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Market research has been a valued strategy for decades. Traditionally, marketers have employed focus groups, product testing, interviews and telemarketing surveys to get that all-important customer and prospect input. Companies that invest in employee incentive and recognition strategies can also benefit from market research.  For incentive and recognition programs, input from representatives of the target group is critical to ensure that the process is effective and the rewards will be motivating to the audience.

What’s in a Brand?

Just about everything we consume has a brand name on it, from our favorite breakfast cereal to the car we drive to the cellular service provider we choose and everything in between. A brand name tells us exactly what to expect when we buy that product or service or interact with that company. That’s why it’s SO important that we are true to our brand in every touch point with our customers, and also with our employees. Why would our reward & recognition programs be any different?

An effective customer loyalty program targets a specific audience, offers meaningful rewards, and provides a seamless and engaging experience for participants. Studies prove that it is 6-7 times more cost effective to retain existing customers than to acquire a new customer, yet 85% of consumers who are enrolled in a loyalty program haven’t heard a single word since they signed up according to ACI Worldwide.

Successful companies recognize their most valuable assets as the people behind their success. In conceivably every business, there are people that deserve to be recognized for their contribution and loyalty. The relationship between an employee and their job within a company is as significant as the affiliation between a customer and their constancy to your brand. In short, engaged employees and loyal customers are the backbone of a business’s success.

I am rapidly approaching my 10-year anniversary with my company.  It’s a family-owned business so already has a friendly built-in quality about it that makes it feel familiar before you even get to know anyone.  I have made lifelong friends over the years – some have left and keep in touch and some are still here alongside me.

In the high stakes world of casino licensing, one can assume that the art of bluffing is employed from time to time.  Could that be the case with Suffolk Downs and the Massachusetts Gaming Commission?   With Suffolk and partner Mohegan Sun having lost out to Steve Wynn for the Eastern casino license rumors began to immediately swirl of the demise of Suffolk Downs, the last of the permanent Thoroughbred Race Tracks in New England.  However, given that Suffolk Downs was originally scheduled to shut down soon anyway, one must wonder if the threat of a permanent shutdown is a ploy to get a piece of the gaming revenue from the other three licensed properties to help bolster purses and keep them viable is the hope.  I viable race track across the river from a resort casino destination might be a win-win for Wynn and Boston, so stay tuned!