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.
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.
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.
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:
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