Why Gratitude Makes Good Business Sense
Expressing your gratitude is one of the easiest and most meaningful ways to strengthen connections with both employees and customers.
Thanksgiving offers companies the perfect occasion to leverage the proven benefits of sharing gratitude both within and outside of the workplace.
For employees, showing appreciation leads to:
More engagement: Employees who feel valued are more likely to feel engaged. Research shows that regular acts of appreciation can increase employees’ confidence in the company vision and leadership by 76%.
Better customer experiences: Happier, engaged employees provide customers with better experiences. A recent Gallup poll found that only 36% of employees in the United States are engaged. Lack of engagement often leads to negative customer experiences over time.
Less turnover: Today’s workforce wants to feel appreciated and valued for what they do. A recent Deloitte study of more than 16,000 professionals linked recognition with higher levels of engagement and lower rates of turnover.
Higher productivity: Expressing gratitude and recognizing employee contributions enhance employee well-being. Recent experimental evidence suggests that a meaningful increase in well-being increases productivity by about 10%.
Increased profitability: There is a large, positive correlation between employee well-being and firm-level performance measures across all types of industries. Higher productivity drives overall profitability. Publicly traded companies with a happy workforce also perform better on the stock market.
For customers, showing appreciation:
Boosts the bottom line. Research shows that acquiring a new customer can be five times more expensive than retaining an existing customer. So, while it is important to expand your customer base, it pays to invest in keeping customers around. In addition, one survey demonstrated that repeat customers spend 67% more than new customers.
Differentiates your brand: The more valuable clients feel, the more connected they are to your business. In a recent survey, 91% of respondents said they were more likely to do business with companies that appreciate their customers. But just 62% said that most businesses they’ve dealt with had done a good job showing customer appreciation.
Builds your brand’s reputation: When customers feel valued, they are more likely to endorse your brand through glowing reviews and positive social media messages. About 60% of customers recommend their favorite brands to family and friends.
Giving Thanks: A Winning Business Strategy
Even though gratitude and Thanksgiving go together like mashed potatoes and gravy, many companies overlook this occasion to show appreciation. This season offers plentiful opportunities for businesses to strengthen their relationships with those who matter most to their business: their employees and their customers.
According to new research from the University of Southern California, about a third of U.S. small businesses surveyed reported sending greeting cards during the winter holiday season from 2018 to 2020. Yet only 16% sent cards before Thanksgiving. By sharing appreciation with employees and customers during this time frame, companies stand out.
In addition, many people don’t expect greeting cards during November. Research shows that delivering the unexpected increases recipients’ surprise and delight.
Only 16% of businesses send greeting cards before Thanksgiving.
Celebrate Those Who Matter Most
The business case for showing gratitude is clear: It pays to recognize employees and share your appreciation with customers. To make your business stand out this Thanksgiving season, consider a Hallmark card. Discover the array of distinctive, affordable Thanksgiving cards at HallmarkBusiness.com.
Short on time? Hallmark makes strengthening your business relationships fast and easy. We provide everything from examples of what to write in an employee recognition card to tips on creating personal relationships with customers.
Serve Up Your Gratitude Easily with Hallmark
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