Thank you: Research shows ‘thanking’ customer is key to retention

New research has revealed that businesses who do not offer rewards and incentives to employees and customers could potentially losing out as they are failing to keep up with people’s expectations.

A study of 1,253 UK consumers, carried out by workplace and incentives provider, One4all Rewards, and published in The Magic Word for Business Growth Report, revealed that 67% of consumers believe that they should be thanked more often for their custom.

The vast majority (86%) of those surveyed said that they would be more likely to make a purchase if they were offered a reward or a simple ‘thank you’ in exchange.

While 68% of consumers confessed that they would be inclined to switch provider if a competitor offered an incentive or reward. This highlights how easily consumers can be swayed, resulting in businesses losing out on custom by not offering rewards or incentives.

Incentives offered by supermarkets are the most powerful in converting customers, with 1 in 2 (50%) saying they would be more likely to make a purchase when offered a reward.

“The Magic Word for Business Growth report has highlighted the ever changing rewards culture and expectations of UK consumers,” states Michael Dawson, CEO of One4all. “Consumers in 2019 understand their worth.

“We can see from the research how important it is for UK businesses to say thank you in a bid to retain customers. It’s clear that businesses who do not recognise consumer demand for incentives and the power they have on influencing buying decisions are risking losing out to competitors.”

For more information and to read The Magic Word for Business Growth Report, click here.