Creative Incentives Increase Customer Retention, Gains

<b>Creative Incentives Increase Customer Retention, Gains</b>“></td>
<p>(<a href=NewsUSA) – In today’s economy, many businesses struggle to stay afloat, much less profit. But when the going gets tough, the tough get creative — businesses are finding new ways to motivate employees, attract new customers and keep their current clients happy.

Believe it or not, sales and discounts hurt businesses more than they help. With so many businesses offering sales, it takes a steep discount to stand out from the crowd. Put items or services on sale too often, and customers will wait for another sale before they buy, meaning that the company will make less money per purchase.

What does drive sales? Well, happy customers. Customers are much more likely to use a company with friendly, capable employees. So instead of devaluing their product, companies need to find ways to improve customer service while drawing in new customers and keeping old ones.

One Wisconsin bank seems to have found a solution — in travel incentives. The Madison Branch of Anchor Bank hired a company called Motivation Advantage to run a travel incentive promotion in all of its 60 locations. Motivation Advantage designed a three-day, two-night package that customers could use for a trip to nearby cities and states, or as far away as Florida or California.

The promotion offered vacation getaway packages when customers chose the branch for a loan. But the bank made sure that its regular customers could also qualify for the travel incentive, either by taking out a new equity loan or refinancing an old one.

Employees also participated. Those who encouraged customers to sign up for loans could earn vacations.

Travel remains a large motivator — everyone wants to get away for a while. Ninety-one percent of Americans take a vacation every year, making travel incentives especially appealing. Savvy companies can use such incentives to boost employee morale, retain valued customers, attract new business and launch new products.

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