Boosting the Bottom Line Through Retention

A New York Times article raised an interesting question. Is the GOP losing a generation?
Americans identifying themselves as Democrats outnumber those who say they are Republicans by 10 percentage points, the largest gap in party identification in 24 years.

I wrote shortly after Obama’s election that he had garnered a 66% share of the 18-29 demographic or about 16 million people. Brand loyalty is created as a result of cognitive elaboration (thinking about it) by an individual. Since 16 million young voters assigned a positive attribute to Obama and ultimately the Democratic Party, chances are good the large majority will live a life loyal to the democratic brand. It is a fundamental principle of positioning.

The challenge before us as communication practitioners is not only gaining market share but also retaining those that are loyal to our brand. Higher education needs to retain the students enrolled. Nonprofit must retain core individuals who are active with time or money. Business must retain clients and key employees.

Higher Education
A top down approach to staff and faculty mentoring of students creates a family environment and identifies potential problems before they arise. International or minority students are an extremely high at risk demographic. Faculty and upper classman who reach out to the new students, prior to arrival, are sure to create a bond. It is this sense of inclusiveness that will tie the student to the university well beyond their four years.

Non-Profit
Shifting money from salaries to other priorities sends managers into a never-ending downward spiral of dealing with frequent turnover. An alternative approach is paying more to gain stability, maturity, and the skill sets to sustain long-term initiatives. Retaining those grass roots organizers and donors will be enhanced as the time manager spent on training and retraining staff can now be devoted to personally strengthening key relationships.

Business
Engaging your new clients is very much like higher education. Your account executive should be communicating with the client between projects and not just during the projects. Personal client engagement by senior executives creates an environment of partnership instead of a vendor status.

Employee retention may not be an issue today, however there is a way to thwart key staff turnover when the economy heats up again. Authentic engagement, mentoring and training by senior management today will pay dividends in the future.

None of us can afford to lose a generation of students, customers or employees. How we manage our human relations with stakeholders will ensure that we don’t fall into a chasm of disconnect and disinterested.

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