Florida Business Insurance: The "Wow" Factor in Retail

Florida Business Insurance: The “Wow” Factor in Retail

A recent blog post in the Harvard Business Review talked about the benefit of the “frugal wow.” This is the “X” factor, an extra detail that doesn’t cost much, but gives a retail or restaurant establishment a bit of oomph to grab the customer’s attention, and keep them coming back for more.

It is in the little details. One family frequents a Chik-fil-A weekly because of a kindly man who always gives their son a ride around the restaurant with his mop. Nordstrom is encouraged to develop relationships with their customers, often times sending them thank you notes and birthday cards. When consumers return to shop again, they usually ask for that particular salesperson by name.

This is the definition of a “frugal wow-” an instance of extreme kindness and customer service that doesn’t cost all that much. Various voices, experts, and executives will have a variety of different phrases for it. Core values, customer service goals- or much more simply, the Golden Rule theory- HBR author Fred Reichheld elaborates on the concrete value of implementing the Golden Rule in the service industry.

“We all want to be treated with honor and respect in ways, large and small, that enrich our lives. Such experiences not only make us happy, we want to share them with people we care about. When customers feel so well treated that they enthusiastically recommend a company to friends. Most positive interactions can create instantaneous brand ambassadors for your Florida business. When treated so badly they recommend avoiding the company, they are detractors. Both have direct and measurable economic consequences.”

Especially in today’s economy, this Golden Rule mentality can benefit a company tenfold. The Chik-fil-A story was found in at least three separate articles. Not only do happy consumers promote through word of mouth, they take to social media too. Blogs, Facebook, Twitter, Yelp, online reviews on the website; a company reaps the reward of that one “frugal wow” long after it is implemented.

You work hard to provide the best experience for your employees. At Newman Crane, we have Florida Business insurance plans to protect your retail operation from a number of potential losses, including liability and property damage (fire, storm damage, vandalism or roof leaks, for example). Contact us today for more information. 

Florida Business Insurance

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