What is a Loyalty Program? Loyalty programs are marketing efforts that reward, and therefore encourage, loyal buying behavior – behavior which is potentially beneficial to the firm. Loyalty programs benefit the economy because they encourage spending, therefore increasing the cash-flow, and in-turn raises revenues for businesses while providing consumers with discounts and other incentives. Starting a loyalty program has proven to raise profits. In a report released by the National Restaurant Association, 77% of the responding members said loyalty programs helped drive business to their restaurants. In addition to driving business, 90% of the respondents said loyalty programs create a competitive advantage for their brand. Loyalty programs also provide businesses with…

Acquire and Use Customer Feedback in a Customer Centric Market In today’s age of customer-centricity, the number one factor that retail stores compete for is the loyalty of their customers. With a shift in power moving towards the consumers’ choice, retail stores must adapt to customers, and tailor their services as much as possible. If a business cannot provide its customers with a positive experience, it can lose out to the competitors who do. This article will focus on using customer feedback and growing your business with every happy customer you’ve served. Having the basic knowledge and understanding of how your customers feel about your store and what you have to…