That old rhyme keeps going around in my head these days as the media tells me the economy is picking up, but do you feel like you forgot to get on the right bus?
Historically, about 80% of our business comes from 20% of our customers. Have you thought about doing an inventory of your clients (customers) to determine who those 20% are in your world? Not only will that prioritize as to where to give your most attention, but by determining how you got those customers in the first place it will help with the marketing. In marketing we say, do more of what works and stop what doesn’t. Makes sense.
Give them more attention? Yes, follow up on their satisfaction quota, on their now or anticipated needs and on what new products or services you can provide. Twenty percent is 80% – pretty amazing statistics. How does that work in your company?
As the economy starts to heat up, so does the war for talent. Small-business owners will need to work to keep key employees who may be ready to seek other jobs as soon as they see opportunities. If you’re looking to keep women employees happy, one way to do so is to make sure your company is socially responsible.
In a recent study by the Simmons School of Management in Boston and HP, female employees who perceived their companies as socially responsible had higher job satisfaction, reported less intention of quitting, and were more likely to promote their employers to others in social settings.
“Recognizing the impact of [corporate social responsibility] is vital to the long-term success of businesses,” said Shuili Du, lead author of the study, Using Corporate Social Responsibility to Motivate and Retain Female Employees, and a professor at the Simmons School of Management. “The study results reinforce the notion that it’s in the best interest of organizations to understand and harness the power of corporate social responsibility – particularly during recent challenging economic times.”
Asked about their career goals, over 75 percent of respondents said “making a positive impact on society” and “expressing and acting in line with my values” were important. Respondents also said that when social responsibility is a core part of a company’s business strategy, it helps fulfill their personal career needs, including opportunities to develop their professional skills and expertise.
Developing skills and gaining experience are key issues for all employees in today’s economy. If you can offer female employees a chance to do so while also contributing to society, you’re ahead of the game in keeping them satisfied.