What’s a “Thank You” really worth?

Talk is cheap until you say “Thank You.” This university study reminds business owners that sincere appreciation can be worth more than you think — even more than perks and monetary rewards. 

Here’s a reminder about the value of appreciation and sincerity. Many CEDF business owners have very close relationships with customers, and so one would think that the lesson here can be extended to a lot of different kinds of industries, not just restaurants where this story comes from.

Many of us receive opportunities to complete customer surveys. Sure, they are beginning to become so common that many customers ignore them, but if you have ever filled one out you might remember that you probably got back – nothing. No acknowledgment.

Michigan State University researchers ran a study that you can read about here.

They tested what would happen if a restaurant surveyed customers and either sent an auto-response email, or within the week sent a more personable thank you by email from the company president. Here’s the result. The auto-responder was worth nothing. But the personal response —

During the next 12 months, the number of repeat visits increased 50 percent for men and 57 percent for women.”

The researchers claimed to be shocked at the magnitude. And they found it was just as valuable as using a gift card or perk as a reward. Buy why be shocked? Sincerity and appreciation are rare expressions in a busy, busy wired world.

Find ways to be exceptionally grateful to your customers to give your own business a similar boost.

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