The Customer Authority

A recent survey came out on what makes employees happy in the workplace. I can related to these surveys because I’ve conducted my own with my associates when I was a manager at Coca-Cola. I was always somewhat surprised at the varying answers I would receive.

I assumed, for most of my direct reports, the answer would have been money. This was mainly because I knew many of them had been working there a long time, and the job is time-consuming and demanding. Not to mention it was always the hot topic of conversation come review time when they didn’t get as much of an a pay increase as they had hoped (not my doing, but because of the on-going tightening of the budget).

So it was to my surprise that only a couple of people opted for money as what was their driving motivation. Some simply wanted recognition. Others enjoyed helping customers and the feeling of satisfaction that came with it. Still others enjoyed being a leader amongst their peers.

And according to the article, those finding coincide nicely with the typical responses the survey has received over the years.

Until now.

Apparently I’ve finally been proven right. Money has taken over the top spot of what employees want most out of their workplace. Per the writer of the story, he feel the reason is due to fear.

With the global economy the way it is, I don’t feel he’s too far off the mark. Although, in my opinion, if it were fear driving them, I would think that job security would be at the top of the list instead of compensation. And in return, I would assume most would be dissatisfied with how much they make in lieu of so many companies cutting back on bonuses and the like.

As a business owner, it’s important to know what will make your employees happy and do what you can to satisfy those needs. Knowing today that it is most likely money can be tricky. For one thing, if your employee’s mind-set is only on money, and their worry over it, this could potentially transfer into a lack of productivity and motivation.

In the meantime, there is still hope the economy will be turning back around sooner rather than later. During that time, continue to reassure your employees and help ease their fears if you know your business is still stable. Knowing they won’t be the next one in line for the unemployed can do wonders for the psyche.

(read full article here)

I just read an interesting article on CNN.com regarding a growing concern how the unsteady economy may haven an impact on regional banks with big commercial loan portfolio’s. In the article, it talks about how commercial real estate will most likely start having credit problems within the next year and possibly even further into the future, as a result of the poor economy.

If you are a small or even large business with a commercial loan that may be in jeopardy, hopefully you’ve been seeking solutions to your woes. While you may not have money raining down on you right now, your main business is most likely customer-based. If so, there are some things you can consider to help boost your monetary gains and start putting it back into payments for your loan:

• Build up your marketing – This is usually one of the first things to go in a bad economy. Big mistake. No one is going to be buying from you if they don’t know you’re there. Advertising doesn’t have to be expensive. Shop around for the lowest prices for the most/best exposure. If you don’t have the money for advertisement, see if you can barter services or product.
• Get creative – Offer new sales programs, coupons, discount days – anything to get people in your store and willing to spend money. For items that haven’t been moving, offer deep discounts. It’s better to get some money than NO money.
• Customer Service Excellence is Key – (You knew I’d say that, didn’t you). If you haven’t already made improvements to your customer service – shame on you. This should be a major focus in today’s economy. Why? Because people talk. If you’re wondering why people aren’t coming to your store, it’s either because they can’t afford your stuff, they don’t like your products, or your service stinks. It’s almost always one of those 3 things, if not all 3. But if you go above and beyond to satisfy your customers, they will keep coming back. And there’s also that little thing called “Word-of-Mouth”.

These are just a few things to consider that may help you through to the other side. But they are things worth considering.

One thing I found amusing when reading this article – just below this one was a report on how new home sales had made a huge increase for the month of June. So maybe there’s a little bit of hope on the horizon yet.

According to the American Customer Satisfaction Index (ACSI) it is. It’s interesting, because I keep hearing/reading different opinions on this subject and how it’s an indicator of the recession improving.

Some are saying customer service is just a poor as always in some areas, or in fact, is declining as employees become more disgruntled with work conditions. Others say – such as the following article, that businesses have taken heed of the recession and have taken steps to improve their customer service as a result. And this in turn is helping the economy slowly begin to recover.

Perhaps it’s a little bit of both. The stronger and smarter businesses who know where they need to make changes to survive the economy have been making the right choices and taking action. The others who don’t care as much, or maybe don’t know how to make effective changes, are the ones suffering.

I can tell you one thing – the mention of customer service offices moving overseas too save money is definitely not the answer. In fact, I was quite disappointed to read that bit of information. While I understand the need to save money, outsourcing simply leads to a slew of other problems, as I’ve mentioned in one of my previous posts. Any companies using this method as a means to save money will only find themselves losing business because their customers will not be satisfied with their new customer service.

In the meantime, take a look at the article and see what you think. Are we moving out of the recession? Is customer service actually getting better? Let me know what you think!

Customer satisfaction has been on the rise since late last year and some analysts think the upward trend is a… (read article here).

Today I was reading on CNN.com that the stock market took a positive swing upward as there were signs of improvement in the economy, particularly in manufacturing and housing areas.

Good news for everyone if the trend continues. And it seems to follow the predictions that there we would begin to see a slow economic revival as we move closer to the new year.

It’s important to note this for all business because it gives hope that things are beginning to turn around. I’m a big believer in hope. I’m also a big believer in taking advantage of a good situation.

Which means if you haven’t already begun making improvements to your customer service, now is definitely time to start doing it.

When people here good news about the economy, they start to breathe a little easier, feel a little more comfortable. They think that maybe it’s okay to spend a little more if they need something they’ve been keeping an eye on getting.

And it’s customers who are crucial to the survival of our economy in the first place. If you think about it, it’s all really a big Catch-22. People spend money in businesses. Businesses make a profit. Profits boost the economy. A good economy means more jobs, less unemployment. Which means people have more money and want to buy more.

Any negative impact effects it all. Hence our current recession.

So it’s important for people to spend money. And you want them to spend it in YOUR business, on YOUR products don’t you?

Give them a reason to.

Give them great customer service, great prices, great bargains, great quality, and they will choose you first before all others.

Of course it won’t be easy. A little good news doesn’t mean customers will automatically open their already pinched wallets. But you can give them a little more incentive to.

After all, helping your customers not only helps your business out, but the entire economic recovery. It’s simply a matter of time before it will all even out for the better. Why not give it a little extra push now?