Saying thanks is something most of us take for granted because it’s so simple to do. Or is it? Data from recent engagements indicates that …
- just because it is simple doesn’t mean it is done (or done well)
- not doing it can mean a big loss in short- and long-term revenue
PERCENTAGE OF CUSTOMERS WHO WILL RETURN
Customers stating their business was appreciated
Customers stating their business was not appreciated
Whilst correlation is not causation, we have seen plenty of data showing the relationship between customer retention and customers feeling appreciated. And a poor showing of appreciation has been related to a transaction-focused business – just getting customers in and out – rather than a business focusing on providing the ingredients of a relationship.
The ingredients for Relationship Commerce are not mysterious or difficult. Speaking to customers about what they expect in terms of appreciation from a business indicates specific actions:
- sincerity – is personalized, letting customers know you know them
- warmth – kindness in the words, the tone, with genuine sincerity
- follow-up – reinforcing the appreciation provided in-person with a brief message or call from the business
Business operators will all tell you they want to build and nurture relationships with customers. Watching how a business’s people show their appreciation to customers provides a strong understanding of the depth of that businesses’ customer focus—and perhaps even long-term profitability.
Thank you for reading!