The Power of Saying Thank You in Business

As Thanksgiving Day rapidly approaches, we all begin to get an attitude of gratitude. Americans are accustomed to the idea to setting aside time once a year to be thankful for their families and the good fortune they've enjoyed throughout the year. But when did you last set aside time to be thankful in your business life? How often do you thank your customers or your staff?

Taking time to thank your customers and employees for their relationship with you has real power. They are your partners in success and should be treated accordingly.

A study in The Journal of Marketing showed that when a jewelry store called and thanked a group of their customers, they subsequently spent 70 percent more than the group of customers who weren’t called. Thanking customers builds their relationship with you, and increases their loyalty to your business. Given the benefits of taking easy steps to nurture customer loyalty, can you afford not to show your gratitude?

The power of a simple thank you to your employees cannot be underestimated. Appreciation produces higher levels of enthusiasm and satisfaction, resulting in a happier work environment and motivated staff members. Happier workers work harder and this leads to better results. A study by Bersin and Associates suggests that companies that place a premium on thanking their employees outperform other companies by 14% with respect to employee engagement, productivity, and customer service.

Read more: Phoenix Business Journal


Get the CEO Briefing

Sign up today to get weekly access to the latest issues affecting CEOs in every industry

upcoming events