The world is going digital, but 84 percent of people still prefer an in-person thank you, especially if it's accompanied by a gift, according to a recent survey by TD Bank. The study found that people of all ages think a face-to-face thanks is best, leaving the value of a phone call, email and text in the dust.
Regardless of how gratitude is expressed, consumers across all age groups agree that appreciation should be conveyed by saying thanks directly to the individual recipient (60 percent) and personalized (44 percent).
For brands, the proof is in the giving
More than three out of four consumers like when brands demonstrate their appreciation (77 percent). But today's consumers expect more than a generic email blast or even a written thank-you note. They prefer that brands say thanks in the form of gifts and rewards.
Here's what consumers told TD:
- From millennials to Gen Xers, consumers like freebies (39 percent and 38 percent, respectively).
- Only 25 percent of boomers indicate a preference for freebies.
- Rewards programs are also a great way to say thanks – with roughly one third of respondents reporting that they prefer their thanks in the form of points or miles.
- An old-fashioned thank-you note has gone the way of dial-up. Only seven percent of millennials and 4 percent of Gen Xers like receiving a written thank-you note from a brand, while email moves the needle for only 3 percent and 7 percent, respectively.
"As the Human Bank, we focus on providing legendary customer experiences at every touchpoint, and that includes saying 'thanks,'" said Michael Rhodes, head of Consumer Bank, TD Bank.
Have you thanked your boss today?
Given how much time people spend at work, TD studied how employees express appreciation:
- Only 8 percent of respondents say they thank their boss the most, compared to colleagues (28 percent) and clients (14 percent).
- Millennials have the edge when it comes to client relationship building: 22 percent are more likely to thank their clients, outpacing Gen X (13 percent) and boomers (8 percent).
TD Bank partnered with renowned etiquette expert Lizzie Post, President of The Emily Post Institute, to analyze the results of this study. The Emily Post Institute has been America's go-to source for etiquette advice for nearly 100 years.
"Customers know that they have a choice when it comes to where they spend their money and where they take their business," said Ms. Post. "When a brand demonstrates genuine gratitude and respect, it builds consumer trust. And business success relies on that trust."
Additional highlights are available on the TD Bank Media Room.
TD knows banking and thanking
This summer, TD Bank is saying #TDThanksYou to customers from Maine to Florida by creating "TD Thank Accounts'" to deliver personalized gifts of appreciation. Many of these moments were captured in an inspiring video, which was released today.
"We're very excited about this campaign," said Rhodes. "Through this campaign and TD Thank Accounts, we're letting customers across our footprint know how much we appreciate them."
Survey Methodology
Research company MARU/VCR&C conducted the survey among a nationally representative sample of Americans. The online fieldwork occurred between July 19th and July 25th 2016. In total, 1,009 completes were gathered in the U.S. Data has been weighted by age, gender, and region to reflect the populations. Margin of Error for each sample is +/-3.1%.
About MARU
MARU/VCR&C, formerly the Research & Consulting division of Vision Critical, is a professional services firm dedicated to improving its clients' business outcomes. It delivers its services through teams of sector-specific research consultants that have technology in their DNA, specializing in the use of Insight Community and Voice of Market technology. MARU/VCR&C's research drives decision-making across all aspects of customer experience, including innovation, product, branding, commercialization and communications.
About Lizzie Post
Lizzie Post is the great-great-granddaughter of Emily Post and co-author of Emily Post's Etiquette 18th edition as well as Emily Post's Wedding Etiquette 6th edition and The Etiquette Advantage in Business 3rd edition. Lizzie does speaking engagements across the country sharing advice about entertaining, weddings, dating, dining etiquette, tech-etiquette, finance and lifestyle. She has worked as a spokesperson for companies including Bank of America, American Express, AirBnB, and Genentech. She is a columnist with Women's Running magazine, Good Housekeeping magazine, and Houzz.com. She is the co-host of the Awesome Etiquette podcast on American Public Media's podcast network Infinite Guest. She is a regular guest on American Public Media's The Dinner Party.
About TD Bank, America's Most Convenient Bank®
TD Bank, America's Most Convenient Bank, is one of the 10 largest banks in the U.S., providing more than 8 million customers with a full range of retail, small business and commercial banking products and services at more than 1,200 convenient locations throughout the Northeast, Mid-Atlantic, Metro D.C., the Carolinas and Florida. In addition, TD Bank and its subsidiaries offer customized private banking and wealth management services through TD Wealth®, and vehicle financing and dealer commercial services through TD Auto Finance. TD Bank is headquartered in Cherry Hill, N.J. To learn more, visit www.tdbank.com . Find TD Bank on Facebook at www.facebook.com/TDBank and on Twitter at www.twitter.com/TDBank_US .
TD Bank, America's Most Convenient Bank, is a member of TD Bank Group and a subsidiary of The Toronto-Dominion Bank of Toronto, Canada, a top 10 financial services company in North America. The Toronto-Dominion Bank trades on the New York and Toronto stock exchanges under the ticker symbol "TD". To learn more, visit www.td.com.
For full survey results, please contact Lisa Sawicki lisa.sawicki@td.com
SOURCE TD Bank
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