According to SHRM, every time a business replaces a salaried employee, it costs 6 to 9 months’ salary on average. For a manager making $40,000 a year, that's $20,000 to $30,000 in recruiting and training expenses. And according to Automotive News, bad hires cost dealerships billions of dollars a year.
And we’re back with 9 more astounding incentive facts. We got some great feedback from our previous article, Do Incentives Truly Motivate? Here are 10 Researched Facts about Incentives and wanted to come back with some more research backed facts for you guys.
Do we head to the gym in the morning for our inner health or do we do it for our outer beauty? How and where does our motivation come from? For many people and businesses, incentives can be a powerful and effective way to motivate their ideal audience into specific actions and achievements.
In the current marketplace, consumers have endless options and they can get to them with just two clicks on their mobile device. Having the lowest prices, constant advertising and even influencers touting your products and services aren’t enough to win your ideal customer’s business anymore. It takes a personalized, customer-focused approach to build true brand loyalty. That’s why having a top-level customer service experience is crucial for companies hoping to maintain a competitive edge in the upcoming years.
But where do you start when you’re looking to improve your customer experience and retention? We have 5 simple ways to improve customer experiences and retention below.
Great customer experience is a major competitive advantage that drives new sales and helps you retain your customers which can be challenging in the digital era. Audiences are presented with more options than ever with just the click of their phone. It’s important for businesses to address the issues that can cause churn and to understand what motivates customers to stay loyal to ultimately drive more customer retention.
Incentive programs have been around for years because, simply put, they work. The ability to gamify your partners into “above and beyond” performance is not an easy feat and there’s no reason to reinvent the wheel. People are motivated by a lot of things, one of them being money. Money can buy freedom, things, experiences, food, and the list goes on. And while we understand that money motivates, it’s equally important to understand what makes a channel incentive program truly effective with an ROI that wows.
According to Gallup, “brands that successfully engage their customers realize 63 percent lower customer attrition and 55 percent higher share of wallet.” And a prime way to engage customers is by using games that reward them for playing – and shopping -- with you. What exactly is gamification and how can you use it to your and your company’s advantage?
Employee referrals programs are important for many reasons.
These programs give your employees a strong sense of community, inclusion, and they let your staff know their opinion is valued. Finding quality talent quickly and efficiently is top of mind in most, if not all organizations. Referrals can be the driving force behind new, more qualified employee acquisitions.
But, do you really know how valuable employee referrals are to your company? Below are 23 statistics about employee referrals that you can’t afford to ignore!
Referral programs are one of the most effective and commonly talked about ways to generate more business. In a standard referral program, the type that have been around for countless, you reward someone for sending a potential customer your way. However, thanks to the new wave of social sharing and digital tracking, referral programs have evolved and yours should too.
We heard your praise from our original 25 motivating referral, customer loyalty and great business quotes blog and we’re back with 25 more because sometimes you just need a little reminder of why you do what you do everyday!
The grind is tough and we’re here to keep you motivated!
Picture it – It’s Monday morning. Employees are trickling into the office one-by-one. Most look as if they fell out of bed and threw on the first thing they found on the floor. Occasionally, you find that well-dressed, excited and bright-eyed employee who is ready to take on the week. What if you could make carbon copies of this individual? Would you? What if you could mimic that same positive attitude and infect others with this behavior that seems so hard to come by?
Asking for referrals can be awkward. Even if you have an awesome product and amazing customer service; there’s always the fear that you can come off desperate, aggressive or even annoying to a customer.
The good news? Your customers actually want to give you referrals. According to an Advisor Impact study, 83% of satisfied customers say they would be more than willing to refer you and your company to their friends, colleagues and industry peers.