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:
Putting customers first and instilling AutoZone brand loyalty has always been a motto for the automotive retailer and distributor. During the company’s recent fourth-quarter earnings conference call, AutoZone CEO William Rhodes said,
Employee rewards don’t always make employees happy.
Want to know the number one reason? Because their jobs aren’t their whole life. If their friends, family, and health aren’t intact, chances are no reward or recognition at work is going to turn it around for them. Ensuring that employee rewards are timed correctly to fit an employee’s circumstances is key. According to the latest Employee Happiness Survey from Blackhawk Engagement Solutions, work ranks 8th among the 12 factors that make up employee happiness…not 1st, 2nd, or even 3rd, but 8th…almost the bottom third of employee priorities. So before you reward an employee and think it is going to impact their whole demeanor, make sure you set internal expectations appropriately.
Merchants are constantly trying to figure out how to create customer loyalty. In an age of digital price comparison where Amazon and Walmart usually win the day, businesses are trying to devise lasting strategies to ensure that they develop real customer loyalty and keep consumers coming back again and again.
It's often a conundrum for most employers to create employee loyalty within their company. Figuring out how to motivate employees, keep them happy and prevent them for looking for other employment is a major concern, especially given the diverse interest and priorities between Baby Boomers and Millennials. Where do you start? What would the budget look like, if there even is one? Maybe this will help. Towergate Insurance performed a recent study and created an infographic to try to answer the question,
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