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We are organizing an event for our VIP customers and would like to give them a gift card to encourage participation. Should we offer a percentage off or a dollar discount?
Go for the cash, says Tony Argyle, co-founder of Small Business Marketing Results. “We have tested both with clients and dollars wins hands down,” he says. “A 20% voucher means nothing if you don’t know what you are spending before you go, whereas a $20 voucher has real cash value and is seen to be more of a reward by the customer.” Argyle says you can still cover yourself by attaching a minimum spend to the offer, although given these are your best customers, it’s probably best if you don’t.
My practice (large optical) now has more than a dozen people on staff. I need a new manager but am torn between looking outside for a pro to take us to the next level and hiring from within to show loyalty to the team that brought us this far.
So much depends on what your practice needs right now. An outsider could bring specialized skills, knowledge of industry best practices, and a fresh perspective without existing loyalties or sympathies to any particular “factions” in your practice. The downsides are cost, cultural fit, adjustment time and a lack of appreciation for the nuances of your market. As you hint, there is also a question of values at play regarding the relationship between your practice, its workers, and their development. If you’re the kind of ECP who views staff as “family,” there could be problems if a hard-nosed professional wants to start laying off those who appear to be underperforming. On the other hand, if you have plans for your business to become something more akin to a corporate entity, you may need someone like that. There is also some middle ground. If it’s certain financial expertise you need, hire such a professional and fill the manager role with someone who lives and breathes your culture. List the pros and cons and then go with your gut.
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