Employee Rewards and Recognition Programs are making their way into organisations of all sizes and across industries. They are being recognised and adopted as very important tools to keep the employees motivated and acknowledge good work done. These programs can go a long way in creating excitement and driving the performance to the desired levels.
Mystery shopping has always been a popular concept for hospitality businesses. While it is done majorly to evaluate consumer experience but also opens other areas of exploration. With business expansion happening through the franchise model which dilutes control and involvement of a human element in running the show, there arises the need to conduct fraud detection audits.
The fast-moving consumer goods (FMCG) segment in India is already the fourth largest sector of the Indian economy. While the last fiscal year saw a decent 11% growth in this sector, according to IBEF reports, the sector is poised to grow at 27% CAGR for next few years. What is more interesting is that the regional / small players and the rural India is going to be the two most important growth drivers for this industry. According to retail sales data of the FMCG sector provided by market researcher firm Nielsen, while the top 50 firms contributed to 60% of revenue in the calendar year 2018 with a healthy 10.6% growth, the smaller companies grew by a much higher 18.5%. What’s more interesting is that the growth difference is having a rising trend in four successive quarters. On the other hand, increase in disposable income in rural India, introduction of food security bill, direct cash transfer subsidy and other policy supports, rural India is already contributing to 45% of overall FMCG revenue and this figure is only going to move northwards.
Lifetime customer value (LCV) is an idea that each customer should be analyzed in terms of current and future profitability to a brand. When a profit figure can be assigned to each customer, the marketing manager can then decide which customers to target.
The past profit that a customer has produced for the brand is the sum of the margins of all the products purchased over time less the cost of reaching that customer. This is feasible for firms which maintain their customer data like e-commerce firms and businesses selling products & services in an organized retail set-up. For other firms, there is dearth of customer data like businesses having unorganized selling channels (for eg. Kirana stores, pharmacies) and firms which have products which do not come with any warranty and hence no customer data is gathered for providing post-purchase service (for eg. Building material, paint & hardware etc.). For such businesses, a consumer panel can be built by considering a sample of consumers from all types of important markets. Frequently reaching out to this panel will generate awareness around consumer’s present consumption basket.
The most key aspect of running a loyalty program is handling the communication that is to be done to the participants of the program. Almost all the loyalty programs handled by anybody right now rely on manual file creations and uploads to drive the communication. Automating such communication can improve the efficiency of the program by leaps and bounds apart from providing flexibility in designing better and more targeted communication.