Recognition Programs + Banking Industry = New Business

August 2010

According to “PPB” and the Forum for People Performance Management and Measurement, the banking industry is using recognition programs to provide better customer service. This trend is strengthening these financial organizations. Other service industries such as healthcare, travel/tourism, and retail can benefit from these same types of programs, too. Using recognition strategies, these industries can improve customer satisfaction and make more money. They need your help to do it! This is your chance to help your clients replicate the success of the financial industry within their own organizations and build your business at the same time.

Financial Industry + Recognition
Below is a quick synopsis of how recognition is affecting the financial industry:

Since customers come to banks for a variety of reasons employees need to be flexible and responsive. Creating and keeping a positive working relationship with a customer is the key to providing good service. And the foundation for this great service comes from the relationship that the employee has with his or her manager (PPB, 2010).

Managers are rewarding employees for providing stellar customer service and seeing results! The managers that strive to be fair, consistent and timely are making recognition work to their advantage (Forum for People Performance Management and Measurement, 2009).

Contact Your Current Clients in the Financial Industry
The evolution of recognition programs within the financial industry is a strong business opportunity for you. First, analyze your current client list. Find those who specialize in selling financial products. Contact these organizations to begin learning about their recognition programs. Find out what types of recognition gifts are purchased for the employees, then design a product offering to compliment the existing products.

Design a Recognition Program with Clients in Service-Oriented Fields
Or start from scratch. Contact an existing customer in a service-oriented field and set up a recognition program designed to increase customer satisfaction levels. Both of these tactics will help you expand your existing book of business.

Create New Business
Creating new business opportunities takes time and intelligence. Use the tactics that are working for one industry, or organization, to create a business opportunity for you in a different organization. Do it sincerely, and do it well, to expand your bottom-line.

Sources:

(2010, June) Study Says Recognition Programs Can Help Banking Industry. PPB. Retrieved August 10, 2010 from http://ppbmag.com/Article.aspx?id=5591

Forum for People Performance Management and Measurement, (2009). Bank on it: Employee recognition, rewards can reap benefits for financial services industry. Retrieved August 10, 2010 from http://performanceforum.org/Bank-on-it-Employee-Recognition-Rewards-can-Reap-Benefits.112.0.html