by admin | May 13, 2021 | Hot Topics
As a business, you are constantly managing your sales funnel–from the first point of contact with a prospect to their purchase of your service. But it doesn’t (and shouldn’t) stop there. Perhaps the most important part of your sales funnel is the follow-up post-sale. It’s in this time of follow-up that you build the ongoing relationship that will lead to customer loyalty and, hopefully, customer referrals. Relationship marketing is the key to customer satisfaction and long-term company success.
Relationship Marketing and the Bottom Line
It makes senses that before we dive into strategies for relationship marketing, you understand WHY it’s important. Gaining a new customer in a crowded market is hard. According to Invesp, “The probability of selling to an existing customer is 60-70%, while the probability of selling to a new prospect is 5-20%.” Did you know how expensive it is to get that new sale? It’s 5-25 times more expensive to gain a new customer than to retain an existing one. WOW! And while you are focusing on gaining that new client, you are likely not spending the same amount of time nurturing the relationships you have with your current ones. That lack of attention can affect your bottom line. By just increasing customer retention rates by 5%, you can increase profits by 25-95%! Relationship building and relationship marketing must demand your attention or you’ll see lower profits because of the higher cost of acquiring that hard-to-obtain new customer.
Relationship Marketing Strategies
Cultivating your current relationships can ensure customer loyalty in the long-term. Here are some effective relationship marketing strategies to build strong, lasting connections with your satisfied clients.
- Spend the time and money on building an excellent customer service department. When your client has a service issue, they do not want to get in an endless loop of being passed off to the next computerized voice, supervisor, or department and end the call with their problem unresolved. Instead, you want to make sure that they feel heard, understood, and have had their problem resolved at the first touch-point. One bad customer service interaction can result in the loss of a repeat sale. One good customer service interaction can result in a great review and referral.
- Create a customer loyalty and/or referral rewards program.
Loyalty programs aren’t restricted to a product punch card system. You can create a loyalty program that rewards current customers with a discount on a new service or a reduced service fee for a current offering. The same goes for referral rewards. Encourage referrals from your clients and give gift cards or send a thank you gift when they respond. Lack of customer loyalty affects your bottom line. CallMiner’s Churn Index 2020 states, “US companies lose $136.8 billion per year due to avoidable consumer switching.” It’s worth the time to build into these relationships so that they result in long-term customers who don’t even think about leaving you.
- Ask for feedback and ask for it regularly.
Communication is a two-way street. You can spend countless hours sending emails and posting to social media accounts about all the things your company does, but if you never ask your clients what they think about you, you’ll stay stagnant and never grow to be better. Open up the lines of communication in your client relationships. Don’t be afraid to hear where you are lacking—it’s a chance to fix a problem and make a customer feel heard. When you get positive feedback, publish it. It’s one thing to hear about why a company thinks they are the best, it’s another thing to hear why their client thinks they are.
Relationship marketing is instrumental in creating a growing, thriving business. It builds customer satisfaction, retention, and elicits ideas for improvement while also producing opportunities for you to shout the praises from long-term customers. Take the time to cultivate these relationships and you’ll see your business is better for it.
by admin | May 4, 2021 | Benefit Management, Human Resources
The overall well-being of an employee has never been more of a priority for employers as it is right now. From health care to vision care to mental health care, the entirety of the employee’s health is important to the health of the organization.
Importance of Mental Health Benefits
Mental health and the cost of not treating its issues has far-reaching effects from the individual to the global world.
- If left untreated, an employee’s poor mental health could lead to work related accidents, absenteeism, poor workplace productivity, and even workplace violence.
- Mental health costs make up about 8% of the US’s total healthcare spending.
- The National Institute on Mental Health estimates that major mental illness costs the US at least $193 billion per year in lost earnings.
- Globally, depression and anxiety issues cost about $1 trillion a year.
Types of Mental Health Benefits
Mental health benefits can look different for each organization. Universally, businesses offer some sort of Employee Assistance Program (EAP) to its members. EAPs include services that are typically delivered online or by telephone. Services may include alcohol and substance abuse counseling, legal aid, and health and wellness counseling. These services are offered to the employee free of charge and are done anonymously.
As an extension of basic health care benefits, mental health benefits can also include one-on-one counseling with a licensed counselor for a certain number of sessions. Mental health benefits may also incorporate wellness programs like relaxation and meditation classes, sleep techniques, and stress management lessons. Check your health insurance benefits package details as you may find mental health insurance coverage included under the behavioral health section.
