both customers and employees, damages business relations, and leads to financial loss are unnecessary today.
Systems like Bizzflo are the answer for these issues and the reason they are so important for entrepreneurs and small businesses alike. You can create automated messages of appreciation that go out when someone does something you do appreciate. Setting up these personalized messages to individuals is easy and intuitive. Let the facts speak for themselves. Take the opportunity to grow your customers, retain your customers, and thrill your team by trying it out today.