In today’s current economy, employees and most importantly supervisors and executives need to prepare themselves to adapt successfully to a rapidly changing business environment. Globalism, technology, sociopolitical and demographic changes are influencing the way businesses operate in the future. Companies who still follow antiquated and outdated business models without looking at the bigger picture of the ever-growing market or younger generation are bound to fail.

Macy’s Fails to Adapt

Take a look at Macy’s, a world-renowned department store who is as of this year closing 68 stores and laying off almost 4,000 people in an effort to save money and restructure their priorities. This unfortunate news is the result of several self-inflicted wounds Macy’s continually fails to recover from. One such wound is Macy’s inability to update and revitalize their own brand by keeping up with trends and technology. Their stores are stagnated and unchanged, remaining the same for over 20 years. They repeatedly fail to attract, engage and retain the customer base that they depended on for decades and seem either incapable or unwilling to adapt to the modern consumer.

Best Buy Creates Geek Squad

Now let’s look at a similar department store whose brick and mortar presence was threatened by the same dangers that Macy’s failed to battle against. Best Buy was for years the place to go if you were looking for a new big screen TV or any of the latest gadgets. With the arrival of Amazon and other online providers, it appeared that Best Buy might get bought out.

However, this franchise did not wave the white flag and proceeded to introduce new aspects of its business that raised its value in the consumers’ eyes and kept people walking in the door. Incorporating the Geek Squad into their stores provided on-hand expert technical advice, insight, and installation that you can’t simply get online. This was only compounded when they became major proponents of the futuristic smart home and the interconnectivity technology that has prevalently trended. The minds behind Best Buy realized that they needed to grow from their previous business model, turning their shopping experience into something engaging, contemporary and enjoyable for their customers.

The major difference between these two department stores and their contrasting stories is that one understood the need to evolve with their consumers and provide them with an experience they previously didn’t have or couldn’t get elsewhere. This same point is essential in the loyalty rewards business.

Adopting Changes in Loyalty Programs

A revamped and updated loyalty program, that is responsive to trending rewards and incentives, provides more reasons to use the points your consumers earn. This increased engagement boosts morale among your employees or customers and brings the gifts they really want right to them. Whether it is employee recognition, customer loyalty, or player loyalty, it is imperative that your loyalty program adapts with technology and your customer base, and provides a premium experience.

Rymax Marketing Services, Inc. prides itself on being the #1 incentive and loyalty program provider in the industry. Our partnerships with premier and elite brands allows us to offer the most desired and cutting-edge products in the business. Innovative programs and inventive events ensure that your loyalty program always stays relevant and rewarding to your audience.

Don’t follow Macy’s footsteps and revamp your loyalty rewards program before it is too late. To learn more about how Rymax Marketing Service, Inc. could turn your business around, contact us today!