Traffic was nutty this morning! 7am traffic is always hectic, but since the downtown c-train service was shut down, I guess EVERYONE decided to drive to work this morning. Great....
The silver lining was that I heard about Servus Credit Union's profit sharing program on the radio (X92.9 of course... what else is there?) Apparently, Servus paid their members $44.3 million in the annual profit sharing program for 2011. It's so much money that I just typed out the word 'million' instinctively, instead of a bunch of zeros. Split among their 390,000 members, that's about $113 each. Not too bad...
This peaked my interest not only because I heard $44.3 million, but also because it made me think of how bought in their customers must be. Profit sharing isn't as popular as it should be. Giving your customers a piece of the pie creates such a loyal customer base that will refer their friends to join, and come to you with all their relative needs. It leverages some of the success on the people, which in turn creates satisfied customers who feel like they are part of something. Then, on top of all that, they get financially rewarded! We have to integrate a profit sharing program into His Man Friday! In order to do so, we would have to have some form of membership to keep track of who our members are. Maybe we could look at compensating them based on the amount they purchased in that year. For example, if Bro Montana purchased $3500 of product from HMF in that year, he would be compensated more than Brian Broseff, who only spent $100. It would operate on a share system. The more you spend, the more profits are shared with you... One issue I see with this is how to communicate it SIMPLY with our customers and potential customers. Often with a program that isn't ridiculously simple, customers get confused and end up misunderstanding it. This results in confusion and turned off customers, who communicate the wrong message about our program to their friends, and so on...
K.I.S.S - Keep It Simple Stupid!!!
That's my rant and Info Bit for today..
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