Thank You – The power of two simple words.
Saying thank you – you’d think it would be a no-brainer, but it seems at times like a lost art. Whether you’re typing or speaking, these simple words and their importance in your professional life are essential in keeping your customers brand loyal.
Your customers need to know you appreciate them. According to Forbes.com attracting new customers costs a company five times more than keeping existing clientele. Retaining existing customers allows you to effectively sell, increase profits and keep your business thriving.
How can you let customers know they are appreciated? A quick and easy first step is including a “thank you for your business” at the bottom of your invoice. According to Due.com including a thank you will increase the percentage of invoices that are paid by more than 5 percent while establishing and strengthening your client relationship. Another effective tool is to send a separate email thanking your clients and/or a handwritten note. Mix it up. Both give a personal feel and show that you sincerely appreciate their business and they mean something to you. Spending a few minutes for a personal phone call or two on a regular basis is still a big deal to many customers. It doesn’t have to be a long conversation but a quick call to say you appreciate them. Simple actions that carry a huge impact.
Don’t forget that sincerity is the key. A Harvard Business School study determined that increasing customer retention rates by 5% can increase profits by 25% to 95%! Making sure to say thank you to your customers is critical and not hard. Take the time to do it sincerely and your business will thank you.