The factors affecting and determining the working plan of every particular industry are very different. However, all different industries have one common factor that should be taken into consideration in order to succeed – Generational Kinetics. The problems stemming from not understanding the generational dynamics and planning out your strategies keeping them in mind are innumerable. Failing to take this aspect seriously enough, could lead to breaking any business structure wide open, in the coming 5-10 years. Here are answers to some of the questions you might have in mind regarding Generational Kinetics.
Why does figuring out Generational Kinetics matter in any business?
Here’s an attempt at divulging all the aspects of an employee incentive program to consider. Before venturing into building an appropriate one for your establishment. From the “what’s, why’s to how’s of creating an effective employee incentive program.
What exactly is an employee incentive program? “An employee incentive program is a formal scheme used to promote or encourage specific actions or behaviour by a specific group of people during a defined period of time. They are particularly used in Business management to motivate employees and in sales to attract and retain customers. Scientific literature also refers to this concept as pay for performance. ” Not only is it a motivational scheme, it promotes teamwork, boosts morale and hikes service levels.
The ageing marketing chronicle states that the cost of acquisition of new customers is at the least 6 to 7 times more than the cost of retaining an existing customer. Customers are a hotel lines most valuable asset. Keeping the customer satisfied and loyal is thus, the greatest need for any hotelier in the business.
Here are 4 ways to create the best hotel loyalty policy. How do we know? We’ve been working along side one of India’s top grossing Hotel lines, Sarovar Hotels & Resorts with the Sarovar Rewardz Program, and have first-hand experienced their growth in the country.
Acquiring new customers is definitely more expensive than retaining an old one, which is why customer retention is critical for any business. The main difference between a business that sustainably grows long-term, and one that exhausts and dies, depends on