Wednesday, September 17, 2008

Incentives in the Current Economy

Hi all! Trace Belcher here. I was watching the news of the stock market stresses yesterday and today and began wondering the following: How can we “incentivize” both our customers and our employees in this economy? Of course, the easy answer (well, easy to say) is to just throw money at them; but is that truly the answer?

For something to truly be an “incentive”, it has to have value to the individual. If you think adding money is the solution, just ask a union auto-worker what they truly value. The answer will most likely be “stability”, or “will my job {or the company} be here tomorrow?”. It doesn’t matter if I make a lot of money today, but get laid off next week.

The same goes for our customers: Loyalty programs are all well and good, but if you have a zillion airline miles, it won’t help you if the planes no longer fly.

Stability, Honesty, Integrity…these are the cornerstones of value (and incentives) to our customers. Be honest when something goes wrong, but have the integrity to fix it. A stable, consistent presence is a comfort to our customers in these uncertain times.

All comments are welcome..


No comments: