Loyalty and Retention Closely Intertwined
Customer loyalty and retention go hand in hand. When you are loyal to your customers they will be loyal right back. Industry research shows that retailers are better suited to invest in retaining their customer base than spending to generate new customers. Existing customers drive a higher share of revenue, have higher conversion rates, and continue to stay loyal to your brand during tough economic times.
Speedway Acquisition of Hess Ahead of Schedule
It’s been a little over a year since the Speedway acquisition of Hess Retail Network, and executives are excited that the conversion to the Speedway brand is “significantly ahead of schedule”. Nearly 1,000 of the 1,245 Hess locations have been rebranded to Speedway and 240 have been remodeled or are in the process of being remodeled.
4 Reasons to Add Technology to Your Rewards Program
Technology is part of all of our lives and, if you haven't already, it may be the right time to add technology to your rewards program. Technology can help integrate rewards into existing HR systems, integrate your rewards program into your employees’ consumer behaviors, and eliminate some of the cost of the program. Here are HR.BLR.com’s“ 4 C’s” for integrating technology into employee rewards.
Value-Based Employee Rewards
The latest innovation in employee rewards is linking the rewards with company values to create “Value-Based Employee Rewards.” The key to this new reward theory is to create a mutually beneficial rewards system. When value-based rewards are implemented, employees need to embody company values, which is the initial goal of the HR program in the first place. The company wins by having employees on message, employees win by receiving spot rewards like gift cards, or even an extra few hours off. Here are three tips to implement value-based rewards at your office:
Non-Cash Rewards are Key to Long-Term Sales
Imagine offering merchandise or a gift card instead of a standard $10 off incentive to drive sales. Changing your discount structure in such a way may seem crazy but new research from Ifeelgoods may have you thinking differently. The research revealed that, if given a cash-based offer or a non-cash reward, consumers carried more brand equity and purchase intent than when retailers put more cash back in consumers’ pockets. The study revealed that non-cash incentives had diverse positive correlations with consumers including:
