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NBIZ %u25a0 DECEMBER 2024 5The months of November, December, and January are filled with gratitude. In November, the U.S. celebrates Thanksgiving in which we recognize the gratitude. Then, comes December a time to celebrate joy. Finally, in January, the New Year begins with resolutions of hope.According to the Oxford online dictionary, gratitude is the %u201cquality of being thankful; readiness to show appreciation for and to return kindness.%u201d I believe many forget those last three words %u201cto return kindness.%u201dThe Cambridge online dictionary defines %u201ckindness%u201d as %u201cthe quality of being generous, helpful and caring about other people, or an act showing this quality.%u201d It seems both words, gratitude, and kindness are demonstrated through one%u2019s behaviors.With the recent emphasis on artificial intelligence or AI as well as technology before the AI explosion, it seems that for small businesses sending an email or a text expressing gratitude has become the action(s)of the season. Yet, the question to be asked is do those technology-supported actions demonstrate the qualities of being generous and caring?For small businesses, there are some CEOs and salespeople who are still %u201cold school.%u201d These individuals may purchase goodies and personally deliver these acts of gratitude and kindness to their clients. For others in B2B or B2C, handwritten Thanksgiving, Christmas, and New Year cards are mailed to express their gratitude for past business. Also, there are those %u201cinfamous%u201d company holiday parties and/or Christmas bonuses that are given to show appreciation for the employees past year of productivity.However, should not gratitude be part of each day of the year and not just for three months? If gratitude is part of each day, then what would that look like for a small business? And probably more important, why invest the time to show gratitude?A 2018 study conducted by Amit Kumar, assistant professor of marketing at the McCombs School of Business with co-author Nicholas Epley from the University of Chicago answers the %u201cWHY%u201d question in a series of studies published by Psychological Science. This study looked at the results of when people sent letters of gratitude. The results were quite revealing to the senders of the letters. First, the attitude that sending a thank you note was no big deal was shattered. President Teddy Roosevelt said, %u201cPeople don%u2019t care how much you know until they know how much you care,%u201d which still rings true today.Secondly, the senders undervalued the responses felt by those who received the notes of gratitude. This undervaluing meant the recipients would feel awkward in receiving notes that complimented them. The truth was just the opposite. In this research report, Kumar wrote, %u201cRecipients are genuinely happy about an expression of grateful feelings.%u201dThirdly, the senders worried about using the %u201cright%u201d words or their competency regarding their writing efforts. However, the receivers looked for %u201cwarmth and positive intent.%u201d What recipients valued was the conveyance of authentic feelings, not the sentence structure. When those who send thank you notes or cards worry about letter writing competency, this becomes an %u201cunwarranted barrier%u201d to communicating our gratitude. Additionally, the researchers discovered that senders more often than not would send appreciation notes to those who the senders believed would respond more positively. Making this judgment is another selfdoubt barrier. Returning to the %u201cWHY%u201d question, why should a small business engage in sending notes of gratitude? Possibly to encourage and maintain customer loyalty would be a valid reason.A study conducted by SmallBizTrends in 2010 revealed that 68% of customers leave vendors because they feel a lack of appreciation or being taken for granted. Developing customer loyalty and retention is essential to grow a business for a variety of economic reasons.In the US, the loss of customers costs an estimated $168 billion per year. Having to acquire new customers from those lost customers costs six times more than retaining current ones (think customer loyalty). As for profits, research by Dimension Data indicated some 84% of companies that work to improve the customer experience did notice an uplift in revenue. BIA Advisory reported that customer retention (customer loyalty) is vital for 61% of small businesses, which stated over half of their revenue In the US, the loss of customers costs an estimated $168 billion per year.