As a business owner, you might struggle to convince people to patronize you, especially when you’re just starting out. That’s because the relationship between businesses and their clients is often a delicate one that begins with a leap of faith and is maintained by trust and consistency. One way you can secure long-term businesses from new customers is by frequently appreciating them. Let’s take a look at five reasons why it’s essential to thank your customers.
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Gratitude Encourages Customer Loyalty
Image via Flickr by Jen Beever
Thanking your customers will make them feel treasured and encourage them to continue patronizing you. Studies have shown that 80% of your company’s revenue will come from 20% of your customers, clear evidence that repeat customers are great for business. Similarly, Forbes also notes that it is 50% easier to make a sale to an existing customer. So, while you’re out there trying to convert new leads, don’t forget to appreciate the ones you already have.
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Showing Appreciation Creates a Healthy Work Environment
Appreciating your customers on a regular basis will create a culture of gratitude at your business. This can trickle down into the workplace and help your employees understand the importance of showing appreciation to others. The result is increased appreciation among coworkers, which can improve communication, collaboration, and motivation. Overall, this continual show of gratitude will foster a healthy work environment and optimize your business.
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Thank You’s Improve Brand Perception
Everybody patronizes businesses that have a good image, meaning having a good image is great for business. According to Smile.io, 86% of American shoppers will pay more if you offer them a better customer experience. And including frequent notes of appreciation to say “thank you for your business” is a great way to improve the overall customer experience. Once you’ve sealed your reputation as a brand that rewards its customers, you’ll attract even more clients and increase your revenue.
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Appreciation Increases Customer Engagement
Showing appreciation to your customers motivates them to reach out to you. This is an excellent way to engage patrons and discover useful information about their behaviors and interests. Increased engagement offers you more insights into your target market, which will in turn help you make better business decisions.
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Helps Provide Better Customer Solutions
The goal of every business is to solve a unique problem in society. The best way to do that is by understanding your customers’ needs and helping them satisfy those needs. Though to satisfy those needs, you must first build a relationship with them. As you develop deeper bonds with your customers, you begin to better understand their needs and become better positioned to solve their problems.
Develop the habit of thanking your customers regularly. It’s a small gesture that comes with compounding benefits for you, your employees, and your customers. Furthermore, with the promise of retaining customers, attracting new clients, and generating increased profits, the impact of gratitude on your business’ revenue cannot be overstated. Take that small step today and change your business for the better.