During open enrollment, when employers present the employees with the upcoming year’s health insurance plans, the employee should also ask about mental healthcare options. Just as you assess the different healthcare plans and what fits best for you and your family, you can also assess the costs and coverage of mental health plans. Also, find out if your company offers a Flexible Spending Account as you can use that pre-tax money to pay for out-of-pocket mental health service costs.
Now, more than ever, people are more aware of the benefits to good mental health and how it affects their overall health and work performance. Utilize the company sponsored EAP offerings and investigate the details of your health insurance plan to find out what mental health services are covered. Your overall health and well-being are important and so are you!
by admin | Apr 27, 2021 | Human Resources
Remote Onboarding Success Plan
Remote workplaces have become very commonplace in our world today. In fact, a PwC survey of 669 CEOs, 78% agree that remote work is here for the long-term. As a result, remote onboarding has become part of the normal Human Resources operation in companies. Let’s dive into what remote onboarding looks like and some benefits and challenges of this new way of welcoming employees to the team.
What is onboarding?
Onboarding is the process of welcoming new employees to the company and introducing them to the company culture of their new employer. Onboarding is different from training in that training focuses on the policies and procedures of the job while onboarding is more focused on integrating the new hire to the team and helping them develop relationships within the workplace. Remote onboarding has the same focus but everything is done online through Zoom or other virtual meeting platforms. Onboarding is also not a one-time event. It’s a process that takes multiple days and an ongoing commitment to truly acclimate the new employee to the department.
Challenges of remote onboarding
Connecting virtually with others can have its challenges. Coordinating the entire team’s schedule to welcome new hires as they arrive on the team can be hard. This same challenge happens as the team attempts to continue to build camaraderie with some in-person team members and other remote team members. As many of us have come to understand, working remotely can be very isolating. Throw in joining a new team, and your new hire can feel extremely unengaged. Another challenge is technology set up in a remote environment. When onboarding in person, the IT department can physically be there to issue company technology. Remote onboarding relies on the new employee setting up their own technology or walking through set-up with an IT representative online.
Tips for remote onboarding success
Despite the challenges, remote onboarding can be a successful experience. Here are some tips to overcome some of these obstacles and make your new hire feel engaged and part of the team by the end of their remote onboarding process.
- Set up a kick-off video call with your entire team to welcome the new member. By having a video call, you make it easier for names and faces to connect. Video welcome calls also allow the new hire to see the enthusiasm in the faces of their new team and begin to build an emotional connection.
- Provide an organizational chart so that the remote employee understands the reporting lines in the company. Additionally, consider including pictures of those included on the chart so they can put faces to names. Another great way to go to the next level to connect with the new hire would be to pre-record quick welcome videos by the high-level execs and send them via email.
- Introduce the new employee to the company via email or social media. Do a simple “Getting to Know You” interview with them so you can share some interesting facts about this new team member.
- Regularly check-in via quick chat messages or video call with your remote new hire to find out if they have any questions or concerns in their first week(s). By having scheduled times where you connect with your new employee, they will have less of a chance to feel alone and will begin to learn your management style.
According to ServiceNow, “enthusiasm for a job peaks at the start of the job and wanes by 22% shortly thereafter.” Now is the time to capture your new hire’s enthusiasm and encourage its growth. While remote onboarding can be a challenge, it is possible to overcome the obstacles it presents with some careful planning and dedication to its success.
by admin | Apr 22, 2021 | Human Resources, Workplace
Think for a minute about all you have done today. Now, from that list of tasks, how many would you say you have done well? Again, from the list of tasks you feel you’ve done a good job on, how many were you praised for by your manager or even a co-worker? We all crave approval and praise from others in our life. The workplace is no exception. Praise motivates us to do well and to improve. Praise is necessary and praise is powerful. Follow these easy steps to build an effective habit of praise in your organization.
The WHY of Praise
Before we can get into the HOW of praise, let’s touch on the WHY. According to Gallup.com, “Recognition for good work releases dopamine in the brain, which creates feelings of pride and pleasure.” People want to feel like others see them and appreciate them. The praise-giver also receives benefits from this exchange. By giving praise, you get the same sense of satisfaction as you get when making a charitable gift or helping others. An environment of praise-giving is one where individuals work, not just to complete a task and be done, but they work to do a good job and to please their manager with hard work that is done well. Also, in terms of employee engagement, a manager who regularly praises their team, is one who is
The HOW of Praise
Giving praise is easy and, if you follow these simple tips, it is also an effective tool to motivate and encourage those in your workplace.
Make it QUICK
When you notice something that should be recognized with praise, do it immediately. The more time that passes between the event and the recognition, the less powerful the praise becomes. Make it a habit that when you see good work or good behavior, you stop what you are doing and give praise.
