We previously discussed how periodic reevaluation of benefits and incentives can help keep employees motivated, while attracting high quality new talent. Keeping just a few things in mind can facilitate a smooth evaluation and change for any rewards program.
It’s a simple question with a complex answer. In the first study of its kind, two Australian researchers conducted a study on the effectiveness of loyalty programs. With 88% of Australia’s population participating in some sort of membership/loyalty program, it is surprising this study hadn’t been conducted well before 2013.
What is a customer referral? A referral occurs when one customer recommends a business to another person, who then becomes a new customer. Studies have shown that personal recommendations are one of the primary driving factors in consumer purchases. This is applicable to small, family owned businesses in rural towns and large corporations in major […]
A solid, loyal customer base. It’s what every business owner wants. Repeat business is the life blood of any industry and entrepreneurs devote countless hours to chasing that demographic. Maintaining a loyal customer base is an ongoing struggle that requires regular attention. Implementing a few key strategies will go a long way toward engendering the […]
Did you know that the concept of customer rewards systems is not entirely new? While it seems like customer rewards programs have increased over the past decade, you will be surprised to learn that as far back as 1896, there was such a thing as a loyalty program. This is long before we had frequent flier clubs […]
It is well established that giving a little something back to your customers does wonders for retention and thus, profits. There are lots of different customer rewards programs available but when you’ve only got a small budget, creating that ‘wow’ factor that you want people to associate with your business can be difficult. If your […]
Customer acquisition is a big thing in business. It is estimated that on average, companies spend over half their budget on the acquisition of new customers; and procurement techniques such as sales, promotions, and advertising are undoubtedly popular.
Customer retention is not only cheaper than acquisition but it’s easier and it’s better for your business in the long run. With strong customer reward programs in place, you can be sure that your customers will be returning to you time and again, which can only possibly have a positive impact on your bottom line.
Coined in 1909 by Harry Selfridge (of London’s Selfridges fame), the phrase “the customer is always right” is a popular one among businesses today. The concept is intended to evoke images of idyllic customer service where the customer is happy and the employee is subservient (but also happy).
Customer rewards programs are proving to be one of the most effective ways of gaining customer loyalty. Most businesses now have rewards programs that feature redeemable points for coupons, products, and services. However, they can be a blessing and a curse and we’ll tell you why.