When CVS Health made the bold decision to remove tobacco from store shelves, everyone wondered how the decision would affect overall sales. Well in 2015, CVS Health racked up over $153 billion in total sales and is expected to surpass $181 billion this year. This represents double-digit growth, which is impressive for a company as large as CVS health.
While getting a customer in your store for the first time is important, in order for your success in retail, the focus needs to be placed on repeat business. It is 6-7 times more expensive to acquire a new customer than it is to keep one. Customer loyalty programs work well, but most businesses may be getting it wrong. Here are 3 steps for measuring customer loyalty and rewards ideas. Track Customer Purchasing Habits In order to measure the effectiveness of a loyalty program we need to record the number of new customer vs. the number of repeat customers. This is the very basic first step, tracking who is coming in and what they have purchased. The easiest way to obtain this information is through a connected POS system. A connected POS system automatically sets up customer profiles and tracks their purchases every time they return. This helps provide retailers with an insightful analysis of their customer base. Having linked loyalty cards/spending cards also helps in tracking customer purchases. Calculate Important Metrics Simple metrics can help a retailer know whether or not their loyalty program is impacting their customers. Some important metrics to consider:
Almost everyone accrues points and miles one way or another. Whether it’s a credit card, an airline program, specific retailers, or an app, customer engagement and rewards elevate the relationships customers form with their vendors of choice. Here are three ways points or miles can help take customer engagement and rewards farther:
Cheesecake is a beloved dessert around the world. While many assume the sweet treat originated in New York, it actually dates back 4,000 years to ancient Greece. The popularity of this dessert serves quite well for The Cheesecake Factory. Their dessert-forward menu boasts more than 30 variations of cheesecake in nearly 200 locations across 5 countries. Since its’ establishment in 1978, The Cheesecake Factory has had a certain reputation as a dessert hot spot, but there is a lot about the history, origins, and other quirky secrets about the national restaurant chain you may not know. Here are five of our favorite revelations about The Cheesecake Factory:
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