Make it SPECIFIC
Now that you have recognized the behavior or project that deserves praise, you’ll want to make the praise specific. Offering a vague compliment like, “You did good” doesn’t truly speak to the specific action that is praise-worthy. Instead, make your words of affirmation ones that point to a specific instance like, “The logo you created for the Milestone marketing project was clean and really inventive.”
Make it GENUINE
You may be tempted to adopt this new praise policy and start doling out compliments left and right like a praise shotgun, but, don’t. Disingenuous praise is almost as bad, if not worse, than no praise at all. You can tell if someone is making a forced comment or one that has no thought behind it. Instead, make sure the praise is given with a genuine heart and tone.
Create a CULTURE of praise
As you fine tune the act of giving praise in your workplace, your final task is to create a culture of praise-giving. When you build this culture, and everyone is actively involved in recognizing their peers, you will find the morale and engagement in your office is lifted higher. Increased morale and engagement also increase productivity, lowers absenteeism, and lowers turnover.
Praise is incredibly powerful. Praise has the power to motivate, encourage, and build. By following the simple tips outlined here, you can unleash the power of praise in your organization and in your life and reap the benefits to both the giver and receiver.
by admin | Apr 21, 2021 | COVID-19, Health & Wellness
COVID-19 vaccines are effective at protecting you from getting sick. Based on what we know about COVID-19 vaccines, people who have been fully vaccinated can start to do some things that they had stopped doing because of the pandemic.
We’re still learning how vaccines will affect the spread of COVID-19. After you’ve been fully vaccinated against COVID-19, you should keep taking precautions—like wearing a mask, staying 6 feet apart from others, and avoiding crowds and poorly ventilated spaces—in public places until we know more.
These recommendations can help you make decisions about daily activities after you are fully vaccinated. They are not intended for healthcare settings.
What You Can Start to Do
If you’ve been fully vaccinated:
- You can gather indoors with fully vaccinated people without wearing a mask or staying 6 feet apart.
- You can gather indoors with unvaccinated people of any age from one other household (for example, visiting with relatives who all live together) without masks or staying 6 feet apart, unless any of those people or anyone they live with has an increased risk for severe illness from COVID-19.
- If you travel in the United States, you do not need to get tested before or after travel or self-quarantine after travel.
- You need to pay close attention to the situation at your international destination before traveling outside the United States.
- You do NOT need to get tested before leaving the United States unless your destination requires it.
- You still need to show a negative test result or documentation of recovery from COVID-19 before boarding a flight to the United States.
- You should still get tested 3-5 days after international travel.
- You do NOT need to self-quarantine after arriving in the United States.
- If you’ve been around someone who has COVID-19, you do not need to stay away from others or get tested unless you have symptoms.
- However, if you live in a group setting (like a correctional or detention facility or group home) and are around someone who has COVID-19, you should still stay away from others for 14 days and get tested, even if you don’t have symptoms.
What You Should Keep Doing
For now, if you’ve been fully vaccinated:
- You should still take steps to protect yourself and others in many situations, like wearing a mask, staying at least 6 feet apart from others, and avoiding crowds and poorly ventilated spaces. Take these precautions whenever you are:
- You should still avoid medium or large-sized gatherings.
- If you travel, you should still take steps to protect yourself and others. You will still be required to wear a mask on planes, buses, trains, and other forms of public transportation traveling into, within, or out of the United States, and in U.S. transportation hubs such as airports and stations. Fully vaccinated international travelers arriving in the United States are still required to get tested within 3 days of their flight (or show documentation of recovery from COVID-19 in the past 3 months) and should still get tested 3-5 days after their trip.
- You should still watch out for symptoms of COVID-19, especially if you’ve been around someone who is sick. If you have symptoms of COVID-19, you should get tested and stay home and away from others.
- You will still need to follow guidance at your workplace.
What We Know and What We’re Still Learning
- We know that COVID-19 vaccines are effective at preventing COVID-19 disease, especially severe illness and death.
- We’re still learning how effective the vaccines are against variants of the virus that causes COVID-19. Early data show the vaccines may work against some variants but could be less effective against others.
- We know that other prevention steps help stop the spread of COVID-19, and that these steps are still important, even as vaccines are being distributed.
- We’re still learning how well COVID-19 vaccines keep people from spreading the disease.
- Early data show that the vaccines may help keep people from spreading COVID-19, but we are learning more as more people get vaccinated.
- We’re still learning how long COVID-19 vaccines can protect people.
- As we know more, CDC will continue to update our recommendations for both vaccinated and unvaccinated people.
