As the first quarter of the year comes to a close, we’re checking in on the state of affairs for small businesses. How are small-business owners feeling right now, and what trends or challenges are they facing this year?
A recent study by the Incentive Research Foundation (IRF) and the Incentive Manufacturers and Representatives Alliance (IMRA) shows how small businesses are using merchandise incentives. We explore some of the study’s key findings for takeaways of how incentives can be a powerful business tool.
According to research by Harvard Business School and Bain & Co., increasing customer retention by just 5 percent can boost profits anywhere from 25 to 95 percent. Even small increases in customer loyalty can provide big benefits in the bottom line for a business, and the benefits stretch even farther for online businesses.
