While you will find “rewards” and “recognition” being used interchangeably with each other, it is anything but the same. In order to use both of them efficiently, we must know how both differ from each other.
We are building loyalty ecosystem
A business with a 60% customer retention rate is losing 3-4 times as many customers a business with 80% retention rates. Besides, increasing customer retention by just 5% boosts profits by 25 to 95%, according to the advisory firm Bain & Co.