How businesses can win more customers by influencing your friends
New research shows marketers could win more customers by offering financial incentives to customers’ friends — providing a reputational boost to customers — than “selfish” financial incentives to customers. A Washington University in St. Louis marketing professor was a co-author on the study.
Loyalty programs boost businesses’ ability to keep customers
In business, simple loyalty programs can strongly increase customer retention, Washington University in St. Louis researchers have found. These Olin Business School scientists studied a loyalty program at a chain of men’s hair salons, collecting data on more than 5,500 customers. Under the program, for every $100 a customer spends, he gets a $5-off coupon.
The fine line between travel incentive, reward
What happens when seasoned travelers sign up for, but don’t receive, customer loyalty rewards? New research from Cynthia Cryder, PhD, assistant professor of marketing at Olin Business School, shows the fiercest road warriors might be the most likely to turn on their favorite firms when they don’t achieve those all-important incentive goals.